US equity markets fell and the dollar rallied after the minutes to the FOMC’s March 13 statement indicated that the Fed might be less likely to engage in quantitative easing than previously thought. (Financial Times) Gold declined roughly 2 per cent. (Reuters)
– China has continued to loosen its capital controls by tripling the amount of money foreign institutions can invest in the country’s onshore capital markets. (Financial Times)
– The seasonally adjusted annualised rate of car sales in the US declined somewhat in March from the prior month, but remains strong as pent-up demand from US consumers was enough to overcome the threat of higher gas prices. (Financial Times) Figures from Autodata showed that 1.4 million light vehicles were sold last month. (Wall Street Journal)
– The initial public offering of BTG Pactual later this month will value the Brazilian investment bank at $15bn. (Financial Times)
– This happened: “An eleven-year-old Dutch boy has stolen the limelight in a UK-organised prize competition on breaking up the eurozone with a scribbled cartoon scheme for ejecting Greece that seemed at least as plausible as some proposals by his grown-up rivals.” (Financial Times and FT Alphaville)
– Facebook and Yahoo are engaged in a patent lawsuit battle, with Facebook filing a counterclaim today in San Francisco court. (Reuters)
– The ADP employment report will give some hints of private-sector labour market gains last month ahead of this Friday’s payrolls report. It’s out at 8:30am.
– The ISM services index in the US is out at 10am. Meanwhile, March non-manufacturing PMIs for the UK and some eurozone countries will also be published.
– The ECB has a meeting tomorrow before everyone breaks for the Easter holiday.
Further further reading
– Why the Fed has taken QE3 off the agenda.
– On financial innovation and complexity.
– Goldman tries more vacation time to improve morale.
– The JOBS act, Groupon, and gullible investors.
– Keynes was the Buffett of his day.
– The alarming fall in syndicated lending.