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Wednesday, May 8

8th May - US Close

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
US: Another Day, Another Record High Close – ZH

EU to extend welfare rights, despite UK warningeuobserver
The EU commission wants to extend EU nationals' welfare rights despite a warning on "benefit tourism" by major EU countries.

Stodgy Netherlands is nation that’ll blow up euroMarketWatch
Overindebted Dutch heading deeper into recession

The BOE and SterlingMarc to Market
The Bank of England's Monetary Policy Committee concludes its two-day meeting tomorrow.  The recent data have been stronger than expected and this has boosted economists' conviction that the MPC refrain from cutting rates or resuming its gilt purchases.  

The Road to LiikanenRecovery and Resolution Plans
On 6 May 2013, the EU Commission published a roadmap regarding a proposal for a structural reform of EU banks (i.e. the Liikanen reforms) – full pdf from the European Commission.

Jörg Asmussen: On financial assistance to CyprusBIS (pdf)
Introductory statement by Mr Jörg Asmussen, Member of the Executive Board of the European Central Bank, at the European Parliament, Brussels, 8 May 2013.

EU ministers to debate Cyprus money laundering reporteuobserver
EU ministers will on Monday debate a report on Cyprus money laundering. Sources say it contains nothing shocking, but levels of secrecy are "very" high.

Cyprus should reunite, Rehn sayseuobserver
"It is worth recalling that the reunification of the island would give a major boost to the economic and social development of Cyprus," the commissioner told MEPs

TreppenwitzFistful of Euros
The Eurozone has a criterion that bank debt writedowns can be justified as long as the creditors are not worse off than they would have been under liquidation?

From junk bonds to…alphaville / FT
Yielding less than 5 per cent for the first time ever.

Where Is ‘the Party’ Now?The Big Picture
Let’s entertain ourselves today by observing the collective capital market and economy in terms of the “party metaphor” and let me know where you think the party is today.

The soaring stock marketEconbrowser
Broad market indicators like the S&P500 have been making all-time nominal highs. What's the significance of that for investors and the economy?

Sector Relative Strength By Market CapBespoke

Fed’s Fisher Would Taper MBS Purchases FirstWSJ
Should the Fed opt to taper its bond buying program, it would be best to start with mortgage-backed securities, the head of the Dallas Federal Reserve bank said Wednesday.

Fed's credibility tested as inflation drifts below targetReuters
With the inflation rate about half of the Federal Reserve's 2.0 percent target, the central bank is facing a major test and some experts wonder whether it will eventually need to ramp up its already aggressive bond buying program.

Business Cycle Monitor Danske Bank (pdf)
Global recovery slowing down

G20 Leaders: Changing Words on Fiscal PolicyWSJ
Excerpts from the fiscal policy sections of G-20 communiqués, which have evolved since the financial crisis.

Ulkomaiset rakensivat 1998..2007 Suomeen enemmän yritystoimintaa kuin minnekään muualleKai Nyman / Piksu