Dull, quiet day: last day of the month, no ECB/FED-stuff flying around, sequester coming up on Friday. Today's inflation numbers from Europe suggest that the ECB has room to ease - if it wants to.
Previously on MoreLiver’s:
Roundups &
Commentary
Frontrunning – ZH
Overnight: Sentiment Slumbers In Somnolent Session – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Daily press summary – Open Europe
Morning MarketBeat: Record Highs So Close, Yet So Far –
WSJ
Calmer Markets Continue – Marc to
Market
The dynamics behind
the CAD’s stellar performance post-crisis are in a state of flux
EUROPE
The
improvement in financial stability is real, but the clear analogy,
unfortunately, is to President George W. Bush, who in 2003, stood on an
aircraft carrier beneath a banner that read, “Mission Accomplished,” only two
months into an Iraq war that would last another decade. The dark clouds of euro
crisis are hardly behind us.
Slovenia’s prime minister Janez Jansa was
ousted from office in a no-confidence vote on Wednesday amid economic gloom
compounded by persistent allegations of corruption.
Event today,
speakers include Rehn and Van Rompuy
EU agrees to cap bank bonuses, lift capital
requirements – euobserver
Five essential questions on the bonus cap – Brussels
Blog / FT
Italian
President Napolitano has, while on a trip to Germany, demanded respect for Italy and cancelled a meeting with the
German opposition leader after he mocked Italy's election results.
ECB
It’s Frankfurt that should be your worry – not Rome – The
Market Monetarist
The logic
is that a ‘bad’ political outcome in Italy will lead the ECB to become more
hawkish and effectively tighten monetary conditions by signaling that the ECB
is not happy about the ‘outcome’ in Italy and therefore will not ease monetary
policy going forward even if economic conditions would dictate it.
The inbuilt political stand-off in the ECB's
bond-buying programme – Open
Europe
A flaw in euro zone defences – MacroScope
/ Reuters
The story
of the last five months has been the bond-buying safety net cast by the
European Central Bank which took the sting out of the currency bloc’s debt
crisis. But now it has an Achilles’ Heel. The ECB has stated it will only buy
the bonds of a country on certain policy conditions.
ECB Cash Seen as a Danger – WSJ
Increasingly
it seems that all the easy cash the European Central Bank has been doling out
to fight the symptoms of the debt crisis could come at a high cost.
UNITED STATES
The Pavlovian sequester response? – Humble
Student
Is the
market just conditioned to getting a last minute deal, just like what we saw
during the 2011 debt ceiling impasse, or endless eurozone summits over Greece in the same year? What happens to
equity prices if the cavalry doesn't arrive?
ASIA
Kuroda’s BoJ nomination is go – alphaville
/ FT
Asian
Development Bank president Haruhiko Kuroda has been nominated for Bank of Japan
governor, while academic Kikuo Iwata and Hiroshi Nakaso, a BoJ official, were
put forward for the two deputy governor roles.
Ye olde Abenomics – alphaville
/ FT
All this
has happened before and will happen again… at least, so hopes the Japanese
government.
OTHER
An FOI
request by Bloomberg yielded a bunch of documents from the Reserve Bank of Australia about the currency’s overvaluation
problem. Specifically, how bad it is and who’s to blame.
BoJ appointments now clear, euro pokes
resistance – TradingFloor
IN FINNISH
EK valmis
keskustelemaan keskitetystä palkkaratkaisusta – EK
Ehtona on, että uusia palkankorotuksia ei tehdä kahden
seuraavan vuoden aikana. Palkkojen uusiin yleisiin korotuksiin ei ole lähivuosina
varaa.
Uudistuuko Eurooppa?
– Henri Myllyniemi
/ piksu
Osakeasuntojen hinnat
laskivat hieman tammikuussa – Tilastokeskus
Konkurssien määrä edellisvuoden tasolla tammikuussa 2013 – Tilastokeskus