Archive - Apr 15, 2015

Nobody was expecting any actual rate change announcements by the ECB today, and none were made, with the ECB announcing moments ago that it kept all three rates unchanged, with depositors still expected to pony up %0.20 to keep their funds at a financial institution, while those who take out a mortgage can expect the bank to pay them a likewise amount.

• China growth slowest in six years, more stimulus expected soon (Reuters)
• EU charges Google over shopping searches, to probe Android (Reuters)
• A Chinese Paradox: Slow Growth Is Good, Stock Bubbles Welcome (BBG)
• Draghi Seen Dispelling Duration Doubts About QE Program (BBG)
• IEA Sees OPEC Supply Jumping Most in Four Years on Saudi Surge (BBG)
• SEC Reaches Settlement with Former Freddie Mac  (WSJ)
• Kerry says confident Obama can get final deal on Iran (Reuters)
• Regulators Call for Short-Term Loan Changes to Handle ‘Too-Big-to-Fail’ (WSJ)
• Florida Doctor Linked to Sen. Robert Menendez Indicted for Medicare Fraud (WSJ)

If yesterday stocks surged on the worst 4-month stretch of missing retail sales since Lehman, one which BofA with all seriousness spun by saying "it seems not unreasonable to suspect that the March 2015 reading on retail sales gets revised up next month", then the reason why futures are now solidly in the green across the board even as German Bunds have just 14 bps to go until they hit negative yields and before the ECB is fresh out of luck on future debt monetization, is that overnight China reported its worst GDP since 2009 together with economic data misses across the board confirming China's economy continues its hard landing approach despite a stock market that has doubled in the past year.