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Monday, April 7

7th Apr - After Friday's sell-off, a blackish Monday

Previously on MoreLiver’s:

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Mind the European Equities GapWSJ
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

Germany’s Schaeuble says Greek troubles not EU’s faultGulf News
German Finance Minister says there was no easier way to rescue the debt-laden country from crisis

The real reasons why Draghi flirts with QEThe 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 securitizationECB
ECB’s Mersch: Some European ABS Treated Too Strictly By RegulationsWSJ

Annual Report 2013ECB
ECB’s Vítor Constâncio: Presentation of the Annual ReportECB

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 unionBIS
7ECB’s Weidmann: Euro Zone Countries Can’t Backtrack on ReformWSJ

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 SignalMarc 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.

Pro-Russian Activists Seize Buildings in Ukrainian Cities – 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

German Feb industrial production - economy is powering ahead – Merkelnomics
Greece’s exports fall – Hellenic Statistical Authority

Labor Force Participation Rate UpdateCalculated Risk
US employment charts show all-time high in private payrolls – TradingFloor

Channels of Oligarchic Influence: An ExampleKrugman / NYT

Asia Developing Economies to Grow at Slower Pace as China CoolsBB
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.

Kurodanomics, one year onFT
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 SlumpWSJ

Guide to the Markets Q2 2014 J.P. Morgan

Worldview 1Q 2014J.P. Morgan

Blogs review: High frequency tradingBruegel
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 BackMarc 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. 

Commodities - Progress in Libya puts downward pressure on oil price Danske Bank

Ms. Lagarde Has A Point With Low Inflation WarningsWSJ

The effectiveness of unconventional monetary policyEconbrowser
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 ClimateMarc to Market

April Sentiment SummaryShort Side of Long

Vienti supistui helmikuussa – EU-maiden osuus kuitenkin kasvoiVerkkouutiset

Rehn: Uudet vaalit syksylläSuomenmaa