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Thursday, December 20

20th Dec - EU Open



Japan’s central bank moved to inflation targeting and announced QE, as was more or less expected – but fiscal cliff negotiations in US are putting pressure on the markets. Stock indices still have bit more downside left – even in a bullish scenario. USDJPY actually down after the Japanese announcement, so again a case of buy the rumor, sell the news.


Previously on MoreLiver’s:

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Roundups
News roundup – Between The Hedges
The 6am Cut London – alphaville / FT
Emerging Markets Headlines – beyondbrics / FT

Reference
Debt crisis live – The Telegraph
The Euro Crisis Blog – WSJ
Tracking Europe’s Debt Crisis – NYT
FX Options Analytics – Saxo Bank
European 10yr Yields and Spreads – MTS indices
Economic Calendar – Forexpros

MORNING BRIEFINGS
3 Numbers to Watch: UK Retail, US Jobless Claims and Home SalesSaxo Bank
Today's update on UK retail sales will bring more clues for evaluating the odds of a triple-dip recession, while jobless claims and existing home sales data for the US are likely to support the outlook for modest economic growth.

Market Preview: UK Retail Sales and US GDP data eyedSaxo Bank
European markets are expected to open in the red Thursday amid concerns that talks over the US fiscal cliff have turned sour. Meanwhile, traders will track UK retail sales and US GDP data due later today.

Danske DailyDanske Bank (pdf)

AamukatsausNordea (pdf)
BoJ taipui elvytykseen * Paremmat ajat lähestyvät Saksassa? * Etelä-Korean versio rautarouvasta

AamukatsausTapiola (pdf)
Osakemarkkinoille eilen vaihteeksi vastatuulta USA:n budjettineuvotteluista. Saksan IFO -indeksistä eilen jälleen positiivinen yllätys. Osakefutuurit nyt aamulla miinuksella, indikoiden laskuavausta pörssiin. Citycon ostaa Ruotsista Kista Gallerian ja Elisa ostaa PPO:n EUR 101m:llä. Nyt hyvä hetki ostaa: Olvi, Alma Media, Nokian Renkaat, Stockmann ja Huhtamaki Nyt hyvä hetki myydä: Outokumpu, Rautaruukki, Nokia, Sponda ja Talvivaara.

MarkkinakalenteriNordnet
MarkkinakalenteriTaloussanomat

EUROPE
Who Will Keep The German, And Thus Europe's, Economy Running?ZH
Goldman Sachs notes that the number of immigrants coming to
Germany is rising strongly again. While it is not clear at this point how sustainable this development is, it will nonetheless help to ease the strains in the German labour market.

ASIA
BOJ Loosens With Pledge to Review Inflation Objectives: Economy BB
Under pressure from PM-elect, BOJ boosts stimulus again Reuters
The Bank of Japan delivered its third dose of monetary stimulus in four months on Thursday in a prelude to more aggressive action next year, as it faces intensifying pressure from the country's next leader for stronger efforts to beat deflation.

Bank of Japan EasesGlobal Macro Monitor
The policy move was as is expected and not quite the Abe QE that has sparked the massive move in stock market and yen.  The next meeting is big as the Prime Minister Abe will be in power.  The Nikkei is a down about 1 percent on profit taking and the yen a bit stronger.

OTHER
Things That Make you Go HmmmGrant Williams / ZH

The Ultimate Valuation Matrix For Global StocksZH