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Thursday, May 2

2nd May - US Open: ECB cuts the rates, press ahead

See the two specials for the central bank coverage. ECB-post updated after the decisions - but press conference will be very, very interesting.

Olen väittänyt jo pitempään, että sosialidemokraatit yhdistettynä mikrotalouden perusopeilla varustettuihin yritysjohtajiin (eivät tajua, että makro on eri juttu), tulee tämmöinen paska-Europpa, jota pitää sitten yhdessä kehua hienoksi, kun kukaan ei voi hyväksyä, että on ollut väärässä ja tyhmä alunperin. – MoreLiver 2-May-2013

Previously on MoreLiver’s:

Current Specials:

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Roundups & Commentary
US Opening News And Market Re-Cap – Ransquawk / ZH
Frontrunning – ZH
Overnight: Muted As ECB May Or May Not Cut Refinancing RateZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Daily press summary – Open Europe
  David Cameron hints he might bring forward EU Referendum Bill before election

Morning MoneyBeat: Is This What the Top Looks Like? – WSJ
Morning Bond Update – TradingFloor
ECB Day and other Developments – Marc to Market
Morning Briefing (EU/US): The Long and Winding RoadBNY Mellon
  The debate over currency and capital account liberalization in China appears alive and well

Loopyalphaville / FT
BNP Paribas’ Ricardo Santos and Michelle Lam note that after a break particularly in the second half of 2012, there’s recently been a marked increase in banks’ holdings of sovereign debt… especially in Italy, France, Portugal and Spain.

Building a financial conditions index for the euro area and selected euro area countriesECB (pdf)
What does it tell us about the crisis? , Working paper no. 1541 by Eleni Angelopoulou, Hiona Balfoussia and Heather Gibson

Risk-aversion risk Free exchange / The Economist
Central bank risk aversion is a funny thing. The Fed can't turn a blind eye to weak demand. It is too risk-averse to take appropriately bold action. And it is too risk-averse to sustain moderate but ineffectual action. Something has to give.

At the Bloomberg Washington Summit
1: US Budget Deficits, Sequester – Aleph Blog
2: Unemployment, Healthcare Spending, On the State of the States – Aleph Blog
3: Infrastructure, Corporate Tax Reform, Dodd-Frank, Gary Gensler – Aleph Blog
4: Economics, US Postal Service, ChinaAleph Blog
5: Alan Krueger, Other stuff – Aleph Blog

The state of high frequency trading – interviewThe Physics of Finance
The wild west period may be over, the potential for huge profits has been arbitraged away, HFT now looks more like part of the fixed and settled landscape than something really new.

Too-Big-to-Fail Takes Another Body BlowThe Rolling Stone

Former M&A banker: 'A lot of them just need a hug'The Guardian
'You become entirely self-absorbed and self-centred'The Guardian

Talouspolitiikan paradigma muuttumassa?Osmo Soininvaara

Ei mene hyvin: Suomea verrataan jo ongelmamaa RanskaanTalSa
Suomen taloudessa on sekä rakenteellisia että suhdanneongelmia. Niiden vuoksi Handelsbankenin pääekonomisti Tiina Helenius vertaa Suomea Ranskaan. Heleniuksen mukaan Suomen taloudessa on käynnissä rakennemuutos.

Palkat laskevat lähivuosinaRisto Pennanen / TalSa
Kun Suomi menettää vientiteollisuutta, palkanmaksukykykin heikkenee.

Ohjauskoron lasku ei pelasta Etelä-Eurooppaa lamastaHS
Analyytikot: Ohjauskoron laskeminen tehotontaHS
Taantuma painanut ohjauskoron historiallisen alasHS