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EUROPE
Peter
Doyle: The Euro and the IMF Now – FT
Charlemagne:
Turning Finnish – The
Economist
Europe will watch Finland’s election closely—perhaps for the
wrong reasons
ECB’s Praet
Says Eurozone Bond-Buying Program Will Continue – WSJ
GREECE
Greece Enters Twilight Zone as Visions of
Euro Exit Take Shape – BB
Grexit
Lives As "Deluded" Forecasters Predict The Unpredictable – ZH
UNITED STATES
Core
Inflation Jumps Most Since October Due To Rent, Healthcare Costs – ZH
Bonds Drop,
Dollar Pops After Hotter-Than-Expected Inflation – ZH
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Draghi and Praet Try to Show Resolve on Bond Purchases * Weak Economic
Data Lowering Odds of Fed Rate Increase in June * Fed Is Expected to Shift on
Muni Bonds * ECB’s Praet Says QE Will Not End Early * India’s Rajan Okay With Fed Move Toward
Higher Rates
Daily
Macro – WSJ
European
equity markets slid sharply in early trade in a seeming absence of substantial
news. Yes, the eurozone continued to register negative inflation in March,
though that was widely expected. And yes, Bloomberg terminals suffered
technical problems making trade difficult, particularly in bonds. But does that
explain a 2% tumble in share prices? More likely is that worries about a Greek
default and exit from the euro are taking hold again.
Danske
Daily – Danske
Bank
Global
Daily – ABN AMRO
Given
recent data a surge in eurozone Q1 GDP looks to be on the cards… adding to our
view that growth will surprise to the upside this year * German banks tighten
lending standards on mortgages as house prices soar * ECB survey shows that
chances of the ECB undershooting its inflation target are falling
Euro
rates update – Nordea
Eye-Opener – Nordea
Long yields
approaching zero - 10-year Bund yields down to single digits * EUR/USD fares
well despite continued Greek struggles US CPI inflation to creep higher
Morning
Markets – TF
EURUSD was
embroiled in parity talk last week, but the speculation today is that a strong
Eurozone CPI could help propel it toward and perhaps beyond 1.0800 especially
as the dollar is still floundering on some less than impressive data recently.
Daily FX
Comment – Marc to
Market
Is the
Dollar Breaking Out?
Daily
Shot – TF
Fears that
Greek will be unable to seal a debt deal with its Eurozone partners at the
April 24 crunch meeting in Riga have heightened, sending Greek bond
yields higher with contagion spreading to Portugal too. As investors scurry for cover,
German yields are within a hairsbreadth of zero.
Daily
Press Summary – Open
Europe
IMF,
Commission and Eurozone united in call for Greece to step up efforts to
introduce necessary reforms and reach a deal with creditors * Former Spanish
Finance Minister and IMF chief detained on money laundering and tax fraud
charges * Schäuble: France “would be happy” to have someone forcing it to pass
reforms *
US Open – ZH
Global
Futures Slide After Worldwide Bloomberg Outage, China Tumbles On Short Selling Boost
FX Update – TF
Greek
tensions flared up again yesterday – so why did the euro rally? Elsewhere, the
USD, on its back, foot has GBPUSD approaching the key 1.5000 level ahead of the
latest UK employment data.
From the
Floor – TF
Greece is back in the news as its many
woes make their odyssey through financial markets. European stocks are down,
peripheral bonds have caught the Athenian flu and only the euro appears immune
from the curse.... for now.
Martin
Sandbu’s Free Lunch
– FT
Finance and
the rule of law - Elizabeth Warren: anti-finance firebrand with pro-market
agenda
OTHER
Bonds: When
even zero is too much
– Nordea
It seems
only a matter of time before we see the German 10-year yield hit negative
territory. After all, broadly positive macro-developments in the Euro area have
failed to reverse the downtrend in yields, while real yields have fallen faster
than inflation expectations have rebounded. We expect to see the German 10-year
yield to trade briefly in negative territory before the summer.
FINNISH
Aamukatsaus – Nordea
Kuluttaja ei juhli Venäjällä | Kreikan mahdollinen euroero kirvoittaa
spekulaatiota | Saksan 10-vuotinen korko lipuu kohti nollaa
The Economistin toimittaja: Hassua, ettei Suomessa kukaan
puhu elvyttämisestä – TE
Etujärjestöjen valta ja tulevaisuus – Hannu
Visti