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Tuesday, May 1

1st May - Morning Briefings

News roundup – Between The Hedges
News roundup – The Trader
Emerging London Headlines – beyondbrics / FT
The 6am Cut London – alphaville / FT
Press digests by Reuters: FT, WSJ, NYT
Danske DailyDanske Bank (pdf)
China NBS
PMI manufacturing rose to 53.3 in April, the highest reading in a year. Weak Chicago PMI ahead of today’s ISM. Jean-Claude Junker steps down as head of Euro Group 

Morning Briefing: Germany’s stance on the EU's fiscal pact risks its isolation BNYMellon
Capitulation will be untenable for many of Germany’s officials (including Schäuble – see Headlines) and taxpayers – many of whom are aware that the country’s Target II exposure is already tracking an explosive path; and when discussing such issues we should certainly not forget the dark conversations reportedly held between “senior figures in the German establishment” per FT columnist Gideon Rachman’s article earlier last month, entitled the “time bomb no one can defuse”. Whether to commit fully to the EMU project is a question that German must answer and probably sooner than it would like.

Market Preview: Eyes on US ISM Manufacturing IndexSaxo Bank
UK markets are likely to open higher Tuesday ahead of the release of data due today which is expected to indicate that manufacturing in the US probably expanded at a slower pace in April. Markets are also keeping an eye on the UK manufacturing PMI.

Debt crisis: live – The Telegraph
Europe Crisis Tracker – WSJ
Tracking Europe’s Debt Crisis – NYT
FX Options Analytics – Saxo Bank