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Wednesday, May 9

9th May - US Open: Spain's Bail, Banks Thank

Here are the US Open regulars and select article links. EDIT: Surely everyone has noticed the real news of the day: Spanish yields back above 6%.

Daily US Opening News And Market Re-Cap: May 9 – RanSquawk / ZH
Frontrunning: May 9 – ZH
The Lunch Wrap – alphaville / FT
EM New York headlines – beyondbrics / FT
Daily Press Summary – Open Europe
  Greece’s second largest party unlikely to succeed in bid for anti-bailout coalition; Germany’s ECB Board Member: “no alternative to austerity if Greece wants to remain a euro member”

Overnight Sentiment: Europe Done Broke Again – Bank of America / ZH
Morning MarketBeat: What’s to Like About Stocks? – MarketBeat / WSJ
Broker Note Briefing: Wednesday – WSJ
Morning Take-Out –  DealBook / NYT
AM Dear Dairy: European CDS on the Rise  – Macro and Cheese
Pressure in Europe Continues, Underpins Dollar and Yen – 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!)

A tipping point in eurozone crisis talkalphaville / FT
“Greece must be clear that it agreed to this rehabilitation program is no alternative, if it wants to remain a member of the Euro-zone,” As today’s FT notes, this was the first time the ECB had acknowledged in public the possibility of such an event.

The promise and challenge of Francois Hollandeeuobserver
The election of Francois Hollande as President of France could be an important turning point for Europe, but only if he broadens his agenda beyond the rhetoric of his campaign.

Will the elections in Europe change economic policy?bruegel
Ultimately the rebalancing will have to come from a change in relative wages with wages growing below the average in the South and above the average in Germany.  This is the real challenge Europe faces and the elections may make this happen by forcing German politics to change course on wages. Resisting wage growth and a credit boom in Germany would be a mistake. The German political system has started to understand that resisting symmetric adjustment will prove costly for Germany.

IMF tells Germany to do more for eurozoneeuobserver

Europe Day: Hard challenges, soft democracyeuobserver
There is no doubt that history was made on Europe Day in 2012. It marked the first time a direct, transnational and digital tool of formal citizen participation came into operation.

Commission sets out state-aid overhaul to drive growtheuobserver
The European Commission wants re-vamped state aid rules to be part of Europe’s 2020 growth strategy, according to a paper released on Tuesday (8 May) by the EU executive.

Bankia in the coalmine, looking like a dodoalphaville / FT
As with Spain’s other banks, there are serious doubts as to whether anything like the appropriate level of provisioning has been done for problem loans.

Rajoy's rocky ride after 100 days in officeEl Pais
The prime minister is famously averse to change, but given the depth of the current crisis, he is having to constantly shift

What the TF happened to Spanish Bonds?TF Market Advisors
A story of how it could have happened in a dealing room.

German Lawmakers Prep For Greek Eurozone Exit – HandelsblattZH
Yesterday it was Fitch setting the groundwork. Today the natural escalation has arrived, with a Handelsblatt report that German coalition lawmakers saying they are open to a Greek farewell.

Greece is the WordTF Market Advisors
In spite of all the rhetoric, Greece will make the May payments. Whoever is in charge will get calls from Merkel, Lagarde, and Draghi warning them of the global carnage that would ensue if they miss those payments. I think in this case they are right. Missing €450 million of private sector debt and €3 billion owned by the ECB would likely cause a global stock market route of 5%