2nd Dec - Upbeat PMIs, waiting for Thu/Fri

Previously on MoreLiver’s:

Credit Guest: All that glitters ain't gold

Weekender: Best of the Week

Weekender: Weekly Support

Weekender: Linkfest

Special: Finnish austerity package (updated)

KEVA / Merja Ailus / Keskusta special

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EUROPE

Good-Bye to Germany’s Angela I, Empress of Europe – BB

Merkel may continue to preach fiscal and reformist virtue to the laggard southern European “Club Med” Countries. But the appeals will ring hollow coming from a chancellor who is sinning against the very commandments she is handing down to her wayward flock. Instead of making the others more “German,” that is, more competitive and productive, Germany is becoming more like them.

Reactions on the German Coalition Treaty – Bruegel

A debate about the coalition treaty has emerged as some issues remain controversial such as the introduction of a nationwide minimum wage, new benefits in pension policy, new excess spending and measures addressing the challenge of the German energy turnaround.

Euro Revolution in Ukraine – PIIE

The situation in Ukraine has turned from very tense to revolutionary. Indeed, the opposition to President Viktor Yanukovych is calling for his resignation and labeling their cause a “Euro Revolution.” On Sunday, December 1, hundreds of thousands of protesters seized control of a major public square in Kiev.

  EUROPEAN CENTRAL BANK

Can we just hurry up and go negative already? – alphaville / FT

Your ECB: fewer hawks, more doves – alphaville / FT

The increasing north/south divide that has accompanied the euro area’s drawn out crisis has lead to the balance of power shifting to the periphery. Or: doves in the ascendant. Interesting too that the Bundesbank might thus be pushing for ECB minutes to be released in order to quell those national interests.

ECB Viewpoint: Not again… - Nordea

We expect very dovish signals from the ECB at this week’s monetary policy meeting, but no change in key rates * Risks are clearly skewed towards another rate cut and the door is likely to be left wide open to all non-conventional measures including a negative deposit rate, LTROs or possibly even QE * We could easily see the ECB announcing new liquidity measures to ease concerns around the turn of the year.

  PIIGS

Italy and Spain Move to Help Banks – Marc to Market

European banks continue to be engaged in deleveraging.  It is partly driven by new capital requirements and partly by preparing for the next year's ECB's asset quality review and stress test.  The deleveraging process includes reducing assets and boosting regulatory capital.  Italian and Spanish officials are finding creative ways to help the banks. 

PMIs offer further signs of CEE’s recovery – beyondbrics / FT

Emerging Markets: Preview of the Week Ahead – Marc to Market

UNITED STATES
Unemployment benefits will soon expire for 1.3 million workers. Where will they go? – WaPo

  MACRO NUMBERS

Manuf ISM Highest Since April 2011, Employment To April 2012 Levels, Taper Back In Play – ZH

Manuf ISM Increases in November to 57.3 – Calculated Risk

Manuf ISM Stronger Than Expected – Bespoke

ISM very robust - raises probability of Fed tapering already in December – Danske Bank

Markit PMI: Stronger expansion for manufacturing in November – Calculated Risk

ASIA
China: PMIs resilient in November – Danske Bank

FINNISH

Kataja: Eläkeyhtiöiden päällekkäisyydet vastaavat yhden ikäluokan eläkemenoja – Satakunnan Kansa

Romuttaako Saksakin taloutensa? – Henri Myllyniemi / PS

Maksaisitko talletustesi säilyttämisestä? – Nordea