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Thursday, April 10

10th Apr - Weak Asian macro

On myös käsittämätöntä, että Vartiainen vaatii maahanmuuton lisäämistä siksi, että sosiaaliturvasta voitaisiin tehdä ”enemmän työntekoon patistava”. Tämän korkeasti palkatun virkamiehen mukaan maahanmuutolla pitäisi siis lisätä kilpailua työmarkkinoille, jotta työttömyysluvut pahenisivat ja suomalaisten ihmisten ahdinko kasvaisi, ja romahdusmaiseen tilanteeseen vedoten sosiaaliturvaa voitaisiin heikentää! – Jukka Hankamäki

Previously on MoreLiver’s:

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Record Europe Dividends Keep $3 Trillion From FactoriesBB
Given the choice between investing in their businesses or paying off shareholders, European chief executive officers are choosing the latter.

Hollande Deficit Delay Brings No Market Risk, Economists SayBB
French President Francois Hollande’s push to slow the pace of deficit reduction is unlikely to trigger any increase in borrowing costs, according to economists surveyed by Bloomberg.

Euro area house prices down by 1.4% - Eurostat
Labour Force Survey 2013Eurostat
In the EU28, 10 million part-timers are underemployed and 11 million persons considered as a potential additional labour force

So What Exactly Can The ECB Do, Anyway?Forbes
Frances Coppola: Like monetary easing, credit easing in the Euro area is not as straightforward as it appears. The ECB’s hands are tied by the institutional construction of the Euro, the lack of fiscal and banking union, and above all by political intransigence. Unless there is a significant change in attitude on the part of Euro area governments, I remain unconvinced that the ECB can do much to ease either monetary or credit conditions in the Euro area.

Draghi Seen Easing Policy by June as ECB Readies Rate CutBB
Almost two-thirds of respondents in the Bloomberg Monthly Survey predicted the European Central Bank president will ease policy by June. Of those economists, just under half said he may implement multiple measures ranging from interest-rate cuts to asset purchases and long-term loans.

Chart of the week: IMF forecasts euro area inflation to stay well below 2% target for years to come

Monthly Bulletin April – ECB
Fiscal multipliers and the timing of consolidation – ECB
The ECB’s forward guidance – ECB
Statistics Pocket Book, April 2014 – ECB

Fed's hard line on funding to bring more pain to Wall StreetReuters
The U.S. Federal Reserve's drive to wean Wall Street off risky funding sources is expected to bring more financial pain to the biggest U.S. banks in the coming months, analysts warned on Wednesday.

Evans: Fed Should Address Low Inflation with ‘Strong Accommodation’ – WSJ
Tarullo: Uncertainty Over Labor Market Slack Means Fed Must Proceed “Pragmatically” – WSJ
Tarullo Admits Policies Benefit Rich, Fears For "Nation's Democratic Heritage" – ZH
Fed Officials See Dwindling Risks and Uncertainty in Their Forecasts – WSJ
Takeaways from the minutes to the March 18-19 FOMC meeting – FT
Fed officials fretted over investor reaction to rate forecasts: minutes – Reuters
Financial Stability Concerns Becoming Bigger Factor in Fed Debates – WSJ

China exports fall for second straight month in March – Reuters
China Exports Unexpectedly Fell in March – BB
China: no export crisis despite weak headline number – Danske Bank
Asian Data Double Whammy Sparks FOMC-Exuberance Unwind – ZH

China says no major stimulus planned; March trade weakReuters
Chinese Premier Li Keqiang ruled out major stimulus to fight short-term dips in growth, even as big falls in imports and exports data reinforced forecasts that the world's second-largest economy has slowed notably at the start of 2014.

Australia’s Unemployment Unexpectedly Falls; Aussie Advances – BB
Australia jobs revival hints at peak in unemployment rate – Reuters

BOJ unruffled by Japan's weak machinery orders, quells stimulus hopes – Reuters
BOJ to project inflation to sustain near price goal for two years: sources – Reuters

"Vahvan euron politiikka" - pakotettuna? Henri Myllyniemi / US

Liittovaltio ja olkiukko Sampo Terho / US

Islantilainen tuolileikki Antero Vartia / US

Köyhät muuttavat sisään - rikkaat muuttavat ulosJanne Suuronen / US

Kiinan vienti vaisu mutta ei laskussaRoger Wessman
Teollisuuden tilauksista vain pientä toivoaRoger Wessman
Euroalueen asuntohinnat yhä laskussaRoger Wessman

PS tutki suomalaisten maahanmuuttokantojaPS

Teollisuustuotanto väheni helmik. 5,4% YoY – Tilastokeskus
Teollisuuden uudet tilaukset kasvoivat helmik. 6,9% YoY – Tilastokeskus
Teollisuuden tuotanto supistui helmikuussa – metsäteollisuus nousussa – Verkkouutiset
Metallin tilaukset kasvoivat – paperin laskivat – Verkkouutiset
Palkkasumma kasvoi joulu-helmik. 1,7% YoY – Tilastokeskus