- Draghi Signals ECB Stands Ready to Ease Policy If Needed. European Central Bank President Mario Draghi said the bank stands ready to cut interest rates if the economy deteriorates further, and officials are considering additional measures to boost growth as the debt crisis enters its fourth year. “Our monetary policy stance will remain accommodative for as long as needed,” Draghi said at a press conference in Frankfurt today after the ECB kept its benchmark interest rate at a record low of 0.75 percent. “We will assess all the incoming data in the coming weeks and we stand ready to act.”
- European Stocks Drop for a Second Day on Draghi Comments. European stocks retreated, posting the biggest two-day slump in more than four months, as European Central Bank President Mario Draghi said that the economic recovery in the euro area remains subject to downside risks. Banca Generali (BGN) SpA lost 5.1 percent after Assicurazioni Generali SpA sold part of its stake in the lender. European Aeronautic, Defence & Space Co. dropped 2.7 percent as an investor offered to sell shares worth 384 million euros ($494 million) in the owner of Airbus SAS. BTG Plc (BTG) gained 1 percent after increasing its sales forecast for 2013. The benchmark Stoxx Europe 600 Index (SXXP) declined 1.1 percent to 291.71 at the close in London.
- Bloomberg Integrates Live Twitter Feeds with Financial Platform.
- Fed's George says current policy is 'overly' easy.
- Stockman: Central Banks Providing 'Heroin'.
Zero Hedge:
- Initial Jobless Claims Soar, Biggest Miss Since November. (graph)
- 97% Of Spanish Social Security Pension Fund In Domestic Bonds. (graph)
- Mario Draghi Responds To Zero Hedge: "There Is No Plan B".
- French Stocks To Drop 33% On Macro Recoupling. (graph)
- CEO Of Italy's Largest Bank Says Haircuts Of Uninsured Depositors "Acceptable", Should Become A Template.
- Obama's Disapproval Rating Hits Highest Level Since The Election.
- Facebook(FB) Unveils Home For Android.
- Microsoft(MSFT) Could Be Completely Irrelevant In Four Years, Warns Analyst.
- TOP US COMMANDER IN SOUTH KOREA: 'We've Got To Be Ready To Go' With North Korea.
- Kyle Bass Slams The 'Macro Tourists' Who Are Buying Up Japanese Stocks.
- 'SLIPPING INTO SLOWDOWN': The 9 Scariest Slides From Goldman's New Presentation On The Weakening Global Economy.
- Job cuts in March are up 30 percent over a year ago. March saw 49,255 job cuts announced by the nation's employers, but that's down from the number announced in February, according to a report from outplacement consultancy Challenger, Gray & Christmas Inc. Challenger said 55,356 jobs were cut in February. Quarterly job cuts were the highest since 2011, Challenger said. The job cuts in March were an increase of 30 percent over March 2012, when companies announced plans to trim 37,880 workers.
- French service firms suffer steep downturn. French businesses suffered their worst downturn since the nadir of the recession, surveys revealed on Thursday, as Germany - the eurozone powerhouse - also slowed.
- France is shooting itself in the foot by backing transaction tax proposed by EU, Paul-Henri de La Porte du Theil, Chairman of French asset managers association AFG, said. Proposed tax on transactions of shares, bonds and derivatives may cost French asset managers EU6b, including EU4b for money market funds.
- Europe May Force Losses on Covered Bonds in Bailouts. Europe may consider forcing losses on covered bond investors in future bank rescues. If a bond is worth more than the assets that guarantee it, it should be possible to apply haircut to the part not covered, citing Sharon Bowles, chairwoman of European Parliament's economic and monetary affairs committee.
- China reports 5th death from H7N9 bird flu. Authorities in Shanghai said Thursday night that another person has died from H7N9 bird flu, bringing the death toll from the new deadly strain to five around the country. The city has reported six infections to date, and four have died, said the Shanghai Municipal Health and Family Planning Commission. Of the rest two, there was a four-year-old, the agency said. The baby was recovering from mild illness, it added.
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