Current specials:
Special: IMF Outlook &
Kenneth-Rogoff
Roundups
News roundup – Between
The Hedges
The 6am Cut London – alphaville
/ FT
Emerging Markets
Headlines – beyondbrics
/ FT
MORNING BRIEFINGS
The UK labour market is expected to show modest
improvement in today’s update and the BoE’s minutes may shed light on the
central bank’s new remit on monetary policy. Meanwhile, the collapse in gold
implies the market is less worried about inflation.
Market Preview: Fed's Beige Book survey in the
spotlight – TradingFloor
European markets are
likely to open higher Wednesday. With little on the European economic calendar
today, the Fed’s Beige Book survey is expected to garner market attention.
Also, investors are keeping an eye on the G20 meeting commencing tomorrow.
Danske Daily – Danske Bank (pdf)
IMF lowers its
growth forecasts for most major economies. Focus on Chinese local authority
debt intensifies. Risky assets bounced back yesterday, driven by earnings and
soft Fed talk. Today’s calendar is packed and includes the Riksbank rate
decision. Market movers today: SEK: rate decision (09:30 CET) GBP: BoE minutes
(10:30 CET) USD: Fed’s Bullard speaks (15:30 CET) CAD: rate decision (16:00
CET) USD: Fed’s Rosengren speaks (18:00 CET) USD:
Fed Beige Book (20:00 CET)
Aamukatsaus – Nordea
Riksbank pitää
korot ennallaan * Saksan ZEW: Riskit kallellaan pettymyksiin * USA:sta vahvaa
asuntomarkkinadataa * Turkin keskuspankki laski korkojaan
Aamukatsaus – Tapiola
(pdf)
Ruotsalainen kuulalaakerivalmistaja SKF
raportoi tänään odotuksia heikommasta tuloksesta ja vaisuista joskin ennallaan
olevista näkymistä. SKF toimii hyvänä ilmapuntarina koko sektorille. Markkinan
suunta: Positiivinen yllätys USA:n teollisuustuotannosta palautti markkinoiden
luottamusta, muutaman laskupäivän jälkeen. USA:n keskuspankin varapääjohtaja ei
näe USA:n finanssijärjestelmässä kuplia. SKF:ltä heikko tulos, näkymät säilyvät
vaisuina. Osinkoja irti osakkeesta tänään: Ponsse EUR 0.25. Osakefutuurit
nousussa, ennakoiden loivaa nousuavausta pörssiin. 1Q13-tuloskommentti: Comptel
EUROPE
The crisis response in the euro area – ECB
Speech by Peter Praet,
Member of the Executive Board of the ECB, at the afternoon session “The
Challenges Ahead” at Pioneer Investments’ Colloquia Series “Redrawing the Map:
New Risk, New Reward” organised by Unicredit S.p.A., Beijing, 17 April 2013
UNITED STATES
Yellen and the Reach for Yield – Tim
Duy’s Fed Watch
The Fed might not want
to use monetary policy to blunt any suspected financial stability risks, they
may find themselves in a place where they believe they have no other choice
because alternative tools are not available.
OTHER
When the cost of sovereign default plunges – Felix
Salmon / Reuters
What we’re seeing in
countries like Argentina and Ecuador, I think, is a rational response to λ falling
to levels very close to zero. When that happens, such countries will default
quite often — and that frequent default will be baked in to bond prices no
matter how healthy the country’s broader economy. As a result, the “official”
default probabilities for serial defaulters like Argentina are almost always going to be understated.
Augmented inflation targeting: Le roi est mort,
vive le roi – voxeu.org
Richard Baldwin,
Daniel Gros: The Bank of Japan has now joined the club of central banks
practising a new, post-Crisis form of inflation targeting. This column
discusses the new goals, new tools and new challenges of ‘augmented inflation
targeting’. Despite economists’ worries and the many unknowns ahead, there
really is no alternative in a post-Crisis world. Augmented inflation targeting
is here to stay.