Japan delivered. ECB will probably not, though there are reports that it is
preparing something for PIIGS: easing collateral requirements to allow banks to
throw in SME- and other stuff to ECB. With the sovereign side already handled
by the OMT-program, this would fit the bill nicely. To anyone who complains:
running a monetary union is like this. It would have been better not to have
the thing in the first place, but that was then and this is this.
Previously on MoreLiver’s:
Special: Bailout of Cyprus (updated)
Roundups
News roundup – Between The
Hedges
The 6am Cut London – alphaville
/ FT
Emerging Markets
Headlines – beyondbrics
/ FT
MORNING BRIEFINGS
The Markit/CIPS
Services Index for the UK is expected to post a slight retreat and the ECB,
despite macro pressure, will likely keep its target rate unchanged in today's
policy announcement. Later, jobless claims in the US are expected to tick down.
Market Preview: Central bankers in focus; EU
services PMIs eyed – TradingFloor
European markets are
likely to open lower Thursday. With the BoJ announcing further monetary easing
measures, investors will seek further cues in the ECB and the BoE's monetary
policy meetings later today.
Danske Daily –
Danske Bank (pdf)
Very aggressive BoJ announcement. Focus today on ECB: 25% chance of a refi-rate cut but watch out for non-standard measures to improve credit conditions. BoE to stay put. In the Scandi region, watch out for retail sales in Norway and a speech by Norges Bank’s Olsen
Very aggressive BoJ announcement. Focus today on ECB: 25% chance of a refi-rate cut but watch out for non-standard measures to improve credit conditions. BoE to stay put. In the Scandi region, watch out for retail sales in Norway and a speech by Norges Bank’s Olsen
Aamukatsaus – Nordea (pdf)
Japanin keskuspankki uusii rahapolitiikkansa * Vielä ei syytä huoleen USA:n työmarkkinoista * Jeni heikentynyt vahvasti BoJ:n lunastettua odotukset uusista elvytystoimista
Japanin keskuspankki uusii rahapolitiikkansa * Vielä ei syytä huoleen USA:n työmarkkinoista * Jeni heikentynyt vahvasti BoJ:n lunastettua odotukset uusista elvytystoimista
Aamukatsaus – Tapiola (pdf)
Japanin keskuspankki piti eilen ensimmäisen korkokokouksen uuden pääjohtajan alaisuudessa. Tuloksena oli odotuksia suurempi määrällinen elvytysohjelma. Osakemarkkinoille eilen vastatuulta USA:n makrodatasta. Japanin keskuspankilta voimakkaita elvytystoimia, jenin heikentyminen sai uutta vauhtia. Osakefutuurit plussalla, ennakoiden nousuavausta pörssiin.
Japanin keskuspankki piti eilen ensimmäisen korkokokouksen uuden pääjohtajan alaisuudessa. Tuloksena oli odotuksia suurempi määrällinen elvytysohjelma. Osakemarkkinoille eilen vastatuulta USA:n makrodatasta. Japanin keskuspankilta voimakkaita elvytystoimia, jenin heikentyminen sai uutta vauhtia. Osakefutuurit plussalla, ennakoiden nousuavausta pörssiin.
EUROPE
Via Alex Gloy of
Lighthouse Investment Management
UNITED STATES
Hawkish Dove – Tim
Duy’s Fed Watch
Williams placed a
marker for the date that the Fed begins its exit from quantitative easing -
summer, assuming that his current forecast holds. I am not so sure the bond
market agrees with that assessment.
March Employment Report Preview – A
Dash of Insight
ASIA
BANK OF
JAPAN
The BoJ decided on a
radical overhaul of its policy framework on Thursday, shifting its target when
setting monetary policy to base money from the current overnight call rate.
Bank of Japan
Boosts Bond Purchases as Kuroda Takes Helm – BB
With Kuroda presiding
over his first meeting since taking the helm last month, the board today
streamlined its asset purchase programs, temporarily suspended a cap on some
bond holdings and dropped a limit on debt maturities. The BOJ will buy 7
trillion yen ($74 billion) of bonds a month, the central bank said in a
statement.
Presenting… the new BoJ – alphaville
/ FT
This sort of initial
euphoria has fizzled out before — but the new Bank of Japan governors appear to
have actually come through with the goods
Introduction of the "Quantitative and
Qualitative Monetary Easing" – Bank of
Japan (pdf)
BoJ Unveils 'Shock-And-Awe'
Quantitative-Qualitative Easing
– ZH
Koo: Currency Markets Are Misinterpreting the
Impact of QE – PragCap
OTHER
Central Bank Decision Time – ZH
Note via SocGen’s
Stagflation-Lite in Some Emerging Markets – Marc
to Market
How A 28 Year Old Ex-Goldman Trader, Who
Accounted For Up To 20% Of E-Mini Volume, Blew Up – ZH
Jari
Korkki: Ilmaisia neuvoja Espanjalle – YLE
Tulipa taas käytyä vaihteeksi Espanjassa.
Siinä jalkapallo-ottelussa, mutta nyt ei puhuta siitä.