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• IMF steps up the pressure on UK chancellor
• Italian president Napolitano re-elected
• Bernanke wont be at Jackson Hole this year – scheduling conflict
• Australian Treasurer Swan: Wont be savage cuts in government spending in May budget
• China earthquake, death toll now over 150
• Bloomberg: G-20 Gives Japan Stimulus Green Light as Yen Extends Fall
• Bloomberg: Osborne Suggests an Independent Scotland Wouldn’t Keep Pound
• European Central Bank Governing Council member Nowotny: Too early to judge if rate cut needed
• People’s Bank of China Zhou: Unconventional monetary polices alone cannot solve structural problems in advanced economies
• European Central Bank Governing Council member Nowotny: Bernanke sees no risk to inflation in the United States
• Swiss National Bank’s Jordan: Says Swiss franc still highly valued
• Politics and dancing
• Italian president Napolitano says he is considering requests to stay in office
• Schaueble says investors must be involved in bank rescues
• More bad news for Osborne
• Uk downgrade: UK press view

IMF steps up the pressure on UK chancellor Posted: 21 Apr 2013 01:19 AM PDT Now IMF deputy managing director David Lipton has waded into the argument that Mr Osborne really must change course. Expect plenty more rhetoric on this from both sides. More importantly though look for any sign of a weakening in Osborne’s resolve to carry- on- regardless.

Italian president Napolitano re-elected Posted: 21 Apr 2013 01:06 AM PDT As I reported yesterday, the 87 year old was asked to serve again  by party leaders in a desperate bid to achieve some continuity after the failure to agree on a new president. Now he has agreed but he’s not everyone’s preferred choice. Mr Grillo remains a vocal opponent. The Independent carries the story

Bernanke wont be at Jackson Hole this year – scheduling conflict Posted: 20 Apr 2013 11:49 PM PDT Ben Bernanke will not be at the Kansas City Fed’s annual Jackson Hole shindig in late August this year . He has a scheduling conflict. Maybe he’s getting a haircut? Bernanke, and former Fed chair Alan Greenspan, whom he succeeded in 2006, have periodically used the setting to preview important U.S. central bank actions Reuters

Australian Treasurer Swan: Wont be savage cuts in government spending in May budget Posted: 20 Apr 2013 05:11 PM PDT Also: Says again that the government is unlikely to return to surplus in 2012/13 And also again said austerity in some European countries is excessive and counterproductive to growth. Swan is the Australian treasurer, comments made during TV interview today. The comments are unlikely to impact AUD – there’s nothing new in them

China earthquake, death toll now over 150 Posted: 20 Apr 2013 05:00 PM PDT Terrible news out of China, more than 6,700 people injured and the death toll still is still rising. China earthquake toll rises to 160

Bloomberg: G-20 Gives Japan Stimulus Green Light as Yen Extends Fall Posted: 20 Apr 2013 04:56 PM PDT That Bloomberg headline is a confirmation of what’s been the talk of the FX markets since late last week. Should be a fun opening on Monday. Mind the gap. G-20 Gives Japan Stimulus Green Light as Yen Extends Fall

Bloomberg: Osborne Suggests an Independent Scotland Wouldn’t Keep Pound Posted: 20 Apr 2013 04:48 PM PDT I wonder if the people in Europe heard this? U.K. Chancellor of the Exchequer George Osborne suggested a vote for Scottish independence next year would imperil the use of the British pound as the new state's money because political union is needed to operate a single currency … "A formal currency union can only work with political and economic union," Bloomberg

European Central Bank Governing Council member Nowotny: Too early to judge if rate cut needed Posted: 20 Apr 2013 04:43 PM PDT Nowotny said its too early for the ECB  to decide that an interest rate cut is needed Also that the impact of Japan’s easing must be closely monitored “It’s still too early. In Europe, we have very expansionary monetary policy and it is too early to judge if further steps should be taken,” On Japan and the yen: you have to say that it is a very bold experiment. As far as the exchange rate goes (against the yen), we are at the same level we were two years ago. That means I don’t see any massive threat to Europe But it needs to be monitored closely Fox Business

People’s Bank of China Zhou: Unconventional monetary polices alone cannot solve structural problems in advanced economies Posted: 20 Apr 2013 04:34 PM PDT Also Prolonged monetary easing in advanced economies could affect the stability of the international monetary system Zhou Xiaochuan is governor of China’s central bank, the People’s Bank of China A lot more here: HIGHLIGHTS-IMF, World Bank, G20 meetings in Washington

European Central Bank Governing Council member Nowotny: Bernanke sees no risk to inflation in the United States Posted: 20 Apr 2013 04:23 PM PDT Nowotny said Bernanke had given a “very optimistic” portrayal of the U.S. outlook And that “They see absolutely no danger of an expansion in inflation” Bernanke said U.S. inflation should be 1.3% this year Fed’s Bernanke sees no U.S. inflation risks: Nowotny

Swiss National Bank’s Jordan: Says Swiss franc still highly valued Posted: 20 Apr 2013 04:13 PM PDT On the newswires Also: The cap at 1.20 per euro is ‘indispensable’ and ‘difficult situation’ for Swiss monetary policy Says other nations don’t questions the Swiss euro-cap Thomas Jordan is chairman of the Swiss National Bank, he was speaking in Washington Until we get a time-stamp back, posted at 2315GMT.

Politics and dancing Posted: 20 Apr 2013 05:10 AM PDT Ok,  a tenous link between business and pleasure ! But I just thought you might like a dose of good ol’ fashioned 80s synth pop to warm you up before you head out later to enjoy your Saturday night. Enjoy

Italian president Napolitano says he is considering requests to stay in office Posted: 20 Apr 2013 04:52 AM PDT just out on Reuters says he is considering appeals from party leaders to remain in office decision will be made later today ( Saturday ) Another attempt to solve the current debacle by ensuring some degree of continuity after the failure to elect a new president

Schaueble says investors must be involved in bank rescues Posted: 20 Apr 2013 04:42 AM PDT German fin min quoted in Wirtshaftswoche magazine this morning Asked whether the charge of depositors in Cyprus was a unique case he said yes but:  ”The involvement of owners, bondholders and uninsured depositors has to be the norm if a financial institution runs into trouble. Otherwise we will never get a grip on the moral hazard problem whereby banks which do risky business make big profits but then burden the general public with their losses when they fail.That cannot be allowed” A reminder that the Cyprus fall-out will have significant knock-on effect in banking regulation and beyond

More bad news for Osborne Posted: 20 Apr 2013 04:17 AM PDT As if he didn’t have enough to contend with right now, it seems the UK chancellor has upset the Treasury Select Committee too by leaking the new BOE remit without running it through them first. At risk of being accused of being myopic I’m trying to find some good UK news. Just not an easy task.

Uk downgrade: UK press view Posted: 20 Apr 2013 03:57 AM PDT After yesterday’s downgrade by Fitch, causing a sharp reversal in the pound, here’s a quick at-a-glance look at how the UK press are reporting it. The downgrade highlights the problems that the UK faces, not to mention the knock-on political instabilty, about which I’ve been posting here and elsewhere for a while now. Another blow for Osborne Rising debt sees UK credit rating slashed Fitch downgrade caps a bad week for Osborne Fitch downgrades UK Fitch strips UK of its AAA rating

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