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Thursday, May 2

2nd May - EU Open: Fed done, ECB next

See the two specials for the central bank coverage.

Previously on MoreLiver’s:

Current Specials:

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News roundup – Between The Hedges
The 6am Cut London – alphaville / FT
Emerging Markets Headlines – beyondbrics / FT
Asia Morning MoneyBeat: Bad Signs on the Economy – WSJ
Europe Morning MoneyBeat – WSJ

3 Numbers to Watch: DE PMI, ECB announcement, US jobless claimsTradingFloor
The final estimate of Germany's April PMI manufacturing date is scheduled for release today, shortly before the ECB announcement and the weekly update on US jobless claims.

Market Preview: ECB’s interest rate decision in spotlightTradingFloor
European markets are likely to open weak Thursday. The ECB’s monetary policy meeting is the main highlight today wherein markets expect the central bank to cut its key interest rate. Also, manufacturing PMIs across Europe will be keenly watched.

Danske DailyDanske Bank (pdf)
Fed opens door slightly for increase in asset purchases. Stocks lower despite upward surprise in ISM US yields at five-month low. Decline in US vehicle sales suggests weak start to Q2 consumption. Focus turns to ECB today.

Odotukset EKP:n suhteen (turhan) korkealla * USA:n talous haparoi – mutta vain väliaikaisesti * Öljyn hinta jälleen alle 100 dollarin barrelilta

Aamukatsaus – Tapiola (pdf)


France’s economy needs to be become more GermanThe A-List / FT
Philipp Hildebrand: To give Germany the assurance it will need to agree to permanent burden-sharing, France needs to press on with reforms, and to do so boldly and visibly. It needs to reduce the size of the state, lower labour costs and so improve competitiveness and boost medium term growth prospects. Put bluntly, France needs to make its economy more German, and it needs to do so as quickly as possible.

April Employment Report PreviewA Dash of Insight

(Re)introducing the great Aussie bank bubblealphaville / FT
The Aussie banks are very good companies. They are profitable, resilient, well capitalised, well managed, shareholder focused and have a very strong industry and regulatory structure. However, following the significant leveraging of the Australian & NZ households over the last thirty years they are now low growth and remain heavily exposed to housing, funding markets & unemployment risk.