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  1. #1
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    EURO

    The euro advanced against the dollar, reversing its decline, after a report showed German investor confidence increased more than economists predicted this month to the strongest in 2 1/2 years.

    Europe’s common currency advanced 0.2 percent to $1.3339 at 10:06 a.m. London time, after earlier falling by 0.4 percent.

    The ZEW Center for European Economic Research in Mannheim said its index of investor and analyst expectations, which aims to predict economic developments six months in advance, climbed to 31.5 from 6.9 in December. That’s the highest since May 2010. Economists forecast a gain to 12, according to the median of 39 estimates in a Bloomberg News survey.

    source_http://www.bloomberg.com/news/2013-01-22/euro-gains-versus-dollar-after-german-investor-confidence-climbs.html

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  2. #121
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    Stoxx 600 rally has lost steam after 2-month high in March
    25 companies trade ex-dividend today, dragging on Stoxx 600
    Drugmakers led a second day of gains in European stocks, while energy producers tracked an advance in oil.
    A gauge of health-care shares headed for its biggest two-day rise since February, with AstraZeneca Plc up 2.7 percent amid speculation it may be a potential deal target after the collapse of a merger between Pfizer Inc. and Allergan Plc. Chr Hansen Holding A/S climbed 2.6 percent after the enzymes supplier raised its full-year sales target. Tullow Oil Plc and Subsea 7 SA gained 2.5 percent or more.
    The Stoxx Europe 600 Index added 0.2 percent at 8:42 a.m. in London. Daimler AG and 24 other companies traded without the right to dividend today, shaving 0.4 point off the equity measure.
    Europe’s benchmark rebounded yesterday from its lowest level in almost six weeks, led by health-care companies. The Stoxx 600 has been particularly volatile lately, with a rally that pushed up the gauge by as much as 14 percent since a Feb. 11 low losing steam in recent weeks. Since reaching a two-month high on March 14, the gauge has fallen 3.8 percent.

    source_http://www.bloomberg.com/news/articles/2016-04-07/european-stocks-little-changed-after-fed-minutes-carmakers-fall

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  3. #122
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    Japanese firm confirms it will cut some businesses in region
    Nomura operations overseas have been unprofitable since 2010
    Nomura Holdings Inc., Japan’s largest brokerage, plans to shut down its European equity operations as it cuts costs after years of failing to become profitable overseas, a person with knowledge of the matter said.
    The Tokyo-based securities firm will shutter equity research, sales, trading and underwriting for European stocks, according to the person, who asked not to be identified discussing private information. Combined with reductions in North America, the move could affect about 1,000 jobs, another person said. Nomura confirmed that it will close certain businesses in Europe and “rationalize” parts of its operations in the Americas. It said it will provide details of the changes when it reports earnings on April 27.
    “Since the second half of last year, global markets have experienced extreme volatility and a significant decline in liquidity, triggered by heightened uncertainty in the global economy,” the Japanese firm said in a statement Tuesday.
    Nomura, which had 3,433 employees in Europe and 2,501 in the Americas as of Dec. 31, has been considering overhauling its overseas businesses since Chief Executive Officer Koji Nagai in February postponed a goal to earn 50 billion yen ($462 million) of pretax profit abroad. Nomura may dismiss about 20 percent of its workforce in North America, people with knowledge of the situation said last month.

    source_http://www.bloomberg.com/news/articles/2016-04-12/nomura-said-planning-to-withdraw-from-european-equity-business

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  4. #123
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    Schaeuble, Draghi likely to meet during IMF spring meetings
    German critique highlights concerns over pensions, politics
    Once again, Europe’s most powerful financial policy makers are taking more baggage to Washington than they’d planned.
    German Finance Minister Wolfgang Schaeuble and European Central Bank President Mario Draghi are both attending International Monetary Fund meetings this week, fresh from a dust-up that highlights German anger at unprecedented euro-area stimulus. The latest iteration of a long-running spat risks undermining the rest of the world’s faith in the region’s ability to agree on a path to sustainable economic growth.
    Schaeuble raised the temperature last week when he said Draghi shares the blame for the ascent of populist political groups, and followed up on Tuesday by saying ECB policy is causing “extraordinary problems” for German pensions. While Draghi hasn’t publicly responded, Germany’s own central-bank head recently criticized the nation’s thinking as too narrow and stressed the ECB’s independence.

    source_http://www.bloomberg.com/news/articles/2016-04-14/draghi-s-german-baggage-follows-him-to-washington-after-ecb-spat

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  5. #124
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    Carmaker accounted for 23.4% of Europe's quarterly car sales
    VW-brand sales fall amid efforts to resolve emissions rigging
    Volkswagen AG’s European first-quarter market share reached a five-year low as auto buyers snubbed the German carmaker’s efforts to resolve its emissions-cheating scandal and turned to models from BMW AG, Fiat Chrysler Automobiles NV and Daimler AG.
    Volkswagen’s brands, including mass-market Skoda and up-market Audi, accounted for 23.4 percent of new registrations in the three months ended March versus 24.4 percent a year earlier, the European Automobile Manufacturers’ Association said Friday in a statement. That was Volkswagen’s worst showing for the period since 2011. Industrywide demand in the region rose 5.7 percent to 1.74 million cars in March, the 31st consecutive month of growth, and jumped 8.1 percent in the quarter to 3.93 million.
    The German company has struggled to regain customers’ trust after admitting in mid-September to rigging exhaust systems on 11 million diesel-powered cars worldwide to falsely pass official emissions tests. Its biggest-selling brands have also lacked new sport utility vehicles in their lineups, enabling Fiat Chrysler’s Jeep unit, Daimler’s Mercedes-Benz and BMW to gain buyers as the models become more popular.
    Premium carmakers are taking a bigger role in Europe’s market by offering “more entry-level products and compact cars that attract customers who were not able to buy their products before,” Arndt Ellinghorst, head of automotive research at Evercore ISI, said by phone. Regarding VW’s market share, “I’m surprised it’s not even lower.”

    source_http://www.bloomberg.com/news/articles/2016-04-15/volkswagen-europe-market-share-hits-five-year-low-amid-scandal

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  6. #125
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    No sooner will Mario Draghi return from his summer vacation than he'll be looking to boost euro-area stimulus yet again, economists predict.

    Despite unprecedented measures by the European Central Bank president so far, Bloomberg's survey of 47 analysts who cover the institution showed more than 60 percent think he isn't yet done. The most likely date for fresh action was put as the Sept. 8 policy meeting, though some predicted it could happen as early as June. No new stimulus is expected when officials meet this Thursday.

    Without a radical change to economic policy in the 19-nation currency bloc, Europe's feeble recovery risks remaining insufficient to deliver inflation in line with the ECB's definition of price stability — a rate below but close to two percent. That's what's driving expectations Draghi will have to act again, even after he last month cut interest rates to record lows, expanded quantitative easing by a third and announced free long-term loans for banks.

    source_http://www.bloomberg.com/news/articles/2016-04-18/draghi-seen-putting-ecb-stimulus-back-on-agenda-after-summer

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  7. #126
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    Declining interest earnings add to concerns about pensions
    Germans say they're being sacrificed by ECB monetary policy

    German pensioner Dorothea Dahm spent decades diligently putting away for retirement and never really worried about it -- until European Central Bank President Mario Draghi’s zero-interest rate policy hit her savings.
    “My generation was raised with the belief that we should save money for uncertain times and to help the next generation,” the 68-year-old former advertising executive said by phone from her home in the western German town of Flammersfeld. The lack of interest income these days on savings accounts as a result of ECB monetary policy is “very discomforting,” she said.
    The ECB’s record-low rates have cost Germans -- who are generally more conservative with their money and therefore more likely to stick it in savings accounts than real estate or the stock market -- 125 billion euros ($141 billion) in interest income since Draghi took over in 2011, according to analysis by Deutsche Postbank AG.

    source_http://www.bloomberg.com/news/articles/2016-04-18/draghi-s-low-rates-leave-germans-worried-about-dwindling-savings

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  8. #127
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    So-called helicopter money would be a tough sell for ECB
    Legal issues could halt policy despite potential effectiveness
    Should Mario Draghi ever want to start raining down helicopter money, the European Central Bank president is likely to struggle to get off the ground.
    In the debate over a form of stimulus that many believe is at odds with the European Union treaty, even the option with the fewest legal hurdles risks kicking off a political battle that contributes to the euro’s demise. That view extends to economists who say such a departure is needed to stop the currency bloc from slipping into terminal decline.
    The analogy of a helicopter drop of free cash, conceived by U.S. Nobel laureate Milton Friedman, has morphed into ideas ranging from coordinating monetary and fiscal policy to handing central bank-written checks to citizens. The latter option is receiving the most attention in the euro area, where states are banned from running overdrafts at central banks or directly selling them bonds.
    Strictly speaking, Article 123 of the Lisbon Treaty “does not exclude giving cash directly to people,” said Adair Turner, former chairman of the U.K. Financial Services Authority and now a senior fellow at the Institute for New Economic Thinking. “In Europe, the moment you start talking about creating money and spending you get the question: ‘Who’s going to get it?’ The fact that there is imperfect trust between those nations just magnifies the problems of agreeing to something which is technically possible and economically required.”

    source_http://www.bloomberg.com/news/articles/2016-04-20/dreams-of-a-draghi-cash-drop-fade-in-europe-s-political-abyss

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  9. #128
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    Implied volatility in euro-dollar options shows dwindling expectations for large near-term price swings in the currency pair as both the European Central Bank and the Federal Reserve are seen holding rates this month, and as the U.K.’s June referendum on EU membership approaches, Bloomberg strategist Vassilis Karamanis writes.
    One-month implied volatility dropped to 8.11 percent on Tuesday, the lowest since Dec. 2014.

    source_http://www.bloomberg.com/news/articles/2016-04-20/euro-dollar-volatility-tumbles-ahead-of-brexit-vote-analysis

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  10. #129
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    ECB president uses economic gains to fight political pressure
    Doubting central bank delays achievement of goals, Draghi says

    Mario Draghi has two stubborn adversaries -- low inflation everywhere, and low regard in Germany. He’s now extending his offensive on both fronts.
    A recovery in credit, and output proving resilient to global shocks, are buttressing the European Central Bank’s argument that the range of stimulus measures it bolstered only last month is working. On Thursday, the ECB president used that evidence to make ground against German critics who say he’s on the wrong track.
    After more than four years at the helm of the central bank, Draghi is still fielding persistent attacks from the ECB’s host country, where a public perception of him as a profligate Italian whose low interest rates are killing retirement savings has become part of the political furniture. At a press conference in Frankfurt, he fumed that the more critics undermine his stimulus, the more of it he’ll have to do.
    “Impatience in the markets and in politics can come up like a geyser sometimes, but the ECB has to continue to be as steady as a rock,” said Torsten Slok, chief international economist at Deutsche Bank AG in New York. “The more it shows up in the data, the easier it is for them to say that their policies are working. The ECB is defending itself and making sure the arguments are solid.”

    source_http://www.bloomberg.com/news/articles/2016-04-21/draghi-defies-german-disfavor-with-claim-ecb-stimulus-does-work

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  11. #130
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    Malaysia's ringgit slumps as state fund misses bond payment
    S&P 500 Index futures advance before Apple reports earnings
    European stocks climbed for the first time in four days as earnings from BP Plc and Bayer AG beat analysts’ estimates. The pound jumped to its strongest level in six weeks against the euro as investors assessed whether they were too hasty in pricing in the prospects of the U.K. exiting the European Union.
    Asian equities pared their decline, as the yen and U.S. Treasuries advanced with the New Zealand dollar before central bank meetings this week. Malaysia’s ringgit tumbled after a state-owned investment fund withheld an interest payment on its bonds. Copper fell for a second day and crude oil traded below $43 a barrel. Day ahead natural gas in the U.K. rose to the highest since mid January as colder-than-usual weather boosted demand.

    source_http://www.bloomberg.com/news/articles/2016-04-25/yen-gains-hit-japan-index-futures-as-u-s-crude-trades-below-43

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