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That the markets gave a thumbs down is harder to figure. The GDP downgrade was well advertised beforehand. So we single out the TLTRO…was it ECB putting its policy where its mouth was…or not enough of that. I don’t think further easing was written in, but it could be the market leading the way by speculating on a bigger easing, those that did got caught short. Remember a lot of lending in european countries is variable rate, so if rates go up banks don’t nescessarily make a bigger margin, investors in them do, but only if the books stay whole – if borrowers go under they show up negative on the books of banks. So any further easing should be positive for banks in their known circumstance… basically it’s all managed though, so when Draghi said “we’re all screwed” markets just decided to agree this time as he didn’t come up with any new ideas to lift them. I don’t see where they are going to get any real new activity in EU, and if they do try to cash in on any then raising rates will squash it. So short of bringing down more than delinquent structures by raising rates early, using external inflation shocks for example as pretext, it looks to me that EU is going to remain a swamp for quite a while… but people aren’t supposed to consider that I think… so it’s all just a bit of a permanent delay.
Rival insurer Admiral, however, enjoyed record full-year profits and handed bonuses worth £3,600 to thousands of staff. A total of 10,000 employees were handed the share award under a bonus scheme linked to Admiral’s performance. But shares in Admiral still fell by 103p to 2,088p. In other corporate news, sales at Greggs topped £1 billion for the first time as the launch of its controversial vegan sausage roll helped drive a surge in customer numbers. The bakery chain posted a 15 per cent rise in pre-tax profits to £82.6 million in 2018, with sales rising 7.2 per cent to just over £1 billion.
Prices of tickets have been reduced in all four categories, with the cheapest set of tickets going for £26 each, a £13 reduction in similar tickets over the past two finals while the most expensive ticket, which is for the best seats in the stadium will cost £120. The Europa League final will be played on the 29th of May.
“The Bank is still saying that current rates are below neutral, and refers to increased uncertainty about the timing of future rate increases (with no reference to any possibility of cuts) leaving a slightly hawish tilt in place,” says Avery Shenfeld, chief economist at CIBC Capital Markets . “Market rates are lower in response and the Canadian Dollar is weaker, but it will be hard to get any follow-through given that we are not pricing in any rate hikes this year already, and there was no tilt yet towards a fully neutral stance.”
“The more clarity the ECB provides the greater impact on the euro. If they fail to commit to new loans this week even if it does not include details, we could see EUR/USD squeeze to 1.14 fairly quickly. If they say a new TLTRO is coming and details will be provided in April, the euro should fall and then stabilize quickly because they are meeting not exceeding bearish expectations. If they have the whole program hashed out and announce new loans with 3 to 4 year maturities, EUR/USD could test its November low of 1.1215.”
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“Northsiders” features Hutson’s kindhearted vocal melodies, light acoustic guitar plucks and rousing strings that linger in the background. In his lyrics, Hutson masterfully mixes witty, dark humor with observational sentimentality. Lyrical highlights include “We were so pretentious then / Didn’t trust the government / Said that we were communists / And thought that we invented it,” “Tried cocaine at my cousin’s house / I’m probably addicted now” and “Morrissey apologists / Amateur psychologists / Serial monogamists / We went to different colleges.” Underlying all the droll comedy is a sobering reality—the kind of realization that makes you pull over your car to shed a few tears before pulling yourself back together (“Nothing’s going to change it now”). Hutson is the kind of songwriter that you’ll want to root for—painfully relatable lyrics, comforting melodies and a sharp-witted personality that money can’t buy.