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EUROPE
Hungary’s radical right, Finland’s economy, and is Greece on the road to
recovery?
Reza Moghadam: Economic
growth across Europe is slowly picking up, which is good news. But
the recovery is still modest and measures to boost economic growth and create
jobs are important.
France and Italy will get different
treatment under European Union budget rules, because the situation of their
public finances is different, the chairman of euro zone finance ministers,
Jeroen Dijsselbloem, said on Friday.
The credit rating agency Standard & Poor’s surprisingly changed its
outlook for the AAA rating of Finland from stable to
negative, the first major rating agency to do so. The action puts more pressure
on the already shaky government and will deliver a hit to Finnish bonds, very
dependent on the highest ratings.
Katainen’s Entry
Mixes Up Race for Top EU Jobs After Elections – WSJ
The endurance sport
that is jockeying for a top EU post saw a change to its runners and riders with
Finland’s Premier Jyrki Katainen announcing he would step down in June.
Northern Lights:
Goldilocks? – Nordea
Sweden: Riksbank to cut
rates * Norway: Lower mortgage
rates, higher NB rates? Denmark: Central bank in
hibernation * Finland: Russia weighs on spreads
UKRAINE / RUSSIA
Europe Folds As Putin Tells It To Pay Ukraine's Gazprom Bill, Or
Else – ZH
Liberation Of Europe From Gazprom Due To Nat Gas Exports Is Nonsense, Cheniere CEO – ZH
Liberation Of Europe From Gazprom Due To Nat Gas Exports Is Nonsense, Cheniere CEO – ZH
EUROPEAN CENTRAL BANK
Euro area economic
outlook, the ECB's monetary policy and current policy challenges – BIS
Statement by Mr Mario Draghi, President of the European Central Bank,
prepared for the twenty-ninth meeting of the International Monetary and
Financial Committee, Washington DC, 10 April 2014.
ECB Action: Just a
Question of Time? – Marc
to Market
The Managing Director of the IMF and the chief economist are making no
bones about it. More action by the ECB is inevitable. It is "just a
question of timing," says Lagarde and "sooner was better than
later", chimed Blanchard, the chief economist. The market is less
sanguine.
Renewed pressure on
the ECB – Sober
Look
Asset-backed securities were denounced for causing the financial crisis.
Now the debt is being seen as a savior for Europe’s economy. The
European Central Bank signaled this week that plans to ward off deflation may
center on asset-backed securities
ECB Unites With BOE
in Call to Ease Asset-Backed Bond Rules – BB
ECB and BOE said regulators must support and promote the asset-backed
bond market, ensuring that rules to safeguard the financial system don’t
unnecessarily impair the securities’ use.
Praet: The financial cycle and real convergence in the euro area – ECB
Constancio: “We Will Do Something” About Low Inflation – WSJ
Draghi: ECB Open to Additional Monetary Stimulus if Needed – WSJ
Coeure: The Stronger the Euro, the More Need for Monetary Accommodation –
WSJ
Nowotny: Additional ECB Easing Steps ‘Clearly Possible’ – WSJ
Euro Czar Dijsselbloem: Low Inflation Is Good News If Kept Quiet – WSJ
ECB's Nowotny says expects decision on ECB policy move in June – Reuters
Weidmann Citing QE Legitimacy Paves Way for ECB Consensus – Reuters
[audio] Berenberg’s Schulz Sees Chance of ECB Mimicking Fed – BB
UNITED STATES
The Richest Rich Are
in a Class by Themselves – Businessweek
The richest 0.1 percent of the American population has rebuilt its share
of wealth back to where it was in the Roaring Twenties. And the richest 0.01
percent’s share has grown even more rapidly, quadrupling since the eve of the
Reagan Revolution.
When Will The Fed
Change Its Reaction Function? – Tim
Duy’s Fed Watch
Fed policy - dovish those it seems - is maddenly disconnected from their
actual forecasts. What does that mean
for future policy? Given the relatively
dovish forecast, I am concerned that the balance of risk lies on the upside,
which implies tighter policy along the existing reaction function.
MACRO NUMBERS
Producer inflation accelerates in March – Reuters
US Inflation Jumps To Highest In 7 Months – ZH
Consumers Love Slumping Stocks - Confidence Jumps To 8 Month Highs – ZH
ASIA
BoC Vice Governor: China
Will Implement Deposit Insurance “Probably” This Year – WSJ
Six big trends are shaping the country’s future, as investor Jeffrey
Towson and McKinsey’s Jonathan Woetzel explain in this excerpt from The One
Hour China Book.