每日议程：合并步伐显示没有减速的迹象

Investor sentiment in U.S. and European equity markets has been dominated by central bank policy for years. In the U.S., aggressivebuyback programsalso have played into this. In recent months, however, that dynamic has begun to shift as the pace of announcements of major mergers and acquisitions has picked up dramatically and spread beyond the health care and pharmaceutical sectors, which saw rapid consolidation last year. With the rate of institutional money flowing into structured credit funds continuing to remain strong, the corporate war chests for more buyouts suggest more deals are on the way in the near and intermediate term.

欧洲数据建议欧洲央行提出更多工作。March consumer inflation data for the euro zone, released today, continues to signal deflationary pressures despite a marginal improvement over February for the headline index at a contraction of 0.1 percent year-over-year versus a prior 0.3 percent drop. Core levels registered a gain of 0.6 percent versus March of last year, softer than February’s level. Separately, Eurostat released unemployment data for the unified currency region with the headline rate for February falling to 11.2 percent, an improvement that remained higher than consensus forecasts.

Philips sells lighting unit.今天皇家飞利浦宣布，将其Lumileds照明组成部队的多数兴趣纳入一群投资者，因为阿姆斯特丹的企业家对其医疗保健特许经营权重会。这笔交易价值为28亿美元。买家，由Go Scale Capital领导的私募股权投资者联盟，占领了一个竞争对手的团队KKR & Co.

German unemployment at an all-time low.德国的标题失业率为6.4％，根据联邦劳动署局今天发布的数据，3月份达到了较低的记录。意大利的工人也不胜任：二月的数据今天发布的数字表现出了12.7％的失业，高于共识预测。

Luxury fashion retail merger unveiled.In an all-stock merger that is to create the world’s largest online luxury store, today Italian online fashion retailer YOOX agreed to buy London–based rival Net-a-Porter from its Swiss parent holding company Compagnie Financiere Richemont. The combined company, to be called Yoox Net-a-Porter Group, had combined net revenues of roughly $1.3 billion in 2014 and will execute a secondary offering to raise capital for expansion, according to the announcement.

U.K. GDP improves.2014年最终的GDP数据于2014年的最后三个月在U.K.今天发布，标题增长率略微提高到0季度的0.6％，使总年份达到3％并举行共识期望。批判性地，经过2014年第三季度的巨大风格显示后，商业投资组成部分正在修订。

U.S. housing and consumer confidence data on deck.Two significant economic data points will be released this morning in the U.S.: Case-Shiller.home price index levels for January are expected to continue to improve modestly and extend the upward trend following year-over-year lows reached in November of last year. Separately, Conference Board consumer confidence data for March will be released with expectations for a marginal decline in the headline index after February’s sharp drop from the multi-year high reached in the first month of the year.

Portfolio Perspective: What Happens when Central Banks Run Out of Ammo?—罗伯特萨瓦河ge, CCTrack Solutions

The search for another set of tools besides monetary policy is likely underway in Japan. Prime Minister Shinzo Abe and his room for more fiscal stimulus highlights the country’s debt-to-GDP problems. The Bank of Japan’s buying of Japanese Government Bonds has its own set of problems as they are bigger than the market — holding 40 percent of issuance.

The key issue for Japan, perhaps the U.S. and clearly Europe is what happens when the inventory and other cycles of the business world play out against a central bank limited in its response tool kit. The Bank of Japan seems to be approaching that limit. Theforeign-exchangeadjustment has already happened but perhaps that is what is most likely to be used going forward.

罗伯特萨瓦河ge is the CEO ofCCTrack Solutions, a New York–based hedge fund firm. CCTrack is backed by Citic Capital Holdings, which in turn is backed by the主权财富基金中国和卡塔尔。