20th May - EU Open: Heavy week ahead

After two weeks of dullness, we are getting plenty of FED- and ECB-talk. The European PMI-data and German IFO-indices are also of interest. Japan looks like the Abenomics-trades might take a breather. Plenty of Finnish links here.

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Weekender: Linkfest

Weekender: Weekly Support

Weekender: Best of the week

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Roundups

News roundup – Between The Hedges

The 6am Cut London – alphaville / FT

Emerging Markets Headlines – beyondbrics / FT

Asia Morning MoneyBeat: Chinese Credit Surge Raises Property Fears – WSJ

Europe Morning MoneyBeat: Stocks Up But USD/JPY Hammered – WSJ

Morning Briefing (EU/US): A Turning Point? – BNY Mellon

  Looking at the bigger picture for the USD index

MORNING BRIEFINGS

3 Numbers To Watch: DE DAX, JP NIKKEI 225, US CFNAI – TradingFloor

The recent gains in the DAX and Nikkei 225 indices are under scrutiny ahead of key macro updates from Germany and Japan later in the week. Meanwhile, today's Chicago Fed National Activity Index offers an updated profile of US business cycle risk.

Market Preview: – TradingFloor

Danske Daily – Danske Bank (pdf)

Aamukatsaus – Nordea

Ostopäällikköindeksit viikon päälliköitä * Kiinan asuntomarkkinat eivät uhkaa talouden vakautta * Saksan 2-v korko jälleen pakkaselle

Aamukatsaus – Tapiola (pdf)

Perjantainen positiivinen makrodata USA:sta katkaisi heikon datan trendin ja lennätti jälleen osakemarkkinaa. Kulta ja etenkin hopea jatkavat heikkenemistään. USA:n keskuspankin johtajistosta perjantaina kommentteja myös lisäelvytyksen puolesta. Osakefutuurit plussalla, ennakoiden nousuavausta OMX HEX:iin.

Markkinakalenteri – Nordnet

Markkinakalenteri – Taloussanomat

EUROPE

Euro zone week ahead – MacroScope / Reuters

It looks like a week short of blockbusters, particularly today with much of Europe on holiday. But there will be plenty to chew over over the next few days on the state of the euro zone and whether newly-printed central bank money lapping round the world risks throwing things off kilter.

Leaked report damns Cyprus on money laundering – euobserver

Almost 60 percent of one Cypriot bank's clients are "high risk" and almost a third of all bank depositors' records contain errors, a leaked report says.

The 'Other' Way To Exit The Euro... – ZH

Immigration to Germany from Italy, Spain, Greece, and Portugal has 'never' been higher.

  ECB

Der Elefant im Raum – Free exchange / The Economist

Higher inflation in Germany would alleviate substantial suffering around the periphery at fairly minimal cost to Germans (for their suffering, as we've seen, they get more holidays in Portugal and a nice Mediterranean real estate portfolio). Many Germans might prefer not to accept that trade-off,

Helicopter money as a policy option – voxeu.org

With persistently weak economic conditions becoming the norm in Europe, economists are considering increasingly unconventional policy options. One tool that has yet to be taken out of storage is ‘helicopter money’, i.e. the overt monetary financing of government deficits. This column recounts a policy debate on helicopter money that was held at LBS in April 2013 among three of the world’s leading monetary economists.

UNITED STATES

Corporate cash balances still growing - and so is debt – Sober Look

Morgan Stanley Publishes Brilliant Note About GDP, Investing, And Why Bill Gross Is Wrong About Stocks – BI

This Week’s Tape: Heavy Week for Retail Earnings – MoneyBeat / WSJ

Fed's action won't influence deposit growth – Sober Look

ASIA

BOJ says party on - in the long run we are all dead – Sober Look

Japan Economy Minister: "Yen's Excessive Strength Has Been Largely Corrected; Further Weakness Could Be Harmful" – ZH

A Dollar-Yen Tale Told By An Idiot – ZH

Australia’s Gillard Gets Poll Bounce After Austere Budget – The Diplomat

OTHER

Commodities poised to rally? – Humble Student

Week Ahead: Central Banks Dominate Forces of Movement – Marc to Market

FX Comment: V for Volatility – Nordea

EUR gave up to the rallying USD...but this week's PMIs are a chance. Bernanke will deliver the final verdict for USD.

Research Notes: Fiscal Drag and Upward Revisions to Q2 GDP – Calculated Risk

From economist Alec Phillips at Goldman Sachs and Ethan Harris at Merrill Lynch:

'Keynes on Laissez-Faire' – Econmist’s View

FINNISH

Miten SDP kasvattaisi testosteronitasoaan? – Henri Myllyniemi / US Puheenvuoro

Toimihenkilönaisten kosiskelu on Sdp:n toivo – HS

Puheenjohtaja Jutta Urpilainen teki strategisen linjauksen. Puolue ei enää kosiskele duunariäänestäjiä vaan toimihenkilönaisia.

Usko Sdp:hen horjuu teollisuusaloilla – TS

Sdp:n ministerivaihdokset tuskin vakuuttavat puolueen peruskannattajia, joiden usko horjuu jo valmiiksi, arvioivat Pron puheenjohtaja Antti Rinne ja Metalliliiton puheenjohtaja Riku Aalto.

Suomen ja Kreikan vakuussopimuksen julkisuus – Eduskunta

Täysistunnon pöytäkirja PTK 53/2013 vp, 53. 16.5.2013

Eduskunnan tiedonsaanti Euroopan rahoitusvakausjärjestelyistä – Eduskunta

Täysistunnon pöytäkirja PTK 52/2013 vp. Tarkastusvaliokunnan mietintö  TrVM 2/2013 vp

Näitä vakuuksia ei ole tarkoituskaan käsittää – Jan Hurri / TalSa

Valtiovarainministeriö julkisti Kreikka-vakuuksien sopimusasiakirjat sen jälkeen, kun KHO pakotti. Sopimustekstit ovat rahoitusalan konstikasta koodikieltä, jota kuolevaisten ei liene tarkoituskaan käsittää. Entistä kattavammin julki tulleet sopimustekstit vahvistavat epäilyä kalliista ja turhasta teatterista.

           

EVAn Työt & tekijät – tietopankki – EVA

Maahanmuuton takinkääntäjät – HS