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EUROPE
Sustaining
the Unsustainable Eurozone – Project
Syndicate
After years
of crisis, European Union leaders must recover the capacity, displayed by the
EU's founders, to look ahead. Specifically, they should introduce a mechanism
for fiscal transfers from stronger to weaker economies.
Eurobounce – Krugman / NYT
Europe is benefiting a lot from the weaker
euro, which is coinciding with a de facto, if unacknowledged, pause in austerity.
But the downdrafts — shrinking working-age population, a single currency in a
distinctly non-optimum currency area, and the intellectual rigidity of too many
policymakers — remain.
The
Confidence Witch – Francesco
Saraceno
All the
euro zone is capable of doing is “stealing” its growth from others – Natixis
Surprise
Attack: French Megabank Slams Draghi’s Currency War – Wolf
Street
Nordic Outlook - March 2015 – Danske
Bank
Denmark: Moderate growth despite very low
rates, Nationalbank lowered policy rates to a record low in defence of the peg
* Sweden: Riksbank goes to currency war? Keep an eye on
developments in SEK * Norway: Noticeable growth slowdown, decline
in oil investment is beginning to be noticed in the economy * Finland: Elections ahead, struggling with
both cyclical and structural problems
Ifo
Business Climate Index Rises in March – CESifo
German
Economy Powers Ahead as Ifo Sentiment Improves – BB
GREECE
EUROPEAN CENTRAL BANK
ECB
Actions Working, but Structural Reforms Needed-Liikanen – NYT
European
Rate Cuts Prove No Match for Mighty ECB – WSJ
UNITED STATES
Key
Measures Show Low Inflation in February – Calculated
Risk
Use and
Misuse of the Fed's Dots – Marc
to Market
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: New Signs of an Inflation Cycle Turning * Fed’s Bullard Warns of Market
Disruption * Fed’s Evans: Central Bank Shouldn’t Raise Rates This Year * ECB
Tells Greek Banks Not to Boost Exposure to Athens Government’s Debt * Hungary
Cuts Key Interest Rate to New Low
Daily
Macro – WSJ
On the one
hand, Germany is booming – or so the latest business
sentiment data suggest. But on the other, the Greece problem is looking increasingly
dicey as the European Central Bank told the country’s shaky banks to stop
expanding their holdings of Greek sovereign debt.
Danske
Daily – Danske
Bank
Global
Daily – ABN AMRO
Strong
eurozone PMIs signals growth acceleration…while China’s flash PMI points to ongoing
manufacturing slowdown * US headline inflation climbs for the first time in
four months, core inflation continues to firm
Euro
rates update – Nordea
Eye-Opener – Nordea
Have
transatlantic spreads peaked? * Ifo and US durable goods orders on the agenda *
US rates seemingly cannot sell off * EUR/USD volatility getting extreme
Daily FX
Comment – Marc
to Market
Consolidation
Flavor of the Day
Daily
Shot – TF
Positive
macro data has been released with PMI in Europe up and core inflation in the US still well above 1.5%.
US Open – ZH
Without
Buyback Back Up, Futures Fail To Find Fizzle
FX
Update – TF
Yesterday’s
higher-than-expected US inflation data saw a pause in the USD rout, but we need
a follow-up move stronger today to argue that the USD is fully back on the
rally track. Overnight trade data keeps NZD under pressure.
From the
Floor – TF
Aussie
materials giant Fortescue proposes iron ore cartel * Strong US data lifting greenback out of its
post-FOMC funk * Bank dislocation provides some interesting equity plays * WTI
crude oil finds resistance at $48.60/b ahead of today's EIA report * High-yield
Petrobras, Gazprom bonds look intriguing
Martin
Sandbu’s Free Lunch
– FT
Understanding
Greece: Draw the right lessons from past mistakes and
current stand-off –
Deficits
without debt, default without Grexit
FINNISH
Aamukatsaus – Nordea
Ostopäälliköt vihjaavat piristyvää vientinäkymää Suomelle |
USA:n pohjainflaatio oli odotuksia korkeampi | Tänään julkistetaan Ruotsin
talouselämän luottamuslukuja
Elvytyskeskustelun epä-älyllinen kahtiajako – Roger
Wessman
Professori varoittaa leikkausten haitoista: ”Hintana
taantuma kotimarkkinoilla” – HS
Pohjolan mielestä Suomessa pitäisi valita keskitie
ääripäiden välillä
Talousennuste vuosille 2015–2016 – PT
Suomen julkisen talouden alijäämä alle kolmeen prosenttiin
ilman uusia menoleikkauksia (lehdistötiedote tässä)
Kylmäävä varoitus päättäjille: Näin liian isot
leikkaukset iskisivät – IL
Palkansaajien tutkimuslaitos varoittaa tekemästä liian
suuria menoleikkauksia valtiontalouteen.
Matti Virén: Kuluvan vaalikauden talouslupaukset ja
-virheet jo unohdettu – Verkkouutiset
Kun maksukyvyttömyys uhkasi... – Henri
Myllyniemi / US
Euro ja Talous 1/2015 – Suomen Pankki
Suomen
Pankki: Kysyntää tukevalle finanssipolitiikalle on vain vähän tilaa – Verkkouutiset
Talouden ennustetaan elpyvän euroalueella, mutta
rakenneuudistuksia tarvitaan ja kysyntää tukevalle valtion finanssipolitiikalle
on vain rajoitetusti tilaa, kertoo Suomen Pankki.
Suomi siiloista – 23 haastattelua johtamisesta – Miltton
Synkän tieteen historiaa: "Neekerikysymyksestä"
Pisara-rataan – TE