Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
This post will be updated as new
material is published.
Previously
on MoreLiver’s:
Follow ‘MoreLiver’ on Twitter
LAST WEEK
Weekly
Scoreboard – Between
The Hedges
Friday’s
Price Monitor – Global
Macro Monitor
Succinct
summation of week’s events – The
Big Picture
NEXT WEEK
US
Schedule for Week –
Calculated
Risk
Economic
Calendar – Berenberg
UK GDP (28 April): slight loss in momentum
* Eurozone economic sentiment (29 April): stable at level consistent with trend
growth * US GDP (29 April): harsh winter, port closures and stronger dollar take their
toll * US Fed (29 April): no rate hike in June, but September rate hike still
on the cards
Economic
Calendar – Handelsbanken
World Week
Ahead – WSJ
FOMC to Assess Slowdown as April Data Arrive
Global
Central Banks Calendar – WSJ
5 Things
to Watch on the Economic Calendar – WSJ
Wall St
Week Ahead – Reuters
Investors
seek protection against healthcare stock decline
Weighing
the Week Ahead – A
Dash of Insight
Time for an
Upside Breakout?
Weekly
Market Outlook – Moody’s
Weekly
Focus – Danske
Bank
Swedish Riksbank to cut the repo rate by an additional
10bp on Wednesday and expand the QE programme by SEK30bn to a total of SEK70bn
* FOMC statement: uncertainty on the outlook increased but Fed on track to
raise rates this year * Likely deflation in the euro area has ended in
April * No new measures from BoJ despite data weakness, expect lower
forecasts * US Q1 data disappointed, we expect GDP 0.8%, but setback only
temporary
Strategy –
Danske Bank
Week
Ahead – Nordea
A long list
of key events in the US dominates this Week Ahead,
including the FOMC meeting and Q1 GDP, along with the ECI and ISM indices. Across
the Atlantic, Euro area flash inflation is
expected to move into non-negative territory. Monetary policy meetings will
take place in Japan and Sweden, and Norwegian retail sales will
give some indication on the private consumption.
Macro
Weekly – Grexit, QExit and Growth – ABN AMRO
There is
building evidence that eurozone economic growth is firming. Even a moderate
recovery seemed inconceivable to some commentators a few months ago, among all
the talk of deflationary spirals. So the cyclical improvement can be considered
to be a small victory. However, three big challenges remain. Greece is the most imminent, but managing
expectations about the ECB’s eventual exit from QE may become a bigger issue in
the coming months. Finally, strengthening institutions to ensure the strucutral
reforms necessary to stimulate an improvement in Europe’s long-term economic growth.
STOCKS
Weekly
Market Summary – The
Fat Pitch
New price
highs are usually bullish as all investors are in a profitable position and not
in need of selling. We don't like to be cautionary when price is bullish, but
the reality is that prior moves to new highs have failed in the past year and
several measures of breadth, sentiment and volatility suggest that is likely to
be the case again now.
CREDIT
Euro
Rates Weekly: Go Long Länder – ABN AMRO
Early
expansion of the ECB shopping list surprised us, but it is still no game
changer * This raises the question of what’s next * Inclusion of Länder bonds
would make sense from a big picture perspective * If the ECB would buy Länder
bonds, bund scarcity would improve by 6% * We judge that Länder bonds offer an
interesting pick-up vs other AAA rated bonds…and we especially like the 10y
sector * We have added NRW 2% October 2025 vs DBR 0.5% February 2025 to
our conviction list * Next week’s supply will be negative at around EUR 50bn,
supply will mainly come out of core
Euro
Corporate Weekly: Leverage will rise in coming years – ABN AMRO
Corporates
continued the deleveraging trend in 2014 * Leverage in Automotive is still high
but decreasing while leverage in the Utilities will remain high * As the
momentum in M&A activity increases, so will leverage * Earnings are better
than expected. The market has been too gloomy about 2015 Q1 results
Euro
rates update – Nordea
FOREX
FX
Outlook – Marc Chandler
USD: Range
or Trend?
G10 FX
Weekly – Triggers for a dollar rally? – ABN AMRO
Stronger US housing data support the dollar…but
next week is crucial * Sterling outperformed the dollar, while the New Zealand dollar was the clear underperformer
FX 4 next
week – TradingFloor
This will
generally be a week for taking things as they come, as we have four central
bank meetings on Wednesday and Thursday (all within about 20 hours), with solid
reaction potential from the Riksbank, Federal Open Monetary Committee and not
least the Reserve Bank of New Zealand after NZD was a very active mover (to the
downside!) over the last week.
EM FX
Weekly – Forecast adjustments – ABN AMRO
More
constructive on most Asian currencies…less bearish on the ruble and zloty…but
more weakness seen for Turkish lira
CALENDARS
Economic
Calendar – investing.com
Economic
Calendar – BB
EU calendar – europa.eu
Markkinakalenteri
– Nordnet
Global
Central Banks Calendar – WSJ
Central
Bank Release Calendar – Daily FX