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Monday, April 4

4th Apr - Panama & Greece

Previously on MoreLiver’s:

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The Eurozone’s Miserable ProfitsWSJ
The U.K's primary income from the rest of the EU fell to its lowest level since 1999 in the final quarter of 2015, and meager earnings growth doesn't help

Europe’s migrants, Turkey’s problem – Politico
Migrant crisis: Greece starts deportations to Turkey – BBC
Migrants sent back from Greece arrive in Turkey under EU deal – Reuters

Lenders eye start of Greek debt relief talks at IMF meetings in mid-April – Reuters
Wikileaks: IMF Plan To Cause A Credit Event In Greece, Destabilize Europe – ZH
IMF Discussed Pressuring Germany on Greek Debt, WikiLeaks Says – BB
IMF fears Brexit talk will prevent EU from helping Greece – Politico
Greece Demands Explanation From IMF Over Leaked Transcript – ZH
Greece demands IMF explanation over leaked debt transcript – Reuters
Paul Mason: IMF Plots New “Credit Event” For Greece – Social Europe
El-Erian: Leaks Strengthens Case for Debt Forgiveness – View / BB
IMF's Lagarde tells Greece debt leak is 'nonsense' – BBC
Greece's Euro Future May Be Back in Play If Rescue Talks Drag On – BB
Greek Bonds Drop as IMF Says Deal on Additional Loans Is Far Off – BB
Lagarde Says IMF Greek Deal Far Off as Talks Roiled by Leaks – BB
Editorial: Time Is Running Out (Again) for GreeceView / BB
Greece's July ECB Payment Looms Over Bailout Negotiations: ChartBB

Was a weak euro last year’s necessity?FT
Credit Suisse: ECB’s shift in the emphasis of policy: away from a sensitivity to the exchange rate, and towards supporting easy domestic financial conditions.

Why the ECB Shouldn’t Be Too Smug About Those Falling Bund YieldsWSJ
The slide in German yields mirror's last year's, right before they started climbing up again

Aurelija Augulyte: FX: volatility and USDNordea
While some technicals suggest the USD may pause here, the overall decline in volatility, caused by better global data - notably from China - is a headwind to the USD now...

Hey, Economist! What Did You Make of “The Big Short”?Ritholtz

Bond yields and helicoptersFrances Coppola
The public sector, to the extent it can control its own money supply, needs to borrow and spend  because the private sector is not spending enough. The situation has gotten so extreme that investors are willing to pay certain governments to do just that.

The Business of Space FuneralsPriceonomics

How Süddeutsche Zeitung got the Panama leaks story – Politico
Former Iceland premier calls to PM: "Resign to prevent an uprising" – ZH
What are the Panama Papers? – The Guardian
How the world’s rich and famous hide their money offshore – The Guardian
The $2bn offshore trail that leads to Vladimir Putin – The Guardian
Leak Exposes The Criminal Financial Dealings – ZH
Mossack Fonseca leak reveals elite's tax havens – BBC
Tax authorities begin probes into some people named in leak – Reuters
World Leaders Hid Wealth Via Shell Companies, Report Alleges – BB
A Panamanian bombshell – FT
So you thought bearer securities weren’t a thing anymore? – FT
Leak reveals a global web of corruption and tax avoidance – vox
The Panama Papers: The Mysterious U.S. Connection – WSJ
5 ways the Panama Papers swept up EU figures – Politico
France, Spain, US launch probes over Panama Papers – Politico

Mervyn King, "The End of Alchemy" – Youtube
A Fireside Chat with Lord Mervyn King – Youtube
Lord Mervyn King: "The End of Alchemy" – Youtube
Mervyn King on the Global Economy – Youtube

Danske DailyDanske Bank

Euro rates updateNordea

Upbeat US data, more Brexit worries, focus still on central banks * Resilient US labour market * Long German bonds in demand * GBP takes another hit

Morning MarketsTF
Friday's crude oil slide is continuing and intensifying this Monday morning after the Saudi deputy crown prince cast doubt on the outlook to an agreed international production freeze by saying any deal was contingent on the participation of other major producers including Iran.

Daily Market CommentMacro Man

Daily ShotTF
Friday's US employment report showed continuing improvements in the nation's job markets though the jobless rate also rose as a result of more Americans seeking work. The nonfarm payrolls report and other economic data raised the implied probability of US rate hikes in 2016 as shown by Fed funds futures by nearly 10%.

Matt Levine’s Money StuffView / BB
Panama Papers and Marquee Data

Daily Press SummaryOpen Europe
Opinium survey finds 81% of older voters certain to turn out in EU referendum, compared to 52% of younger voters * Financial markets fear sterling devaluation post Brexit * New figures for EU migration to be published weeks before referendum * French Finance Minister hints at possible EU Treaty change “beyond 2017” * Greece begins deporting migrants back to Turkey * New poll: Majority of Italians think Brexit would have “only negative effects” * Tsipras and Lagarde trade barbs over leaked IMF conversation * Polish Foreign Minister: Strategic co-operation between EU and NATO must be re-defined * New Spanish poll: Centre-right alliance could win absolute majority in case of re-run elections

Brussels PlaybookPolitico
ECJ slammed — Putin’s tax haven — Steel politics explode

Germany To Greece: No Debt Relief For You


FX UpdateTF
The market largely shrugged of Friday’s solid US jobs data figuring that the Fed is going to stay the dovish course for now regardless of the strength of data. Still we’re seeing signs of exhaustion in the commodity dollar rallies though the JPY is making mischief again as USDJPY eyes key support.

From the FloorTF
The dollar's failure to latch on to a solid NFP print for a rally push confirms that the greenback is looking increasingly marooned by the Fed's insistence on a dovish approach that could take the next rate hike move to beyond November's presidential elections.

Globaalit tekijät dominoivat Fedin päätöksentekoa * Vahva työllisyysraportti USA:sta * USA:n tehdasteollisuuden luottamus (ISM) nousussa * Riksbankin pääjohtajan puhe voi tarjota ajurin Ruotsin kruunulle