W/E: Weekly Support (updated)
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EUROPE
David
Cameron's pledge for reform of the EU is not realistic, said in an interview
with this website Paulo Rangel (Portugal), a vice president of the EPP group
in the European Parliament. According to him, the only possibility for opening
of the treaties for change is to upgrade the euro area.
Chief
Economist's Corner: About the krone and using an HP calculator – Nordea
Low pay
rises pressure Riksbank – Nordea
GREECE
Tsipras
presses for May debt deal, says referendum possible – Reuters
Tsipras
warns of referendum if talks on bailout deal fail – FT
Half of
investors expect Greece to leave euro zone within 12 months: Sentix – Reuters
EUROPEAN CENTRAL BANK
Not
enough German assets?
– Nordea
The
available amounts of German assets under the PSPP are barely adequate, and
entails buying up to the 25% limit of every single eligible bond. The ECB will
likely have to take action if they want to reach their balance sheet target.
UNITED STATES
Two
Observations on US Corporate Earnings – Marc
Chandler
Simon
Johnson: The Old New Financial Risk – Project
Syndicate
The main
financial risk facing the United States today looks very similar to what
caused so much trouble in 2007-08: big banks with too much debt and too little
equity capital on their balance sheets.
5 Things
to Watch at This Week’s Fed Meeting – WSJ
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Role Reversal, As China Eases And Fed Waits At Exit Door * China Readies
Fresh Easing to Tackle Specter of Debt * Fed Regulation Has Insurers on Edge * Some
Investors Can’t Wait for the Fed to Raise Rates * Traders Think BOJ Won’t Act,
But They’re on Guard Anyway
Daily
Macro – WSJ
There’s a
nagging sense that markets are artificially propped up by aggressive central
bank easing measures in Europe and Japan and that all that could change if the
Federal Reserve starts to remove some liquidity by increasing rates. It’s
unlikely the Fed will make any drastic announcements when a two-day meeting
concludes Wednesday, but investors aren’t willing to take chances when prices
are so high. One thing that does seem likely, however, is that whatever the Fed
does, central banks elsewhere seem willing to keep funnelling money into the
market
Danske
Daily – Danske
Bank
Eye-Opener – Nordea
Good news
from Greece – news flow still causing volatility * USD broadly weaker ahead of
the FOMC meeting * UK slowdown in warm-up for tomorrow
Daily FX
Comment – Marc
to Market
Market
Shrugs Off Poor Japanese and UK Data
Daily
Shot – TF
Chinese
equity markets continue their vertiginous rally and valuations have now begun
to outstrip many other global and emerging market averages. In our view, the
surge likely represents investors betting on stimulus from the People's Bank of
China.
Daily
Press Summary – Open
Europe
Markets
optimistic Greek government reshuffle will ease tension in negotiations * EU
rules out military mission to Ukraine * Czech Finance Minister rules out
country joining Euro any time soon
US Open – ZH
S&P
Futures Hug 2100 After China Denies QE, European Stocks Slide
FX
Update – TF
The USD is
on the defensive against most of the rest of the major currencies as the market
is positioned for a dovish, or at least very passive, Fed. Tomorrow’s FOMC
statement tells us whether the USD will find a local low this week or whether
this consolidation to the weak side extends.
From the
Floor – TF
As the
crude oil long/short ratio rips up to very high levels, more and more
indicators suggest that a sell-off is on the cards. In FX, the market is
focused on tomorrow's FOMC meeting as well as US Q1 GDP, while in the equities
sphere we've had a decent batch of surprisingly strong interim earnings.
Martin
Sandbu’s Free Lunch
– FT
Vote
tallies and seat counts: Cutting through the complexities of the UK electoral system
FINNISH
Aamukatsaus – Nordea
Venäjän keskuspankilla on koronlaskuvaraa | Ruotsin
vähittäismyynnin vahva trendi jatkuu |
Iso-Britannian alkuvuoden BKT julkaistaan tänään
Sixten Korkman: Kriisi ja kolmikanta, osa 1: Miten maa
makaa? – HS
Pääkirjoitus: Eurosta tuli pannukakku – HS
Taakanjakoa ja numeroita – Jussi
Halla-aho
Henri Myllyniemi: Pelätty D-sana palasi otsikoihin:
δημοψήφισμα – US