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
News roundup – The Trader
The 6am Cut
London – alphaville
/ FT
Commodity
Summary – Commodity
Trader
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
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.
Market Preview: PMI's across Europe keenly awaited – Saxo Bank
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.
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
More than 40% of Chinese listed companies are
expecting worse results – ASA
HSBC Purchasing Managers’ Index Press Release – MarkIt
(pdf)