Europe

There has been some confusion in recent weeks about one unexplained aspect of the rising market: just who is buying?

The reason for the confusion is not only the previously documented buyer strike by the smart money (hedge funds, institutions and private clients), which as we reported a few days have sold stocks for 11 consecutive weeks.

Then last night, citing the latest EPFR data, BofA reported that retail equity investors are now also "risk-off" following $6.2 billion in equity outflows from all regions.

Several weeks ago, a German comedian Jan Böhmermann, landed in hot water after releasing a satirical "video poem" about the Turkish president which aired in ZDF Neo Royale program on March 31, and accuses Erdogan of repressing Turkey’s national and religious minorities, as well as of being a pedophile.

The video, which incidentally was less funny than the author had intended, can be seen in the clip below.

• Global stocks, dollar and oil cool ahead of Doha meeting (Reuters)
• Oil Falls Before Doha as Global Markets Brace for Weekend Risk (BBG)
• China Growth Slows; Revival Policies Appear to Gain Traction (WSJ)
• White House hopefuls Clinton, Sanders joust in Brooklyn brawl (Reuters)
• Trump talks up 'New York values' as protesters demonstrate against him (Reuters)
• Sanders Can’t Clarify Wall Street Plan in Testy Clinton Debate (BBG)
• Goldman's Blankfein Said to Push Deepest Cost Cuts in Years (BBG)

Good news is still bad news after all.

After last night's China 6.7% GDP print which while the lowest since Q1 2009, was in line with expectations, coupled with beats in IP, Fixed Asset Investment and Retail Sales (on the back of $1 trillion in total financing in Q1)...

As the world is now fully aware, The BOJ surprised markets in January when it set a –0.1% rate on some deposits that banks place at the central bank, effective from mid-February. Its move was designed to encourage banks to lend more, spurring higher spending and inflation. Things are not working so well...

And now, as The Wall Street Journal reports, some are already doubting the policy...