Previously on MoreLiver’s:
Roundups &
Commentary
Frontrunning – ZH
Overnight: Traders Taunted By "20 Out Of 20" Turbo Tuesday – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Daily press summary – Open Europe
Morning MoneyBeat – WSJ
Morning Bond Update – TradingFloor
Five Questions Facing the Market – Marc
to Market
Morning Briefing
(EU/US): Wish you were here – BNY
Mellon
There is some talk
that Europe’s leaders need to embrace their own radical course lest Japan’s
fate be their own
EUROPE
These new documents
make clearer what Finland actually got from all its huffing and puffing in late
2011 and early 2012: a derivatives transaction with four banks, rather than the
Greek ‘collateral’ paraded before an increasingly bailout-jaded Finnish public.
New Open Europe/ComRes poll – Open Europe
UK public
overwhelmingly supports new EU relationship over withdrawal – but UKIP is set
to win European elections
Deficit-Defying Stimulus for EU? – WSJ
The European
Commission has already given some governments more time to cut their deficits
because of a deeper-than-expected recession and now wants to loosen spending
rules further.
Jeroen Dijsselbloem: ‘Mr Euro’ under fire – Handelsblad
/ Presseurop
The Eurogroup
president is coming in for increasing criticism. After a few political gaffes,
the Dutchman stands accused of listening too closely to his team of cocky
Finance Ministry officials.
The China-EU Trade Spat – The
Diplomat
Both Chinese Premier
Li Keqiang and German Chancellor Angela Merkel have made statements over the
last two days relating to the brewing EU-China trade disputes.
In EU-China dispute, Beijing warns of trade war – Brussels
blog / FT
The Chinese delegation
to the EU put out what can only be described as its toughest response yet to
the burgeoning trade dispute between Brussels and Beijing.
Large sigma events in the European FX markets – Danmarks
Nationalbank
Stylised facts from
273 years of quarterly data: Our analysis clearly illustrates the risk of
seriously underestimating the probability and magnitude of tail events when
frequency distributions of nominal exchange-rate changes are derived on the
basis of fairly short data samples (includes full pdf
AND Excel-data!)
European banks: Big valuation discrepancy
equals big opportunity – TradingFloor
Peter Garnry: Based on
our analysis of cross-sectional valuation of European banks the most
undervalued banks are Raiffeisen Bank, Deutsche Bank and Danske Bank.
Meanwhile, Italian banks completely dominate the space of most overvalued
banks.
Are we nearly there yet? – alphaville
/ FT
The short answer, when
it comes to eurozone adjustment post-crisis, is No. David Mackie and team at JP
Morgan reckon we are maybe halfway there.
When ideology meets economic reality (part III) – Open
Europe
Germany squabbles over the Financial Transaction Tax
UNITED STATES
Inflation, deflation
and QE
– Coppola
Comment
Taper bomb-proofing – alphaville
/ FT
If or when the Fed
starts to taper, where will the pain land first? Barclays analysts Guillermo
Felices, Michael Gapen and Sreekala Kochugovindan have taken a shot at
answering that question expecting the Fed to start backing itself out at the
start of 2014
The New Tapering Normal
Optimism In Charts – ZH
That all the increase
in risk assets has been on the back of multiple expansion for the past year is
by now not news to anyone. What may come as a surprise to some who have not
been paying attention, as Morgan Stanley conveniently reminds us, is that corporate
profits have been declining not for one or two quarters, but for two full years
now.
ASIA
Primer on Japan in
Four Posts – Marc
to Market
Kuroding yields – alphaville
/ FT
The daily attempts of
Bank of Japan and Japanese government officials to calm volatile
equities/yields/yen is becoming dizzying.
BOJ Admits Sending Schizophrenic Signals To
Market As JGB Liquidity "Evaporates" – ZH
OTHER
Globalisation isn't just about profits. It's
about taxes too – The
Guardian
Joseph Stiglitz: Big
corporates are gaming one nation's taxpayers against another's: we need a
global deal to make them pay their way
Debating Helicopter
Money (while the lunatics continue to run the asylum) – mainly
macro
My line on helicopter money has been that it is formally equivalent to
fiscal expansion coupled with an increase in the central bank’s inflation
target (or whatever nominal target it uses), and so adds nothing new to current
policy discussions.
Wise for central
banks to be flexible over stimulus steps, however investors react – The
Telegraph
To anyone observing the financial markets from the outside, the events
of the last few weeks must seem baffling.
Commodities Forecast
Update
– Danske
Bank (pdf)
Consumers, beware of higher USD amid likely H2 sell-off
Financial Secrets and
Lies
– Project
Syndicate
Gavin Hayman: A recent investigation by the International Consortium of
Investigative Journalists showed the pervasiveness of financial secrecy, which
facilitates tax evasion, money laundering, corruption, and crime. Now, the
international community – starting with the G-8 countries – must commit to
enhancing financial transparency worldwide.
Reinhart & Rogoff
is still ongoing, meme status inevitable – alphaville
/ FT
Debt, growth and
competing risks – Free
exchange / The Economist
FINNISH
Nousevan auringon koelaboratorio – Henri
Myllyniemi / Piksu
Japanissa
pidetäänkin eräänlaista talouden koelaboratoriota pystyssä, ja me täällä
Euroopassa voimme ottaa opiksi. Niin toistamalla onnistuneita kokeita kuin
välttämällä epäonnistuneita kokeita.
Euron valuviat ja niiden korjaus – Tom
Liljeström / Tapiola
CASE
PENTIKÄINEN
Talous ajaa mediaa ahtaalle – Talouden
tulkki
Kumpaan
Sanomien hallituksen puheenjohtaja Antti Herlin hermostui enemmän, lehden
poliittiseen linjaan vain heikkoon taloudelliseen kehitykseen?
Lähteet: Pentikäisen potkujen syitä levikin
lasku ja johtamistapa
– HS
Mediamurroksen ryske ylsi Hesariin – IL
HS:n päätoimittajan potkut eivät yllättäneet
mediakonkaria – MTV3
Pentikäiselle potkut HS:sta – lue
päätoimittajan avoin kirje – Helsingin
Uutiset
Miten Mikael Pentikäisestä tuli Sanomien mies
- lue henkilökuva – SK
Kommentti Mikael Pentikäisen erosta: Hyvä
mies sai lähteä – SS
OFF-TOPIC
The agonizing face of
war
– The
Daily Mail
Soldiers with PTSD make disturbing masks to express their feelings of
horror and frustration