29th Apr - US Open

Previously on MoreLiver’s:

Monday EU Open: Heaviest Week

Weekender: Markets, Econ, Finnish

Weekender: US & Asia

Weekender: Europe

Credit Guest: The Coffin Corner

Weekender: Weekly Support

Weekender: Best of the Week

Current Specials:

Special: US Q1-2013 GDP (new)

Special: Reinhart & Rogoff Debacle (updated)

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Roundups & Commentary

Frontrunning – ZH

Overnight: Muted With Japan, China Closed; Event-Heavy Week Ahead – ZH

The Lunch Wrap – alphaville / FT

Emerging N.Y. headlines – beyondbrics / FT

Daily Press Summary – Open Europe

  French Finance Minister Moscovici: ‘Confrontation with Berlin is counter-productive’

Morning MoneyBeat: Slumping Revenue Growth a Concern – WSJ

Morning Bond Update – TradingFloor

Dollar Softens at Start of Eventful Week – Marc to Market

Morning Briefing (EU/US): Take It Easy – BNY Mellon

  The “so what” of events in Italy this weekend.

EUROPE

The eurozone is still vulnerable – The A-List / FT

kirjoittanut Howard Davies

Riksbank minutes: Households’ debt the focal point – Nordea

Riksbank minutes from the 16 April monetary policy meeting didn’t come with any major surprises. We stick to our view that the Riksbank will not trim the repo rate from the current level of 1.0%.

Merkel-bashing Socialists cause controversy in France – euobserver

A personal attack on German leader Angela Merkel by French President Francois Hollande's Socialist party has prompted fierce debate.

  ECB

ECB preview: No rate cut – Nordea

We stick to our call and find it most likely that the ECB will keep rates on hold and instead come up with new measures to support bank lending to Small and Medium-sized Enterprises (SMEs).

Bundesbank looks to undermine Italy – Macrobusiness

Bundesbank declares ‘war’ on Mario Draghi’s bond bail-out at Germany’s top court – The Telegraph

Research Bulletin No. 18 – ECB (pdf)

Heterogeneous transmission mechanism and the credit channel in the euro area * Firms’ adjustment during times of crisis * Macroeconomic effets of large-scale asset purchase programs

  MACRO NUMBERS

United States versus Euro Area: A Chart that shows the Difference – Natixis

Household consumption + investments

Euro Area Savings Rate Drops To Record Low, Disposable Income Has Biggest Drop Ever – ZH

Business investment rate down to 19.7% in the euro area – Eurostat (pdf)

Tax-to-GDP ratio in the EU27 up to 38.8% in 2011 – Eurostat (pdf)

Household saving rate down to 12.2% in the euro area – Eurostat (pdf)

  ITALY

Finally, an Italian government – MacroScope / Reuters

Berlusconi Aide Tells Letta How to Run Italy – WSJ

Italy's new government has just been sworn in but the country's political heavyweights are already engaged in tactical moves to assure their exclusion from a hastily-patched together coalition cabinet doesn't reduce their power.

Italy forms coalition government amid economic tension – euobserver

Italian leader Enrico Letta's team of ministers is set to be approved by parliament on Monday, amid warnings that Rome may have to seek financial aid from the ECB.

  OTHER PIIGS

Spain and Greece soon outpacing France and the Netherlands? – Nordea

Greece in the news – 81 years ago… – Market Monetarist

UNITED STATES

Sell in May? – Humble Student

Corporate Earnings In One Huge Chart – BI

From Goldman's Weekly Kickstart note, a great breakdown of S&P 500 earnings (so far) categorized by sector, showing which have been beating on earnings and revenue and which have come up short.

S&P 500 Revenues & US Exports – Yardeni’s blog

Strong correlation

ASIA

IMF Calls for Preemptive Austerity in Asia – WSJ

In Europe, the debate of late has been about whether there’s been too much austerity. In relatively healthy Asia, the talk is that there isn’t enough.

Four Ways Asia Can Avoid the ‘Middle-Income Trap’ – WSJ

OTHER

Global austerity: a primer – The World / FT

Austerity appears to be an increasingly dirty word in Europe. The past week alone has seen European Commission President José Manuel Barroso, Bill Gross of Pimco and Italy’s new prime minister Enrico Letta calling for an easing of austerity. Spain’s surpassing of the 6m unemployed mark on Thursday added fuel to the debate. But even in Germany, the austerity police of the eurozone, cracks are beginning to show ahead of the elections with the emergence of an anti-euro party.

Key Events, Issues And Market Impact In The Next Five Days – ZH

Goldman Sachs, SocGen: Busy Week Ahead

How to misunderstand crises... with Rational Expectations – The Physics of Finance

I've just about finished Gary Gorton's excellent book Misunderstanding Financial Crises. I think it's the most convincing book I've read so far that links the mechanisms of the recent crisis to crises in the past. In effect, he argues that the crisis was the direct result of the uncontrolled creation of money by the shadow banking sector, and ultimately took place as a classic bank run, no different from runs in the past, except that this run took place mostly out of public view because it didn't involve ordinary bank deposits.

Deep thoughts on civilisation from Jeremy “Hari Seldon” Grantham – alphaville / FT

FINNISH

Suomalaisen työn hinnan loppusuora – Pauli Vahtera / IL Blogit

Ristiriita – Henri Myllyniemi / US Puheenvuoro

Elinkeinoelämän luottamus talouteen edelleen alamaissa – EK

Elinkeinoelämän luottamusindikaattorit pysyivät huhtikuussakin alhaalla. Kaikilla toimialoilla luottamus oli pitkäaikaista keskiarvoa heikompaa

Tunnelmat euroalueella synkkenivät taas – TE

Euroalueen talousluottamus heikkeni huhtikuussa toista kuukautta peräkkäin - ja vieläpä odotettua enemmän.

Kotitalouksien rahatilanne kurjistui ennätysvauhtia Euroopassa – TE

Euroalueen kotitalouksien reaalitulot laskivat loka-joulukuussa 1,1 prosenttia edellisestä vuosineljänneksestä.

Sadat piensahat hiljenevät – YLE

Piensahat ovat pulassa EU.n rakennustuotelain vaatimusten kanssa. Kaikkien piensahojen ei kannata edes hankkia merkintään oikeuttavia lupia. Moni sahuri harkitseekin sahauksen lopettamista.