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Wednesday, January 23

23rd Jan - US Close




Previously on MoreLiver’s:

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Roundups and Commentary
Markets – Between The Hedges
The Closer – alphaville / FT

Tomorrow’s Tape: Jobless Claims; 3M, Microsoft EarningsWSJ


Morning Briefing (Asia): – BNY Mellon
US: POMO Pump Rescues Stocks Again But Risk-Assets Fade ZH
 
EUROPE
(for Cameron's speech and its aftermath, see my Special)

Can the Euro Area Use Its New Stability to Continue Reforms?PIIE

Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives FiascoZH

LTRO repayment bifurcation riskalphaville / FT
The first LTRO repayment opportunity is fast approaching. David has already considered how it may or may not impact European lending rates, including the chances of Eonia rising significantly if the repayment is larger than expected.

Euro Dilemma as Crisis AbatesWSJ
Euro-zone policymakers face a nasty dilemma: the more they succeed in convincing investors that the worst of the euro-zone crisis is over and in bringing down borrowing costs in southern Europe, the more the euro could strengthen.

Portugal is backNordea
Portugal followed in the footsteps of Spain’s hugely successful bond launch yesterday, making a comeback to bond markets for the first time since its bailout from other Euro-zone countries and the IMF.

Spanish Q4 GDP Declines At Fastest Pace Since 2009ZH

UNITED STATES
Koo: I’LL tell YOU when we’re delevered!alphaville / FT
Nomura’s Richard Koo believes the news of deleveraging’s end are premature.

An update on fiscal policy negotiationsDanske Bank (pdf)

ASIA
Yenstimates all over the placealphaville / FT
Perhaps reflecting the ambiguity of the BOJ’s announcement itself, strategist forecasts for USD/JPY are ranging from 84 (Brown Brothers Harriman) all the way to 105 (Credit Suisse). A few selections follow.

China Narrowly Averts Credit Bubble Pop With Latest Government Bailout Of First Domestic Bond DefaultZH

OTHER
Currency Wars: Causes and ConsequencesMarc to Market

  IMF SEES LOWER GROWTH
World Economic Outlook UpdateIMF
Global growth is projected to increase during 2013, as the factors underlying soft global activity are expected to subside. However, this upturn is projected to be more gradual than in the October 2012 World Economic Outlook (WEO) projections.

IMF: downgrade on growthbeyondbrics / FT
IMF cut its world economic growth predictions in its latest forecasts published on Wednesday, with only three major economies escaping the chop – Japan, Mexico and China.

IMF Cuts Global Growth, Sees 2013 European RecessionZH

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