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Great Graphic: Institutional Capacity Building in EMU – Marc Chandler
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?
Ja, aber: Germany and Cameron’s quest for EU reform – Open Europe
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.
Finland: This is what you can call a government programme – Nordea
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.
Nowotny Says ECB Can’t Give Greece Interim Funding – WSJ
ECB does not raise emergency funding cap for Greek banks –source – Reuters
Europe’s counting problem – Politico
Spanish GDP confirmed at 0.9% while retail sales hit 4% - TF
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
Morning MoneyBeat US – 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
Brussels Playbook – Politico
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
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