Current specials:
Roundups &
Commentary
Frontrunning – ZH
Overnight: German ZEW Miss Is Blamed On "Winter Weather" – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Daily press summary – Open Europe
Morning MoneyBeat – WSJ
Morning Bond Update – TradingFloor
Currencies Firm Despite Rate Cut Fever – Marc
to Market
EUROPE
Abolish deposit insurance, please – Barnejek’s blog
Austerity, the ECB and Osborne – MacroScope
/ Reuters
Internal documents reveal countries' concerns
with FTT proposal – Open
Europe
(or when ideology
meets economic reality)
A few hours after midnight one Sunday last month, as negotiations over a
rescue for Cyprus dragged into a second day, French Finance Minister Pierre Moscovici
fell asleep.
ECB
ECB poised to cut rates to help recession-hit
euro zone – Reuters
The ECB is closer to
lowering interest rates than at any time since it last cut them in July 2012
and is likely to shave a quarter-point off at its policy meeting next week.
ECB Rate Cut Seen Next Week by Banks From
Nomura to RBS – BB
The ECB will cut its
key interest rate to a record low next week as the euro- region economy slumps,
according to banks including Nomura, UBS and RBS.
Results of the April 2013 euro area bank
lending survey – ECB
GERMANY IFO
Ifo: German business optimism fades – TradingFloor
Mads Koefoed: The
German economy likely expanded yet again in April albeit at a slower pace and
should continue to do so in the coming quarters, according to Ifo. However, the
outlook has weakened and supports our view that growth will be moderate at
best.
German business gloom grows as export markets
wobble – Reuters
German business
sentiment in April was worse than the most pessimistic of forecasts, falling
for the second consecutive month as Europe's
largest economy was undermined by both its euro zone and Chinese export
markets.
German Ifo Sentiment Fell After Winter Chilled
Recovery: Economy – BB
Confidence fell for a
second month in April after winter weather hindered the recovery in Europe’s largest economy, adding to signs that the ECB
may cut interest rates.
IFO deterioration within expectations – TradingFloor
Juhani Huopainen: The
German Ifo-index continued falling in April, but within expectations, leaving
markets to digest another year of seasonal euro-sclerosis.
OTHER
Gold, Aussie Dollar,
ML Managers Survey – The
Short Side of the Long
On the virtuous circle of exporting deflation – alphaville
/ FT
There is a stealth war
on to export deflation, ideally in a way that simultaneously imports or steals
inflation from elsewhere. In some ways, it was the US which began the whole thing by inadvertently
importing deflation from China over the 90s and naughties and without even
realising it. And in so doing, it spread its growth effect to China. Japan meanwhile has been trying to export its deflation
for decades, with varying success. It is in some ways the original Patient
Zero.