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Monday, May 20

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.



Previously on MoreLiver’s:

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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 CFNAITradingFloor
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)

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

AamukatsausTapiola (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.

MarkkinakalenteriNordnet
MarkkinakalenteriTaloussanomat


EUROPE
Euro zone week aheadMacroScope / 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 launderingeuobserver
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 RaumFree 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 optionvoxeu.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 debtSober Look

Morgan Stanley Publishes Brilliant Note About GDP, Investing, And Why Bill Gross Is Wrong About StocksBI

This Week’s Tape: Heavy Week for Retail EarningsMoneyBeat / WSJ

Fed's action won't influence deposit growthSober Look

ASIA
BOJ says party on - in the long run we are all deadSober 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 IdiotZH

Australia’s Gillard Gets Poll Bounce After Austere BudgetThe Diplomat

OTHER
Commodities poised to rally?Humble Student

Week Ahead: Central Banks Dominate Forces of MovementMarc to Market

FX Comment: V for VolatilityNordea
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 GDPCalculated 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 toivoHS
Puheenjohtaja Jutta Urpilainen teki strategisen linjauksen. Puolue ei enää kosiskele duunariäänestäjiä vaan toimihenkilönaisia.

Usko Sdp:hen horjuu teollisuusaloillaTS
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 julkisuusEduskunta
Täysistunnon pöytäkirja PTK 53/2013 vp, 53. 16.5.2013

Eduskunnan tiedonsaanti Euroopan rahoitusvakausjärjestelyistäEduskunta
Täysistunnon pöytäkirja PTK 52/2013 vp. Tarkastusvaliokunnan mietintö  TrVM 2/2013 vp

Näitä vakuuksia ei ole tarkoituskaan käsittääJan 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 – tietopankkiEVA

Maahanmuuton takinkääntäjätHS