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Thursday, May 10

10th May - US Open: BIS, ECB Reports

Voices calling for easier monetary policy. At zero interest rates, it's helicoptering, QE, backstopping and SMP. I can almost hear the 80's-style cylon-voice saying All losses must be socialized.

Please check my morning post Greece + Spain = GRAIN? and follow ‘MoreLiver’ on Twitter or Facebook

Daily US Opening News And Market Re-Cap – RanSquawk / ZH
Frontrunning – ZH
The Lunch Wrap – alphaville / FT
EM New York headlines – beyondbrics / FT
Daily Press Summary – Open Europe
  Eurozone to withhold €1bn from next tranche of Greek bailout funds; German FM: If Greece stops reforms, future tranches of funding will not be paid

Overnight Sentiment: Oversold Bounce Overdue – Bank of America / ZH
Morning MarketBeat: Laundry List of Worries – MarketBeat / WSJ
Broker Note Briefing: Thursday – WSJ
Morning Take-Out – DealBook / NYT
AM Dear Dairy – Macro and Cheese
Calmer Tone Unlikely to Last – Marc to Market (new!)

Pre-market Commentary – Marketwatch
Pre-Market Trading – CNNMoney          
Pre-Market – NASDAQ
US Equity Preview – Bloomberg
Earnings & Events – The Street
MarketCurrents – Seeking Alpha

Debt crisis: live – The Telegraph
Europe Crisis Tracker – WSJ
Tracking Europe’s Debt Crisis – NYT
FX Options Analytics – Saxo Bank
European 10yr Bond Yields and Spreads – MTS indices (new!)

Buiter says bring out the helicopteralphaville / FT
Willem Buiter and Ebrahim Rahbari at Citi. Essentially, they want central banks to do more…. much, much more. (Full pdf, registration required)

BizDaily: Austerity versus growth  BBC (mp3)
Should debt-ridden European nations stick to austerity, or abandon it in favour of economic stimulus measures? Ed Butler and Lesley Curwen explore the argument through an unusual game of Snakes and Ladders. The austerity question is also debated by the BBC's economics editor Stephanie Flanders and diplomatic correspondent James Robbins.

Europe May Need More Power to Deal With Bank CrisisDealBook / NYT
After several failed efforts to restore confidence in their sickly banks, European governments face growing pressure to change course and give the European Union more power to shore up the region's shakier lenders.

Greece's Unemployment Rises To Record, Industrial Collapse AcceleratesZH

Eurozone blocks €1bn of aid amid Greek uncertaintyeuobserver

Monthly Bulletin May 2012ECB (pdf)
Two picks from the monthly bulletin:
A fiscal compact for a stronger Economic and Monetary Union – ECB (pdf)
Comparing the recent financial crisis in the United States and the euro area with the experience of Japan in the 1990s – ECB (pdf)

Statistics Pocket Book Statistics Pocket Book, May 2012ECB (pdf)

German bank breaks anti-inflation tabooeuobserver
Bundesbank on Wednesday (10 May) said it may tolerate a devaluation of the common currency to help out crisis-hit countries suffering under a strong euro.

Decoding the latest OTC derivative BIStimatesalphaville / FT
Put more bluntly: the counterparty risk that banks have on is at a level that hasn’t been seen since 2008. But hopefully, a lot has been learned since then. There’s more use of central counterparties, for one. For another, banks have gotten more strict about collateral arrangements and who they transact with to being with.

OTC derivatives market activity in the second half of 2011BIS
Full pdf 30 pages

The consensus has got the S&P 500 2013 EPS wrong, says Morgan StanleyAlso Sprach Analyst

Brent reigns supremealphaville / FT
European large cap banks:  A value play or a value trap?Saxo Bank

Flash Comment: China - Slowing imports & exports due to calendar effects?Danske Bank (pdf)

China’s sovereign wealth fund to stop buying European bondsAlso Sprach Analyst

China trade: warning signalsbeyondbrics / FT
Whichever way you look at it,
China’s latest set of trade figures is bad news. Not only did both exports and imports fall short of expectations, they missed by quite a way.