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Friday, May 24

24th May - EU Open

Previously on MoreLiver’s:

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News roundup – Between The Hedges
The 6am Cut London – alphaville / FT
Emerging Markets Headlines – beyondbrics / FT
Asia Morning MoneyBeat – WSJ
Europe Morning MoneyBeat – WSJ

3 Numbers to Watch: Germany GDP and Ifo Index, US Durable GoodsTradingFloor
German GDP is already old news and the IFO sentiment is also heading that way after yesterday's Markit PMIs. The approaching holidays and traditionally volatile durable goods might be the day's main driver.

Market Preview: German Ifo & GfK indices, US durable goods eyedTradingFloor
European markets are likely to open mostly higher on Friday. Markets will keep a tab on German Ifo sentiment indices and GfK consumer confidence data due later in the day., while US durable goods orders will also be in focus.

Danske DailyDanske Bank (pdf)
German IFO projected to grind slightly higher, US durable goods orders are expected to show a fairly strong increase, ECB's Vítor Constâncio and the European Commission's Olli Rehn both speak on financial regulation.

Euroalueen ostopäällikköindeksit indikoivat taantuman jatkoa * USA:n työttömyyden lasku jatkuu huolestuttavasti * Japanin osakemarkkinoiden syöksy jatkui aamulla, mutta korjautui myöhemmin

Aamukatsaus – Tapiola (pdf)
Osakemarkkinoiden lasku loiveni eilen illalla USA:ssa - markkinoille tukea makrodatasta ja USA:n keskuspankkiirien liennytyskommenteista. Eilen positiivisesti yllättäneiden euroalueen ostopäällikköindeksien jälkeen julkaistaan tänään Saksan IFO. Osakefutuurit nyt plussalla, indikoiden nousuavausta OMX HEX:iin. Tapasimme edellisviikolla yhdeksän Suomi-yhtiön johtoa. Keskustelun pohjalta positiivinen vaikutelma jäi Olvista ja Raisiosta.


Mario Draghi: Building stability and sustained prosperity in EuropeECB

Central bank chief: EU needs a more European UKeuobserver
ECB chief Draghi has made an unusually political comment while in London, saying Europe needs a more European UK.

The Eurozone's economy could surprise to the upsideSober Look

A Subtle View of Labor Market ImprovementAtlanta FED

More Fed - It Never EndsTim Duy’s Fed Watch
Assuming current data holds, the beginning of the end of QE is coming.  But not immediately.  Maybe three meetings out in September assuming that the impact of fiscal drag remains largely contained to the GDP data.  The Fed does not want us to jump to conclusions about future policy moves based on that initial shift.  But I am hard-pressed to see a forecast that would allow for up-and-down moves once the Fed pulls the trigger.

CME Hikes Nikkei-Associated Margins By 33%ZH

Bass On Japan's Turbo QE: "It Won't Be Enough"ZH

Japanese Stocks Open +1.5%; Bonds Half-Way To Limit DownZH

IMF Rethinking Role in Managing Sovereign Debt in CrisesWSJ
IMF concerned that recent developments in sovereign debt markets threaten the effectiveness of its bailout programs.

IMF Executive Board Discusses Sovereign Debt RestructuringIMF, IMF

The case for 4%
Since the double-digit inflation of the 1970s, central banks have sought to reduce inflation and keep it low. This column argues that recent history teaches us that inflation has fallen too low. Raising inflation targets to 4% would have little cost, and it would make it easier for central banks to end future recessions.

Giving the bulls the benefit of the doubtHumble Student