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Thursday, May 24

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)

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

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 DailyDanskeBank (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 awaitedSaxo 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.

EU Summit Dinner Ends: No DessertMarc to Market

EU summit: yet another dud Saxo Bank

EU summit: the full nothingnessalphaville / FT

French president bemused by lengthy EU summiteuobserver
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 unioneuobserver
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 flash PMIs point to contraction, againalphaville / FT

HSBC/Markit China manufacturing PMI flash estimate falls in MayASA

Chart: the strong seasonality of China’s official PMIASA

More than 40% of Chinese listed companies are expecting worse resultsASA
China HSBC Flash PMI Declines, Economy Now In Contraction For 10 Of Past 11 MonthsZH
HSBC Purchasing Managers’ Index Press ReleaseMarkIt (pdf)
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