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EUROPE
RUSSIA
RUB slide
continues - more to come – Danske
Bank
Ruble:
Watch Out Below – WSJ
Rouble
gyrations stoke currency crisis worries – FT
GERMANY
Bundestag
votes in favour of stricter benefits rules for EU migrants – Open
Europe
German
trade surge eases recession fears – Reuters
German
Industrial Production Rises Less Than Economists Forecast – BB
EUROPEAN CENTRAL BANK
ECB
Needs More Voices, Greater Transparency to Save Euro – WSJ
“Unless the
ECB can build an internal consensus for monetary stimulus and an external
consensus for fiscal efforts to restore growth and bring inflation back towards
the ECB’s target, there will be no euro zone”
Draghi
Stokes Speculation ECB Set to Intensify Stimulus – BB
Masterful
ECB conference by Draghi – Global
Macro Trading
The
combination of the new emphasis on balance sheet size and the fact that the ECB
is likely to miss its target suggest that the ECB is seriously looking at QE,
or at least more seriously than they ever have before.
ECB and
QE – Long
and Variable
Asking for
sparkling water when all they will give you is the miserable punchbowl
It's
good news that good news is bad news – Macro
Man
What's next-
corporate debt (thereby exposing the ECB to more overt credit risk)? Sovereigns (thereby offending German
sensibilities vis-a-vis monetary financing)?
Neither of these will solve the primary issue of getting credit to SMEs.
Yanis
Varoufakis: By purchasing large quantities of EIB bonds, the ECB can, in
partnership with the EIB, help shift idle savings (that currently depress
yields on all investments) into productive activities. This would be tantamount
to a European New Deal.
ECB Prep
Work Could Move Faster This Time – WSJ
“This month
in a way was the precursor to more in December,” said Daiwa economist Robert
Kuenzel. “At the very least, in December, he will have to send an irrevocable
signal that there is more to come.”
ECB
monitoring euro zone bank liquidity daily: Italy bank officials – Reuters
ECB Noyer
Warns Low Rates Could Discourage Reforms – WSJ
ECB
suspends early repayments of the three-year LTROs during the year-end period – ECB
UNITED STATES
FEDERAL RESERVE
The Fed is
not using unexpected inflation to lower unemployment. Just isn't happening now.
Not tomorrow. Or the day after that either. And if the Fed wants to reduce
inequality, they don't need unexpected inflation in any event. What they need
is to actually generate the inflation they promised.
Fed's
Mester says central bank not behind curve in setting policy: CNBC – Reuters
Dudley Says Fed Has Responsibility for
Global Stability – BB
EMPLOYMENT REPORT
Employment
Situation Summary – BLS
U.S. payrolls rise, unemployment rate
falls to 5.8 percent – Reuters
U.S. Payrolls Rise as Jobless Rate Drops
to Six-Year Low – BB
October
Jobs Report – The Numbers – WSJ
October
payrolls: +214k, and jobless rate at 5.8% - FT
Dollar: Beach Ball Action with Jobs Data – Marc
to Market
214,000
Jobs, 5.8% Unemployment Rate – Calculated
Risk
Adds 214K
Jobs, Below Expectations, Unemployment Drops To 5.8% - ZH
Participation
Rate Rebounds From 36 Year Low –
ZH
One In
Five Jobs Added In October Was A Waiter Or A Bartender – ZH
Adds 214,000;
unemployment rate sinks to 5.8 percent – WaPo
Stocks
Pump-And-Dump, Silver Halted, Bonds Whiplashed – ZH
October
Employment – 20
cent paradigms
Labour
market firmer than suggested by continued weak wage data – Nordea
US labour market tightens faster than
Fed is expecting – Danske
Bank
Economists:
‘On the Whole, A Strong Report’ – WSJ
The October
Jobs Report in 13 Charts – WSJ
Hilsenrath:
Jobs Market Improving Faster Than Fed Expects, But Policy Steady – WSJ
Disappointment
Offset by Upward Revisions - dshort
Solid
Report, Seasonal Retail Hiring at Record Level – Calculated
Risk
Clear
Evidence of Wage Growth Still Elusive – WSJ
Despite
faster growth, wages are still going nowhere – WaPo
ASIA
BoJ
fooling some of the people some of the time – TradingFloor
The Bank of
Japan's QE expansion caught the market by surprise. The BoJ hopes to turn a
deflationary mindset into a virtuous cycle. Meanwhile the falling yen hardly
rates a mention in monetary policy statements, and the BoJ is not targeting the
exchange rate.
Australian
bank stress tests show mortgage vulnerability – Reuters
A severe
housing market collapse could ravage Australian bank earnings and capital levels,
stress tests showed on Friday, ramping up pressure on regulators to call for
higher capital buffers in a review expected to conclude later this month.
OTHER
Daily
Central Banks – WSJ
Blackstone’s
Take: More ECB Action a Hope, Not a Promise * ECB Unites on Possible Further
Stimulus * ECB Threatened to Pull Funding Unless Ireland Took Bailout * Fed’s
Mester: New Fed Statement Important in Conveying Policy Outlook * Regulators
Edge Toward Foreign-Exchange Settlement With Banks
Daily
Macro – WSJ
The
struggle is over how close Germany is willing to get to its eurozone
partners. The failings of that eurozone relationship were manifest again Friday
in weaker-than-expected industrial-production data. In effect, Germany imported its latest economic
problems from its neighbors, which are struggling from the effects of a deep
financial crisis. Yet Germany itself, with its industrial- and
export-led economic strategy, played a key role in fomenting that crisis.