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Sunday, April 27

27th Apr - W/E: The World

Previously on MoreLiver’s:

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Brussels blog round up 19 March – 25 AprilEuropp / LSE
Portuguese debt, ‘techno-pessimism’, and is there a way back from violence in eastern Ukraine?

EU said to stress test banks on worst recession scenario yetekathimerini
The European Banking Authority and the European Central Bank will next week unveil an adverse scenario for the stress tests, which start in May…adverse scenario is predicated on economic output that misses the European Commission’s growth forecasts by 2.2 percentage points in 2014, 3.4 points in 2015 and 1.4 points in 2016.

Hans-Werner Sinn Accuses Troika of Misleading the PublicCESIfo
EU Commission’s talk of a Greek primary budget is misleading.

Macro Forecast Norway: After the oil boom: Looking like post-Nokia Finland?Handelsbanken
Petroleum investment activity levelling out * Modest growth, high cost level * Unchanged policy rate until December 2015 * Continued NOK weakness

MiFID 2: A bigger bangThe Economist
A bold new law will reshape Europe’s capital markets. MiFID revolutionised share-trading in the EU, by allowing new competitors to take on dear and dozy national stock exchanges.

Another European attempt to hijack our national sovereigntyThe Telegraph
If France determined to raise revenues by taxing the cider makers of Somerset, you would think that an infringement of sovereignty tantamount to invasion. Well, that’s what the FTT is

EU's court could rule in favour of taxation without representation in EuropeThe Telegraph

ECB, BOE want to resurrect shadow banking in EuropeSober Look
The ECB and BoE published a joint paper calling for the return of securitization markets in Europe (see below). This goes completely against the grain of the latest Basel accord which has started imposing much higher capital requirements for holding securitized paper.

Russian economy gets shot againDanske Bank
Bank Rossii hikes unexpectedly by 50bp * S&P cuts Russia’s debt rating for the first time in six years * Geopolitical risks continue to weigh on the RUB as the Eastern Ukraine situation worsens

Russia Faces More Sanctions as Monitors Held in UkraineBusinessweek

Merkel Says Geneva Accord Has Failed; G-7 Preparing Action Against RussiaZH

The Geneva deal fails, descent into darknessThe Economist

Sanctions Revive Search for Secret Putin FortuneNYT

Five Takeaways From New GDP-by-Industry Report WSJ
Markit's US services PMI prints 54.2 in the preliminary April – TradingFloor
Markit US Services PMI Drops; Job Creation Near 2-Year Lows – ZH
Final April Consumer Sentiment at 84.1 – Calculated Risk
Michigan Consumer Sentiment: April Final of 84.6 Beats Expectations – dshort