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EUROPE
Paul De Grauwe: ECB grants debt relief to all
Eurozone nations except Greece – voxeu
Greece may be about to
get some debt relief, although there is still resistance to the idea. This
column argues that the ECB has been providing other Eurozone countries with
debt relief since early 2015 through its programme of quantitative easing. The
reason given for excluding Greece from the QE programme – the ‘quality’ of its
government bonds – can easily be overcome if the political will exists to do
so. It is time to start treating a country struggling under the burden of
immense debt in the same way as the other Eurozone countries are treated.
BREXIT
Bank of England and
responding to Brexit – Open
Europe
Brexit monitor 3:
Referendum campaign has intensified – Danske
Bank
This Week’s Brexit
Briefing – At A Glance – WSJ
UK referendum: Campaign
scorecard – Politico
IMF chief: Nothing
positive for UK from Brexit – Politico
Bank of England’s alarm
bells getting louder on Brexit – Politico
Media, Economics and
Brexit – Simon
Wren-Lewis
UK Article IV
Consultation – IMF
Brexit Opposed by Almost
200 Economists in Letter – BB
DATA
German economy surges in
Q1 – Carsten
Brzeski
Germany: Growth way
above trend in Q1, slower speed ahead – Nordea
Euro-area GDP: Positive
news but small implications – Nordea
UNITED STATES
Core U.S. retail sales
surge – Pictet
Consumers are still
alive – Danske
Bank
Retail sales boost,
consumer sentiment surge – Daiwa
OTHER
Yield Forecast Update – Danske
Bank
Fed hikes, higher oil
prices and ultra-long bond issuance are upside risks to European yields
Monthly Commodity Update – ABN
AMRO
Weather related issues
affect prices
Michael Biggs: Manna from Helicopters – Project
Syndicate
In periods characterized
by deflation, helicopter money is as close to a free lunch as economics has to
offer. The reason this is not widely understood is because of the traditional
method used to calculate seigniorage – the profits governments make from the
printing of money.
REGULARS
Danske Daily – Danske
Bank
Euro rates update – Nordea
Eye-Opener – Nordea
Key figure day – watch out for US
retail and Euro-area GDP * Yields rose on a day marked by weak equity markets
and surging oil * JPY weakens as intervention talk drives markets
Morning Markets – TF
Bank of England governor Mark Carney
unveiled his hand Thursday and that has left the Brexiteers spitting venom
Friday and sterling marooned.
Euro wrap-up –
Daiwa
Daily Market Comment –
Marc
Chandler
Toward a New Mouse Trap
Daily Market Comment
– Macro
Man
What a long strange trip it's been
Daily Shot – TF
Dilma Rousseff has been
suspended as Brazilian president and impeachment is moving forward as interim
President Michel Temer takes over. Rousseff' will continue to fight to regain
power which will only add to economic uncertainty.
Daily Press Summary – Open
Europe
Leave campaign angered
as Bank of England makes stark warning over Brexit * Eurogroup chief sees very
few red lines on Greek debt relief * Juncker and Schäuble warn UK that “out
means out” * House of Lords report claims EU mission to stop people smugglers
in Mediterranean is failing * Germany posts impressive growth in first quarter
of 2016 * EU Budget proposal delayed until after referendum
Brussels Playbook – Politico
Hungarians in hiding —
Finland’s Detroit — Slovak memo leak
US Open – ZH
Bloody Start To Friday The 13th For
Global Markets
Frontrunning – ZH
This week’s closing
levels look important for establishing near-term direction for the USD
particularly with key local support in play in EURUSD and the April US Retail
Sales report out today. The yen is outpacing even a very strong USD at the
moment as Kuroda’s rhetoric overnight failed to impress.
The US dollar rallied
overnight and the strength shows signs of enduring with EURUSD breaking key
local support. Markets await US retail sales figures for April as the main data
point of the week.
FINLAND & FINNISH
Euroalueen
talouskasvu yllätti alkuvuonna positiivisesti * Englannin keskuspankki korosti
Brexitin negatiivisia vaikutuksia * Brasilian presidentti Rousseff astui
syrjään * USA:n huhtikuun vähittäismyynnin odotetaan kasvavan