The PBOC pumped $5.8B into China's money market
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European stock markets lost up to 1% at some stage, but partly erased losses as Brent crude manages to stay above $50/barrel support. The Trump reflation trade continues to show signs of fatigue though with US equities slightly extending losses in the opening. US existing home sales disappointed (‐3.7% M/M in February), but are ignored.
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The PBOC pumped $5.8B into China's money market, intervening for a third day after the benchmark money rate hit its highest level since April 2015 as some smaller lenders were said to have missed payments in the interbank market.
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Profitability is now the most important challenge facing the eurozone's banks, France's top central banker has said, in an acknowledgement of the pain caused by low interest rates. However, ECB Villeroy added it was necessary for the ECB to keep its ultra‐loose monetary policy in place for now.
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Greece said it hopes for a deal with its international lenders within the month of April and is working to bridge differences on labour, pension and energy reforms. The onus for an agreement was not only on the Greek government, but on its EU and IMF lenders too, government spokesman Tzanakopoulos told reporters.
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Right‐wing presidential candidate Fillon was back under fire following new media reports of conflicts of financial and political interest while a party ally, the head of the influential national association of French mayors, attacked a key part of his radical economic recovery programme.
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Portugal's PM has joined the chorus of southern European leaders for the resignation of Dutch FM Dijsselbloem as head of the Eurogroup. Costa said that Dijsselbloem's comments that crisis‐hit eurozone countries had wasted their money on "drinks and women" were "absolutely unacceptable" and "very dangerous".
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Negative interest rates in Sweden have "had the intended effect" without significantly damaging the wider economy or financial markets, the Riksbank has said, as it strongly defended its programme of monetary stimulus despite the strength of the wider economy.
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