Follow ‘MoreLiver’ on Twitter
EUROPE
Will
Juncker’s €300 Billion Plan Close the Euro Investment Gap? – WSJ
A new €300 billion
investment plan proposed by Jean-Claude Juncker, the incoming president of the
European Commission, is looking suspiciously like another of these half-baked
stimulus proposals.
The role
of think-tanks in the EU policy process remains largely uncharted territory for
political scientists
– Europp
/ LSE
Wolfgang
Münchau: Previously, the main characteristic of the eurozone had been strong
growth in the core that partially offset contraction in the periphery. Now both
the core and the periphery are weak. And policy is not responding sufficiently.
Add the two together and it is not hard to conclude that secular stagnation is
not so much a danger as the most probable scenario.
European
Default Risk – Bespoke
European
equity markets have gotten absolutely slaughtered recently. Interestingly, though, sovereign default risk
for some of the countries that have seen their stocks fall hardest hasn't
ticked higher.
EUROPEAN CENTRAL BANK
Draghi
The Dictator: "Working With The Germans Is Impossible" – ZH
The case
for a better functioning securitisation market in the European Union: synthesis
of responses – ECB
ECB
Clash Resumes as Draghi Spars With Weidmann on Stimulus – BB
Mario
Draghi and Jens Weidmann are clashing anew over how much more stimulus the
ailing euro-area economy needs from the ECB.
Banking
Structures Report Oct 2014 – ECB
ECB
report details structural changes in the euro area banking sector – ECB
UNITED STATES
Goldman
on 2015: "Potential Renewed Uncertainty around Fiscal Deadlines" – Calculated
Risk
The
Methodical Fed – Tim
Duy’s Fed Watch
Fed policy
might sound dovish this week, but take note the the underlying tone has been
methodically hawkish for a long, long time. And markets have responded
accordingly, including anticipating a return to the zero bound when the next
recession hits. Nor should this be unexpected. Monetary policymakers have yet
to set clear objectives that includes a high probability that the zero bound is
left behind for good.
Inside
the Fed’s ‘Doomsday Book’ – WSJ
ASIA
No signs
of global slowdown in September foreign trade data – Danske
Bank
OTHER
How
Righteousness Killed the World Economy
Client
Q&A: Key market queries answered – TradingFloor
Stephen
Pope: Biggest market event last week was the IMF's latest World Economic
Outlook * Weakening Eurozone economy means FOMC's concerns over USD are correct
* BoE right to hold fire on interest rate changes at the moment
DAILIES
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Hayek’s Worthy Question – Is Economics Science? * Global Slowdown Roils
Markets, Confounds Policy Makers * Overseas Weakness Dampens Fed Optimism at
Home * ECB’s Draghi Sees No Eurozone Government Bond-Market Bubble * PBOC
Economist: China Doesn’t Need Major Stimulus in “Foreseeable Future”
Daily
Macro – WSJ
The week
begins with markets on edge but mercifully calm amid a general sense of
uncertainty about the state of the global economy. Stronger-than-expected trade
data out of China ensured that a predictable selloff
in Asia wasn’t quite as bad as it might
have been following Wall Street’s ugly close on Friday and a weekend filled
with negative news about new cases of Ebola in the developed world.
Dollar
Heavier to Start Week
– Marc
to Market
WEEKLIES
The
Macro Week Ahead: Less bearish but USD pullback to continue – TradingFloor
The
expected tactical USD pullback is happening and likely to continue, while
equities are expected to have a bounce for the week. One area of concern is the
news flow coming out of monetary policy in Europe: markets will continue to tank unless more is
done.
Global Central
Banks Calendar – WSJ
Key
Events In The Coming Week – ZH
What
Matters for Global Markets in the Week Ahead – WSJ
FINNISH
Pääministerin haastattelutunti – YLE
Stubb lupaa vain uurastusta ja hikeä – Verkkouutiset
Luottoluokituksia tulee ja menee – Juhani
Huopainen / US
Euro olikin ansa – TalSa
Saksalaisprofessori Hans-Werner Sinn ehdottaa, että
eurokriisin paras ratkaisu olisi velkojen osittainen anteeksianto ja
kriisimaiden mahdollisuus erota tilapäisesti eurosta. Kaikki muut ratkaisut
ovat vieläkin tuskallisempia.
Elintason laskun välttämättömyys – mutta talous ei ole
nollasummapeli – Tyhmyri
Kannatan rajoittamatonta työperäistä maahanmuuttoa – mutta
vasta sosiaaliturvan remontin jälkeen – Tyhmyri
Tulojen ansaitsemisesta – Akateeminen talousblogi