17 Apr, 2014 @ 15:52
1 min read

The ‘brakes’ are off in Europe!

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The UK delivered the numbers last week…with the International Monetary Fund (IMF) adjusting its forecast positively by half a percent, and manufacturing seeing a year on year improvement. Mr Osbourne was definitely smiling!

The European Central Bank (ECB) was being sighted as ‘tight’, which was affecting the slowing inflation rate, although Germany’s import figures saw an increase.

Greece came out of a five year hibernation by issuing bonds to clamouring investors – they were over subscribed, six fold.

This week Mario Draghi and the ECB are due to make decisions on whether they will use a financial tool called ‘ABS’ – NOT Anti-lock Braking System for you petrol heads – which is a tool to stimulate growth in Europe.

Here’s the real definition:
Asset-Backed Securities (ABS) are financial instruments backed by underlying pools of assets, including residential and commercial mortgage loans, student loans, auto loans and credit card receivables among others. Investors can invest in rated or unrated (equity) tranches of these vehicles and obtain returns depending on the level of risk of the tranche.

To me it sounds like punting on a punt. But let’s see if the market bites.

The US FOMC were forecasting aggressively last week, predicting early interest rate rises.

Here is next week’s data:


Friday – Markets closed for Good Friday


Friday – Markets closed for Good Friday


Thursday 3pm Philadelphia Fed Manufacturing Survey Mar previous 9
Friday 3pm Conference Board Leading Indicator Mar previous 0.5% m/m

Imogen Calderwood

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