19th Apr - Waiting for ECB

 

Previously on MoreLiver’s:

Monday: War over ECB, Doha, IMF

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EUROPE

The Trucker's Nightmare That Could Flatten Europe's Economy – BB

Three decades of borderless travel at risk with new checks — permanent curbs could cost 470 billion euros over 10 years.

Why have ‘austerity’ failed in the PIGS countries and succeed in Iceland? – Lars Christensen

Clemens Fuest: How Germany Views Brexit – Project Syndicate

On June 23, British voters will decide whether the United Kingdom should leave the European Union. For Germany, Europe’s largest economy, the consequences of Brexit could be grave, with the costs far outweighing any benefits.

Treasury’s Brexit report – what does it say and how credible is it? – Open Europe

The UK Treasury (HMT) yesterday released its lengthy economic assessment of the long term economic impact of Brexit. Open Europe’s Raoul Ruparel examines the key points of the report, how it differs from other estimates and whether it is a credible assessment.

  EUROPEAN CENTRAL BANK

April 2016 euro area bank lending survey – ECB

ECB to focus on March measures – ABN AMRO

Downside risks to the growth and inflation outlook persist, but further easing is unlikely until later in the year. Indeed, two of the measures announced in March are yet to be implemented. Focus in April meeting will be on details of the corporate bond scheme, which we think will reveal a relatively large eligible universe totalling EUR 750bn.

The Sin of Central Bankers – Francesco Saraceno

Hans-Helmut Kotz: Germany’s Costly Fiscal Fetish – Project Syndicate

The European Central Bank is under sustained political attack from Germany, a country that has long prided itself on defending the principle of central-bank independence. But, with monetary policy having replaced fiscal policy as the key policy tool to stimulate growth, might the old dogma be outdated?

REGULARS

Danske Daily – Danske Bank

Euro rates update – Nordea

Eye-Opener – Nordea

Positive risk sentiment led by oil; ECB lending survey and Carney speech today * Increasing bank interest in new TLTROs in ECB’s bank lending survey * Oil setting the tone in bond markets yesterday * Risk on expected today, mirroring Japanese overnight moves

Morning Markets – TF

Crude oil's recovery from a plunge at the start of the week after Opec's failed Doha talks helped restore confidence and lift Asian equity markets and commodity currencies on Tuesday.

Daily Market Comment – Marc Chandler

Markets Build on Yesterday's Dramatic Recovery

Daily Shot – TF

A few new data points out of China indicate that the slowdown narrative may not be as inexorable as was once thought. Of particular note are renewed housing strength and iron ore demand.

Daily Press Summary – Open Europe

Osborne warns of £36bn black hole in funding for public services in event of Brexit as Leave campaigners criticise migration assumptions underpinning Treasury report * New ORB/Telegraph poll puts Remain ahead * Italian Finance Minister: Brexit “would send the message that Europe can be undone” * Germany and Italy clash over Renzi’s proposed ‘migration Eurobonds’ * Spain one step closer to re-run elections as Podemos supporters reject three-way government alliance * EU and IMF agree to ask Greece for additional budget savings as talks are set to resume

Brussels Playbook – Politico

Macron’s EU tour — Belgium skips transport meeting — Fico in hospital

US Open – ZH

S&P To Open Above 2,100, Eyes All Time High As Global Markets Surge, Crude Rises Above $40

Frontrunning – ZH

 

From the Floor – TF

Equities surged across the board in Asia as the Doha bounce helped propel risk-on sentiment. Netflix meanwhile took a dive after its content strategy came under the spotlight.

FINNISH

Aamukatsaus – Nordea

OPECin sisäiset ristiriidat haittaavat öljyn elpymistä * Öljyvaluutat heiluvat voimakkaasti * Euroalueen pankkien luottoehdoista saadaan lisätietoa * Fedin johtokunnan jäsenet olivat äänessä