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Wednesday, May 29

29th May - US Open

Previously on MoreLiver’s:

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Roundups & Commentary
Frontrunning – ZH
Overnight: Red Dawn – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Daily press summary – Open Europe

Morning MoneyBeat: Front-Running the Exit Strategy – WSJ
Morning Bond Update: Core bonds breaking lower – TradingFloor
Dollar Mixed, Bonds and Stocks under Pressure – Marc to Market
Morning Briefing (EU/US): Stuck in the middle – BNY Mellon
  We see GBP performing somewhere between the EUR and the USD in the months ahead; yet it may not be that straight forward

A change of tackMacroScope / Reuters
Today sees the release of the European Commission’s annual review of its members’ economic and debt-cutting policies. It’s a big moment.

Sweden: Q1 GDP beats forecastsNordea
GDP rose by a full 0.6% q/q. We had expected GDP to contract by 0.2% while the consensus’ as well as the Riksbank’s forecasts stood at +0.3%.

Europe’s Clash of GenerationsProject Syndicate
Gene Frieda: EU leaders are under pressure from a new generation of voters, for whom the original purpose of European integration – preventing war – holds little significance today. If EU leaders do not respond effectively, emerging political parties will seek to restore the protective national barriers that their predecessors demolished.

German Constitutional Court: Hearing in June unlikely to provide definitive answers on OMTDB Research

IMF says Portugal is on the debt restructuring pathPresseurop

EU Commissioners’ Twitter-Gate?WSJ
Wednesday morning – a good three hours before commission boss José Manual Barroso was to take the stage and give EU countries their annual rap on the knuckles for bad budgeting or policy making – Industry Commissioner Antonio Tajani sent a digital flare to his native Italy: All good.

Old and new drug problems — the European landscape in 2013EU
Europe’s drugs problem is in a ‘state of flux’, with new threats emerging that challenge current models of policy and practice.

Euro zone private loans contract, pressuring ECB to actReuters
Loans to the euro zone's private sector contracted for the 12th month in a row in April, raising pressure on the ECB to take fresh policy action to help lift the bloc out of recession.

OECD: ECB needs to come to euro zone's rescue againReuters
Calling for bold steps beyond just interest rate cuts.

ECB: Private-sector deposits in Cypriot banks slump in AprilReuters

Between cronyism and rebalancing in Chinaalphaville / FT
Although China has a formal target of 7.5 per cent growth for this year, and that was still kind-of-maybe assumed to be the ongoing target figure for the next few years, no-one was hugely surprised at the declaration of a 7 per cent target.

OECD Economic OutlookOECD
The global economy is moving forward, but divergence between countries and regions reflects the uneven progress made toward recovery from the economic crisis…Historically high unemployment remains the most serious challenge facing governments.

A new collateral estimate with a cautionary notealphaville / FT
The big collateral paper from the Committee on the Global Financial System: additional collateral needed to meet upcoming regulatory demands will be around $4,000bn. It also concludes that the world has recently produced enough such collateral in the form of safe assets, particularly government debt, to meet these demands.