23rd Sep - PMIs again dark

Previously on MoreLiver’s:

Monday: Draghi's speech

W/E: Linkfest

W/E: Weekly Support 

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EUROPE

Ten Lessons from the Scottish Referendum – PIIE

The 55 percent majority that rejected Scottish independence was perhaps not so lopsided as to banish all Scottish nationalist dreams of another vote someday. But it was more decisive than many opinion polls had predicted. At least 10 lessons can be drawn from the process.

Merkel "impressed" by French reforms, defers to EU on deficit – Reuters

Valls tells Germans France isn't EU's 'sick child' – Reuters

Even the ECB thinks Germany needs to start spending more – WaPo

Haushaltspolitik: Schickt endlich die Helikopter! – Spiegel

Wolfgang Münchau: Der Bankenrettungsschirm ESM soll jetzt helfen, Unternehmen mit Krediten zu versorgen. Ein Vorschlag von beeindruckender Mutlosigkeit. Wesentlich wirksamer wäre es, das Geld per Hubschrauber über der Eurozone abzuwerfen.

Münchau: Italy debt burden is a problem for us all – FT

  EUROPEAN CENTRAL BANK

Why Europe needs to give up on QE – TradingFloor

In our view, there are two factors behind the euro's continued weakness. Firstly, it is not really all that weak...the dollar is just on a tear. Secondly, markets have been pricing in expectations of an ECB-led QE programme for a long time, but this does not look ready to materialize. In light of all this, could the euro have finally hit bottom?

TLTRO effect is the ECB’s Waiting for Godot – Reuters

European QE is Not a Given — BlackRock – WSJ

UNITED STATES

U.S. Home Prices Are Now Just 6.4% Below All-Time High – WSJ

OTHER

Daily Central Banks – WSJ

Hilsenrath’s Take: Without Two Hawks, Fed Rate Consensus a Quarter Point Lower * NY Fed Dudley Says Would Be ‘Very Happy’ To Raise Rates Some Time In 2015 *Fed’s Kocherlakota Seeks More Aggressive Approach to Inflation Target * ECB’s Draghi Keeps Door Open to Quantitative Easing * China Manufacturing Activity Grows Modestly in September

Daily Macro – WSJ

Markets were poised for the worst going into the opening of trading in Asia, but, in a mark of how important China has become to global investors, all it took was a modest expansion in HSBC’s “September flash” purchasing-managers index to improve sentiment in regional trading. But then it was Europe’s turn for flash PMI results. These showed a dismal performance for the eurozone’s factories, which meant European shares started out their day on poor footing. Divergences in regions are for once causing divergences in regional share markets.

Daily FX Board: JPY pumps and dumps – TradingFloor

Citi Previews How It All Ends, In One Chart – ZH

  SEP PURCHASING MANAGER INDICES

HSBC Flash China Manufacturing PMI

China: Slight improvement in PMI suggests slowdown less severe than feared – Danske Bank

China September factory activity edges up but employment shrinks – Reuters

Is China’s PMI uptick for September to be trusted? – FT

Manufacturing Rebound Relieves Growth Concerns in China – BB

Markit Flash France Composite PMI

Markit Flash Germany Composite PMI

German Factory Growth at 15-Month Low in Sign of Uneven Economy – BB

Markit Flash Eurozone Composite PMI

Euro zone business growth slows in September as prices keep sliding – Reuters

Euro Area Suffers Unexpected Slowdown From Factories to Services – BB

Euro-Area Surveys Show Slowdown Putting Pressure on ECB – BB

Euro PMI still soft - German manufacturing weakens further – Danske Bank

Markit Flash US Manufacturing PMI

US manufacturing boom continues in September – TradingFloor

U.S. manufacturing growth continues apace in September – Reuters

FINNISH

VM:n Pikkarainen: Valtioiden velkakirjojen osto olisi kuin eurobondi – TE

Oma avustaja ministeriksi – IL

Kokoomus saa jatkossakin vastata kysymyksiin sisäpiirin tuolileikeistä, kirjoittaa politiikan toimittaja Tommi Parkkonen.

Elokuun työttömyysaste 7,4 prosenttia – Tilastokeskus

Suomen työllisyyden laskulle ei näy loppua – Roger Wessman