Roundups
News
roundup – Between
The Hedges
The 6am Cut
London – alphaville
/ FT
Emerging
Markets Headlines – beyondbrics
/ FT
MORNING BRIEFINGS
3 Numbers To Watch: EURUSD, Eurozone Sentix
Index, EU PPI – TradingFloor
The
economic and political differences between Europe and the US will continue to weigh on EURUSD,
with only minimal relief, if any, expected in today's releases of Eurozone
Sentix Investor Confidence Index and Eurozone Producer Prices.
Market Preview: Eurogroup meeting and EU
investor confidence eyed – TradingFloor
European
markets are expected to open weak Monday. Investors keenly await Eurozone
Sentix investor confidence data due later today which is likely to show
deterioration in March. Additionally, Euro-area finance ministers meeting would
be in focus.
The
political outlook in Italy remains uncertain. Bersani insists
that he will form a minority government but has given no explanation on how
this will be done. The US equity markets closed on a positive
note on Friday. Asian equity markets (apart from Japan) are in the red this morning on the
back of China and the uncertain political
situation in Italy.
No major economic data due today. Focus on the Eurogroup meeting.
Aamukatsaus – Nordea (pdf)
Euroryhmässä keskustelua Italiasta – EKP:n anti jäänee
vaatimattomaksi * Teollisuuden luottamus yllätti USA:ssa – työllisyys jatkanee
maltillisessa kasvussa * Dollarin turvasatamakysyntä ja Italian epävarmuudet
painoivat EURUSD:tä
Aamukatsaus – Tapiola (pdf)
Markkinakalenteri – Nordnet
Markkinakalenteri – Taloussanomat
EUROPE
Eurozone macro orthodoxy: Options for the
coming reversal – voxeu.org
Despite
recent calm in the markets, the Eurozone crisis seems far from over. So far,
responses have worked little magic. This column argues that at some point soon,
Eurozone governments will be forced by voters to reverse austerity and stimulate
growth. A number of policy options are available, but it is clear that
pro-growth fiscal stimulus policies should take their place. Longer-term fiscal
consolidation will nonetheless also be required to reduce excessive levels of
public spending relative to GDP.
Officials
from the European Union and the International Monetary Fund return to Athens on Sunday to assess Greece's performance under a bailout plan
as the government plays down the prospect of public sector job cuts.
Euro Falls in Longest Stretch Since June on
Record Unemployment
– BB
Europe’s 17-nation common currency posted
its longest stretch of weekly losses since June as demand slumped after Italy’s election produced a hung
parliament and euro-area unemployment climbed to a record.
European
Central Bank Executive Board member Benoit Coeure said Europe must rebalance its social contract
because the economic crisis “disproportionately affected the more vulnerable
social groups.”
ITALY
The leader
of the 5-Star Movement has said he wants an online vote on Italy's membership of the euro, in an
interview with a German magazine published on Sunday.
European
leaders demanded that euro members press on with budget cuts to end the debt
crisis as Italy edged closer to a new election
after an anti-austerity vote last week caused political deadlock.
Italy may hold new elections within
months should Democratic Party leader Pier Luigi Bersani fail to win support in
parliament to form a government after inconclusive elections.
Calling Italy’s Tune: I Pagliacci? La Forza del
Destino? – A
Fistful of Euros
The
audience is wondering what might happen in the second act–which is frantically
being written in the wings. Here are some possible scenarios:
UNITED STATES
Housing: The Two Bottoms – Calculated
Risk
(very nice
graphs) Now it appears activity bottomed in 2009 through 2011 (depending on the
measure) and house prices bottomed in early 2012.
The Equity 'Air-Pocket' And 5 Reasons To Worry – ZH
from UBS: US debt ceiling, end of QE, European
risks, economic activity is less convincing, sentiment and valuation
What May be Good about the Sequester – EconoMonitor
What we
don’t know is whether these cuts to discretionary spending are what the public
wants…We’re about to find out. Then, after we sort out our spending priorities,
maybe we can move on to tax reform.
ASIA
Everyone Loves Abe? – Bruce Krasting
In a world
where the vast majority of people don’t like their appointed leaders, Japan’s Prime Minister Shinzo Abe stands
out as an exception. It seems that everyone loves this guy.
OTHER
FX Comment: say no more, Draghi – Nordea
So much of
a fuss about Italy…Limited and isolated reaction so
far proves that you can no longer impress the Markets with the euro area
crisis.
IN FINNISH
Kuukausipalkat
nousivat keskimäärin vajaat kolme prosenttia – EK