Weekender: Weekly Support (updated)
KEVA
/ Merja Ailus / Keskusta special (updated)
EUROPE
German Court Won’t
Rule This Year on Legality of ECB Bond Buying – WSJ
German current account
surplus shrinking: Finance Ministry – Reuters
German growth not low
enough to trigger policy change – Nordea
Domestic-led
third-quarter growth bolsters Germany in showdown over trade – Reuters
German Q3 growth
rises 0.3% on government consumption, investment – TradingFloor
German Ifo points to
growth acceleration – Merkelnomics
UNITED STATES
Corporate credit
markets back to frothy levels – Sober
Look
Fed Dove-Hawk Scale – The Big
Picture
Fed’s Bullard: Rush To Zero Percent Funds Rate May Have Been Mistake – WSJ
Fed’s Lacker Says Tapering Decision in ‘Coming Months’ Is as Precise as
Possible – WSJ
Fed’s Bullard Favors Central Bank Putting Floor Under Inflation – WSJ
ASIA
China’s Looming
Social Security Crisis – The
Diplomat
Chart – why are China
gov’t bond yields rising? – Shadow
PBOC
China gov’t bond yields have reached the highest in almost 10 years.
10-year CGB is trading at 4.7%, almost 100 bps higher than its level 4 months
ago.
Where's the
short-term pain in China? – Humble
Student
I had expected the reforms unveiled at the Plenum was supposed to be a
story of short-term pain for long-term gain…There are no free lunches and there
is a cost to this policy. Growth has to slow and there will be losers and
winners under the new policy. The way I see it, there are two distinct sets of
losers under the latest round of reforms:
The Australian
Dollar: Thirty Years of Floating – RBA
RBA Governor Glenn Stevens Speech to the Australian Business Economists'
Annual Dinner
Trapped by Fed
Policy, Australia Ponders Precedent-Setting Currency Intervention – WSJ
Australian Dollar
Extends Decline – WSJ
OTHER
FI Viewpoint: How to
lose your risk appetite – Nordea
The ECB’s AQR to lead to a reduction in risk appetite * Euro-zone economy
losing momentum – the ECB not about to ease further at least in the near future
* Time to take profit on EUR government bond markets – spreads to widen before
the end of the year * Valuation in bank credit spreads looking challenging
Goldman's Global
Leading Indicator Collapses Into Slowdown – ZH