24th May - EU Open: Morning Briefings

In addition to the standard morning regular links, sections on today's lousy Chinese PMI and more importantly, the EU summit (that didn't do anything, as expected).

Yesterday on MoreLiver’s:

US Close: Summit to kick Greece (some of my ideas)

US Open: Summit Wait

Credit Guest: The road to hell...

EU Open: 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

Commodity Summary – Commodity Trader

TV: Bloomberg, CNBC, BBC

Debt crisis: live – The Telegraph

The Euro Crisis Blog – WSJ

Tracking Europe’s Debt Crisis – NYT

FX Options Analytics – Saxo Bank

European 10yr Yields and Spreads – MTS indices

Danske Daily – DanskeBank (pdf)

EU summit focused on growth and Greece. The leaders discussed Eurobonds as well as a common deposit insurance scheme. China’s HSBC manufacturing PMI declined to 48.7 in May from 49.3 in April. EUR/USD dropped to a two-year low on concerns of a Greek exit. Focus today will be on euro area PMIs, German IFO and the first release of US PMIs.

Morning Briefing: You Can Check Out Any Time You Like...  – BNYMellon
As we noted a week and a half ago, there is an increasing  possibility that this summer could see one of one of the most significant events in the currency markets since the Nixon shock of 1971. In preparation for this we will run a series of articles looking at possible outcomes to the crisis, the changing market environment along with parallels with past market disruptions. We begin to day by looking at shifting attitudes within the Euro-area towards a Greek exit.

 
Market Preview: PMI's across Europe keenly awaited – Saxo Bank

European markets will open higher taking cue from a late recovery on Wall Street. Asian markets are, however, lower, after the HSBC flash manufacturing PMI in China declined in May and on the EU failure to come up with decisive action on Greece.

EURO CRISIS: THE SUMMIT RESULTS

EU Summit Dinner Ends: No Dessert – Marc to Market

EU summit: yet another dud – Saxo Bank

EU summit: the full nothingness – alphaville / FT

French president bemused by lengthy EU summit – euobserver

At his first ever EU summit, French President Hollande admitted there were differences in opinion on the nature of economic growth and the merits of eurobonds while seeming bemused by the length of the meeting.

Van Rompuy to draft plan for deeper economic union – euobserver

EU leaders have tasked council chief Herman Van Rompuy with drafting a plan on deepening the eurozone's economic union. A similar report was issued in 2010, leading to strengthened sanctions for deficit sinner.

CHINA'S PMI

China flash PMIs point to contraction, again – alphaville / FT

HSBC/Markit China manufacturing PMI flash estimate falls in May – ASA

Chart: the strong seasonality of China’s official PMI – ASA

More than 40% of Chinese listed companies are expecting worse results – ASA
 

China HSBC Flash PMI Declines, Economy Now In Contraction For 10 Of Past 11 Months – ZH
 

HSBC Purchasing Managers’ Index Press Release – MarkIt (pdf)

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