Posts from Friday Apr 26 2013

Alphachat: Dragons of Ljubljana edition

In which dragons war with bitcoins for your attention…

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ExcelFu: as attractively cheap as it is deadly

…it was just someone using Excel on a laptop who was highlighting cells for a formula and released his index finger from the left-clicky button of his mouse too soon.

Writes Irish stand-up comedian Colm O’Regan for BBC Magazine, in his piece about “The mysterious powers of Microsoft Excel”. As you will likely have guessed, his article was inspired by spreadsheet blunders in Reinhart and Rogoff’s 2010 Growth in a Time of Debt paper. Read more

Mmm Mmm Mmm Mmm

Eurozone M3 data are out…

That’s the annual growth rate of the euro-zone broad money supply (M3) falling from 3.1 per cent to a well below expectations 2.6 per cent in March and allowing a quick segue into a good news/ bad news post ahead of next week’s ECB meeting and increasingly probable cut. Read more

And not a single Fitch was given

By Theo Casey, marketcolor

Half nine (GMT) is seldom a cheery time of day for the Chancellor.

Mid morning, several times a week, the Office for National Statistics releases worse-than-expected parcels of economic gloom, which serve to undermine HM Treasury and George Osborne’s Plan A.

At least that’s what it normally does. Read more

Markets Live: Friday, 26th April, 2013

Live markets commentary from 

The (early) Lunch Wrap

Japanese consumer prices fell the most in two years in March || Merkel comments highlight austerity tensions || Spain to announce more reforms, less austerity || Soros Takes Stake in JC Penney || Fiat weighs IPO after absorbing Chrysler || CBOE outage lasts several hours || Amazon grows and spends SFO launches criminal probe into ENRC || Some US banks support Europeans against capital rules || US regulators want swift replacement of Libor Research suggests || Google searches predict markets || Samsung Electronics’ Q1 earnings slightly exceed expectations Read more

Counterintuitive insights that are only now making the mainstream now

We just saw this post from Pragmatic Capitalism’s Cullen Roche on the supply of assets.

It offers a nice chart showing net issuance of “safe” assets, from Citi’s research team:

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BoJ sees good things, everywhere…

It’s been a big day for the Bank of Japan. The QE programme was re-affirmed, as expected, and inflation and growth forecasts were raised, including a new 2015 CPI forecast of 1.9 per cent. It all looks thoroughly positive — especially if you ignore all the assumptions.  Read more

Chinese leaders more worried about financial risks than slower growth

China’s Politburo Standing Committee, the country’s top decision-making group, held a special session yesterday to discuss the economy — apparently the first time they’ve held this sort of economy-focused meeting since 2004, according to Xu Gao at China Everbright Securities (via Bloomberg).

So what came out of it? It’s always hard to tell, but it probably wasn’t good news for anyone hoping for big stimulus measures. Read more

Further reading

Elsewhere on Friday,

– The IKEA helper robot.

– Should eurozone current-account surpluses be reduced?

– French claret at bargain prices to lure asian buyers.

– Alberts on gold above $10,000. Read more

The 6am Cut London

Asian markets rise, yen strengthens || Merkel comments highlight austerity tensions || Spain to announce more reforms, less austerity || Samsung slightly exceeds forecasts || Japanese deflation bad in March || CBOE outage lasts several hours  Read more