MoreLiver's Daily: 6th Nov - ECB calms rumours and waits

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EUROPE

Exclusive: Euro zone considers three bailout exit options for Greece – Reuters

France and Germany: a moment of truth – Bruegel

Bank of England keeps rates on hold ahead of inflation report – Reuters

BOE Holds Rate at Record-Low as Europe Weighs on Outlook – BB

EU's finance chief to unveil capital market plan in 2015 – Reuters

The EU's new financial services chief pledged on Thursday to set out his plans for a pan-European capital market by the middle of next year, aiming to reduce companies' reliance on banks and help revive the bloc's fragile economy.

LUXEMBOURG LEAKS

Leak reveals scale of corporate tax deals with Luxembourg – FT

Companies sign secret tax deals with Luxembourg: report – Reuters

PM says Luxembourg abiding by international rules on tax – Reuters

EU Commission says already acting on Luxembourg tax practices – Reuters

IRELAND & ECB

Dear Ireland, take the bailout. Yours, Jean-Claude – FT

Irish letters – ECB

Trichet letter revealed – The Irish Times

The Irish letters – FT

EUROPEAN CENTRAL BANK

(for previews, see this)

Mario Draghi's efforts to save EMU have hit the Berlin Wall – The Telegraph

If the ECB tries to press ahead with QE, Germany's central bank chief will resign. If it does not do so, the eurozone will remain stuck in a lowflation trap and Mario Draghi will resign

Money matters in the euro area – Bruegel

A new dataset on euro-area Divisia money suggests that money shocks have an impact on the economy

ECB MEETING

Introductory statement to the press conference – ECB

Euro Sinks as Draghi Sticks to Script – Marc to Market

Recap: ECB Takes One Step Closer to QE – WSJ

Mr. Draghi has made it very clear that plans to boost the ECB’s balance sheet back to 2012 levels are still in play, reiterating frequently that this intention is unanimous.

Strategists: ‘Draghi the Politician has Won Another Key Fight’ – WSJ

ECB ready to do more if needed, signs up to Draghi's target – Reuters

Is Draghi out of his depth or being hung out to dry? – TradingFloor

Stephen Pope: Conference reveals no policy agreement * NCB bosses appear to have clipped Draghi's wings * No big ideas forthcoming

5 Takeaways from Mario Draghi’s Latest Press Conference – WSJ

Live blog: Mario Draghi’s November press conference – FT

ECB united on €1tn liquidity injection – FT

ECB: Draghi did it again – FT

Continued inaction – The Economist

Draghi did it again – Danske Bank

Mario Draghi, the ECB, and a ‘Sea of Conditionals’ – WSJ

ECB: Market take: Dovish, Hawkish, Dovish – Nordea

After a hawkish tone in October, Draghi today came out as dovish again. A renewed firm balance sheet target (to March 2012 levels) will give way to a plethora of QE-speculation as existing measures are unlikely to get us there alone. EURUSD is down, the Eonia curve flattens, and EUR liquidity to be priced cheaper.

ECB: Draghi about to move into the super mode again – Nordea

Draghi dropped plenty of hints that the Governing Council was preparing for more easing. We expect another package of measures to be announced in December, including an expansion of the ECB’s bond purchases to investment grade corporate bonds. The easing mode should keep core bond yields anchored at low levels, contribute to narrowing spreads in the Euro-area bond market and keep the euro under pressure.

UNITED STATES

5 Things to Watch in the October Jobs Report – WSJ

OTHER

Daily Central Banks – WSJ

Hilsenrath’s Take: Keep An Eye On Mester for Considerable Time Clues * GOP Takeover May Be Mixed Blessing for Banks * Fed Finalizes Concentration Limit Rules for Financial Firms * BOE Leaves Policy Unchanged Amid Signs of Slowdown * OECD Urges ECB to Provide More Stimulus

Daily Macro – WSJ

All eyes are on the ECB this morning. The OECD, the developed countries’ economic club, is the latest to call for the central bank to increase stimulus. But rumors percolating from the ECB and German government suggest any move will be politically fraught. The ECB is unlikely to be helped by a leaked letter showing the central bank forced a deep austerity program on the Irish government in exchange for emergency lending in 2010.

OECD sees gradual U.S.-led recovery despite euro zone weakness – Reuters

The global economy is only gradually picking up momentum as stagnation in the euro zone and growing weakness in some big emerging economies weighs on the U.S.-led recovery, the OECD said on Thursday.

OECD urges members to encourage growth – FT

Paris-based organisation warns of stagnation risk in the eurozone

Not All QE Is Created Equal as U.S. Outpunches ECB-BOJ – BB

New stimulus measures at the BoJ and ECB may lack the global punch of the Fed, which last week ended its third round of quantitative easing. So investors should pay more attention to the source of the extra cash sloshing around the financial system than to the amounts.

FINNISH

Hyvinvointivaltion purkaminen johtaa "negatiivisiin lottovoittoihin" – TalSa

Vakuutusyhtiö Ilmarisen johtaja Jaakko Kiander varoittaa yksisilmäisen leikkauspolitiikan ja markkinaehtoistamisen kääntöpuolista tänään julkaistussa Hyvinvointitalous-kirjassa.

Keskustan Sipilä erehtyi – kahdesti – Henri Myllyniemi / PS

Sisäinen devalvaatio, ulkoinen devalvaatio ja pienituloiset – lukuja kiitos – Tyhmyri

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Thursday, November 6

6th Nov - ECB calms rumours and waits