Previously on MoreLiver’s:
Roundups &
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global
Macro Trading
The Closer – alphaville / FT
Roundup – Kiron
Sarkar / The Big Picture
Tomorrow’s Tape: Jobs Report, Exxon Earnings – WSJ
US: S&P Clings To Best January Since 1989; Credit
Ends Wider – ZH
EUROPE
Getting a
favourable leader in the Economist is pretty Establishment, surely. At the very
least, it’s interesting that the red-top weekly has managed to endorse and
explain a fairly specific nominal GDP target for the Bank of England.
How could
the Italian political system have worked for so long with such a fragmented
composition? The answer is that, for most of the time, it hasn’t.
Analysis: Draghi's new powers under Monte
Paschi spotlight – Reuters
As ECB head
Mario Draghi prepares to become banking supervisor for the euro zone, he can
ill afford the charge that under his leadership, Italy's central bank let scandal-hit
Monte Paschi off the hook with woeful oversight.
An untimely scandal in the making for Rajoy? – Open
Europe
RATES,
BALANCES
Italian Bond Yields Climb to 2013 Highs – WSJ
Italian
government bond yields climbed to their highest level of the year Thursday as
the ongoing Banca Monti dei Paschi investigation continued to rattle investors
as the country's general elections at the end of February comes into view.
Charts of the week: funding costs keep coming
down in the wave of euro optimism – Bruegel
Funding
costs in the euro area have continued to decrease since Mario Draghi’s July
announcement. This blog post updates our previous data covering the insurance
cost of the 5 major financial and non-financial corporations and the
governments of France, Germany, Italy and Spain.
(Slowly) back to normal in the Eurozone? – Bruegel
The recent
healthy developments can be considered a further indication of the enhanced
faith in the resilience of the euro by international investors. However, only a
few data points should not be overinterpreted.
UNITED STATES
The Fed's Ten Year-Equivalent Holdings Hit A
Record 29% Of The Entire Treasury Market – ZH
JOBS
Employment Situation Preview – Calculated
Risk
Most of the
employment related data was stronger in January than in December (or most of
last year). There is always some
randomness to the employment report - and there are large seasonal factors for
January - but I'd take the over on the headline payroll jobs number.
Job Growth, Productivity and Labor Force – The
Big Picture
Kolko: Here are the “Missing” Construction Jobs – Calculated
Risk
Wonkbook: The real story on the economy's
fourth-quarter drop
– Wonkblog
/ WP
OTHER
MACRO NUMBERS
Room For Upside in Tomorrow's ISM Report? – Tim
Duy’s Fed Watch
U.S. consumers feel more confident as
February begins, although the potential negative impact of fiscal issues has
them concerned about the economic outlook, according to data released Thursday.
Personal Income increased 2.6% in December,
Spending increased 0.2% – Calculated
Risk
December Income Surge Sets Up January Collapse – WSJ
OTHER
Global Alpha Weekly – Nordea
(pdf)
Ahead of US
NFP * FX: We stay long EURUSD * Fixed Income: BoE & ECB decisions crucial
going forward
EMEA Weekly, Week 6 – Danske
Bank (pdf)