Scroll down to the highlighted links. They are worth it. JP Morgan's quarterly report is a must-read.
Previously on MoreLiver’s:
Special: Bailout of Cyprus (updated)
Roundups &
Commentary
News – Between
The Hedges
Markets – Between The Hedges
Daily Interest Rate Monitor – Global Macro Monitor
Recap – Global Macro Trading
The Closer – alphaville / FT
Tomorrow’s Tape – WSJ
Europe: Closes Green As Macro Data Drops Most In 19
Months – ZH
Morning Briefing
(Asia) – BNY Mellon
EUROPE
IMF Urges Caution on Union Policy – WSJ
The IMF takes a
soul-searching look at its labor-market recommendations made as part of the
bailout programs the fund has managed in recent years.
The IMF is urging Denmark to phase out interest-only mortgages or risk
destabilizing its housing market, as lawmakers and lenders debate whether to
aid borrowers unable to pay their loans.
As Mervyn King,
governor of the Bank of England, once memorably said: banks are “global in life
but national in death”.
Another European Politican Exposed As Complete
Liar – ZH
The non-performing
loan rate and capital adequacy ratios of a select group of eastern and central
European countries.
The Netherlands, Berlin's most important ally in pushing for greater
budgetary discipline in Europe, has fallen into an economic crisis itself.
The once exemplary economy is suffering from huge debts and a burst real estate
bubble, which has stalled growth and endangered jobs.
Record High: European Jobless Rates Show
North-South Rift – Spiegel
Unemployment in the
euro zone hit 12 percent in February, its highest level since the creation of
the euro, according to data released on Tuesday. It provided further evidence
that the debt crisis has driven a wedge between the stable north and the struggling
south in the 17-member currency bloc.
Euro-Area Unemployment Rises to Record 12% Amid
Slump – BB
The euro-area jobless
rate rose to a record 12 percent in early 2013, adding to signs that the
currency bloc’s recession extended into the first quarter.
ECB
ECB Preview: An instrument for SMEs – Danske
Bank (pdf)
Instead of a rate cut,
we expect Mario Draghi to present a new non-standard measure targeted at
improving credit conditions for small- and medium-sized companies. If Draghi
comes up with alternative measures such as a lending programme to SMEs, we
believe it should lead to an increase in longer term core bond yields and some EUR
strengthening
One Size Fits None – Krugman /
NYT
If European policy
makers really want to save the euro, what they should be doing is pushing hard
against their system’s deflationary bias. Unfortunately, as far as I can tell
they aren’t even willing to acknowledge that the problem exists.
One expensive euro – Free exchange
/ The Economist
I had been surprised
at how long euro-area residents seemed content to suffer through the
continent's economic mess. But maybe I shouldn't have been; until recently, it
wasn't obvious that other large, rich economies could manage much better. Now
it is, and it will become more obvious every quarter.
UNITED STATES
STOCK
MARKET
Sector Trading Range
Charts: Health Care, Consumer Staples Explode Higher – Bespoke
Sector Relative
Strength By Market Cap – Bespoke
You Know The Market's
Euphoric When... – ZH
For S&P 500, Is
This the Dreaded Triple Top? – WSJ
361 Capital Weekly
Research Briefing – The
Reformed Broker
ASIA
Steen Jakobsen: It’s
very hard to decide about the motives behind North Korea’s escalating rhetoric – is it merely the young
dictator's way of positioning himself within North Korea's power structure or is it something else?
OTHER
Guide to the Markets – JPM
Three Macro Monetary Morphine Charts – ZH
All major stock
markets are disconnected from macro
Four New Views – Marc to Market
1) Difficult for US to maintain positive surprises 2) Cyprus is not ‘new’
and thus shock manageable 3) Italy and perhaps Slovenia next risk sources 4)
Warnings on Japan
Gold to grey – alphaville /
FT
Societe Generale’s big (bearish) scorecard on “the end of the gold era”
Investment Outlook: A
new belle époque? – TradingFloor
Teis Knuthsen: We have
been recommending an overweight of risky assets in our portfolios since last
autumn. For now, we maintain an overweight of equities and of emerging market
bonds, but are closer to a shift to neutral than for many months.
Currency Positioning By Hedge Funds – The
Short Side of the Long
http://theshortsideoflong.blogspot.com/2013/04/currency-positioning-by-hedge-funds.html
Masters of money fail to convert hope into
reality – The
A-List / FT
Stephen King: Governments
now need faster growth to help their fiscal numbers add up. Central banks are
coming under increasing pressure to do the necessary monetary arithmetic. Yet,
in doing so, the resulting mispricing of assets and growth of cross-border
carry trades may only be sowing the seeds for the next financial upheaval.
IN FINNISH
Euroalueen
nykyisellä rahapolitiikalla eivät euromaiden rakenteelliset uudistukset auta
pätkääkään – Tyhmyri
Lainat,
talletukset ja korot, helmikuu 2013 – Suomen
Pankki
Paavin
murheellinen rahamylly – HS
Paavi Franciscuksen odotetaan uudistavan
korruption syövyttämän Vatikaanin. Ongelmien ytimessä on Vatikaanin pankki,
jota syytetään rikollisen rahan pesemisestä.
Tausta:
Vatikaanin pankki on loputon skandaalien lähde – HS