25th Apr - US Open: UK GDP a Positive

Previously on MoreLiver’s:

Thursday Open: Euro stronger, why?

Wednesday US Close: Europe is getting interesting...

Wednesday US Open: Bad German IFO

Weekender: Weekly Support

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Roundups & Commentary

Frontrunning – ZH

Overnight: Ramp Driven By Higher EURUSD On Negative European News – ZH

The Lunch Wrap – alphaville / FT

Emerging N.Y. headlines – beyondbrics / FT

Daily Press Summary – Open Europe

Morning MoneyBeat: As Stocks Churn, Rotation Brews – WSJ

Morning Bond Update – TradingFloor

Dollar Heavy, Sterling Leads Charge – Marc to Market

Morning Briefing (EU/US) – BNY Mellon

  Looking at the latest developments in the Italian election saga.

EUROPE

EU's Rehn: fiscal adjustment slowing down in Europe – Reuters

EU's Rehn: Europe Can Afford Less Austerity This Year – mni news

When ideology meets economic reality (Part II) – Open Europe

Bundesbank says EU financial transaction tax could make banks more reliant on cheap ECB money

Finland Says Euro Can Survive Cyprus Exit as Strict Rules Sought – BB

Finland rejects the notion that the area can only survive if there’s also a fiscal union, Miapetra Kumpula-Natri, who chairs the parliament’s Grand Committee, said yesterday in an interview in Helsinki.

Recession likely to prevail throughout the first half of the year – Pictet

The euro area’s manufacturing PMI data shows a worrying weakness in economic activity at the start of the second quarter. The region appears well entrenched in recession and recent data on Germany suggest that weakness is spreading in core countries as well.

EU seeks quick deal on tax transparency – euobserver

The EU is hoping to reach agreement on automatic exchange of data on overseas bank accounts, according to a letter sent to national capitals on Wednesday

  ECB

Saving the euro – ECB

Speech by Jörg Asmussen, Member of the Executive Board of the ECB, The Economist’s Bellwether Europe Summit, London, 25 April 2013

EU should press ahead on bank resolution, ECB man says – euobserver

The EU should move ahead with rules to wind up failing banks and set to up a bank resolution fund, ECB vice-president Constancio has said.

Signs of improved financial market integration in second half of 2012 – ECB

Link to the full pdf.

Merkel: ECB would have to raise rates if looking at Germany only – Reuters

  UK

Austerity — the British test case – MacroScope / Reuters

GDP Q1 +0.3%, Recession avoided  – Reuters, BB,  WSJ, Money Supply / FT, mainly macro

  PIIGS

Marginalised in Spain – alphaville / FT

…more than six million Spaniards out of work in the first quarter of 2013. As Reuters said, that raises the jobless rate in the eurozone’s fourth biggest economy to 27.2 per cent, the highest since records began in the 1970s. (also Reuters, Bloomberg)

Who is Enrico Letta - Italy's next premier? – Danske Bank (pdf)

Italy's new Prime Minister: Pro-EU integration, anti-austerity? – Open Europe

UNITED STATES

Is The Recent Fall In Inflation Expectations A Warning Sign? – The Capital Spectator

The S&P 500 has continued to push higher in recent weeks while the inflation forecast has slipped. As the divergence widens, the chasm implies three possible scenarios.

Possible Fed Successor Has Admirers and Foes – NYT

Ms. Yellen is now widely viewed as a logical candidate to succeed the current Fed chairman, Ben S. Bernanke, when his term ends in January 2014.

ASIA

Expected Japanese Stampede Overseas Still in Wings – WSJ

Weekly investment data from the Ministry of Finance show that Japanese investors on balance actually sold Y862.6 billion ($8.7 billion) of foreign bonds and notes last week. It was the sixth straight week of selling and follows net sales of Y332.8 billion for the week through April 13.

All eyes on Japanese inflation data and BoJ tonight – TradingFloor

John J. Hardy: The Asian session will be an interesting one tonight with Japanese national inflation figures for March and the Tokyo figures for April… We’ve been hovering near the 100 mark in USDJPY for most of this week and this meeting will either trigger a new rally leg higher or a larger consolidation lower – it’s hard to believe, given how far we’ve travelled, that we remain in the same nervous zone here just under that big figure.

OTHER

Central Banks Load Up on Equities as Low Rates Kill Yields – BB

Central banks, guardians of the world’s $11 trillion in foreign-exchange reserves, are buying stocks in record amounts as falling bond yields push even risk- averse investors toward equities.

Watching silver for the bottom in gold – Humble Student

Why is the silver/gold ratio continuing to fall here? In the last couple of instances where gold had bottomed, the silver/gold ratio bottomed at about the same time.

FINNISH

EVA Analyysi: Tulehduksen oireet – EVA

Näin yritysjohtajat näkevät Suomen kilpailukyvyn 19 osatekijää 

EVAn kilpailukykytutkimuksen maakuntakohtaisia lukuja – EVA

Suomiko kilpailukykyinen? – TE

Elinkeinoelämän valtuuskunnan kysely paljastaa, että yritysjohtajat pitävät Suomen kilpailukykyä varsin heikkona. Mielipidekyselyyn vastasi 1260 yritysjohtajaa.

Maahanmuuttajat yliedustettuina toimeentulotuen saajissa – HS

Maahanmuuttajien osuus Helsingin toimeentulomenoista on 27 prosenttia, vaikka maahanmuuttajien osuus väestöstä on noin kahdeksan prosenttia.