27th Apr - W/E: The World

Previously on MoreLiver’s:

W/E: Weekly Support

W/E: Best of the Week

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EUROPE

Brussels blog round up 19 March – 25 April – Europp / LSE

Portuguese debt, ‘techno-pessimism’, and is there a way back from violence in eastern Ukraine?

EU said to stress test banks on worst recession scenario yet – ekathimerini

The European Banking Authority and the European Central Bank will next week unveil an adverse scenario for the stress tests, which start in May…adverse scenario is predicated on economic output that misses the European Commission’s growth forecasts by 2.2 percentage points in 2014, 3.4 points in 2015 and 1.4 points in 2016.

Hans-Werner Sinn Accuses Troika of Misleading the Public – CESIfo

EU Commission’s talk of a Greek primary budget is misleading.

Macro Forecast Norway: After the oil boom: Looking like post-Nokia Finland? – Handelsbanken

Petroleum investment activity levelling out * Modest growth, high cost level * Unchanged policy rate until December 2015 * Continued NOK weakness

MiFID 2: A bigger bang – The Economist

A bold new law will reshape Europe’s capital markets. MiFID revolutionised share-trading in the EU, by allowing new competitors to take on dear and dozy national stock exchanges.

Another European attempt to hijack our national sovereignty – The Telegraph

If France determined to raise revenues by taxing the cider makers of Somerset, you would think that an infringement of sovereignty tantamount to invasion. Well, that’s what the FTT is

EU's court could rule in favour of taxation without representation in Europe – The Telegraph

ECB, BOE want to resurrect shadow banking in Europe – Sober Look

The ECB and BoE published a joint paper calling for the return of securitization markets in Europe (see below). This goes completely against the grain of the latest Basel accord which has started imposing much higher capital requirements for holding securitized paper.

  UKRAINE / RUSSIA

Russian economy gets shot again – Danske Bank

Bank Rossii hikes unexpectedly by 50bp * S&P cuts Russia’s debt rating for the first time in six years * Geopolitical risks continue to weigh on the RUB as the Eastern Ukraine situation worsens

Russia Faces More Sanctions as Monitors Held in Ukraine – Businessweek

Merkel Says Geneva Accord Has Failed; G-7 Preparing Action Against Russia – ZH

The Geneva deal fails, descent into darkness – The Economist

Sanctions Revive Search for Secret Putin Fortune – NYT

UNITED STATES

Five Takeaways From New GDP-by-Industry Report – WSJ

Markit's US services PMI prints 54.2 in the preliminary April – TradingFloor

Markit US Services PMI Drops; Job Creation Near 2-Year Lows – ZH

Final April Consumer Sentiment at 84.1 – Calculated Risk

Michigan Consumer Sentiment: April Final of 84.6 Beats Expectations – dshort