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EUROPE
Three days that saved
the euro – The
Guardian
With Greece on the brink of expulsion from the euro, there was one final
chance to avoid catastrophe.
MIGRANT CRISIS
Will German economy benefit from Merkel’s open door? – FT
5 ways the EU migration strategy is unraveling – Politico
EUROPEAN CENTRAL BANK
ECB: The Force Re-Awakens – Macro
Man
Q4 2015 ECB Survey of Professional Forecasters – ECB
Great Graphic: Draghi Pushes Back – Marc Chandler
Draghi the Fiscal Hawk – Francesco
Saraceno
The ECB’s quantitative easing programme – vox
Editorial: Draghi Is Right to Plan More Monetary Stimulus – BB
UNITED STATES
Europe just made it
harder for the Fed to raise rates – WaPo
Who's in Charge? Draghi
and Yellen Facing December Decisions – BB
CHINA
China Plans 2020 Deadline for Dismantling
Capital Controls – BB
At a gathering next
week, top officials in the Communist Party will discuss pledging to “make the
yuan convertible under the capital account,” according to a person familiar
with talks now under way. The promise would be codified in a document charting
the country’s economic course through to 2020, known as the 13th Five Year
Plan.
China cuts interest rates and reserve requirement – Danske
Bank
China Cuts; Futures
Soar; Fed December Rate Hike Back In Play – ZH
Reactions: "China
Is Getting More And More Desperate" – ZH
China Cuts Interest
Rates as Policy Divergence With U.S. Widens – BB
China cuts rates again
as growth engine stalls – Reuters
OTHER
OCTOBER FLASH PMI
Japan Manufacturing PMI – Markit
Flash France Composite PMI – Markit
Flash Germany Composite PMI – Markit
Flash Eurozone Composite PMI – Markit
PMIs indicate stable growth above trend – Nordea
French Economy Picks Up as Services, Manufacturing Strengthen – BB
German Manufacturing Takes a China Hit – BB
Euro zone October business growth surprisingly strong: PMI – Reuters
US Manufacturing PMI – Markit
Dec Rate Hike Looms: PMI Surges To May Highs – ZH
REGULARS
Morning MoneyBeat Asia – WSJ
U.S. Stocks Surge on ECB; Dow’s Out
of Correction Territory
Morning MoneyBeat Europe – WSJ
Bulls Rush in on Draghi’s Stance
Morning MoneyBeat US – WSJ
Rally in Stocks on Shaky Ground
Danske Daily – Danske
Bank
Euro rates update – Nordea
Eye-Opener – Nordea
ECB prepares easing package for
December * Euro-area bonds rally on Draghi * EUR weaker as USD strengthens
Morning Markets – TF
EURUSD is still plumbing
the depths after Mario Draghi, the European Central Bank president, said he
would augment the bank's current quantitative easing in December if necessary
and admitted that he had considered the option of an interest rate cut.
Daily Shot – TF
Yesterday's European Central Bank
meeting was even more dovish than expected, sending the euro into a tailspin
and equities higher. What does this mean for the US, whose dollar is
increasingly the last man standing in a world of emergency-policy currencies?
Daily Press Summary – Open
Europe
Share of those who want
to stay in the EU drops as all to play for in EU referendum *
Deportation of illegal
migrants set to start in Germany this weekend * ECJ reiterates right to send
child benefit abroad * Passos Coelho re-appointed Portuguese PM, faces tricky
confidence vote in parliament * ECB President signals readiness to boost
stimulus programme * Greek government fires top tax collection official * European
Commission to take six member states to court over rules on winding down failing
banks * Juncker: The EU “is not going very well” * French MEP re-elected
President of centre-right pan-EU party with 97% of votes,
Brussels Playbook – Politico
Tax heats up — Orbán
faces down Merkel — Poland votes
US Open – ZH
Futures Continue Surge
On Global Draghi Euphoria, Tech Earnings
Frontrunning – ZH
Draghi trashed the euro yesterday
with a dovish broadside that saw the single currency lower across the board,
particularly against the traditional risk on currencies, as we have suddenly
re-engaged the euro carry trade. The market will quickly shift its focus next
week to the next batch of US event risks.
Markets are getting to
grips with new levels in the euro after European Central Bank chief Mario
Draghi issued a bluntly dovish statement on Thursday, which sets the stage for
action at the ECB's December meeting, Saxo Bank's strategy team says.
FINNISH
EKP
valmistautuu joulukuun lisäkevennykseen: Elvytyskannalla oleva EKP heikensi
euroa ja painoi korkoja alemmas * Kuluttajien luottamus laskussa euroalueella *
Riksbankin paine rahapolitiikan keventämiselle kasvaa
Korkman: Pankkilobbarit olivat aiheuttamassa Suomen suurta lamaa – TalSa
Kirjat Sixten Korkmanin uuden kirjan mukaan pankit
estivät 1980-luvulla "häikäilemättömästi" sääntelyn, joka olisi
estänyt 1990-luvun laman pankkikriisin.
Väärää talouspolitiikkaa – MTV