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Thursday, May 22

22nd May - PMIs good, except France



Previously on MoreLiver’s:

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EUROPE
  EUROPEAN ELECTIONS
Europe at the polls - but who will actually vote? – DW
On Thursday, the European elections start - in the Netherlands and Great Britain. Voting in the other EU member states is to follow and the final result will be announced Sunday night. But not many people care anymore.

European elections – EU/euro-sceptics moving forward – Nordea
We shed a light on the elections to the European Parliament that start today in the UK and the Netherlands. Results will be known late Sunday evening. EU- or euro-sceptic parties are set to perform strongly. Markets are well aware, but still it could create volatility.

And the European Commission winner is… - FT
http://blogs.ft.com/brusselsblog/2014/05/22/and-the-european-commission-winner-is/

Europe's Soaring Revulsion Against "Europe" In One Chart – ZH
At this rate one more election and the Eurosceptics will be the single largest political block in a "United" Europe.

European Parliament elections: a final look at the national campaigns – Europp / LSE

Sarko drops a bomb – Open Europe
At least half of EU powers should return to member states

  MARKIT PMI
Mixed euro PMIs due to global weakness in Q1 – Danske Bank

ECB stance unchanged despite positive PMIs for May – TradingFloor
After the Asian positive surprises, the European purchasing manager index remained elevated as well. Germany's service sector boom and France's return to contraction were the main news, opening up a threat of political trouble while keeping the ECB's stance largely unchanged.

UNITED STATES
US Manufacturing PMI Beats But Employment Slows To Worst In 2014 – ZH
Existing Home Sales Miss; Worst Start To Year Since 2007 – ZH
Existing Home Sales 4.65 million, Inventory up 6.5% Y-o-Y – Calculated Risk

ASIA
China: moving from fragile stabilisation to moderate recovery – Danske Bank
PMIs Confirm China And Japan Economies In Contraction – ZH

OTHER
Macro update: Global economy in a state of flux – TradingFloor
Rosy predictions fade to dust as disappointments multiply * 2014 will be the Year of the Low * Germany slowing as Asia rebalances

Macro Horizons – WSJ
HSBC Flash PMI for China Shows Signs of Stabilizing

Grand Central – WSJ
Hilsenrath’s Take: Storm Clouds Gathering On Fed’s Horizon * Fed Officials Tussle Over Labor Market Slack * Fischer Confirmed: Fed’s New Voice Begins to Take Shape * Yellen: Yankee Legends, Fed Officials Shouldn’t Be Afraid to Swing and Miss * Bernanke’s Six-Figure Dinners May be Tinkering with Bond Yields * China Manufacturing Data Point to Stabilization

FX:  Light but Little Heat – Marc to Market

EMEA Weekly – Danske Bank

FINNISH
Meitä vedätetään – Journalisti
OP-Pohjolan pääjohtaja Reijo Karhinen livautti sen suustaan. Hän paljasti Anni Lassilan haastattelussa Helsingin Sanomissa 30.huhtikuuta, että lamapaniikin lietsominen ennen kehysriihtä oli sovittu juttu.

Eurovaalit, Suomen talous ja kriisitietoisuus – Tyhmyri
Kyllä kokoomuksen johto selvästi tietää missä mennään

Monet yritysjohtajat pitävät tilannetta synkimpänä viiteen vuoteen – Verkkouutiset

Jokaisella velalla on velkoja – Roger Wessman

Merkel tyrmäsi sosiaaliturvaturismin – Verkkouutiset
Merkelin mukaan etuudet tulisi evätä kaikilta niiltä, jotka tulevat Saksaan vain etsiäkseen töitä.

Tarkastusvirasto varoittaa Suomea vakaus- ja kasvusopimuksen rikkomisesta – Verkkouutiset

Keskustelua rahan olemuksesta – Raha ja Talous
Maaliskuussa ilmestyneestä kirjastamme Rahatalous haltuun on viimeaikoina julkaistu useampiakin arvioita.