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EUROPE
Euro and Schengen.
Common flaws and common solutions – Paul
De Grauwe
European Institute’s conference: Lars Christensen, Peter Garber, Willem
Buiter
Angela Merkel: 13
defining moments – Politico
Portugal might be the
next stop in the euro crisis – WaPo
EUROPEAN CENTRAL BANK
Benoît Cœuré: Paradigm lost: Rethinking international adjustments – ECB
Euro Area's Negative-Yielding Debt Tops $2 Trillion on Draghi – BB
Reviving Credit in the Euro Area – iMFdirect
NOVEMBER FLASH PMI
France – Markit
Germany – Markit
German Economy Picks Up as Companies See New Demand Surge – BB
Eurozone – Markit
Euro area: PMIs signal broad-based growth – Nordea
Euro zone business growth at four-year high – Reuters
Eurozone Composite PMI Surges To 54 Month High – ZH
SCHENGEN / MIGRATION / TERRORISM
European Governments Hold Meeting To Dismantle Borderless Travel – ZH
Inside the surreal world
of the Islamic State’s propaganda machine – WaPo
Saudi Arabia, an ISIS
That Has Made It – NYT
Molenbeek
broke my heart – Politico
Battle against ISIS must
be waged on every front – The Economist
Paris under attack – The Economist
Jihad at the heart of
Europe – The Economist
ISIS might be slashing
out because it has weakened – The Economist
Attacks unite Russia and
West – The Economist
Drawbridges up? Schengen
was already in trouble – The Economist
Brussels Becomes a Ghost
Town as Terror Keeps People Inside – BB
Brussels Will Remain on
Lockdown Monday With Metro, Schools Closed – BB
Belgian PM keeps Brussels on high terror alert – Politico
Paris, refugees, and Europe’s hard borders – Politico
Schengen Is Closing – euinside
Why we shouldn’t transfer more powers to EU – Open Europe
UNITED STATES
The Fed is set to declare “Mission
Accomplished” at the next FOMC meeting. Indeed, many policymakers have already
said as much. Absent a very significant change in the outlook, failure to hike
rates in December would renew the barrage of criticism regarding their
communications strategy that prompted them to highlight the December meeting in
their last statement. Once they have communicated their intentions for
subsequent rate hikes, they will turn their attention to the issue of
normalizing the balance sheet.
5 Things to Watch in the Third-Quarter U.S. GDP Report – WSJ
OTHER
Commodities slump to
1999 low, the euro falls to April low and mining companies lead Stoxx 600
lower.
REGULARS
Stocks Keep Rising
Stocks Weighed by Falls in Commodity
Prices
Heavy Week of Data To Offer Insight
on Liftoff
ECB QE2 as close as ever on Draghi
comments, yields lower, EUR weaker * Silence before the storm – Euro-area PMIs
and Norwegian numbers this week * German short end yields again breaks record
lows as EUR weakens vs G10 * A new start for Argentina with a pro-business
president?
Traders looked to the
Shanghai Composite for direction in the Asian session. China will probably be
in focus more than is usual is this week, with trading muted in some other
markets by public holidays. Tokyo was closed for a holiday today, and the US
takes its Thanksgiving holiday on Thursday.
Dollar-Bloc Slumps with Commodities,
Greenback Remains Bid
The offshore yuan has fallen to its
lowest level since September. Rumours are that China is curbing offshore yuan
trading activity to limit outflows and stop the shorting of the yuan. Such
measures could hasten further capital outflows rather than stemming them.
China's currency policy remains erratic, seemingly moving further away from FX
liberalisation rather than towards it.
Cameron says Britain
will do “all in our power” to support France in fight against IS * CBI Director General
warns EU referendum uncertainty is affecting investment, and hits out at
‘Leave’ camp * Cameron to delay cabinet reshuffle with no EU deal expected at
December European Council * Swiss anti-immigration party signals willingness to
compromise with EU on free movement * Moody’s says Brexit may not impact the
UK’s credit rating * German coalition row delays approval of tougher asylum
laws * Orbán: Western leaders ignoring “overwhelming logical” connection
between terrorism and the movement of Muslims into Europe * Orbán: “It’s an
open question” whether the EU will be here in ten years * Italy considers bad
bank despite European Commission objections
Brussels raids and
shutdown — Orbán interview
Global Stocks Fall For
First Time In Six Days As Commodity Rout Spills Over Into Stocks
Frontrunning – ZH
The run up to the end of the year
features an onslaught of event risks, most notably, next Thursday’s ECB meeting
and the December 16 FOMC rate announcement. But that doesn't have to mean that
this US Thanksgiving holiday week is merely a waiting game if traders are
insecure that they are positioned properly for what lies ahead.
Central bank divergence
has pushed the spread on yields on two-year bonds in the US and Germany to
their widest since August 2006 as markets gear up for super December.
FINNISH
Vahva
kasvukaan ei muuta EKP:n elvytyskantaa * Tänään julkaistaan euroalueen ostopäällikköindeksit
marraskuulta * Draghi alleviivasi EKP:n halua lisätä elvytystä * Euro heikkeni
Draghin kommenttien myötä
Sitkeästä
talousanemiasta kärsivä Suomi tarvitsee nyt kipeämmin talouskasvua kuin
julkisen talouden tasapainoa ja velkasääntöjä. IMF neuvoo hallitusta korjaamaan
talouspolitiikan suuntaa.
Naiiviudesta on pakko luopua. Mahdollisiin
terrori-iskuihin pitää varautua, sillä siten voidaan säästää ihmishenkiä,
kirjoittaa Ilta-Sanomien päätoimittaja Ulla Appelsin.