Current specials:
Special: IMF / G20 / WTO Meeting (updated)
Special: IMF World Economic Outlook (updated)
Special: Reinhart & Rogoff Debacle (updated)
Roundups
News roundup – Between
The Hedges
The 6am Cut London – alphaville
/ FT
Emerging Markets
Headlines – beyondbrics
/ FT
MORNING BRIEFINGS
The US economy is expected to show broad signs of
modest growth in today’s March update of the Chicago Fed National Activity
Index. Later brings word on the flash update on Eurozone consumer confidence
and last month’s US existing home sales.
European markets are
likely to open higher Monday. Markets are keeping an eye on EU consumer
confidence and US existing home sales data slated later today. Meanwhile, Fitch
has lowered its credit rating on the UK by one notch to AA+.
Danske Daily – Danske
Bank (pdf)
The Italian
parliament has re-elected Giorgio Napolitano as Italian President. Italian
Democratic Party leader Per Luigi Bersani resigned afterwards. Fitch has
stripped the United Kingdom of its AAA rating. Euro group president
Dijsselbloem has said that pace of deficit reduction will slow.
Aamukatsaus – Nordea(pdf)
Koronlaskusta
tasapainoa EKP:n setelisilppurille? * Ostopäällikköindekseistä rohkaisua
synkkien talouslukujen jälkeen? * Fitch laski Ison-Britannian luottoluokitusta
Aamukatsaus – Tapiola (pdf)
Osakemarkkinoiden edellisviikon lasku pysähtyi
perjantaina, tuloskauden edettyä odotetusti. G20 -maat eivät viikonloppuna
vastustaneet elvyttävää rahapolitiikkaa, jeni jatkoi laskuaan. Edessä vauhdikas
viikko, kun tuloskausi on Helsingin pörssissä täydessä vauhdissa ja maailmalta
julkaistaan painavaa makrodataa. Osakefutuurit ylös, ennakoiden nousuavausta
pörssiin. Osakkeen beta ja kurssimuutos:Ostopaikkoja avautunut ylireagoineisiin
yhtiöihin.
EUROPE
No light at end of tunnel yet for euro zone – Reuters
An early peek this
week at how the euro zone economy performed in April could cement the case for
the next installment in an unprecedented campaign of monetary easing by the
world's major central banks.
UNITED STATES
Monetary Policy and Financial Stability – Tim
Duy’s Fed Watch
If Kocherlakota is
correct and monetary policy can only pursue the dual mandate in the context of
financial - and, by extension - macroeconomic instability, then we really need
to consider which part of the dual mandate needs to be loosened to reduce the reliance
on financial instability. My fear is
that if Fed policy makers were asked this question, they would unanimously
answer that it is the full-employment portion of the mandate that should be
jettisoned.
The US economy will
officially become 3 per cent bigger in July as part of a shake-up that will for
the first time see government statistics take into account 21st century
components such as film royalties and spending on research and development.
Ben Bernanke To Miss Jackson Hole Symposium Due
To "Scheduling Conflict" – ZH
Is this the sign
Bernanke is handing over the suitcase with the printer launch codes to some yet
unspecified, second in command?
OTHER
Naked CDS ban fuels bank funding fears – FT
Investors are buying
protection on European banks on the basis that banks and sovereigns are so
intimately linked that any increased risk of a sovereign default will increase
the value of a bank CDS in a similar way to a sovereign CDS. “The big downside
of the ban is that it is likely to increase borrowing costs for financials,”
said Michael Hampden-Turner, Citigroup credit strategist.
Five Shocks Push Investors Off Balance – Marc
to Market
Daily Notes: Gold Valuation, Inflation
Expectations – Short
Side of the Long
So Who Sold All That Gold? - JPM's Own Version – ZH