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Thursday, April 21

21st Apr - ECB no surprises

Previously on MoreLiver’s:

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Russia:  Better than expected, but still challenging time Nordea
The economy is still in recession. However, the beginning of the year has proved a positive surprise as industrial output has shown growth along with some leading indicators. Thus there is some upside risk to our 2016 GDP forecast.

Obama's Brexit Intervention Makes Waves in U.K., Ripples in U.S.BB
The president will urge Britons to stay in the EU on Friday * Businesses oppose Brexit by large margins, trade group says

Riksbank adds linkers to QE – Danske Bank
The Riksbank to expand QE – Nordea
Riksbank Leaves Key Rate Unchanged – BB
Riksbank Unexpectedly Boosts QE To Weaken SEK; SEK Jumps – ZH
The Riksbank’s inflation frustration – Nordea
SEK rates & fx: the aftermath of Riksbank – Nordea

Draghi Can Argue Glass Is Half Full as ECB Pumps Up Stimulus – BB
Draghi to mount defence of ECB in face of German criticism – Reuters
Euro steadies as ECB meets, eyes on policy signals from Draghi – Reuters
The ECB’s Headache With Inflation Expectations – WSJ
What to Expect From Today's ECB Rate Decision – BB
ECB rate decision live comments – FT
ECB meeting live comments – WSJ

Monetary policy decisions – ECB
Introductory statement – ECB 
Details of the corporate sector purchase programme (CSPP) – ECB

Draghi to Markets: Stop Fretting About Negative Rate Impact on Banks – WSJ
No helicopters at the ECB, not even in the basement – Carsten Brzeski
ECB ready to ease again if necessary – ABN AMRO
ECB review: ALL instruments are still available – Nordea
ECB in implementation mode – Danske Bank
ECB focuses on policy implementation, reaffirms independence – Pictet
Even the Best Central Bankers Can't Work Miracles – View / BB
No handouts, but Draghi pledges loose policy 'as long as needed' – Reuters
Merkel says criticism in Germany of ECB is not interference – Reuters
Draghi Says ECB Critics Risk Provoking Need for More Action – BB

Emerging Markets Outlook: Years of slowdown coming to an endNordea
In our latest Economic Outlook, we argued that global growth will be slightly higher in 2016 than in 2015. The role of Emerging Markets (EM) weighs on that view. We believe EM growth will be higher this year after five consecutive years of slowdown. The recent increase in commodity prices strengthens our conviction.

The $2 Trillion Project to Get Saudi Arabia’s Economy Off OilBB
Eight unprecedented hours with “Mr. Everything,” Prince Mohammed bin Salman.

Danske DailyDanske Bank

Euro rates updateNordea

Surging oil prices, USD & Treasury yields higher, EUR on defensive * Expect a dovish ECB and more QE from Riksbank * Oil prices higher due to production cuts and meeting plans * Stronger USD as oil prices alleviate Fed’s fears

Morning MarketsTF
Stocks surged higher in Tokyo helped by the weaker yen. In Sydney the S&P/ASX200 gained ground on the back of a rally in the resources sector while some calm returned to China's volatile share markets. Moving into Europe markets are of course awaiting the latest word from ECB head Mario Draghi.

Daily Market Comment Marc Chandler
ECB Takes Center Stage

Daily Market CommentPolemic’s Pains
Polemic's trading aphorisms

Matt Levine’s Money Stuff – View / BB

Daily Press SummaryOpen Europe
Obama set to make intervention in EU referendum debate during visit to London * Foster: If the EU fails to reform to face up to reality, it invites destruction with or without a Brexit * New YouGov poll finds business opinion narrowly in favour of ‘Remain’ * Support for EU-US free trade deal drops sharply in Germany, new poll finds * Number of people granted asylum in the UK increased by 26% in 2015 * EU Commission proposes Schengen visa-free travel for Ukrainian nationals * Polish opposition parties attempt to mobilise pro-EU sentiment * Germany’s centre-left Vice-Chancellor says ECB policy is “very problematic”

Brussels PlaybookPolitico
Obama mini-summit — How media cover the EU

Futures, Crude Unchanged Ahead Of Draghi As Parabolic Move In Steel, Iron Ore Continues


From the FloorTF
A powerful rally in crude oil silver and other commodities sparked a broad-based rally in Asian equity markets on Thursday with the Nikkei jumping 2.7%. Currencies traded within tight ranges in the countdown to the European Central Bank's governing council meeting.

Hallituksen työllisyystavoite on tärkeä, vaikka se karkaisikin * Riksbank laajentaa arvopaperiostojaan 65 miljardilla kruunulla * Turkin keskuspankki leikkasi yli yön -korkoa * Iso-Britannian työttömyysaste polkee paikoillaan