Previously on MoreLiver’s:
Roundups
News roundup – Between
The Hedges
The 6am Cut London – alphaville
/ FT
Emerging Markets
Headlines – beyondbrics
/ FT
Asia Morning MoneyBeat – WSJ
Europe Morning
MoneyBeat – WSJ
MORNING BRIEFINGS
Today’s retail sales
and CBI Industrial Trends Survey updates will stress test the notion that the UK economy is strengthening. Meanwhile, analysts
expect encouraging news today for US existing home sales.
Market Preview: FOMC
and BoE minutes awaited – TradingFloor
European markets are expected to open lower Wednesday. Traders keenly
await the FOMC and the BoE minutes to be released later today. Also, Ben
Bernanke's testimony to Congress on the economic outlook is also likely
to garner market interest.
Danske Daily – Danske
Bank (pdf)
FOMC Minutes: It will be interesting to see how worried FOMC
members were about
the softness in
economic data received up to the meeting. Discussions (if any) about the timing
of the QE exit should draw special attention. Fed chairman Bernanke’s testimony on the Economic Outlook
may also provide some
information about the Fed’s view on the labour market and a possible exit from
the QE programme.
Recent Fed speeches suggest an exit is not imminent, though. BoE Minutes: We expect the vote split
on additional asset purchases to be unchanged from April (6-3 maintaining
current policy). In fact, it is more likely the minority decreases given the
recent small, but yet encouraging signs in the data flow. Watch out for Kuroda’s press conference following
this morning’s Bank of Japan meeting
Aamukatsaus – Nordea
Bernanke puhuu
korot laskuun * Kiinan asuntomarkkinat eivät uhkaa talouden vakautta * Fedin
Evansin ja Dudleyn puheet painoivat dollaria
Aamukatsaus – Tapiola (pdf)
Julkaisimme eilen
uudet sijoitussuositukset. ETF tuotteissa suosimme osakkeita matalla
riskitasolla, unohtamatta arvostuspotentiaalia. Yrityslainoissa vaaditaan
riskinottoa. Markkinan suunta:
Keskuspankkiirien
kommentit ohjaavat edelleen osakemarkkinoita, tällä kertaa ylöspäin.
Tänään
lisäselvyyttä FED:n ajatteluun, kun edellisen korkokokouksen muistio
julkaistaan.
Osakefutuurit nyt
aamulla nollassa, indikoiden tasaista avausta OMX HEX:iin.
EUROPE
EU leaders look to end Apple-style tax
avoidance schemes – Reuters
Growing concern in
European capitals about aggressive tax avoidance by high-profile corporations
such as Amazon, Google and Apple looks set to steal the agenda of a European
Union summit in Brussels on Wednesday.
Euro-area growth forecast update – slow for
longer – Nordea
When it comes to
Euro-area GDP growth (forecasters), you rarely fail to get disappointed. We
revise down our GDP forecasts from -0.4% to -0.8% for 2013 and from 1.4% to 1%
for next year. Whether this is still too optimistic will depend on
whether our reasoning is correct.
UNITED STATES
And Then There is Bernanke – Tim
Duy’s Fed Watch
It seems that lacking
a more clear, consistent framework for the exit from quantitative easing, the
risk of miscommunication is high. Hence,
we are all looking toward tomorrow's speech by Federal Reserve Chairman Ben
Bernanke to provide the clarity that appears very much needed.
Fed officials dampen
talk of imminent bond buying cutback – Reuters
Fed's Bullard
recommends euro zone consider QE – Reuters
Fed's Bullard: don't
see support for negative rates – Reuters
Fed could end bond
buys in autumn if jobs outlook sure: Evans – Reuters
ASIA
BOJ holds steady
despite bond turmoil, upgrades economic outlook – Reuters
BoJ maintains, but
Abenomics is still hard – alphaville
/ FT