Previously on MoreLiver’s:
Roundups
News roundup – Between
The Hedges
The 6am Cut London – alphaville
/ FT
Emerging Markets
Headlines – beyondbrics
/ FT
MORNING BRIEFINGS
The outlook for Germany’s economy is expected to retreat a bit in
today’s ZEW survey. Meanwhile, housing starts and industrial production are
projected to post modest gains.
Market Preview: ZEW sentiment indices and EU
CPI in focus – TradingFloor
European markets are
likely to open lower Tuesday amid worries about global economic growth
prospects. Meanwhile, markets will keep an eye on ZEW sentiment indices in Europe and consumer price inflation data in the UK, EU and the US due later today.
Danske Daily – Danske
Bank (pdf)
Financial markets’
response to possible terrorist attack in Boston has been calm. Commodity prices
markedly lower across the board on concerns about global growth. Equity markets
are lower but have stabilised during Asian trade. JPY markedly stronger and
commodity currencies under pressure but stabilisation overnight. Market movers
today: DEM: ZEW-indicator EUR: CPI, Draghi speaks in European parliament USD:
Housing starts and CPI, Fed member speeches including Yellen and Dudley. Q1 Earnings
Goldman Sachs, Intel, Yahoo. IMF spring forecast
Aamukatsaus – Nordea
Maltillisia
inflaatiopaineita euroalueella * Euroalueen paisuva kauppataseylijäämä
varovaisen rohkaiseva * Kullan hinta pudonnut kahden pörssipäivän aikana noin
14 prosentilla
Aamukatsaus – Tapiola
(pdf)
Stockmann tiedotti aamulla alkuvuoden
ennakoitua syvemmästä tappiosta ja alensi samalla koko vuoden tulosohjeistusta.
Koko vuoden tulos ei yllä edellisvuoden tasolle ja ennusteet laskevat selvästi.
Markkinan suunta: Osakemarkkinoiden
lasku jyrkkeni, hyödykkeiden lasku painoi etenkin perusteollisuutta. Osinkoja
irti osakkeesta tänään: Nurminen Logistics EUR 0.08. Osakefutuurit miinuksella,
ennakoiden x avausta pörssiin. Olemme lisänneet 1Q13-tuloskalenterin sivuille
4-5, torstaina tulee mm. Nokia ja Wartsila.
EUROPE
Are Germans really poorer than Spaniards,
Italians and Greeks? – voxeu.org
A recent ECB
household-wealth survey was interpreted by the media as evidence that poor
Germans shouldn’t have to pay for southern Europe. This column takes a look at the numbers.
Whilst it’s true that median German households are poor compared to their southern
European counterparts, Germany itself is wealthy. Importantly, this wealth is
very unequally distributed, but the issue of unequal distribution doesn’t
feature much in the press. The debate in Germany creates an inaccurate perception among less
wealthy Germans that transfers are unfair.
Now a careful reading
of what the EU is now demanding reveals an actual shortfall of about $6 billion
and where Portugal is going to come up with that is a good
question.
ASIA
Australian Dollar could be creating a major top – Peter Brandt
GOLD
Gold and Silver – where do we go from here? – Behavioral Macro
Price of Gold Takes a Flashy Fall; Other
Markets Follow – DealBook
/ NYT
Some (more) crushing news for goldbugs – alphaville
/ FT
CME Hikes Gold, Silver Margins By 18.5% - ZH
All Abe-Inspired "Gold-In-JPY" Buyers
Now Underwater – ZH
Five reasons for gold’s sudden, violent
collapse – Quartz
EVERYONE Should Be Thrilled By The Gold Crash – BI
Gold: A game changer? – TradingFloor
Gold, which has been
the darling of many investors and has offered rich rewards during the past
decade, is suddenly looking vulnerable. Will this latest collapse spell the end
of the rally?
Did the Gold Standard Work? Economics Before
and After Fiat Money – CFA
Institute
OTHER
FX Forecast Update April – Danske
Bank (pdf)
Except for the yen we
have made very few major changes to our FX Forecasts compared to our previous
forecast. We stick to our overall view that the euro will gain against USD, JPY
and GBP over the next three months.
Rethinking Macro Policy II: Getting Granular – IMF
This note explores how
the economic thinking about macroeconomic management has evolved since the
crisis began.
"Rethinking Macro Policy II: First Steps
and Early Lessons" – Econbrowser
That's the title of an
IMF conference taking place starting tomorrow (April 16-17). The program is
below, and the live webcast will be available here (and follows up on a 2011 conference on the same subject).
FINNISH
Eläkkeet,
kestävyysvaje ja Himanen – miksi kukaan ei näe norsua huoneessa? – Tyhmyri
Pasi
Holm uskoo talouden nousevan typerästä politiikasta huolimatta – onko hän
kuullut Japanista? – Tyhmyri