8th Apr - European data a bit worse

Previously on MoreLiver’s:

Tuesday: Post-holiday Greek tensions

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EUROPE

The Madre of All Bubbles – Evan Soltas

The Pain in Spain, Part 2 – Evan Soltas

German Factory Orders Tumble, Spanish Bond Yields Turn Negative – ZH

German new orders drop in February – Carsten Brzeski

  EUROPEAN CENTRAL BANK

Eurozone bond-buying hits €52.5bn in first month – FT

What has the ECB been Buying? – Marc to Market

EU considers probe into unfair state aid for south European banks – FT

The EU is collecting evidence to determine if Greece, Portugal, Spain and Italy should face an investigation into whether they are illegally underwriting banks that have bolstered their capital with assets considered low-grade in the rest of the eurozone.

This Could Sink Banks in Greece, Portugal, Spain, and Italy – Wolf Street

ASIA

Martin Wolf: China will struggle to keep its momentum – FT

As the economy slows, the demand for investment is likely to fall more than proportionately

Japan: BoJ on hold, statement less dovish than expected – Danske Bank

The Secret of Singapore’s Success – Project Syndicate

Lee Kuan Yew’s achievements have been the subject of much global discussion since his recent death. But one aspect of his success has been little mentioned: the investments that he, and his successors, made in education. His strategy, he would often remark, was “to develop Singapore’s only available natural resource, its people.”

REGULARS

Daily Central Banks – WSJ

Blackstone’s Take: Europe’s Central Bankers Hit Calmer Waters * Kocherlakota Says Fed Should Be ‘Extraordinarily Patient’ On Rates * 5 Things to Watch in the Fed’s March Minutes * Bank of Japan Votes Down Call to Slash Easing * Ukraine in Talks to Boost Emergency Cash Reserves

Daily Macro – WSJ

German industrial orders have weakened, and so have eurozone retail sales. If such results were to continue into a more-protracted trend, it could challenge the picture of European recovery painted by other first-quarter indicators.

Danske Daily – Danske Bank

Global Daily – ABN AMRO

Slowdown in job growth and ISM manufacturing in March, but other reports solid * US economy likely slowed to a crawl in Q1, but fundamentals point to a rebound * ECB QE purchases are well on track, peripheral bond buys had on average a longer maturity than core

Euro rates update – Nordea

Eye-Opener – Nordea

Greek notes and Fed dots: Who buys them? * Another day of reckoning for Greece * EUR/USD ready to break out * JOLTS survey show signs of optimism for US companies

Morning Markets – TF

Daily FX Comment – Marc to Market

Dollar Softer But Range-Bound

Daily Shot – TF

The European Central Bank's quantitative easing programme is driving bond yields to record lows in, and outside, the Eurozone.

Daily Press Summary – Open Europe

Greece assures IMF that it will meet its payments this week * Blair to warn EU referendum would plunge Britain into “chaos” * Cleppe: Timmermans made a flying start, but quickly faced obstacles * Commission considers investigating banks’ use of deferred tax assets * French President boosts investment to assuage party critics * Cyprus removes all capital controls after two years * Germany achieves €6.4 bn surplus in its 2014 public budget * Merkel’s coalition partners pushing for separation of banks on EU level

US Open – ZH

Futures Flat On Minutes Day; Chinese Bubble Spills Into Hong Kong; Biggest Energy M&A Deal In Over A Decade

FX Update – TF

The Bank of Japan shrugged its shoulders at recent low inflation levels and left its policy unchanged, disappointing fresh JPY shorts and sending most JPY crosses back lower. Elsewhere, the USD view is inconsistent ahead of tonight’s FOMC minutes release.

From the Floor – TF

It's less of the twilight and more of the comedy zone for Greece after it demanded Germany pays for WW2 reparations. A trip to Moscow today for prime minister Alexis Tsipras ensures more headline grabbing, but the FOMC minutes are perhaps the pivotal event of the day in dollar terms.

Martin Sandbu’s Free Lunch – FT

The great and the good on secular stagnation: Leading economists debate sources and solutions for low interest rates

OTHER

Global Financial Stability Report (GFSR) – IMF

Navigating Monetary Policy Challenges and Managing Risks

Fiscal Monitor – IMF

Now Is the Time: Fiscal Policies for Sustainable Growth

IMF warns of long period of lower growth – FT

Most of the world’s leading economies should prepare for a prolonged period of lower growth rates, which would make it harder for governments and companies to bring down their debt levels

Growth Dividend from Stabilizing Fiscal Policies – iMFdirect

  

Macro Digest: USD thirst signalling a margin call? – TF

A look at EURUSD basis swaps shows that funding pressure on Eurozone banks is back, while USD debtors are signalling their expectations of a rate hike from the Federal Reserve.

Iceland’s grand monetary experiment? – FT

One of the oddest things about the aftermath of the financial crisis is the extent to which things haven’t changed.

FINNISH

Aamukatsaus – Nordea

Ruotsin teollisuus piristymässä huonoista luvuista huolimatta |  Suomen helmikuun ulkomaankauppaluvut olivat pettymys | Iso-Britannian palvelusektori hyvässä vireessä

Euro ja Suomi – Brysselin Kone / YLE

Finanssineuvos Ilkka Kajaste valtiovarainministeriöstä puhuu EMU:n eli Euroopan talous ja rahaliiton kehityksestä ja kehittämisestä ja siitä mihin suuntaan Suomessa on haluttu sen kehittyvän.

Elvytys, ennusteet ja epävarmuus – Sakari Heikkinen

Kehitysavun leikkaaminen ei ole Suomen (tai ainakaan Kepan) etu – Professorin ajatuksia

Kuka pelkää perussuomalaista? – Sampo Terho

Kiistelty maahanmuuttotutkimus – median pahimmat harhalaukaukset – Suomen Uutiset

Omenat ja appelsiinit maahanmuuttokeskustelussa – kustannuslaskelmista hieman – Tyhmyri