The euro is stronger across the board, even after bad macro numbers. But the macro data is also weak in US. Two things come to mind: markets believe ECB's reaction function is non-existent - the central bank will do nothing unless the existence of the eurozone is threatened. Simple stuff like economics and unemployment does not concern them. On the other hand, everyone knows the reaction function of the Federal Reseve and Bank of Japan. I think the euro rally is overdone now, and we should start seeing a return back to the magnet-like 1.3-level next.
Previously on MoreLiver’s:
Current specials:
Roundups
News roundup – Between
The Hedges
The 6am Cut London – alphaville
/ FT
Emerging Markets
Headlines – beyondbrics
/ FT
Asia Morning MoneyBeat – WSJ
Europe Morning MoneyBeat – WSJ
MORNING BRIEFINGS
UK GDP in the first
quarter is expected to be flat in today’s release. Virtually no change is also
the outlook for US jobless claims. Later, Bloomberg releases its weekly index
on consumer sentiment.
European markets are
expected to open lower Thursday. Markets await the release of today's UK GDP
data which is likely to show an expansion in the first quarter of 2013. US initial jobless claims due later today will
also be in focus.
Danske Daily – Danske
Bank (pdf)
Global macro data
continue to disappoint – Korean GDP being today’s exception. US markets closed
flat but with defensives down – Asian markets are higher. Enrico Letta appears
set to become Italy's new prime minister. Focus today is on earnings reports
and UK GDP
Aamukatsaus – Nordea
Euroalueella
luottojen tarjontaongelmat hellittämässä, kysyntä matelee * Italiaan vihdoinkin
hallitus? * Sekä USA:n kestotavaratilaukset että Saksan IFO-indeksi heikkenivät
odotettua jyrkemmin
Aamukatsaus – Tapiola (pdf)
Heikko makrodata ei haitannut markkinoita, kun
toiveita kohdistetaan keskuspankkien elvytykseen. Osinkoja irti osakkeesta
tänään: HKScan EUR 0,10 ja Rapala EUR 0,23. Osakefutuurit nollassa, ennakoiden
tasaista avausta OMX HEX:iin. 1Q13-tuloskommentit: Ahlstrom, Biohit, Dovre,
Componenta, Fortum, Huhtamaki, Kesko, Okmetic, Olvi, Oriola-KD, Outokumpu,
Rautaruukki, Talentum, Teleste, Tieto, Tikkurila, Tulikivi, UPM-Kymmene,
Vaisala . Lisäksi Amer Sports sekä Glaston klo 13
EUROPE
With the ECB easing inevitable, periphery
yields hit new lows – Sober
Look
Poll in European
Union's six biggest countries finds Euroscepticism is soaring amid bailouts and
spending cuts