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Thursday, November 22

22nd Nov - EU Open: Budget Talks commence



EU budget talks commence today – expect nasty comments from participants. US Thanksgiving keeping things quiet – stops might be cheap on low-volume, algo-driven day. China's PMI came out positive.


Previously on MoreLiver’s:

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Roundups
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: Eurozone PMI, Spanish auction,EU budget talksSaxo Bank
The release of Flash PMIs will confirm that the Eurozone is in a recession, while the true surprise could come from the difficult EU budget talks. Spain's bond auction could signal the timing of an eventual bailout request.

Asia Today: Better flash China PMI but currencies struggle higherSaxo Bank
The bearish mood in Asia yesterday reversed overnight and Asia stepped in today, scratching their collective heads. The reversal overnight and today’s US Thanksgiving holiday left currency markets in a mildly comatose state. Flash China PMI improved.

Market Preview: Eyes on PMI data & European Council meetingSaxo Bank
European markets are expected to open higher Thursday tracking gains in Asian markets and ahead of EU leaders' budget negotiations starting today. Investors are keeping an eye on manufacturing PMI data across Europe due later today.

Danske DailyDanske Bank (pdf)
Key news: Chinese PMI increased for the third month in a row. Asian stock markets higher this morning. Market movers today: Euro area PMIs, US Thanksgiving sales, European Council Budget meeting

AamukatsausNordea (pdf)
Kiinan teollisuuden luottamuksen piristyminen jatkuu * Hirmumyrsky Sandy sekoittaa edelleen USA:n talouslukuja * EURUSD ja Saksan korot nousuun vahvistuneiden Kreikka-odotusten myötä

AamukatsausTapiola (pdf)
Osakemarkkinoilla eilen maltillisen positiiviset tunnelmat. Aamulla julkaistu Kiinan teollisuuden ostopäällikköindeksin ennakko indikoi talouden palanneen kiihtyvän kasvun uralle.
Osakefutuurit plussalla, indikoiden nousuavausta. Omaan historiaansa parhaiten tuottavat OMX HEX -osakkeet (E/P -mittarilla): Edullinen arvostus (eli parhaiten tuottavat): Finnair, Ramirent, Cramo, F-Secure ja Outotec. Kallis arvostus (eli heikoiten tuottavat): Nokia, Outokumpu, Rautaruukki, Kone ja Ahlström.

MarkkinakalenteriNordnet
MarkkinakalenteriTaloussanomat




EUROPE
If Greek talks are tough, check out the EU budgetMacroScope / Reuters

If You Thought 2012 Was Tough For European Bonds..ZH

What would happen if Catalonia seceded from Spain?Wonkblog / WP

UNITED STATES
US Manufacturing stabilizing; margins may be at riskSober Look

ASIA
  CHINA PMI
PMI suggests recovery gaining strength – Danske Bank (pdf)
PMIs moved into 50+ this month but the components... – alphaville / FT
Chinese economy gradually gaining momentum – Nordea
PMI shows first expansion in a year in November – ASA
PMI – green shoots sprout – beyondbrics / FT
A turnround * –alphaville / FT

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