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EUROPE
Euro area depression,
charted – Frances
Coppola
But war, however justifiable, is terribly destructive. It would be far
better for the Euro area to risk fiscal profligacy and monetary
irresponsibility than travel that road again. So let's ditch the ridiculous
rules and directives, spend a lot of money - ideally by means of helicopter
drops, since increasing the fiscal burden on highly-indebted countries in a
dysfunctional monetary union is not a sustainable solution - and get people
working, and the economy growing, again.
Matthew Klein: Maybe the
euro area’s bad banks didn’t matter? – FT
Whatever happened in 2011 to hit the euro area economy, it’s difficult to
look at all this and argue the problem has been the supply of credit. Something
else seems to be at work. So fixing lenders, while helpful, probably isn’t
enough to restore growth to the monetary union.
Rebooting the Eurozone:
Step 1 – Agreeing a Crisis narrative – vox
Paul Krugman: Desperately
Seeking Consensus – NYT
Peter Dorman: Read
Carefully Before Signing: EZ Crisis Narrative – Econospeak
EUROPEAN CENTRAL BANK
Speech Mario Draghi: Monetary Policy: Past, Present and Future – ECB
Euro Tumbles As Draghi Says " Will Do What It Must To Raise
Inflation" – ZH
German Bunds Give Draghi The Finger: 2-Year Hits Record Negative Low
-0.39% - ZH
Draghi Says ECB Will Do What It Must to Spur Price Gains – BB
ECB Path to More Easing Littered With Potholes, Analysts Say – BB
ECB's Draghi sinks euro after two days of gains – Reuters
Draghi’s speech: Read my lips – 'whatever it takes' – TF
UNITED STATES
Fed Hike: Moving From ‘When’ to ‘How’ – WSJ
What Will Happen To Corporate Profits If The Fed Hikes In December – ZH
OTHER
14 Predictions for 2016 from the Brightest Minds
in Finance – BB
Some of the top
financial experts warned us of recessions and crisis, while others shared their
tips for finding yield
Goldman: Limited
Equity Upside As Bernanke Put Replaced With Yellen Call – ZH
REGULARS
Morning MoneyBeat Asia – WSJ
U.S. Stocks Flat After Wednesday’s
Rally
Morning MoneyBeat Europe – WSJ
Central Bankers Remain Key
Morning MoneyBeat US – WSJ
Holiday Sales Expected to Slow, But
Not By Much
Danske Daily – Danske
Bank
Euro rates update – Nordea
Eye-Opener – Nordea
Focus on central bank speeches * Central
bankers tell Fed to “just do it” * Bank of Japan to publish new inflation
measure
Morning Markets – TF
Copper's hit a fresh 6.5-year low
and as a gauge of global demand, that's pretty ominous.
Daily FX Comment – Marc
Chandler
Euro Short Covering Bounce Fizzles
and Draghi Pushes it Lower
Daily Shot – TF
New GDP forecasts see India in pole
position once again with the gap between it and China becoming increasingly
wider. At the other end of the spectrum we find Russia and Brazil. But while
the former is seen exiting its recession next year, the latter's economic
misery index is only deteriorating.
Daily Press Summary – Open
Europe
Ministers confirm talks
over mini-Schengen have taken place but Germany resists plan * French PM warns
that terrorist used refugee crisis to ‘slip in’ to France * Former Conservative
Party treasurer donates £1m to campaign to leave EU * Die Welt: Paris attacks
will force EU to reassess value of UK membership * 65% of Scots want to stay in
the EU * Journalists take European Parliament to Court over lack of expenses
transparency * EU-Turkey agreement on reducing refugee flows runs into trouble
* Greek parliament passes measures needed to unblock bailout cash, but
government majority gets thinner * New minutes show ECB considered boosting QE
at October meeting
Brussels Playbook – Politico
Mini-Schengen plans —
French resistance — Belgian raids
US Open – ZH
Futures Rise, Global
Stocks Set For Best Week In Six Unfazed By Terrorism Concerns
Frontrunning – ZH
Today’s close in EURUSD represents
an important setup day and week for the run into the early December event risks
(Yellen speech, ECB meeting, US employment report). Meanwhile, Beijing has
busted an illegal capital-flight network, but the underlying issue of an
overinflated RMB remains.
European equity markets
were enlivened by Dutch banking group ABN AMRO's return to public trading after
the government sold a 20% stake, while US shoemaker Nike authorised a $12
billion share buyback and a stock split overnight, which was seen boosting the
company's shares.
FINNISH
EKP
haluaa pitää rahapolitiikan ohjakset omissa käsissään * Suomi: Niukkuutta
jakamassa – kuluttajien vuosi 2016 * Etelä-Afrikan keskuspankki nosti
ohjauskorkoaan * USD heikkeni eilen laajalla rintamalla
Löydä viisi virhettä – Roger Wessman
Rakenneuudistuksilla Suomi
kasvuun? - Akateeminen talousblogi
Turvapaikanhakijoista
tulossa miljardilasku, ex-kansliapäällikkö: miksi sitä hyssytellään – ESS
Friedmanista, Kantolasta,
talouspuheesta ja talouspuhepuhetta puhuvista talouspuhetutkijoista – Asiaton
Lehdistökatsaus