Follow ‘MoreLiver’ on Twitter
EUROPE
EUROPEAN CENTRAL BANK
ECB
entering 'very dangerous territory' warns S&P – The
Telegraph
“The risk
of a triple-dip recession have increased. The ECB has one last arrow and that
is quantitative easing of €1 trillion," said the credit rating agency
Benchmarking
the AQR: A tale of two leverage ratios – VoxEU.org
The ECB
estimated that Eurozone banks would face a capital shortfall of €25 billion in
a severe crisis. Earlier work by the authors estimated the shortfall to be 30
times higher. This column argues that this striking divergence can be explained
by the ECB’s reliance on static risk-weights.
Draghi
speech: Monetary policy in the euro area – ECB
Opening
speech at the Frankfurt European Banking Congress, 21
November 2014
Weidmann:
Banking union and regulatory reforms - mission accomplished? – BIS
Speech at
the 24th Frankfurt European Banking Congress,
Frankfurt am Main, 21 November 2014.
ECB's
Draghi throws door to quantitative easing wide open as recovery wanes – Reuters
Draghi
threw the door wide open on Friday for more dramatic action to rescue the euro
zone economy, saying "excessively low" inflation had to be raised
quickly by whatever means necessary.
Draghi
Says ECB Must Raise Inflation as Fast as Possible – BB
Draghi said
the ECB must drive inflation higher quickly, and will broaden its
asset-purchase program if needed to achieve that.
Draghi’s
QE Question Is If Benefits Are Worth Headache – BB
Put aside
the obstacles to bond-buying seen by German officials and a case can be made
with economics alone that the policy would do little to provide a fresh source
of strength for the region beyond weakening its currency.
ASIA
Making
Abenomics More Voter-Friendly–But at a Cost – WSJ
CHINA RATE CUT
China surprises with interest rate cut to
spur growth – Reuters
China cuts interest rates – Danske
Bank
Futures Soar On Surprise Chinese
Rate Cut – ZH
Goldman:
"Slightly Useful" – ZH
China: Surprise rate cut may be a policy
mistake – Nordea
OTHER
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Dealer Survey Highlights Fed’s Looming Jobs Vs Inflation Conundrum * Fed
Launches Review of Practices for Supervising Big Banks * Goldman Fires Two
Employees Over Confidential Fed Information * Draghi Says ECB Ready to Expand
Asset-Purchase Programs * China Central Bank Cuts Interest Rates * Japan’s Finance Minister Rings Alarm Over
Yen Weakness
Daily
Macro – WSJ
An interest
rate cut by China sent shock waves around with
commodity prices in particular rallying in anticipation of higher Chinese
demand… The big question now is whether European Central Bank President Mario
Draghi can muster enough support within his organization for a more aggressive
monetary stimulus program for the eurozone.
FI Eye-Opener:
A day full of speakers – Nordea
Bond yields
down on weaker data from Europe and China. The US isn’t Europe. A quiet day for data releases, but
speeches from Draghi, Weidmann and Schäuble.
Danske
Daily – Danske
Bank
Draghi
Talks Euro Lower, Aso Lifts Yen – Marc
to Market
China announced that it will cut its key
policy rates, effective November 22 while ECB president Mario Draghi pushed the
euro lower with dovish talk
From the
floor: A day of caution – TradingFloor
Japanese
finance minister says yen fell too fast * Data bolster EURUSD bear case, but price
action disappoints * USDJPY, EURCHF volatilities sell off * Goldman Sachs a
good vehicle to trade strong US economy: Garnry * US Treasury
bonds, German bunds signal monetary policy divergence
Draghi
soft, US-German bond spread too high, breakup talk – TradingFloor
The spread
between the US and German bonds is at historical highs, and the previous cycle
lows have marked important turning points in the global markets - perhaps this
time as well? ECB’s Draghi will be speaking in an important event, and his
recent messages have remained dovish. Perhaps markets are counting a bit too
much into his actions? Finally, In 2005 I guessed that the euro area's breakup
would take 10 years. Since July 2015 is getting close, it's a worthy reminder
of the ultimate tail risk.
FINNISH
Aamukatsaus – Perjantai 21.11.2014 – Nordea
Euroalueen piristymistä saadaan odottaa | Venäläinen
kuluttaja ei jaksa enää | USA:n pohjainflaatio voimistui odotettua enemmän
Hollanti valmistautui lähtemään eurosta – Verkkouutiset
Usko parasta, älä suosituinta perustelua – Lauri Holappa / HS
KOKOOMUS
Kokoomuksen kannatus yhtä huono kuin vaaleissa 1972 –
HS
Keskusta repi jo 7 prosenttiyksikön kaulan kokoomukseen
Pääkirjoitus: Kokoomus otti Stubbissa riskin, joka uhkaa
kostautua – HS
Stubb oli kokoomukselta emämoka – KU
Kokoomus menettäisi HS-gallupilla kahdeksan
kansanedustajaa – Verkkouutiset
Puoluetoverilta todella tyly arvio Stubbista -
"Samaan aikaan ei voi olla boheemi, pääministeri ja nouseva kannatus"
– IS
Kommentti: Stubb-euforiaa seurasi täydellinen mahalasku –
IS
Näkökulma: Kokoomus on nyt pahasti eksyksissä – IL
Näkökulma: Liikkuvien iso armeija – IL