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Wednesday, April 17

17th Apr - EU Open

Previously on MoreLiver’s:

Current specials:
Special: IMF Outlook & Kenneth-Rogoff

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News roundup – Between The Hedges
The 6am Cut London – alphaville / FT
Emerging Markets Headlines – beyondbrics / FT

3 Numbers to Watch: UK labour market, BoE minutes, gold pricesTradingFloor
The UK labour market is expected to show modest improvement in today’s update and the BoE’s minutes may shed light on the central bank’s new remit on monetary policy. Meanwhile, the collapse in gold implies the market is less worried about inflation.

Market Preview: Fed's Beige Book survey in the spotlight TradingFloor
European markets are likely to open higher Wednesday. With little on the European economic calendar today, the Fed’s Beige Book survey is expected to garner market attention. Also, investors are keeping an eye on the G20 meeting commencing tomorrow.

Danske DailyDanske Bank (pdf)
IMF lowers its growth forecasts for most major economies. Focus on Chinese local authority debt intensifies. Risky assets bounced back yesterday, driven by earnings and soft Fed talk. Today’s calendar is packed and includes the Riksbank rate decision. Market movers today: SEK: rate decision (09:30 CET) GBP: BoE minutes (10:30 CET) USD: Fed’s Bullard speaks (15:30 CET) CAD: rate decision (16:00 CET) USD: Fed’s Rosengren speaks (18:00 CET) USD: Fed Beige Book (20:00 CET)

Riksbank pitää korot ennallaan * Saksan ZEW: Riskit kallellaan pettymyksiin * USA:sta vahvaa asuntomarkkinadataa * Turkin keskuspankki laski korkojaan

AamukatsausTapiola (pdf)
Ruotsalainen kuulalaakerivalmistaja SKF raportoi tänään odotuksia heikommasta tuloksesta ja vaisuista joskin ennallaan olevista näkymistä. SKF toimii hyvänä ilmapuntarina koko sektorille. Markkinan suunta: Positiivinen yllätys USA:n teollisuustuotannosta palautti markkinoiden luottamusta, muutaman laskupäivän jälkeen. USA:n keskuspankin varapääjohtaja ei näe USA:n finanssijärjestelmässä kuplia. SKF:ltä heikko tulos, näkymät säilyvät vaisuina. Osinkoja irti osakkeesta tänään: Ponsse EUR 0.25. Osakefutuurit nousussa, ennakoiden loivaa nousuavausta pörssiin. 1Q13-tuloskommentti: Comptel


The crisis response in the euro areaECB
Speech by Peter Praet, Member of the Executive Board of the ECB, at the afternoon session “The Challenges Ahead” at Pioneer Investments’ Colloquia Series “Redrawing the Map: New Risk, New Reward” organised by Unicredit S.p.A., Beijing, 17 April 2013

Yellen and the Reach for YieldTim Duy’s Fed Watch
The Fed might not want to use monetary policy to blunt any suspected financial stability risks, they may find themselves in a place where they believe they have no other choice because alternative tools are not available. 

When the cost of sovereign default plungesFelix Salmon / Reuters
What we’re seeing in countries like Argentina and Ecuador, I think, is a rational response to λ falling to levels very close to zero. When that happens, such countries will default quite often — and that frequent default will be baked in to bond prices no matter how healthy the country’s broader economy. As a result, the “official” default probabilities for serial defaulters like Argentina are almost always going to be understated.

Augmented inflation targeting: Le roi est mort, vive le
Richard Baldwin, Daniel Gros: The Bank of Japan has now joined the club of central banks practising a new, post-Crisis form of inflation targeting. This column discusses the new goals, new tools and new challenges of ‘augmented inflation targeting’. Despite economists’ worries and the many unknowns ahead, there really is no alternative in a post-Crisis world. Augmented inflation targeting is here to stay.