QE in Europe unlikely this year: Morgan Stanley

Here are experts equity calls for the day on how the markets are expected to trade:

Gerard Minack, Morgan Stanley: The perceived success of the ECB's LTRO operation in reducing tail risks, at least in the near-term, means that QE in Europe is unlikely this year. In addition, the Fed is looking marginally less dovish than a few weeks ago, with indications that there is a growing chance of extending Operation Twist rather than conducting QE3.

Kevin Logan, HSBC: Compared to its last policy statement in January, Fed's statement yesterday suggested that economic conditions had improved slightly and that risks to the outlook had diminished a bit. While it was also noted that the unemployment rate remains elevated, just the mention of the recent decline was enough to suggest that the policymakers were admitting that things could be getting better and perhaps additional monetary ease at this point was not quite as necessary as it seemed in January.