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Tuesday, April 15

15th Apr - European QE and Ukraine dominate



Previously on MoreLiver’s:

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EUROPE
Draghi Says Euro Appreciation Would Trigger ECB Stimulus – BB

ECB Officials Keep Focus on New Measures To Support Euro Zone – WSJ

Ukraine Deploys Military as Russia Evokes Specter of Civil War – BB

Germany says Nein and Ja – Marc to Market
The Bundesbank has dropped its opposition to extraordinary measures, like ending the sterilization of the SMP bond purchases, and has even dropped its visceral opposition to QE, if it can be structured properly to keep within the ECB's mandate.

Spain Anxiety on Euro Leaves Rajoy With Two-Front Battle – BB

European Stocks Fall Amid Ukraine Violence, German Data – BB

The Euro and the Geography of International Debt Flows – FED
Core EMU countries increased their borrowing from outside of EMU and their lending to the EMU periphery.

Germany relishes role of hegemon, but is not able to play the part – Bruegel
German Finance Minister Wolfgang Schäuble recently declared that the European Union has “moved sovereignty to the European level” – a startling claim, given that European governments seem to be pursuing their national interests more aggressively than at any time since World War II. Was Schäuble’s statement supposed to serve as a rallying cry for greater European solidarity? Or was it just a ploy to deflect calls for a larger German contribution to the eurozone’s recovery?

UNITED STATES
Fed’s Stein: Financial Stability Fits Within Central Bank’s Dual Mandate – WSJ

ASIA
Chinese Finance Official: Please Excuse Us While We Renovate Our Economy – WSJ
The world’s second-largest economy is getting a long overdue makeover. That means slower growth. Get over it, said one of China’s top finance officials.

China Moves Against Shadow Banking – Marc to Market

China - No sign of H2 recovery in credit and money supply growth – Danske Bank

OTHER
IMF Introduces ‘Spillbacks’ Into Lexicon of Global Finance Officials – WSJ
“Monetary policy settings in major countries should continue to be carefully calibrated and clearly communicated, with cooperation among policymakers to help manage spillovers and spillbacks,” the IMF’s steering committee said in its official communiqué.

The IMF on Bank Subsidies – Mainly Macro

The Longer Term Outlook – Global Macro Trading
With High Yield spreads near historical tight levels, spread compression as a source of return is probably over for credit holders.

Yield Forecast Update – Danske Bank
Low inflation continues to keep rates down

Emerging Markets Briefer: April 2014 – Danske Bank

  BANK FOR INTERNATIONAL SETTLEMENTS
FX market trends before, between and beyond Triennial Surveys – BIS
FX and derivatives markets in emerging economies – BIS
OTC interest rate derivatives market in 2013 – BIS
Anatomy of the FX market through the lens of the 2013 Triennial Survey – BIS

FINNISH
Suomi tahmeasti irti taantumasta – Roger Wessman

Kreikka ja sopulilauma – Roger Wessman