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  • Squawk / 2 hours ago
    Mads Koefoed Mads Koefoed
    Head of Macro Strategy / Saxo Bank
    Denmark
    Spain has just completed a EUR 2.65 billion auction of 10-year government bonds. The average yield was 3.059% with a bid-to-cover of 2.31. This is the lowest yield on record, the previous low was 3.165% back in September 2005.
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  • Squawk / 2 hours ago
    Mads Koefoed Mads Koefoed
    Head of Macro Strategy / Saxo Bank
    Denmark
    German IFO better than expected in April. The business climate index climbed to 111.2 from 110.7 last month while consensus had expected 110.4.
    The current assessment index was mostly unchanged at 115.3 from 115.2 and 115.6 expected, so the improvement in the headline index came from the expectations index, which rose to 107.3 from 106.4. Consensus had predicted a drop to 105.8.
    Overall a solid report made even better by the fact that it is the expectations index, which is the main driver.
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    2h
    Juhani Huopainen Juhani Huopainen
    The pickup in expectations is particularly nice, as the construction sector's expectations are going through a negative seasonal patch. Here's the link to the press release: https://www.cesifo-group.de/ifoHome/facts/Survey-Results/Business-Climate/Geschaeftsklima-Archiv/2014/Geschaeftsklima-20140424.html...
  • Squawk / 3 hours ago
    Mads Koefoed Mads Koefoed
    Head of Macro Strategy / Saxo Bank
    Denmark
    French manufacturing confidence declined to 100 in April as expected. However the drop came about as a result of an upward revision to March from 100 to 101.

    Overall business confidence also declined to 94 vs. 96 expected and 95 prior as the order outlook weakened while inventories rose. Not a good report.
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  • Article / 5 hours ago

    Keystone Pipeline and the Loonie

    Michael O'Neill Michael O'Neill
    FX Consultant / IFXA Ltd
    Canada
    Keystone Pipeline and the Loonie Read the article
  • Squawk / Yesterday at 14:05 GMT
    Mads Koefoed Mads Koefoed
    Head of Macro Strategy / Saxo Bank
    Denmark
    New home sales plummets 14.5% month-on-month to 384,000 in March in the US, far from the consensus expectation of +2.3%. Furthermore the decline in new home sales in February was revised to 4.5% from 3.3%.

    Sales declined most in the Midwest to 51,000 from 65,000, a drop of 21.5% m/m, followed by the West and South. The Northeast recorded a minor increase to 27,000 from 24,000.

    While the report surprised consensus it would not come as a shock to those watching the housing starts series, which had been signalling a drop in sales (chart 1).
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