3rd Jan - US Open

Somewhat "undecided/what next-feelings in the markets. EURUSD broke down from its recent range driven by bad European and good US numbers (manufacturing surveys). Tomorrow on Fri we get the payrolls and service PMI's to complement the manufacturing data.

Previously on MoreLiver’s:                  

3-Jan EU Open

2-Jan US Close: Cliff & Finnish

2-Jan US Open

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Roundups & Commentary

Frontrunning – ZH

Overnight: New Year Euphoria Fading – ZH

The Lunch Wrap – alphaville / FT

Emerging N.Y. headlines – beyondbrics / FT

Today’s front pages – presseurop

Daily press summary – Open Europe

Irish Deputy Prime Minister: Irish taxpayers alone cannot bear weight of supporting European banks

Morning MarketBeat: Treasurys Selloff Just Beginning? – WSJ

Broker Note Briefing – WSJ

FX Shakeout – Marc to Market

US session ahead

Pre-market Commentary – Marketwatch

Pre-Market Trading – CNNMoney

Pre-Market – NASDAQ

Earnings & Events – The Street

MarketCurrents – Seeking Alpha

Reference

Debt crisis live – The Telegraph

The Euro Crisis Blog – WSJ

Tracking Europe’s Debt Crisis – NYT

FX Options Analytics – Saxo Bank

European 10yr Yields and Spreads – MTS indices

Economic Calendar – Forexpros

EUROPE

Germany’s Downward Trend – Op-Ed / NYT

Portugal seeks court inquiry into 'unjust' debt deal – euobserver

He blamed the bailout for creating a "recessionary cycle" and he dubbed the programme "socially unsustainable."

Shepherding Italian democracy – euobserver

The problem for European power-brokers is that no one other than Monti can be allowed to be Italy's prime minister, writes Leigh Phillips in this analysis of Italian politics ahead of upcoming national elections.

Falling Italian Yields May Be Helping Monti, but Not the Euro – The Euro Crisis / WSJ

Although immediate worries over a sovereign debt default have subsided, economic and political concerns are once again on the rise, and the euro’s attraction as a reserve currency is still not secure.

Spanish debt, quietly on the mend… – alphaville / FT

An unlikely beneficiary of the fiscal fudge, perhaps. Here’s Spanish 10 year paper, the yield on which was threatening to drop back below 5 per cent on Thursday.

UNITED STATES

[Opinion] US fiscal cliff not averted, but postponed – euobserver

Rather than a deal, the US fiscal cliff talks reflect still another delay. However, the time will run out in the next 4-8 weeks. The net effect will reverberate across Europe and the world economy, writes Dan Steinbock.

America’s Bubble Dependent Economy – Global Macro Monitor

Will Relatively Low Inflation Expectations Persist In 2013? – The Capital Speculator

Above the Market’s Leading Investment Indicators – Above The Market

Market Valuation Overview: More Expensive Than Last Month – dshort

OTHER

Morning Briefing (EU/US): Once more unto the breach – BNY Mellon

The coming year will prove more challenging than 2012 for some policy makers

Hello 2013: The EM earnings challenge – beyondbrics / FT
Today beyondbrics begins a series of posts by outside commentators on the outlook for emerging markets in 2013. Our first contribution is by Geoffrey Dennis of Citigroup

Goldman Sachs: 2013 Is All About Growth – The Source / WSJ

Traders have returned from the holidays in optimistic mood. Equities are back in favor and the focus for 2013 is on growth. Indeed, if the first trading days of the year are anything to go by, it looks like we're in for quite a ride.