23rd Nov - Good EZ data, US Thanksgiving

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EUROPE

Merkel Offered Path to Fourth Term as Resistance Dwindles – BB

Social Democrat leader Schulz to outline plan to president * SPD under pressure to join Merkel to secure stability

Structuring versus restructuring sovereign debts in the Eurozone – voxeu

In the debate on European reforms, a sovereign debt restructuring mechanism for the Eurozone is often proposed. This column argues that such a mechanism is not required. Instead, Eurozone member states should issue GDP-linked bonds, which would enact an implicit seniority structure on their sovereign debt and make the Eurozone more resilient to the next crisis.

Ordoliberalism: A German oddity? – voxeu

This book includes a number of contributions by leading German and international researchers, and (former) policymakers on ordo-liberalism, an economic policy approach developed at Freiburg University after WWII. It is compared to the more flexible and pragmatic Anglo-American approach.

Macroeconomic Imbalance Procedure Scoreboard – Eurostat

Eurostat, the statistical office of the European Union, publishes today the indicators of the Macroeconomic Imbalance Procedure (MIP) Scoreboard. The MIP is part of the Six-Pack regulation on economic governance adopted by the European Parliament and Council in November 2011.

ECB split over keeping bond buys open-ended: minutes – Reuters

ECB Policy Makers Worried Markets Expect More QE Extensions – BB

Account of Oct. 26 meeting showed debate on QE open-endedness * Various QE sizes and duration discussed by Governing Council

  DATA
Flash Eurozone Composite PMI – Markit

Flash Germany Composite PMI – Markit

Flash France Composite PMI – Markit

Another broad-based rise in PMI… a headache for the ECB? – Pictet

 

MARKETS / OTHER

Two Biggest Risks Now Are China and Inflation, Market Veteran Says – BB

Investors overlooking potential risks: GAM’s Larry Hatheway * Risk is that inflation surges despite little evidence yet

Corporate debt-to-GDP close to previous pre-recession highs – Martin Tiller

Australia's $5.6 Trillion Housing Frenzy Tops U.S. Subprime Peak – BB

Value of nation’s homes equivalent to four times the economy * Risk that ‘a minor shock could become far more significant’

The source of the next crisis – Kevin Muir

Shorting volatility has provided huge risk-adjusted returns – which has made it too popular

MiFID Got You Down? There's Work in China – BB

It's not hard to see why international investment banks are taking a closer look.

This Robot Said to Sell Facebook. Next Time It May Be Right – BB

In a step toward replacing Wall Street analysts, Wells Fargo’s Ken Sena has trained his Aiera bot to read millions of news stories and make calls on stocks.

Monaco Has To Build Into Mediterranean Sea To House Super-Rich – ZH

REGULARS

FirstFT Daily Briefing – FT

UK Budget wrap, Zimbabwe’s new president, how to be charismatic

WSJ City – WSJ

Fed on Track for December Rate Rise, Why Ireland Is Proving a Brexit Roadblock

“Best of the web” daily charts – Lukas Daalder

Danske Daily – Danske Bank

Eye-Opener – Nordea

Euro-area PMIs to gradually fall from elevated levels * Many FOMC members fear inflation could stay below target for longer * Lower US yields and a weaker USD after the FOMC minutes

Brussels Playbook – Politico

Tale of two economies — Fillon campaign tell-all — Poland’s ambitions

  

US Open – ZH

Europe Rebounds From Chinese Rout After Stellar PMIs; US Closed For Holiday

 

FINNISH

Aamukatsaus – Nordea

Tänään julkaistaan euroalueen ostopäällikköindeksit | Fedin pöytäkirja vahvisti odotuksia joulukuun koronnostosta | USA:n markkinat on suljettu kiitospäivän vieton vuoksi

EMU-keskustelusta unohtuu tärkein – Elina Lepomäki

Tuotannon Tekijät – Palkansaajien Suomi 100 vuotta – PT

Johdanto: mitä oikein tapahtui?

Miten Suomen talouden kasvutapa on muuttunut?

Maantieteen ja luonnonvarojen muodostamat edut ja haitat talouskasvun tekijöinä

Miten pyrkimys vakauteen ja EU:n ytimiin vei meidät säännöstelyviidakkoon? – Suomen rahapolitiikan historiaa ja eurojärjestelmän kehitysnäkymiä

Työmarkkinoiden sopeutuminen rahaliiton ja talouskriisin testissä

Työllisyys ja työttömyys – Miten suomalaiset työmarkkinat ovat muuttuneet?

Miksi Suomen tuloerot ja köyhyys ovat kääntyneet kasvuun?

Hyvinvointivaltion nousu ja lasku