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Thursday, December 3

3rd Dec - ECB's delivery disappoints



Previously on MoreLiver’s:


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EUROPE
   EUROPEAN CENTRAL BANK
Monetary policy decisions – ECB
Eurosystem staff macroeconomic projections – ECB
Introductory statement to the press conference – ECB

Following Epic FT Snafu, ECB Cuts By 10bps To -0.30% - ZH
EUR Surge, Bunds Purge After Draghi Disappointment – ZH
ECB rate decision live – FT
ECB Cuts Deposit Rate With Further Stimulus to be Announced — Live –WSJ
US Dollar, Stocks, Bonds Plunge As Draghi Bazooka Fizzles – ZH

Draghi Says ECB to Extend QE by Six Months With Broader Buying – BB
How Markets Are Reacting to ECB Decision – BB
ECB gifts disappoint after unwrapping – Carsten Brzeski
ECB Fireworks – Marc Chandler
ECB Rate Move, a Turning Point for Europe – Robert Kahn

Tightens monetary policy – Scott Sumner
Cuts deposit rate, extends purchases to boost inflation – Reuters
Cuts Deposit Rate, Launches Fresh Stimulus – WSJ
Draghi Braves QE Hype With Boost That Leaves ECB Room to Do More – BB
Disappoints markets with bare-minimum easing package – Reuters

Mild disappointment, but the easing show is not over – Pictet
Disappoints with a ‘light menu’ – but enough to mark end of easing – Danske Bank
ECB: This easing is not pleasing the markets – Nordea


OTHER
5 Things to Watch in the November Jobs ReportWSJ
Goldman: November Employment PreviewBill McBride
Jobs preview: Fed to raise almost no matter whatNordea

Price of money rising despite loose ECB and late FedTF


REGULARS
Morning MoneyBeat AsiaWSJ
U.S. Stocks Drop as Crude Oil Plunges, Falls Under $40

Morning MoneyBeat EuropeWSJ
Here Comes Draghi

Morning MoneyBeat USWSJ
Services Should Support Liftoff

Danske DailyDanske Bank

Euro rates updateNordea

Eye-OpenerNordea
ECB tries hard to surprise - 15 bp deposit rate cut from ECB priced in * USD and rates up on better data, final countdown to hike

Morning MarketsTF
Yesterday's tepid Eurozone inflation and this morning's jump in French unemployment increase the likelihood of a very strong dose of QE from Mario Draghi's later today. Transatlantic monetary policy divergence is becoming ever clearer. In commodities meanwhile, there is a nervous wait for Opec's Friday meeting, to see whether the cartel will trim output to prop up prices.

Daily FX CommentMarc Chandler
Draghi's Day to Deliver

Daily ShotTF
The latest data out of China are sending interesting signals regarding private sector leverage debt and the stimulus measures coming out of Beijing.

Daily Press SummaryOpen Europe
EU considering resurrecting internal borders in Schengen zone for two years * The Daily Telegraph: Cameron will back Brexit without reform to rules on EU migrants’ access to benefits * ECB expected to announce significant easing of monetary policy today * Brussels plans to crack down on ‘terror travel’ as EU states and Parliament edge towards deal on sharing of passenger data * French unemployment reaches highest level since 1997 * Spanish Constitutional Court strikes down Catalan parliament’s independence resolution * Commission to launch investigation into McDonald’s tax avoidance in Luxembourg

Brussels PlaybookPolitico
ECB day — Denmark votes — Tax probes grow — Syria strikes

US OpenZH
With Expectations Sky High, Draghi Prepares To Whip Out Bazooka But Beware Water Pistols

FrontrunningZH

FX UpdateTF
We should have plenty of pent-up energy in this market as we head into today’s ECB meeting where we will finally get a look at what the market has priced in relative to whatever Draghi delivers.

From the FloorTF
ECB president Mario Draghi takes the floor today and while it's all eyes on him perhaps you should be keeping an ear out to for the tension that is threatening to develop into a storm at tomorrow's Opec summit.


FINNISH
AamukatsausNordea
EKP joutuu järjestämään kunnon ilotulituksen * Veronpalautukset käynnistävät Suomen joulusesongin * Yellen puhuu tänään kongressille * Euroalueen inflaatioluvut selkeä pettymys

Puhun Emun tulevaisuudesta tiistaina Roger Wessman

Miten Suomen kansaa hillotaan?J. Hankamäki

SDP hengittää jo keskustan niskaan, perussuomalaisten syöksy syvenee YLE

Orpo: Suomi perustaa palautuskeskuksia turvapaikanhakijoille YLE