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EUROPE
Eurozone
underwhelming and divided over future path – Open
Europe
The
Eurozone has begun putting together plans for its future integration, which
will eventually take the form of the Four President’s Report to be released
next month. What do these preliminary plans suggest will be the impact for the UK and the Eurozone? Are there any
clear ideas which the Eurozone is coalescing around?
Ahead of
David Cameron's visit with German Chancellor Angela Merkel tomorrow, Michael
Wohlgemuth assesses how the wider German audience perceives of the UK-EU
debate, making recommendations on how the drive for EU reform can cut through.
The
government programme unveiled in Finland is broadly positive and improves
the Finnish economic outlook, though not without caveats. If implemented in
full, it should help the Finnish economy gradually return to growth, put public
finances on a stable foundation and prevent further downgrades in Finnish
credit ratings. The programme is thus good news for Finnish bond investors.
GREECE
ECB does
not raise emergency funding cap for Greek banks –source – Reuters
Europe’s counting problem – Politico
REGULARS
Daily
Central Banks – WSJ
Hannon’s
Take: In Search of Lost Inflation * Fed’s Williams: Monetary Policy Should Not
Be Used to Address Financial Stability Risks * Fed Survey: Things are Looking
Up * ECB Says Long Greek Talks May Hurt Other Eurozone Borrowers * Prosecutor: BOE
Official Received Libor Manipulation Emails
Daily
Macro – WSJ
Chinese
equities fell out of bed overnight, dropping 6.5% after a unit of the country’s
sovereign wealth fund cut its stakes in China’s biggest state-owned banks. But
after a 50%-plus rally since the start of the year to where many firms are on
extreme valuations something was bound to trip up the Chinese market
Morning
MoneyBeat Asia – WSJ
Morning
MoneyBeat Europe – WSJ
Danske
Daily – Danske
Bank
Global
Daily – ABN
AMRO
Euro
rates update – Nordea
Eye-Opener – Nordea
Improving
Finnish outlook - Euro-area laggard unveils a promising government programme * False
Greek optimism * Surging USD/JPY * German yields started to feel gravity again
* EUR/SEK with a clear rebound higher
Morning
Markets – TF
Thursday is
heavy on data with sentiment and confidence figures from the EU as well as Italy. In the US, the always much-anticipated crude
oil and petroleum stocks prints are up as well as unemployment data.
Daily FX
Comment – Marc
Chandler
Dollar
Turns Mixed, Chinese Shares Tumble
Daily Shot – TF
The USD is
strengthening further while commodity prices are falling. In Europe economics sentiment continues to
recover, but the future of Greece is still uncertain.
Daily
Press Summary – Open
Europe
Government
to formally table EU referendum bill as Cameron embarks on mini-reform tour * Schäuble
and Lagarde dismiss Greek claims of deal being close
10 years
since French “non” — Brexit game on — EU taxidermy
US Open – ZH
China Stocks Crash, US Futures Flat Ahead
Of More Greek Rumors
FX
Update – TF
USDJPY
barely poked above the 2007 highs before backtracking sharply after a Japanese
government official expressed discomfort with sudden moves in FX. USD buyers
are pausing for the moment elsewhere, possibly in anticipation of an ugly
revision to US Q1 GDP estimates on Friday.
From the
Floor – TF
False hopes
for a Greek deal have halted the euro's slide, which climbed from a one-month
low against the dollar at 1.0820 to reach 1.0929, a rise of 0.5% on the day.
Martin
Sandbu’s Free Lunch
– FT
Immigration
clichés: Politicians should let the evidence - not just their feelings - drive
policy making
FINNISH
Aamukatsaus – Nordea
Hyvän ohjelman suurin mutta | Suomen työttömyys kasvaa
odotettua nopeammin | Euroalueen reunamaiden korkoero Saksaan supistui
Sipilä I: Paluu tulevaisuuteen – Ulkopolitist
Smolnasta nousi reilun kahden viikon väännön jälkeen
valkoista savua. Savun tuoksu ei ollut suloinen ulko- ja
turvallisuuspoliittisia yllätyksiä kaipaaville. Sopu ulko- ja
turvallisuuspoliittisista kysymyksistä löytyi ilmeisen nopeasti – ehkä turhankin
nopeasti.
Vähittäiskaupan pikaennakko: huhtik. -3,7% YoY – Tilastokeskus
Palkansaajien ansiot Q1 +1,3% - Tilastokeskus