Sunday, April 25, 2010

Weekly Focus Greece asks for bailout [Danske Markets]

Market Movers ahead  Details about the implementation of the EU/IMF loan package to Greece.  The FOMC meeting should be able to steal the spotlight from Greece at least temporarily. Focus is on a possible removal of the "extended period" language.  Of this week's global data releases US Q1 GDP and Euro land flash CPI are the most interesting. We do not expect any surprises from the Bank of Japan monetary meeting.  There is a busy calendar in Scandinavia with a lot of interesting data releases including Norwegian and Swedish retail sales and the NIER confidence surveys.  Also keep an eye on the US treasury auctions and the continued stream of earnings reports.
Global Update  The meltdown in Greek debt markets finally pushed the Greek Prime Minister to ask for the activation of the EU/IMF loan package Friday afternoon.  Solid Q1 earnings reports and improving economic data in the US and core Eurozonecountries have managed to keep global risk appetite high and equity markets flirting with new cycle highs.
Focus  In this week's focus article we take a closer look at the US GDP growth profile for the remainder of the year. The coming months are likely to provide a sweet spot in data with accelerating production growth topped with a recovery in employment.

Weekly Focus Greece asks for bailout [Danske Markets]

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