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Wednesday, April 5

5th Apr: Bearish FOMC minutes

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Europe's Addiction to Bailing Out Banks – BB
ECB PSPP data: Slightly longer, but still short – Nordea
Listen Up for ECB Signal in Noise on How Rates, QE Interact – BB
Euro area: reconciling soft and hard data – Pictet
Small European Currencies Are Just a Headache – BB

U.S. Companies Expected to Post Strongest Quarter Since 2011 – WSJ

ADP Says Companies in U.S. Added 263,000 Employees in March – BB
U.S. private sector adds 263,000 jobs in March: ADP – Reuters
ADP Employment Highest Since 2014 As Manufacturing Hiring Spree Continues – ZH

ISM Non-Manufacturing Index decreased to 55.2% in March – Bill McBride
PMI Reveals Weakest Business Activity Growth In Six Months – ZH

The Fed Knows Better Than to Be Fooled by Weak 'Soft' Data – BB
What the Fed Minutes Could Reveal About the Balance Sheet – BB
Balance Sheet To Shrink This Year; Some Saw Stock Prices As "Quite High" – ZH
Minutes Suggest Balance Sheet May Begin Shrinking This Year – Marc Chandler
Fed set to shrink balance sheet – ABN AMRO
Fed Favors Plan to Start Shrinking Balance Sheet Later in 2017 – BB

Macro Digest: How big a deal is the Trump/Xi summit? – TF

Morning Report APACTF
There are signs of cautious optimism today in Asian markets today driven by higher oil prices and a positive lead from Wall St. In Hong Kong and China shares made gains when trading resumed after the Chingming holiday.

Launch comes as Xi and Trump prepare to meet, the Brexit no one voted for, and the secret behind Wall St’s largest oil trade

Bulls Rush to Havens, Prepare for US Earnings Bonanza, Why Barclays Looks Smart

Danske DailyDanske Bank

Lacker resigned; FOMC minutes; heated French debate * ADP and ISM data to affect expectations ahead of Friday’s US jobs report? Bund yields touch lower again * USD waiting for FOMC minutes

Morning Markets TF
North Korea's decision to fire a missile into the Sea of Japan ahead of the Trump/Xi summit – and following Trump's statement that the US is prepared to take action against Pyongyang – has boosted geopolitical fears into the European bell.

From the FloorTF
With just 18 days to go until the first round of the presidential vote in France, Marine Le Pen is struggling to establish her credentials beyond her core support as rival Emmanuel Macron takes the plaudits. That's helping to ease European nerves in the process.
Brussels PlaybookPolitico

Five Things You Need to Know to Start Your DayBB

10 things you need to know before the opening bell BI

US Open ZH
China Surge, Rising Oil Pushes Global Stocks Higher; S&P Futures Flat As Fed Minutes Loom


USA:ssa julkistetaan yksityisen sektorin työpaikat (ADP) ja palvelusektorin luottamus (ISM) | Tänään julkaistaan Fedin avomarkkinakomitean maaliskuun kokouksen pöytäkirja | Korkomarkkinoilla varaudutaan Ranskan presidentinvaaleihin