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EUROPE
SNB
Threatens Further Measures as Franc Poses Deflation Risk – BB
The Swiss
National Bank threatened to step up its defense of the franc “immediately” if
needed as it noted an increased danger of deflation.
SCOTLAND
EUROPEAN CENTRAL BANK
ECB to dish
out first round new ultra-long loans to boost lending – Reuters
Press
release ECB allots €82.6 billion in first TLTRO – ECB
Un petit
TLTRO – FT
Low
interest in cheap ECB money points to QE – TradingFloor
Greek banks
hardest hit as market gives thumbs down to TLTRO – TradingFloor
ECB's First
TLTRO A "Failure", Banks Take Less Than Worst Case Expectation – ZH
ECB hands
out cheap credit to banks to boost economy – Reuters
The TLTRO
Disappoints. What’s Next, ECB? – The Short Answer – WSJ
ECB’s TLTRO
Program – Here’s What The Market Thinks – WSJ
ECB’s
Lending Spree Short of Expectations – FT
Draghi Loan
Plan Missing Estimates Hampers ECB Stimulus – BB
Press
release first list of governors subject to voting rotation – ECB
ECB
Announces New Voting Rotation – WSJ
ECB
outlines new plan that will give more voting power to bigger states – Reuters
CRISIS COUNTRIES
The Prime
Minister has announced a plan whereby the corporate tax rate would be gradually
reduced from the current 26% to just 16%, and that the top tax bracket would
see a substantial reduction in personal income tax. Samaras clearly said the
wants to reduce the highest personal income tax rate from 42% to 32%.
Additionally, a certain property tax would also be reduced.
Italy’s Growing Debt Looms Over European,
and Global, Economies – WSJ
Italy: IMF Executive Board Concludes
Article IV Consultation – IMF
Italy: Selected Issues Paper – IMF
Italy: 2014 Article IV Consultation—Staff
Report – IMF
UNITED STATES
When and
How To Exit Quantitative Easing? – FED
Three aspects
of the Federal Reserve’s exit strategy are important in achieving (or
maintaining) maximum gains (if any) in aggregate output and employment under
QE: (i) the timing of the exit, (ii) the pace of the exit, and (iii) the
private sector’s expectations of when and how the Fed will exit.
Still
patient, but for how long? – The
Economist
For those
watching the Federal Reserve's meeting which ended today, no news was good
news.
Goldman's
Q&A On What Yellen Really Said (Or Didn't) – ZH
Housing
Starts decrease to 956 Thousand Annual Rate in August – Calculated
Risk
Housing
Starts, Permits Tumble Driven By Collapse In Multi-Family Units – ZH
A few
comments on August Housing Starts – Calculated
Risk
ASIA
China - Decline in house prices
intensified in August – Danske
Bank
China's left-field approach won't wash – TradingFloor
China's house prices fall further,
economic gloom deepens – Reuters
OTHER
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Fed Moves Slowly, Rate Path Uncertain and Other Meeting Thoughts * Fed
Plots Cautious Course on Rate Hikes * U.S. Inflation Gauge Falls for First Time
Since 2013 * House Passes Bill Giving Fed More Flexibility in Regulating
Insurers * ECB First Four-Year Loan Uptake Disappoints
Daily
Macro – WSJ
Asian and
European markets took comfort from the slightly more dovish tilt to the latest
Federal Reserve policy meeting than some had been expecting. Fed Chair Janet
Yellen’s emphasis on the fact that rates would stay low “for a considerable
time” after the latest bond purchase program winds down next month soothed
fears that the Fed will seek to tighten soon after the turn of the year. On the
other side of the Atlantic, the European Central Bank announced a rather
disappointing take-up of its latest cheap funding measures for banks, designed
to get them lending to small businesses and households starved of credit. And
the U.K. is in the throes of the Scottish independence
referendum. The likely outcome remains tilted toward a “No” but it’s an
increasingly close call. Meanwhile, the Chinese housing market’s weakness
highlights why the country’s central bank made a major liquidity infusion into
state banks this week.
Forget
the FOMC – bigger event risks are ahead – TradingFloor
The FOMC
meeting provided some ammunition for the USD bulls, US data will quickly swing
back into focus. Now we’ve got plenty more on our plate, with SNB, Norges Bank,
ECB and a Scottish Independence referendum on our hands.
As
growth stalls, G20 seeks closure on regulations – Reuters
G20 host Australia is leading a push to draw a line
under the global financial crisis, urging the group of top economies to swiftly
finalize regulations aimed at preventing a repeat of the crash and focus on
measures to revive sputtering global growth.
More
Thoughts about the Fed and ECB – Marc
to Market
EMEA
Weekly: Week 39 – Danske
Bank
FINNISH
Venäjä-pakotteet ovat suuri riski – TalSa
Venäjään kohdistetut talouspakotteet voivat johtaa
arvaamattomiin seurauksiin – jotka ovat erilaisia kuin toivomme.
"Ei myönnetä, että Suomi on saanut pahasti
siipeensä" – TalSa
Palkansaajien tutkimuslaitoksen mukaan Venäjä-pakotteet
haittaavat Suomen taloutta enemmän kuin virallisesti on annettu ymmärtää.
Laitoksen ekonomistien mielestä tilanne pitäisi myöntää, jotta EU-komissio ei
tulkitse Suomen talousongelmia rakenteellisiksi.
Suomen talous on pankkibarometrin mukaan lamaantumassa
– Piksu
Saattohoitohallituksesta hätätilahallitukseen – Sampo Terho
Nykyisen hallituksen suurin palvelus isänmaalle olisi
eroaminen, mutta paradoksaalista kyllä, hallitus taitaa olla liian
toimintakyvytön edes siihen.
Soini: Euroalueella ei kasva kohta enää kuin rikkaruoho
– PS
KGB:n ohjekirjeet: näin Suomen politiikkaa ohjailtiin
– Verkkouutiset
Arkistolöytö Neuvostoliiton 1982 ohjekirjeistä vahvistaa
tietoja siitä, keitä KGB Suomessa tuki ja kenet piti sivuuttaa.
Neuvostoliiton ohjekirjeet Helsingistä 1982 -
"heikennetään oikeistoa" – Verkkouutiset
Julkaisemme tässä kokonaisina KGB-arkistonhoitaja Vasili
Mitrohinin arkiston kaksi KGB-muistiota Suomesta.
KGB-arkisto kertoo myös suomalaiskoulutuksesta
salaviestintään – Verkkouutiset
Julkaisemamme Mitrohinin listan 40 suomalaisesta kontaktista
KGB luokitteli agenteiksi ainakin 17 henkilöä.