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Thursday, April 25

25th Apr - US Close: Waiting for the Central Banks

Next up, Bank of Japan on Friday morning, then the FED on Wednesday and the ECB on Thursday.

Previously on MoreLiver’s:

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Roundups & Commentary
Markets – Between The Hedges
Daily Interest Rate Monitor – Global Macro Monitor
The Closer – alphaville / FT
Europe: Worst Spanish Unemployment Ever Extends Europe's Stock Run – ZH
US: Commodities Pop; Dow Late-Day Drop; FX Market Slop – ZH

Morning MoneyBeat Asia: S&P 500 Extends Streak – WSJ

Morning Report Asia - BNY Mellon

Decisive Action in Europe Can Strengthen Growth and Avoid Economic StagnationIMF

David Lipton Bellwether Europe 2013 SpeechIMF

UK: Avoiding a triple dipFree exchange / The Economist
Our correspondents dissect Britain's meagre first-quarter growth figures

Video: The euro is a doomed currencyTradingFloor
Lars Seier Christensen, co-founder and co-CEO of Saxo Bank, believes the euro is a doomed currency and in an interview with he explains why the recent rally in the euro is little more than an illusion.

Pain Trades: A Discussion of Two TroikasMarc to Market
Given the push back against austerity, the ECB may not want to send a signal that could be interpreted as endorsing the relaxation of fiscal discipline…The once united Troika appears to be fracturing, leaving the ECB as the last defender of the austerity agenda.

Leading Indicators Are Telling Us To Bet Against a Eurozone RecoveryCyniconomics
The quarterly bank lending survey capped off a series of indicators with a bleak message for the Eurozone economy. Almost all signs suggest that Europe continues to spiral downwards.

Euro Slides On Goldman European Forecast CutZH

Vítor Constâncio: Fragmentation and rebalancing in the euro areaECB
(slides from the presentation)

Reexamining the Cypriot bailout numbers. Again.Brussels Blog / FT
Making Sense of Cypriot Fruit SaladWSJ
Reporters analyzing the Cyprus bailout were told they were comparing apples and pears when they said it had grown from €17 billion to €23 billion in the chaotic nine days between the country's first and second bailout deal. It's taken a month for the European Commission to clear up the confusion.

Spain’s economy is in tattersCredit Writedowns
We saw this when Mario Draghi took the helm of the ECB. Now the Germans are no longer leading ECB policy. With countries like Spain in the midst of Depression, and France and the Netherlands now also over the 3% deficit hurdle, it is only a matter of time before the Troika turns against the Germans. The Spanish will gain allies. In fact, the IMF and the EC head Barroso have already broken ranks.

El Pais Article Discusses "Liberating Spain from Shackles of the Euro"Mish’s
The important point is not agreement or disagreement with the author, but rather that a eurozone exit is now openly presented as a viable option in a mainstream Spanish newspaper.

Watch Out, Stock Correlations On the RiseWSJ

Everything you ‘know’ about the Fed is wrongMarketWatch
Commentary: 5 misconceptions about the effects of QE and monetary policy

Look to GDP for Clues About the FutureWSJ
Economists think real GDP grew at an annual rate of 3.2% last quarter. If so, that would be the best performance since late 2011. But monthly data show the economy’s momentum petered out as last quarter rolled along. Retail sales, industrial output, and capital goods orders slumped in March. How much has momentum eased? The answer may be found in the GDP details on consumer demand for services, inventories and trade.

GDP report is going to look pretty strong. But beware its soft underbellyWonkblog / WP

EMEA Weekly: Week 18Danske Bank (pdf)

Eurooppalainen suunnanmuutos Saksan vaalipaineista?Henri Myllyniemi / Piksu