Morning MoneyBeat Europe: Can IMF/G20 Provide Some Direction?

        By David Cottle
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        Good Morning Europe
        Stocks aren't expected to move far either way as European trade gets under way Thursday, in a market which feels in need of news.
        The bull case still rests heavily on the idea that there'll be plenty of economic stimulus around even when (if?) the Federal Reserve gets around to tightening the screws. European Central Bank chief Mario Draghi did nothing to derail this thesis at his policy presentation Wednesday, and the week's trickle of disappointing Chinese numbers keeps hope alive that Beijing will keep the monetary settings very loose too.
        There's no major European economic data on the sked Thursday, so investors' focus is likely to be on the start of the International Monetary Fund/Group of 20 meetings in Washington. Greek finance minister Varoufakis will meet with President Obama, but, given Greece's latest rating downgrade (last night by S&P), and its apparent tilt towards Russia, he might not be in line for much more than a Presidential handshake.
        Market Snapshot: U.S. markets (Wednesday close) DJIA up 0.4%, Nasdaq up 0.7%, S&P 500 up 0.5%. Nikkei down 0.1%. Brent crude down 12 cents at $63.29. Gold up 90 cents at $1202.10. EUR/USD at $1.0683, USD/JPY at Yen119.35. 10 year Treasury yield 1.90%, Bund 0.11%, Gilt 1.58%.
        Watch For: Not much, out of Europe, but the U.S. session will see the release of weekly jobless-claim numbers, and the latest look at housing starts, along with the Philadelphia Fed's business outlook roundup.
        What You May Have Missed on MoneyBeat:
        5 Takeaways From the ECB's April Presser: European Central Bank President Mario Draghi's news conference, briefly interrupted by a protestor chanting "end the ECB dictatorship," involved repeated assurances that the recently launched bond-buying program is working, with no early end in sight. Here are key takeaways from the presser.
        Time For Reform, Says Unflappable Mr. Draghi: After years of firefighting financial crises, it's perhaps little wonder European Central Bank President Mario Draghi didn't turn a hair when a protester launched herself at him during the latest of the central bank's regular press conferences. His message from the presser was clear: The ECB's bond purchase program won't easily be derailed, and big structural reforms are still needed.
        The ECB's April Presser (Plus Protester) -- Recap: European Central Bank President Mario Draghi hosted his regular post-policy meeting press conference today against a backdrop--for once--of an improving economic outlook for the 19-nation currency union, and with the addition of a protester, who temporarily caused a halt in proceedings.
        Activist Knight Vinke Fires Latest Salvo Against UBS: The calm in the battle between activist shareholder Knight Vinke and Swiss bank UBS didn't last long. In private correspondence with the Swiss bank, quietly published on its website late Monday, Knight Vinke said UBS was "frustrated and exasperated" by its questions, "failing to grasp" issues concerning conflicts of interest among management, and had insufficiently separated the investment bank from the rest of the group.
        Tiny Default Risk Won't Last Forever -- Deutsche Bank: The risk of corporates defaulting on their debt has hardly ever been lower. A sure signal that investors should boldly pile into junk rated bonds? Not necessarily. In a report Wednesday, strategists at Deutsche Bank write that they "can't overstate how low overall defaults are."
        Video: A Big Year for European M&A?: Thanks to a clutch of mega deals, deal volume is racing ahead in Europe. The Wall Street Journal's Shayndi Raice discusses how far the boom can go, and whether it can catch up to the U.S.
        From The Wall Street Journal:
        Japan Tops China as Largest U.S. Creditor: Japan has overtaken China as the largest foreign owner of U.S. government bonds for the first time since the 2008 financial crisis.
        ECB's Draghi Says Stimulus Is Working: The ECB president welcomed signs that a new stimulus program is aiding the eurozone's recovery in a press conference that was briefly interrupted by a protester.
        EU Hits Google With Antitrust Charges: European Union regulators formally accused Google of violating the bloc's antitrust laws by abusing its dominance of online search.
        (END) Dow Jones Newswires

        April 16, 2015 01:45 ET (05:45 GMT)

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