Follow ‘MoreLiver’ on Twitter
EUROPE
Debt crises
have distracted from the structural flaws and political challenges that imperil
the euro
Reykjavik considers wresting money creation from
financial sector
ECB
preview: Time to implement QE, not to change it – Nordea
From the
ECB meeting next Wednesday we expect neither new policy initiatives nor tweaks
to existing programmes. The Q&A session will probably focus on Greece and how the ECB could adjust QE if
needed. But as public sector bond purchases only started a month ago, we don’t
expect ECB President Draghi to seriously enter into a discussion about what to
do next. The ECB’s confident message is not set to do anything to reverse the
firm downtrend in long Bund yields towards zero.
REGULARS
Daily
Central Banks – WSJ
Douglas’s Take: U.K. Elections Bring Reminder of
Political Risk * U.S. Chides Europe, Japan for Overreliance on Monetary Policy
* IMF’s Lagarde Calls for More Central Bank Easing * WSJ Survey: Economists
Think Fed Will Wait Until September to Raise Rates * Indonesia Takes Steps to
Stem Flight of Foreign Cash
Daily
Macro – WSJ
The dollar
is back on an upward track. That reflects the idea that although the U.S. economy clearly slowed in the first
quarter, it is fundamentally heading in a different direction from the rest of
the world. Industrial-production data out of France and the U.K. on Friday weren’t disastrous, but
they underscored the weakness in the second- and third-biggest economies of Europe.
Danske
Daily – Danske
Bank
Global
Daily – ABN AMRO
World trade
and global GDP growth have weakened recently after climbing last year…but the global
PMI survey and fundamentals suggest they will regain momentum * Initial jobless
claims beat expectations, suggesting the US job growth will recover
Euro
rates update – Nordea
Eye-Opener – Nordea
Greece and US labour market spur a bit of fresh
optimism * Greece pays up * German Bunds in new
intra-day lows * EUR/USD is now likely to test new lows
Morning
Markets – TF
Daily FX
Comment – Marc
to Market
Dollar
Extends Gains, though Yen Holds Own
Daily
Shot – TF
Late 2014
and early 2015 may have dragged Russia through a perilous combination of
collapsing oil and geopolitical unrest, but Russian markets and the rouble are
returning to life this spring, and investors are eager to get in on the action.
Daily
Press Summary – Open
Europe
Finnish
Finance Ministry steps up contingency plans for a Grexit * Swiss will need to
vote again, says EU official in charge of free movement negotiations * Ukraine
sets sights on joining NATO * Nordic states pledge military cooperation to
tackle Russia threat - but EU divided on sanctions * National Front leader
Marine Le Pen announces disciplinary procedure against her father *
US Open – ZH
Asia Superbubble Unstoppable: Hong Kong Up 10% In Past Week; Soaring Dollar
Pushes Euro Back Under 1.06
FX
Update – TF
The USD
continued to pull higher yesterday, though much of this was about EUR and GBP weakness as the JPY and some of the
G10 smalls managed some resiliency. Today’s focus is around the edges of the
majors with data from the UK, Norway and especially Canada.
From the
Floor – TF
There's
been a strong rebound in European equities, with the DAX in particular trading
higher this morning.
Martin
Sandbu’s Free Lunch
– FT
What does
Syriza want? Fight "neoliberalism" from within the euro or leave it
altogether?
FINNISH
Aamukatsaus
– Nordea
Mikä saisi EKP:n kiristämään rahapolitiikkaansa? | Iran-sopimus jarruttaa öljyn hinnannousua |
Kreikka maksoi lainaerän IMF:lle
Työvoiman tarjonta ei vain tilastonumero – Roger
Wessman
Teollisuustuotanto
helmikuussa -5,1 YoY – Tilastokeskus
Teollisuuden uudet
tilaukset helmikuussa -5,5% YoY – Tilastokeskus
POLITIIKKA
Soini tähtää hallitukseen kolmanneksi pyöräksi – YLE
Ison jytkyn jälkeen persupomo on piiskannut puoluettaan
hallituskelpoiseksi. Sillä on ollut hintansa, kirjoittaa politiikan
erikoistoimittaja Pekka Ervasti
Eduskuntaan suunniteltu keskustelutilaisuus peruttiin –
perusteena Supon uhka-arvio – YLE
Heinäluoma sulki ovet perussuomalaisten tilaisuudelta:
”Pöyristyttävää” – Suomen
Uutiset
Kansanedustaja pöyristyi: Vilks-tilaisuus kiellettiin
eduskunnassa Supon uhka-arvion takia – IS
Seppo Tiitinen otti
vastuun perumisesta – ” kohta pommit paukkuu” – IS
Mallia maahanmuuttoon – Sampo
Terho