Previously on MoreLiver’s:
Special:
ECB Watch (updated)
Views & Charts (updated)
Special: Bailout of Cyprus (updated)
Roundups &
Commentary
Frontrunning – ZH
Overnight: Central Banker Bonanza – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Daily press summary – Open Europe
Morning MarketBeat: Central Bankers Galore – WSJ
Morning Bond Update – TradingFloor
Three Suprises before BOE and ECB – Marc
to Market
Morning Briefing
(EU/US): “You take the red pill…” – BNY
Mellon
Cyprus (and
the Eurozone) continues to face multiple threats.
EUROPE
* Note that all
ECB-related material is in my Special
*
How many wise men does it take to fix Italian
politics? – Open
Europe
BizDaily: A vulnerable eurozone? – BBC
(mp3)
It's often said small
is beautiful, but when it comes to the fragile eurozone, is small also coming
to mean increasingly vulnerable ? The Mediterranean island of Cyprus is the latest casualty of the debt crisis. We
look at where next the axe could fall. And, in spite of everything, countries
such as Latvia are queuing up to join the euro! Are they mad?
Hungary aims to boost bank lending with zero
rates – beyondbrics
/ FT
…allows banks to borrow at zero per cent from the central bank. The banks can then lend to businesses at a maximum 2 per cent with the funds, a measure aimed at getting loans to small and medium-sized businesses to help them replace their foreign currency loans with forint loans.
…allows banks to borrow at zero per cent from the central bank. The banks can then lend to businesses at a maximum 2 per cent with the funds, a measure aimed at getting loans to small and medium-sized businesses to help them replace their foreign currency loans with forint loans.
German Authorities Are Said to Investigate
Deutsche Bank – DealBook
/ NYT
The Bundesbank is
sending a team to New York next week to look into allegations that Deutsche Bank hid billions of
dollars in losses to avoid a potential bailout during the financial crisis,
according to people with direct knowledge of the matter.
UNITED STATES
We expect US economic
data generally to disappoint over the next few months as the sequester kicks
in. As a consequence, we see increased risks of a temporary reversal of some
the recent increase in risk appetite in financial markets.
JAPAN
* more on BoJ in my
morning post
*
BoJ: Sayonara deflation – Nordea
Bank of Japan’s new
governor, Haruhiko Kuroda, was not afraid of introducing bold monetary policy
measures at his first policy meeting: The target for money market operations is
altered from the overnight rate to the monetary base. BoJ targets monetary base
increases with JPY 60-70 trillion annually.
BoJ shocks and awes - ECB and BoE will merely
whimper – TradingFloor
John J. Hardy: The BoJ
more than delivered in one of the most anticipated central bank meetings in
market history with larger than expected asset purchase and un-anticipated
measures. USDJPY ripped higher in response.
Highlights - BOJ's Kuroda: Took all necessary
steps to meet 2 percent price target – Reuters
Kuroda said on
Thursday the central bank took all steps available and deemed necessary at its
Thursday policy meeting to achieve its new 2 percent inflation target in two
years.
BOJ Doubles Bond Purchases in First Kuroda
Easing Salvo: Economy – BB
With Kuroda presiding
over his first meeting, the board today temporarily suspended a cap on bond
holdings and dropped a limit on the maturities of debt it buys. The BOJ will
purchase 7 trillion yen ($74 billion) of bonds a month along with more risk assets,
the central bank said in Tokyo.
BOJ shocks with new base money target, boosts
asset buying – Reuters
The BoJ shocked
markets on Thursday with a radical overhaul of its policymaking, adopting a new
balance sheet target and pledging to double its government bond holdings in two
years as it seeks to end nearly two decades of deflation.
Japan:
Don't fight Kuroda – Danske
Bank (pdf)
The new Bank of Japan
(BoJ) governor Haruhiko Kuroda definitely left his mark in connection with
today’s monetary meeting, at which BoJ announced easing measures that far
exceeded market expectations. The main messages from the meeting are BoJ’s strong
commitment to its 2% inflation target and that aggressive monetary easing will
be continued next year. This suggests that JPY will continue to depreciate.
Kuroda's "Shock And Awe" Post-Mortem
From Goldman And SocGen – ZH
BoJ revolution: five things you need to know – Money
Supply / FT
OTHER
Helicopter QE will
never be reversed – The
Telegraph
Readers of the Daily Telegraph were right all along. Quantitative easing
will never be reversed. It is not liquidity management as claimed so vehemently
at the outset. It really is the same as printing money.
Macro Digest: Central
Bank bonanza! – TradingFloor
Steen Jakobsen: The
BoJ delivered big time this morning and risk assets put in a modest response. Now
on to the ECB and BoE. In Brussels, the ECB's Q&A should prove lively, but will London see any drama in light of the BoJ QE bonanza?
Changing of the
Guard INET Conference 2013 Hong Kong – Economist’s
View
Speakers include
Soros, Eichengreen, Ferry, Simon Johnson… Live link
NEMO: more bumps in the road – Nordea (pdf)
Risk appetite in
general has been surprisingly resilient to adverse events in the past few
months. (summary here)
IN FINNISH
Kotimaisten
pankkien rahoituskate supistui Q4/2012 edellisvuodesta – Tilastokeskus