China's PMI was bad. Europe still ahead - and next week we have the ECB's and the FED's meetings. Bad PMI, coupled with the quarterly lending data soon from ECB + M3 money supply on Friday should guarantee easing from the ECB - perhaps a rate cut, but at least fragmented monetary policy to increase lending in the periphery (see yesterday's thoughts)
Previously on MoreLiver’s:
Current specials:
Special: IMF / G20 / WTO Meeting (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
Today’s flash estimate
of Germany’s PMI will shape expectations for Eurozone
April economic data. Meanwhile, Tuesday also brings news on the outlook for
manufacturing in the UK (CBI Industrial Trends Orders) and the US (flash PMI).
European markets are
likely to open mostly flat Tuesday ahead of manufacturing and services PMI data
across Eurozone due later today. Meanwhile, dismal Chinese manufacturing
activity has fueled concerns about the global economic recovery.
Danske Daily – Danske
Bank (pdf)
Lower-than-expected
China PMI pushes Asian equity markets lower. US equity markets closed with
decent gains – S&P500 up 0.5%. Focus today is on European PMIs for April.
Aamukatsaus – Nordea
Kiina: Ei
merkittävää piristymistä näköpiirissä * Asuntomarkkinoista yhä piristysruiske
USA:n taloudelle * Euroalueen kuluttajien luottamus parani hitusen huhtikuussa
Aamukatsaus – Tapiola (pdf)
Osakemarkkinat loivassa nousussa viikon
aluksi, euroalueen kuluttajaluottamus yllättäen nousussa.
Kiinasta aamulla julkaistu odotuksia heikompi
teollisuuden ostopäällikköindeksi painoi markkinoiden tunnelmia. Aamupäivällä
vuorossa erittäin mielenkiintoiset euroalueen ostopäällikköindeksien ennakot. Osakefutuurit
nollassa, ennakoiden tasaista avausta OMX HEX:iin. 1Q13-tuloskommentti: Ixonos,
Kesla, Ponsse, Vacon; tänään mm. Metso noin klo 12, Orion 12, Kone 12:30 ja
StoraEnso 13.
EUROPE
Trust and the Future of the Euro – Quantitative
Ease
Jonung uses the
Eurobarometer dataset as an indicator of trust. He says that the Eurobarometer
ought to be a gold mine for researchers, but is rarely used because modern
macro models include no role for trust
UNITED STATES
A Major Realignment Of The Markets - Three
Hopes And Three Fears – ZH
BofAML note
ASIA
BOJ Seen Deploying Price Forecasts as Tool
Against Deflation – BB
CHINA PMI
Press release: HSBC
Flash China Manufacturing PMI – Markit
Flash PMI falls,
points to tepid second-quarter recovery – Reuters
Recovery Falters as
Manufacturing Growth Cools - BB
Asian shares,
commodities rattled – Reuters
Chinese Stocks Slump
as Manufacturing Slows – Mish’s
China stocks drop as PMI disappoints – beyondbrics
/ FT
China: Q2 opens on a weak note – Nordea
China PMI Miss Slams JPY-Carry Trades – ZH
OTHER
A Visual History Of All Asset Bubbles – ZH
By Goldman Sachs
FINNISH
Valvottaisiinko
välillä maahanmuuttajia – Pauli
Vahtera / IL Blogit