Today’s Issue Cluster: Alternative Energy
Air – From periphery to core: EM to dominate global travel
Whales – Japan hunts in doubt after court ruling
H7N9 – HKU team hail flu vaccine ‘breakthrough’
DATA POINTS
China – Mar: Official services PMI steady; 54.5 after 55.0 / b *
China – Mar: HSBC services PMI ticks up; 51.9 from 51.0 / R / m / b * *
EZ – Feb: Retail trade up; +0.4%, +0.8% yr / eu *
EZ – Mar: Markit composite PMI fell; 53.1 from 53.3 / WSJ / R / m *
EZ – Mar: Markit services PMI slipped; 52.2 from 52.6 / B
Germany – Mar: Markit services PMI eases; 54.3 from 56.4 / R / m *
France – Mar: Markit services PMI strongest since Jan 2012; 51.5 from 47.2 / R / m *
UK – Mar: Markit services PMI remains robust; 57.6 from 58.2 / B / R / m *
Italy – Mar: ADACI Services PMI signals renewed decline; 49.5 from 52.9 / m *
Spain – Mar: Markit services PMI grows for fifth straight month; 54.0 from 53.7 / R / m *
Ireland – Mar: Investec Services PMI rose; 60.7 from 57.5 / m *
Russia – Mar: HSBC Composite PMI signals fastest drop since May 2009; 47.8 from 50.2 / FT / m *
Egypt – Mar: HSBC PMI falls slightly; 49.8 from 50.0 / m *
South Africa – Mar: HSBC PMI falls; 50.2 from 51.5 / R / m *
Brazil – Mar: HSBC Composite Output Index up; 51.0 from 50.8 / m *
US – Mar: Markit services PMI accelerates; 55.3 from 53.3 / R / m
US – Mar: ISM Nonmanufacturing Sector Rebounds as Weather Improves; 53.1 from 51.6 / WSJ / AP *
World – Global #PMI edges higher as service sector growth accelerates / m *
World – Global output (ranked by mfg production) / m *
Canada – Feb: Posts trade surplus; +C$290 from -C$377 / R *
US – Week: Jobless claims edge unexpectedly higher; +16k to 326k / R / WSJ / AP / B *
US – Feb: Trade deficit widens as exports fall; -$42b from -$39b / R / AP / B / WSJ *
MARKETS
Currencies – Yuan Investors Pull Money From China WSJ
Currencies – Diverging Fortunes Hit Asia WSJ *
ECONOMICS
China – Unveils Mini-Stimulus Measures WSJ / B / R / FT *
China – Stimulus Puts New Focus on Growth Target WSJ / FT / AP / NYT / NYT *
China – Factory output points to stabilization FT *
China – Factoring in Machinery Maker Blues WSJ *
China – Struggling groups pad out bottom lines FT * *
China – Economy Under Mounting Stress WSJ / B
China – Finds New Investment Opportunities in Germany WSJ / R *
POLITICS & FISCAL POLICY
Ukraine – Russian economy contracts in Q1 and inflationary pressures build m *
Ukraine – Russia Says It Has Weathered the Worst of the Economic Storm WSJ *
MONETARY POLICY
ECB – Keeps option for stimulus alive FT / WSJ / R / B / NYT / AP
ECB – Spain looks to avoid deflation trap FT *
BOE – Carney says interest rates may rise ahead of election R
BCB – Brazil Raises Key Rate for Ninth Straight Meeting to 11% B / WSJ / R
World – Credit bubble fears put central bankers on edge FT *
FINANCE
US – Small Banks Look to Sell as Rules Bite WSJ *
REAL ESTATE
China – Stuttering housing market outside biggest cities a grave threat FT * * *
China – New Home Prices Moderate in March WSJ / CD / X / CD / C *
China – Hard to Construct a Case for Property Rebuild WSJ *
China – Defaults Sow Property Cash Crunch Concern B
China – Big Five Banks Step Up Bad Loan Disposals WSJ *
China – Shadow banks at risk of a property crash FT
SERVICES
TV – Amazon joins screen battle with Fire video streaming device FT / WSJ / R / AP / NYT / IBD / wsj * *
TV – People are watching more internet TV q * *
MANUFACTURING
Planes – Boeing Expands Airbus Rivalry to Tanker Market WSJ / R
Planes – ANA Makes Big Order for Airbus, Boeing Planes WSJ / FT / R / AP / NYT / B
Planes – Airbus, Boeing positive on LatAm sales R / R
Planes – Is the US Ready for a Cut-Rate Jet Fighter? WSJ *
TECH
Internet – MEPs vote to protect net neutrality FT / WSJ / NYT / AP / NYT / WSJ / wsj / wsj
Internet – Opponents Circle Web-Oversight Plan WSJ
TRADE & TRANSPORTATION
Air – EU Parliament Spares Foreign Flights Emission Caps Through 2016 B
Air – From periphery to core: EM to dominate global travel ft * * * *
COMMODITIES
Whales – Japan hunts in doubt after court ruling FT / WSJ / AP / AFP / q * * *
ENERGY & ENVIRONMENT
Alt – Investors Warm to Green Bonds WSJ *
Wind – Merkel Agrees to Ease Cuts in Aid to Appease Regions B / WSJ
Wind – Floating Farms Venture Farther Out to Sea BW *
Wind – New Technologies Are Helping Compete on Price NYT *
Wind – % of electricity generated, by state / am *
Tide – China’s New Wager: Pulling Energy From the Ocean WSJ * *
Solar – Clouds Shroud China’s Bloated Sector WSJ *
Solar – Coal crunch gives impetus to India’s switch AP
Solar – Investors Take a New Shine WSJ *
Solar – First Solar Seeking Growth to Replace Giant Desert Plants B
Solar – Pilots complain of plant glare PE * *
LABOR & EDUCATION
Germany – Cabinet Adopts Minimum Wage Bill WSJ / R *
US – Chance of Minimum Wage Rise So Remote Lobbyists Pay Little Heed B / NYT / wsj *
US – Democrats Consider Smaller Minimum-Wage Increase WSJ
HEALTH
H7N9 – HKU team hail flu vaccine ‘breakthrough’ SCMP
ENDNOTES
World preferences: Comparing apples with oranges e *
Labor2
US – Jobs market dropouts increasingly likely to stay out R
US – Expect Surge in Temp Jobs to Continue wsj *
US – Just 11% of long-term unemployed find jobs AP / FT / R / nyt / nyt * *
US – Private Employment Slowly Reclaims Pre-Downturn Peak NYT
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US – Manufacturing hubs face uphill struggle to create jobs R * * *
US – ‘Quits Rate’ Suggests Sluggish Job Market WSJ / wsj *
US – Those With Jobs Are More Secure Even as Hopes Dwindle for Long-Term Unemployed wsj *
US – Unemployed & Underemployed Persons per Job Opening / b *
US – Prison numbers curb US freedom to raise employment rate FT *
US – Uneven Wage Gains Restrain Recovery WSJ *
US – The Gray Jobs Enigma NYT
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