The Day Today 16 Dec 2013

* Big surprise of the new German govt is that Asmussen leaves the ECB to take up position as deputy Labour minister, 6 years before his term was due to end. Another one bites the dust, following Weber and Stark just 2 years ago, though Asmussen worked in the finance ministry before joining the ECB and stresses the decision was for family reasons. Draghi says he will “personally miss him”. {fifw NSN MXW5VA6JIK3Z <go>}
* Replacements expected to be female following criticism of the ECB on lack of diversity: Bundesbank VP Sabine Lautenschlager has been hinted by FinMin Schaueble; RTRS flags up BaFin head Elke Koenig or head of Halle institute for economic research, Claudia Buch
* Larry Summers continues to hawk around his reinvention of the ‘secular stagnation’ idea with FT op-ed “Why stagnation might prove to be the new normal” [which BOE Carney steadfastly refuted last week]
* Jon Hilsenrath in WSJ: Tough Question for Fed: Time to Act?
* Japan Tankan shows continued success of Abenomics:
Lge Manuf       16   v 15e / 12p
Outlook          14   v 17e / 11p
Lg Non-Manf    20   v 16e / 14p
The Small Non-Manuf index was positive for the first time since 1992, at +1 vs -7e and -9p. Output prices for both large and small firms were the highest since 2008, and prior to that 1991.
WSJ blog: Five Takeaways from the Tankan
* Rightmove UK house price index fell across all regions last month, in London the biggest drop came in Kensington & Chelsea {fifw NSN MXR8J16KLVSR <go>}
* Plans to cap immigration from the EU ‘would force Britain to quit EU’, as the backlash against Home Secretary Theresa May’s euroscepticism begin
* London Senior Bankers Expecting 44% Bonus Increase for 2013, Survey Finds – MDs expect their average bonus at £166,955, claim headhunters {fifw NSN MXR6DS6KLVRN <go>}
* New Govt in Australia blames problems on the previous lot – AFR: Abbott gives up on surplus
* AFR: Where the RBA’s US85¢ came from


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