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Most excellent chart from Reuters. For ECB commentary, see last night's very long post.
Roundups
News
roundup – Between
The Hedges
The 6am Cut
London – alphaville
/ FT
Emerging
Markets Headlines – beyondbrics
/ FT
MORNING BRIEFINGS
3 Numbers to Watch: German & US trade
balances, LTRO repayments – TradingFloor
US December
trade balance might drive the EURUSD, but in reality Thursday's central banking
events will still be in the driver's seat.
Market Preview: focus on German and US trade
balance data – TradingFloor
European
markets are expected to open in the green Friday on the back of upbeat Chinese
trade data released earlier today. Investors will keep an eye on German and US trade data scheduled later today
for further hints.
Asian
equity markets higher this morning on better-than-expected Chinese trade data. RBA lowers growth and inflation outlook
in its quarterly statement on monetary policy.EUR/USD stabilised around 1.34
overnight after the big drop yesterday. Today: US trade balance
Aamukatsaus – Nordea (pdf)
EKP:n koronlasku lähestyy * Kiinalainen uusivuosi vaikeuttaa
Kiinan lukujen tulkintaa * Draghin kommentit painoivat euroa
Aamukatsaus – Tapiola (pdf)
Markkinakalenteri – Nordnet
Markkinakalenteri – Taloussanomat
EUROPE
Irish bank debt deal breaks deposit taboo – Fistful
of Euros
EU Budget: Schulz’s shenanigans – Brussels
blog / FT
(audio) The most important Italian election for 30
years? – The
World / FT
Some argue
that the elections to be held in Italy are the most important for that
country in three decades, since the fate of the euro could be at stake.
ECB
ECB: Small steps towards verbal intervention
for a weaker EUR – Handelsbanken
No new
monetary measures from the ECB. Draghi was more explicit about the exchange
rate than expected. Further appreciation of the EUR could prompt a cut in
interest rates
Draghi optimistic but “monitoring closely” – Nordea
Today’s
news was by and large as expected. Draghi struck an optimistic tone, but was
maybe slightly more concerned about the LTRO repayments and EUR strength than
most had expected. Thus short rates are falling a bit and the EUR is weakening
slightly.
UNITED STATES
Fed’s Stein Questioned on Pre-Crisis Policy – WSJ
Fed
governor Jeremy Stein's comments on credit markets raise the question: Does he
think the Fed should have raised interest rates to head off the 2008 financial
crisis?
The Fed Gets a Bubble Cop – DealBook
/ NYT
In a speech
on Thursday, Federal Reserve governor Jeremy C. Stein, who joined last year,
focused on parts of the financial markets that show signs of overheating.
Where The Consensus Is... Wrong – ZH
Via Gluskin
Sheff's David Rosenberg
ASIA
Inflation falls as expected, exports and
imports rise more than expected – Handelsbanken
Bienville
Capital full presentation and summary
OTHER
Global Alpha Weekly: Distinguish markets from
CBs – Nordea
(pdf)
FX: Italian
election key risk for EURUSD * FI: Riksbank repo rate announcement next week * Thematic:
Distinguish markets from CBs
IN FINNISH
EU alkaa valvoa
nettikeskustelua – Sampo Terho
Ilman ja vesistöjen saastuttaminen loppuu
pian Suomesta – tyhmyri
– tosin samalla
loppuvat työpaikat
TILASTOKESKUS
Yrityssaneerauksien
määrä edellisvuoden tasolla tammi – jouluk. 2012 – Tilastokeskus
Yksityishenkilöiden
velkajärjestelyt lievässä kasvussa tammi – jouluk. 2012 – Tilastokeskus
Vuokrat nousivat 3,3%
vuodessa – Tilastokeskus
Valtion menojen
hintaindeksi nousi 2,6% ja kuntatalouden 2,0% Q42012 – Tilastokeskus
Teollisuustuotanto
väheni joulukuussa 1,3% vuoden takaisesta – Tilastokeskus
Teollisuuden uudet
tilaukset vähenivät joulukuussa 11,9% vuoden takaisesta – Tilastokeskus
Konkurssien määrä
edellisvuoden tasolla tammi – jouluk. 2012 – Tilastokeskus
Finnish
goods exports volume decreased in December 14 per cent and the volume of goods
imports 10.5 per cent from the year earlier. Trade balance showed a deficit of
735 million euro. The fall in foreign trade is fully explained by fewer working
days (especially the timing of Christmas).