Here are the ”best” from my
posts of the ending week. Last week’s edition here.
Follow ‘MoreLiver’ on Twitter
EUROPE
They saved the eurozone; they just forgot to save the
people – vox
Nobody thinks the eurozone is going to collapse anymore, and
nobody thinks there will be a worldwide banking panic. The only problem is vast
swathes of the continent remain an economic disaster area. They saved the
eurozone, but not the economies that it comprises or the people who live there.
A Bond Bubble In
Peripheral Europe? – Forbes
Ultimately, the crisis highlighted that too much price
convergence without economic convergence and reform in the eurozone can
actually be a bad thing, with resulting perverse incentives and negative
outcomes. While the price action in peripheral bonds might not yet count as a
‘bubble’, investors and politicians would do well to remember these lessons
when interpreting the record low borrowing costs.
The Ultimate WSJ
Guide to European Elections: One, Two, Three … Vote – WSJ
Find out when you should start paying attention to European
elections. We're giving you timings for first exit polls and what to watch out
for in the results of individual countries.
Euro area GDP up by 0.2%, EU28 up by 0.3% - Eurostat
Euro area annual inflation up to 0.7%, EU up to 0.8% - Eurostat
Euro GDP growth weaker than expected in Q1 – Danske
Bank
Euro Growth Diverges; Strong Germany
Offsets France – BB
Euro-Area Growth Missing Forecast Keeps Pressure on ECB – BB
5 Things to Know About Euro-Zone GDP – WSJ
ASIA
5 Takeaways from Japan’s GDP – WSJ
Japan’s Economy Accelerated in First Quarter – BB
Japan’s
economy grew at the fastest pace since 2011 in the first quarter as companies
stepped up investment and consumers splurged before the first sales-tax rise in
17 years last month.
Is China’s housing bubble popping? – WaPo
OTHER
Momentum Has Not Been
“Overgrazed”: A Visual Overview In 10 Slides – SSRN
The return to "momentum" does not seem to be the
victim of “overgrazing”. Conceptually, overgrazing occurs when too much capital
chases too few investment opportunities which in turn leads to low returns. The
“equity risk premium”, the “size premium” and the “value premium” seem to be
getting close to a no-man’s land of return-free risk. A high degree of belief
in “the kindness of strangers” could be driving the low equity risk premium,
size premium and value premium. A high degree of disbelief in momentum could be
driving what appears to be a trend large cap momentum excess return of about 7%.
FINNISH
"Euro on vuosisadan virhe" – TE
Europyörällä päästään – Sami Miettinen / US
Avoin kirje Pääministeri Jyrki
Kataiselle – Vesa
Kanniainen / US
Vastauksia Kanniais-skeptikoille – Juhani
Huopainen / US
Cannes - kokouksesta muistettua – Henri
Myllyniemi / US
EU-johtajat savustivat ulos Kreikan pääministerin – TE
EU-virkamiehet valitsevat jäsenvaltioiden johtajat – Juhani
Huopainen / US
Kreikan kansanäänestys peruttiin – ”olisi
merkinnyt euron loppua” –
PS
Poliittisesta vastuusta – Piksu
Ekonomisti: EKP:n uskottavuus vaarassa, ajaa
Suomea taantumaan – Verkkouutiset
Äänestäminen ja joukkotuhoaseet – Juhani
Huopainen / US
Kansantalouden
tuotanto pieneni maaliskuussa 2014 – Tilastokeskus
Suomen taantuma
jatkui Q1 – Roger
Wessman