(FT)

Eurozone inflation for the month of March solidly beat expectations, rising 2.6% year-over-year, according to the latest release from Eurostat.

Expectations were for a slight fall to 2.3%. Last month, inflation was at 2.4% annualized.

This is likely to give the ECB and its President, Jean-Claude Trichet, the impetus to raise the bank’s key rate at its next meeting, on April 7. That’s a week from today.

Trichet suggested he would do so last month, and this new data would not discourage him.

*PORTUGAL’S 2010 BUDGET DEFICIT 8.6% OF GDP VS 10% IN 2009*PORTUGAL’S OFFICIAL FORECAST WAS 7.3%; SOCRATES SAID 7% OR LESS

Nedan 5 åringen, 9,17%….

Nedan artikel från Greenspan i gårdagens FT. Mannen som skapade den största bubblan år 2000, skrev sedan hyllningsboken till sig själv, “The age of Turbulence”, debatterar om det “farliga” i att ha “financial reform and too much banking regulation”. Självkritik är något han inte lärt sig under sina 80+ år, även om han kallar sig “flat footed”.
“The vexing question confronting regulators is whether this rising share of finance has been a necessary condition of growth in the past half century, or coincidence. In moving forward with regulatory repair, we may have to address the as yet unproved tie between the degree of financial complexity and higher standards of living.” (FT)

http://www.ft.com/cms/s/0/14662fd8-5a28-11e0-86d3-00144feab49a.html#ixzz1IAJh5wro

Karta över amerikanska flottans rörelser under veckan. Verkar bli lite “gyttrigt” kring Persiska viken igen. Låt oss se vad fredspristagaren gör härnäst.

Pimcos, Bill Gross har en intressant artikel idag. Att världens största obligationsfond dumpat alla sina amerikanska statsppapper borde säga något, även om ingen bryr sig för stunden, för aktiemarknaden går upp (utan volym).

“I sit before you as a representative of a $1.2 trillion money manager, historically bond oriented, that has been selling Treasuries because they have little value within the context of a $75 trillion total debt burden.

Unless entitlements are substantially reformed, I am confident that this country will default on its debt; not in conventional ways, but by picking the pocket of savers via a combination of less observable, yet historically verifiable policies – inflation, currency devaluation and low to negative real interest rates. Our clients, who represent unions, cities, U.S. and global pension funds, foundations, as well as Main Street citizens, do not want to be shortchanged or have their pockets picked. It is incumbent, therefore, in order to preserve the integrity of the U.S. Treasury market along with its favorable global interest rates, and to promote a stable U.S. economy, that entitlement spending be reduced, and that future liabilities be addressed in terms of healthcare and Social Security cost containment. You must attack entitlements and make ‘debt’ a four-letter word.”

http://www.pimco.com/Pages/skunked.aspx

Dagens volym på Nasdaq börsen är på samma nivå som den 28e dec 2010, dvs en mellandag, då INGEN handlar. Årets lägsta volym, igen. Det verkar som tom HFT algoritmerna kastat in handduken att försöka omsätta något i denna trasiga marknad. Grattis Ben, du fick upp marknaden, men ingen handlar längre. Med tanke på dessa patetiska volymer, dags att börja korta brokers.

Obamas tal om bla Usas oljeberoende nedan. OPEC kommer detta år passera 1 trillion Usd i vinster för första gången i historien. Obama är i “win win” situation. Högre oljepris ger OPEC mer vinster som vidare investeras i amerikanska statspapper. Lägre oljepris ger minskad inflation och högre konsumption. Enkelt.

“President Barack Obama said there are no “quick fixes” for higher energy costs and the U.S. must embark on a long-term plan to tap domestic resources, cut usage and develop alternatives to fossil fuels.

The turmoil in the Middle East and North Africa that has driven up oil prices, the earthquake in Japan that triggered a nuclear emergency and increasing competition for resources from the rapidly growing economies of China and Indiademonstrate the challenges faced by the U.S., Obama said in a speech today.”

http://www.bloomberg.com/news/2011-03-30/obama-planning-incentives-to-spur-u-s-oil-gas-production.html

BNP ner, housing double dip, quake, radioaktivitet, skenande budgetunderskott, exit etc. Hatten av, Bernanke har gjort alla rika. Russel tar ut nya höga och är upp 150% sen botten.

Känns bekant detta problem från Greklands tid. Portugals ränta skenar vidare idag, medan regeringen inte anser sig behöva en bail out. Inse, trovärdigheten är noll, och inget land kan finansiera sig på 9% ränta. Dessutom kan de ha räknat fel. Frågan är värför Fed inte bailar ut alla, deras bail out trades verkar bara gå plus?

LISBON—”Portugal’s statistics agency said it plans to make “accounting changes” in a report to be submitted to the European Union’s statistics agency by week’s end, a revision that could indicate a wider 2010 budget deficit and which would further undermine the credibility of the country’s embattled government.

The country’s statistics office has been reviewing its 2010 accounts after the EU’s Eurostat agency observed that Portugal hadn’t included a €2 billion ($2.8 billion) cash injection into Banco Portugues de Negocios.” (wsj)

http://online.wsj.com/article/SB10001424052748704471904576230463779069884.html?mod=WSJEUROPE_hpp_LEFTTopWhatNews

Det blir inget riktigt party så länge Apple underperformar. Det är knappast energi och materials som skall leda marknaden vidare uppåt på sikt. Folk vill ha tillväxt, och den laggar just nu. Spx är 15 hpunkter “too rich” relativt Apple.