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EUROPE
Mind the European
Equities Gap – WSJ
European equities have performed strongly over the past year. Unlike
earnings, which have broadly flattened out after drifting lower since 2011. The
result is a widening gap
German Finance Minister says there was no easier way to rescue the
debt-laden country from crisis
EUROPEAN CENTRAL BANK
The real reasons why
Draghi flirts with QE – The
Telegraph
The fear is that money raised from quantitative easing in the eurozone
will just be used to prop up banks that need to be allowed to fail
Speech Yves Mersch:
Banks, SMEs and securitization – ECB
ECB’s Mersch: Some
European ABS Treated Too Strictly By Regulations – WSJ
Annual Report 2013 – ECB
ECB’s Vítor
Constâncio: Presentation of the Annual Report – ECB
What Is the ECB’s
Estimate of the Euro-Zone Output Gap? – WSJ
No one knows how big the ECB believes the euro-zone output gap is -- not
even the ECB itself.
Jens Weidmann:
Monetary union as a stability union – BIS
7ECB’s Weidmann: Euro
Zone Countries Can’t Backtrack on Reform – WSJ
A shift in German policy? Not so fast! – Economist
Meg
Germany and other core
countries are at least as much to blame for structural distortions and
imbalances within the eurozone as are the weaker countries. As long as this is
denied rather than addressed, the best case scenario for the eurozone is a
Japanese-style lost decade of very sluggish growth.
Rash of ECB
Comments--Separating the Noise from the Signal – Marc
to Market
We have suggested that given the legal and technical obstacles to buying
European sovereign bonds, and the limited supply of ABS, the ECB ought to
consider buying foreign bonds.
UKRAINE / RUSSIA
Pro-Russian Activists
Seize Buildings in Ukrainian Cities – BB
Merkel Says Europe Shouldn’t Fear Punishing Russia on Ukraine – BB
Merkel Says Europe Shouldn’t Fear Punishing Russia on Ukraine – BB
Ukraine Debt Rating Cut
to Caa3 by Moody’s on Russia Dispute – BB
PM Yatsenyuk Says
Country Will Not Recognize Russia's Price Increase – WSJ
Protests aimed at destabilizing Ukraine: PM – Reuters
MACRO NUMBERS
German Feb industrial
production - economy is powering ahead – Merkelnomics
Greece’s exports fall – Hellenic
Statistical Authority
UNITED STATES
Labor Force
Participation Rate Update – Calculated
Risk
US employment charts show all-time high in private payrolls – TradingFloor
Channels of
Oligarchic Influence: An Example – Krugman
/ NYT
ASIA
Developing East Asian
economies will grow slower than forecast this year as China’s expansion
moderates and political upheaval weighs on Thailand’s outlook, the World Bank
said.
Last Friday marked the one-year anniversary of QQE – the aggressive
monetary easing regime launched by Bank of Japan governor Haruhiko Kuroda.
Under the new policy, dubbed “quantitative and qualitative easing,” the BoJ
hoovers up just about every long-term bond the market is offering, with the aim
of keeping interest rates low and stable enough to drive investors into riskier
assets.
BOJ Beat: Abe Adviser
Calls for More Easing to Weaken Yen Should Economy Slump – WSJ
Worldview 1Q 2014 – J.P.
Morgan
Blogs review: High frequency trading – Bruegel
Michael Lewis’ new
book “Flash Boys: A Wall Street Revolt” has unleashed a huge controversy about
the economic benefits and costs of high frequency trading (HFT). For the
author, this new breed of traders use sophisticated algorithms and fast
computers to effectively front-run trades, a practice that is illegal if
performed by humans but which remains legal if performed by computers.
Capital Markets Catch-Up, Dollar and
Dollar-Bloc Ease Back – Marc
to Market
Asian and European capital markets are responding to the pre-weekend
developments in the US, and especially the
drop in the major equity markets.
Ms. Lagarde Has A Point With Low Inflation
Warnings – WSJ
The effectiveness of unconventional monetary
policy – Econbrowser
ECB has been
considering large-scale asset purchases as a tool to prevent European inflation
from falling too far below the ECB’s target rate of 2%. What is the evidence
for the effectiveness of these policies, and are there any risks?
Changes to the
Investment Climate – Marc
to Market
April Sentiment
Summary – Short
Side of Long
FINNISH
Vienti supistui helmikuussa – EU-maiden osuus
kuitenkin kasvoi – Verkkouutiset
Rehn: Uudet vaalit syksyllä – Suomenmaa