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Sunday, May 18

18th May - W/E: Best of the Week

Here are the ”best” from my posts of the ending week. Last week’s edition here.

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They saved the eurozone; they just forgot to save the peoplevox
Nobody thinks the eurozone is going to collapse anymore, and nobody thinks there will be a worldwide banking panic. The only problem is vast swathes of the continent remain an economic disaster area. They saved the eurozone, but not the economies that it comprises or the people who live there.

A Bond Bubble In Peripheral Europe?Forbes
Ultimately, the crisis highlighted that too much price convergence without economic convergence and reform in the eurozone can actually be a bad thing, with resulting perverse incentives and negative outcomes. While the price action in peripheral bonds might not yet count as a ‘bubble’, investors and politicians would do well to remember these lessons when interpreting the record low borrowing costs.

The Ultimate WSJ Guide to European Elections: One, Two, Three … VoteWSJ
Find out when you should start paying attention to European elections. We're giving you timings for first exit polls and what to watch out for in the results of individual countries.

Euro area GDP up by 0.2%, EU28 up by 0.3% - Eurostat
Euro area annual inflation up to 0.7%, EU up to 0.8% - Eurostat
Euro GDP growth weaker than expected in Q1 – Danske Bank
Euro Growth Diverges; Strong Germany Offsets France – BB
Euro-Area Growth Missing Forecast Keeps Pressure on ECB – BB
5 Things to Know About Euro-Zone GDP – WSJ

5 Takeaways from Japan’s GDPWSJ
Japan’s Economy Accelerated in First QuarterBB
Japan’s economy grew at the fastest pace since 2011 in the first quarter as companies stepped up investment and consumers splurged before the first sales-tax rise in 17 years last month.

Is China’s housing bubble popping?WaPo

Momentum Has Not Been “Overgrazed”: A Visual Overview In 10 SlidesSSRN
The return to "momentum" does not seem to be the victim of “overgrazing”. Conceptually, overgrazing occurs when too much capital chases too few investment opportunities which in turn leads to low returns. The “equity risk premium”, the “size premium” and the “value premium” seem to be getting close to a no-man’s land of return-free risk. A high degree of belief in “the kindness of strangers” could be driving the low equity risk premium, size premium and value premium. A high degree of disbelief in momentum could be driving what appears to be a trend large cap momentum excess return of about 7%.
"Euro on vuosisadan virhe"TE

Europyörällä päästäänSami Miettinen / US

Avoin kirje Pääministeri Jyrki KataiselleVesa Kanniainen / US

Vastauksia Kanniais-skeptikoilleJuhani Huopainen / US

Cannes - kokouksesta muistettuaHenri Myllyniemi / US
EU-johtajat savustivat ulos Kreikan pääministerinTE
EU-virkamiehet valitsevat jäsenvaltioiden johtajatJuhani Huopainen / US
Kreikan kansanäänestys peruttiin – ”olisi merkinnyt euron loppua”PS

Poliittisesta vastuustaPiksu

Ekonomisti: EKP:n uskottavuus vaarassa, ajaa Suomea taantumaan Verkkouutiset

Äänestäminen ja joukkotuhoaseetJuhani Huopainen / US

Kansantalouden tuotanto pieneni maaliskuussa 2014 – Tilastokeskus
Suomen taantuma jatkui Q1 – Roger Wessman