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EUROPE
The pitfalls of Eurozone bilateral trade
imbalance measures – vox
Because of the emergence
of global value chains, trade imbalances within the Eurozone are to a large
extent an endogenous result of the international organisation of production at
the firm level. It is therefore better to disregard intra-EZ imbalances and
focus on the total.
The Shortcomings of Quantitative Easing in
Europe – Project
Syndicate
Germany toughens refugee
policy – Politico
40% of Germans say
Merkel should resign over refugee policy – Reuters
Merkel Defuses Threat to
Chancellorship With Refugees Deal – BB
Euro area: Rebound in
inflation only temporary – Nordea
Monetary developments December
2015 – ECB
Is growth in euro zone
bank lending to companies fizzling out? – Reuters
UNITED STATES
Downward Nominal Wage Rigidity During and After the
Great Recession – FED
We find no evidence that
the high degree of labor market distress during the Great Recession reduced the
amount of downward nominal wage rigidity and some evidence that operative
rigidity may have increased during that period.
Fourth-Quarter U.S.
Growth – The Numbers – WSJ
Economists: ‘Consumer
Spending and Housing Remain Solid’ – WSJ
Slower growth in Q4 one
reason for Fed to hold in March – Danske
Bank
Soft growth in Q4, but a
serious downturn remains unlikely – Pictet
Growth slows to 0.7% in
Q4 – WaPo
OTHER
BANK OF
JAPAN
JPY sold off
aggressively after BoJ announced negative interest rates – ABN
AMRO
That was then, this is
now: BoJ and negative rates edition – FT
BoJ Adopts Negative
Interest Rates, Fails To Increase QE – ZH
BoJ's NIRP Results In
More Currency Wars, Global Slowdown – ZH
BoJ goes negative in
surprise move – Danske
Bank
BoJ introduces negative
interest rates – Nordea
Kuroda surprises by introducing
a negative interest rate – Pictet
REGULARS
Morning MoneyBeat Asia – WSJ
Oil Surges, and Stocks Go Along for
the Ride
Morning MoneyBeat US – WSJ
Danske Daily – Danske
Bank
Euro rates update – Nordea
Eye-Opener – Nordea
Bank of Japan to the rescue; US
recession worries from weak Q4; postponed Russian rate cut * New Bank of
England forecast * U-turn in long yields on Brent oil jump * USD loses broadly
as correlation with oil holds
Morning Markets – TF
The Bank of Japan made a surprise
move by adopting negative interest rates in a bid to tackle low inflation and a
spluttering economy. The move puzzled some analysts and traders but the overall
reaction to the move was positive.
Daily FX Comment –
Marc
Chandler
Kuroda Surprises, Introduces
Negative Rates in Japan, Sinks Yen
Daily Shot – TF
Bank of Japan took
markets by surprise with moving its main interest rate into negative territory.
Other Central Banks have now to see how to re-act.
Matt Levine’s Money Stuff
– View
/ BB
Bonuses, bankruptcies, donors,
Martin Shkreli, basic income, unicorns and repo.
US Open – ZH
Global Stocks, Bonds Jump On BOJ
NIRP Stunner; Rally Fizzles After Crude Fades Gains
Frontrunning – ZH
The Bank of Japan pulled
the rug out from under the market by cutting into negative rate territory which
was entirely unanticipated. The JPY weakened in response and risk appetite
soared but will we see follow-through next week on this move?
The Bank of Japan has a
penchant for surprises but governor Haruhiko Kuroda's reversal of his previous
disavowal of negative interest rates has left markets reeling.
FINLAND & FINNISH
Japanin
keskuspankki liittyi negatiivisten kerhoon * USA:n Q4 BKT-luvut julkaistaan
tänään * Valtiolainakorkojen laskuliike jatkui Fedin kokouksen vanavedessä *
Venäjän keskuspankki pitää rahapolitiikan ennallaan