Quote of the Day: Despite
the unemployment crisis, the WSJ reports that bond market is booming in both Spain and Italy
because of investor confidence that the ECB will intervene in the event of a
crisis. Citi strategist Jose Luis Martinez called this a “shocking decoupling
between the real and the financial economy”. – Counterparties
/ Reuters
Quote of the Day 2: So much,
then, for the silly idea in Europe that
“bad news is good news” because economic weakness will force the ECB to cut
rates – Anatole
Kaletsky / Reuters
Previously on MoreLiver’s:
Roundups
News roundup – Between The
Hedges
The 6am Cut London – alphaville
/ FT
Emerging Markets
Headlines – beyondbrics
/ FT
Europe’s Morning MoneyBeat – WSJ
MORNING BRIEFINGS
3 Numbers to Watch: Euro money supply, US GDP
& Cons. Sentiment – TradingFloor
Juhani Huopainen: US first-quarter Gross Domestic Product is
expected to bounce back after the fourth quarter's low number. The ECB will
report monthly monetary data, which is expected to confirm that the credit
crunch continues.
European markets are
likely to open lower Friday ahead of US first quarter GDP data scheduled for
release later in the day. Meanwhile, the Bank of Japan has kept its monetary
policy stance unchanged.
Danske Daily – Danske
Bank (pdf)
The Bank of Japan
kept the pledge to double the monetary base in two years. The German Bundesbank
criticises ECB’s bond-purchase programme in a confidential opinion prepared for
the German constitutional court, according to Handelsblatt. Market movers today
EUR: M3 and LTRO repayment figures Spain: to revise fiscal deficit targets US: first
Q1 GDP estimate
Aamukatsaus – Nordea
Rohkaiseva
britti-BKT tukee tiukkaa säästölinjaa * Japanin keskuspankki jatkaa
valitsemallaan tiellä * Espanjan työttömyysaste nousi yli 27 prosenttiin
Aamukatsaus
– Tapiola
(pdf)
Suomalaisten isojen konepajayhtiöiden raportit
on nyt julkistettu. Kokonaisuudessaan melko neurtraali neljännes sektorille,
tänään Cargotecilta kuitenkin heikko raporttti. Markkinan suunta: Odotetusti etenevä tuloskausi ja USA:n hyvät
viikkotyöttömyysluvut nostattivat eilen osakemarkkinoita. Osinkoja irti
osakkeesta tänään: Elecster EUR 0,25 ja Huhtamaki EUR 0,56. Osakefutuurit
miinuksella, ennakoiden laskuavausta OMX HEX:iin. 1Q13-tuloskommentit: Alma
Media, Amer Sports, Atria, Cargotec, Elektrobit, Finnair, F-Secure, Glaston,
Martela, Oral Hammaslääkärit, Outotec, Raute, Stockmann, Stonesoft, YIT.
EUROPE
Beware the Bundesbank – MacroSope
/ Reuters
German newspaper
Handelsblatt has got hold of a confidential Bundesbank report to Germany’s constitutional court, which sharply
criticized the European Central Bank’s bond-buying plan. This could be very big
or it could be nothing.
The finance minister
who steered Greece into the common currency club argues that the country’s problems today
are not an inevitable result of having adopted the euro -- and they can be
resolved without abandoning it.
So much, then, for the
silly idea in Europe that “bad news is good news” because economic
weakness will force the ECB to cut rates.
UNITED STATES
Albert Edwards: 10 Year Bond Yield Headinbg
Below 1% – The
Big Picture
FINNISH
Maahanmuuttoa
viime vuotta selvästi enemmän – Tilastokeskus
Osakeasuntojen
hinnat nousivat hieman maaliskuussa – Tilastokeskus