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Friday, June 1

1st Jun - US Open

Another US open, with bad payrolls numbers. my own recent commentary, see how Spain looks easier, how to play announcement games, and when Spain requests the bailout. If you happen to speak Finnish, check my recent article on Spain.

German 2 year bond yields went negative on Friday – Chart by FT

Daily US Opening – RanSquawk / ZH
Frontrunning – ZH
The Lunch Wrap – FT
EM New York headlines – FT
Overnight Summary – Bank of America / ZH
Today’s Front Pages – presseurop
Daily Press Summary – Open Europe
  Spanish government and IMF deny rescue plan reports; Almost 100bn in capital fled Spain between January and March

Morning MarketBeat: Jobs Report Won’t Change Much – WSJ
Broker Note Briefing – WSJ
Morning Take-Out – NYT
AM Dear Dairy: Leaving the Range  – Macro and Cheese
US Open: News Stream Poor, Look Out Below  – Marc to Market
The T Report: – TF Market Advisors

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
The Euro Crisis Blog – WSJ
Tracking Europe’s Debt Crisis – NYT
FX Options Analytics – Saxo Bank
European 10yr Yields and Spreads – MTS indices

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As the European world turnsFree exchange / The Economist
Perhaps it is best to regard the euro zone crisis as a soap opera…But come on guys, think of an ending. This has gone on long enough.

Is it too late to save Spanish banks?Saxo Bank
The Spanish banking system will be the “make or break” event to decide the existence of the euro… a joint effort from Europe and IMF will be needed to solve the estimated Euro 150-300bn shortfall in the Spanish banking sector…there is one important reason why a broad rescue would make sense in the long-run. The fact that Spain’s property market is highly regarded among Northern Europeans could mean that demand will increase dramatically if prices depreciate too far.

Spain at the back of the grid (May PMI) alphaville / FT
Spain taking Greece’s spot at the the back of the grid with a level of 42.0, versus 43.1 for the Hellenic Republic

Spain may speed up EU 'banking union'euobserver
The US has joined ranks with EU officials exploring ways to pump eurozone money directly into Spain's troubled banks instead of having to further burden the state budget.

Macau casino revenue growth slows to 7.3% yoy in MayASA
Gambling and China’s GDP go hand in hand, so bad news for China.

National Audit Office confirms ridiculous lending practices of Chinese BanksASA
For the sake of meeting loan targets and stimulating growth through massive investment projects, banks ended up lending to practically everyone who wanted money.

BizDaily: Are we doomed?BBC (mp3)
Bad weather and it's getting worse - an economic forecast from the Swiss investor Marc Faber, also known as Dr Doom. Also the Danish economist Niels Thygesen, who helped design the European single currency tells us he still wishes Denmark had joined the euro. And with the US retailer Walmart facing a bribery scandal in Mexico, the BBC's Will Grant reflects on the gestor - the man you pay in Latin America to get things done.

Weekly Credit UpdateDanske Bank (pdf)

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