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Thursday, May 1

1st May - Quiet Mayday

Previously on MoreLiver’s:

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ECJ throws out UK's FTT challengeOpen Europe
Raises  questions about whether it can be trusted to police the EU treaties

Britain should leave the EU if Europe's judges trample on our basic protectionsThe Telegraph
The ECJ is a force to be reckoned with, or preferably kept at a very safe sovereign distance

Fance's Misplaced 'Economic Patriotism'View / BB
The government to ride to the rescue of companies that are failing or being taken over is a poor substitute for creating conditions in France that will enable businesses to flourish.

IMF approves $17 billion bailout for Ukraine amid big risks – Reuters
IMF Approves Loan (To Pay Ukraine's Gazprom Bill) – ZH
Stabilizing UkraineIMFdirect
It’s Mostly Fiscal, Ukraine edition – FT
Ukraine’s East Unravels as IMF Warns on Financing – BB
IMF Warns Ukraine: Fight For The East Or No Money – ZH
U.S. Signals Putin Not to Move Against New NATO Members – BB

Fed's Yellen says small bank loan growth good sign for economyReuters
Yellen said small U.S. banks had started lending to customers at a higher pace after several years of tightening the reins, an encouraging sign for economic growth.

Unemployment May Soon Drop to 3.8%, But Don’t Get Too ExcitedWSJ
As the retirement of baby boomers accelerates, the labor force will contract.

ISM Manufacturing index increased in April to 54.9 – Calculated Risk
ISM manufacturing rises more than expected on gain in employment – Danske Bank
Manufacturing ISM Rises, Beats On Pick Up In Employment – ZH
Stronger Than Expected ISM Manufacturing – Bespoke
U.S. manufacturing growth accelerates in April: ISM – Reuters
U.S. April factory activity growth slows slightly: Markit – Reuters

Consumer spending surges in March, boosts growth outlook – Reuters
Consumer Spending in U.S. Jumps by Most in Five Years – BB
U.S. Inflation Ticks Up But Lags Far Behind Fed Target – WSJ
US Savings Rate Plummets To Pay For March Spending SpreeZH
Construction Spending +0.2% in March – Calculated Risk
Strong consumer spending, factory data buoy U.S. growth outlook – Reuters
Manufacturing Picks Up as U.S. Consumers Spend: Economy – BB

China Creates Jobs, Even as Growth Slows – WSJ
China PMI steadies, but doesn't dispel growth worries – Reuters
Economists React: China’s Manufacturing Sector Perks Up, Slightly – WSJ
PMIs suggest growth has bottomed out, but only modest improvement ahead – Danske Bank
BOJ Inflation Confidence Seen Cutting Chance of Stimulus – BB

Biggest Obstacle to higher P/E May be Fear of Higher LT Interest RatesGlobal Macro Trading

Grand Central: Inflation Indicators Worth WatchingWSJ
Hilsenrath’s Take: Inflation Indicators Worth Watching * Fed Keeps Cutting Bond Buys, Sees Better Growth  * U.S. GDP Barely Grew in First Quarter * BOJ Gov. Kuroda Faces Skeptical Colleagues * China Tests Fail to Relieve Stress

Macro Horizons: Ebullient Markets Ignore Fed, Find Any Excuse to RallyWSJ

#TradingDebates: The end of easy money?TradingFloor
Frances Coppola: The bigger worry is about the future of markets that have become so dependent on continual infusions of central bank money. Will they ever recover from their addiction, or will they always be looking for the next fix?  

EMEA Weekly: Week 19Danske Bank

Ideoita inflaation piristämiseenHenri Myllyniemi / US