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EUROPE
EU still
considering fining France over budget rules – Reuters
EU
officials are considering fining France for failing to cut its budget deficit,
although the euro zone's second biggest economy, a driving force in the
creation of the shared currency, could yet be spared the unprecedented
punishment.
Vicious
circle(s) 2.0 – Bruegel
There has
been a remarkable shift in the European mindset about banking crisis, from a
first phase in which bail-in was a taboo, to a second one in which it is
considered as a new normal and welcome practice. While trying to sever the
sovereign-banking link, we may be disregarding vulnerabilities from banks’
mutual interconnectedness.
Central
banks: Stockholm syndrome – FT
Swedish
experience puts the Riksbank at the fore of debate on when to end
crisis-fighting measures
EUROPEAN CENTRAL BANK
ECB QE
and the prospect of gold purchases – FT
One of the
problems with ECB QE, as we all know, is the lack of a collective eurobond or
sovereign-neutral asset to target, which would make asset purchasing less, you
know, subjective vis-a-vis the assets you choose to support and those you
don’t. It is for this reason that analysts are divided about the type of assets
Draghi may or may not be inclined to target.
ECB dips
toe into dead sea of rebundled debt – Reuters
The
European Central Bank is set to embark this week on a scheme to buy the kind of
rebundled debt that sparked the global economic crash.
Why the
ECB Needs to Go Risk-On – WSJ
Speech by
Mario Draghi, President of the ECB, marking the inauguration of the ECB’s new
supervisory responsibilities, Frankfurt, 20 November 2014
UNITED STATES
GS: Multiple
Expansion Is Over, "US Stocks Will Close 2015 Only 5% Higher" – ZH
ASIA
Chinese
economy is on track for its worst performance in 25 years * Today’s 'new
normal' could be tomorrow’s 'too-high' growth target * Regulatory turf wars are
a footnote in the decision to stick to targeted stimulus
OTHER
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Fed Staff Whispering Caution in Officials’ Ears * With Wary Eye on Global
Tumult, Fed Opted to Stay on Policy Path for Now * Ebola Makes an Appearance in
the Fed’s October Minutes * How Federal Reserve Chairwoman Janet Yellen Spent
Her September * As Yen Slides, Investors Shun Other Asian Currencies
Daily
Macro – WSJ
After some
modestly encouraging news in the eurozone, Thursday’s flash purchasing manager
surveys were disappointing. The same goes for China’s HSBC PMI, which is right
on the threshold of showing contraction.
But it’s not all doom and gloom in the global economy: both Japan and
Taiwan released data showing a surge in demand for their exports.
FI
Eye-Opener: Fed on course towards policy normalisation – Nordea
FOMC
members not overly concerned about turbulent financial markets. Chinese
manufacturing PMI down to 50. Bank of Italy sees Euro area “on the brink of
deflation”. Today Euro area PMIs and US CPI. Bond supply from France and Spain.
Danske
Daily – Danske
Bank
Currency
carry trades are not what you think –VoxEU.org
A common
view in international finance is that currency trades make money because
high-interest-rate currencies tend to appreciate. This column argues that this
view is flawed, suggesting that currency risk premia may be much simpler than
previously thought. The carry trade has little to do with the appreciation of
the currency, but instead exploits persistent differentials in interest rates
across countries.
New
normal, new divide
– TradingFloor
Today we
discuss the evolution of monetary policy across the major central banks and
assess the division within and between central bank policy-makers and the
implications for FX.
Here Are
Goldman Sachs’s Top Trades for 2015 – WSJ
Goldman's
"Top Trade Recommendations For 2015" – ZH
NOVEMBER PURCHASING MANAGER INDICES
Japan:
growth accelerates to eight-month high – Markit
China
Output contracts for the first time in six months – Markit
China manuf
PMI declines slightly as exports lose momentum – Danske
Bank
China: PMI
dips to get APEC blue – Nordea
China manuf PMI Misses, Slides To 6 Month
Lows – ZH
China
Factory Gauge at 6-Month Low Bolsters Easing Case – BB
French
private sector output falls for seventh successive month – Markit
French PMI manuf.
misses expectations – TradingFloor
French
slump eases slightly but new business drying up – Reuters
French
Factories Slump Deepens as Economic Weakness Persists – BB
German
activity growth drops to 16-month low as new orders stagnate – Markit
German
Growth Outlook Dims as Manufacturing, Services Weaken – BB
Eurozone weakest
growth for 16 months – Markit
Euro area:
PMIs lower than expected – Nordea
Euro PMIs
declined again in November – Danske
Bank
Pace of
eurozone recovery slows to 16-month low – FT
EZ moves in
wrong direction, Brits go shopping, Japanese exports jump – Marc
to Market
Creaking
euro zone, China sound warnings for global growth – Reuters
US Manuf.
PMI Misses By Most On Record, Lowest Since January – ZH
FINNISH
Aamukatsaus
– Nordea
Fed luottaa USA:n talouteen | Kiinan teollisuuden PMI-luku
laski odotettua enemmän | USA:sta ristiriitaista rakennussektorin data
Rahatalous haltuun -luentosarjan materiaalit, osa 2 –
Raha
ja talous
Lähentymistä ja erkaantumista – Taloutta
ja historiaa
Euroopan komission parin viikon takaisen suhdanne-ennusteen
toivoisi päätyvän vääriksi osoittautuvien ennusteiden – ei niin pieneen – joukkoon.
EU ja lupa elvyttää – Brysselin kone /
YLE
Erikoistutkija Heikki Taimio Palkansaajien
tutkimuslaitoksesta keskustelee siitä pitääkö EU:ssa harrastaa elvyttävämpää politiikkaa.Ja
jos pitää, niin millä tavoin sitä voi tai kannattaa tehdä.
Ministeriö kaatoi salaamishankkeen – HS
Pörssiosakkeiden julkisuus pysyy nykytasolla