23rd May - German outlook worsens

Previously on MoreLiver’s:

Special: European Elections

Thursday: PMIs good, except France

Wednesday: BoJ, BoE, Fed

Tuesday: Negative tones played

Monday: Negative tones played

W/E: Off-Topic & Finnish

W/E: Geithner, Markets & Economics

W/E: The World Links

W/E: Weekly Support (updated)

W/E: Best of the Week

Special: Euron tulevaisuus - Suomen vaihtoehdot

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EUROPE

Europe is under siege from both the left and right – Reuters

Unless the European elite in Brussels works to revive widespread economic prosperity and middle-class fortunes, providing a vision and narrative that helps all Europeans adapt to social and cultural change, the populist protest is only likely to grow. This is not just background noise. The message they send is a crucial signal Europe’s elite need to hear.

  EUROPEAN CENTRAL BANK

ECB's inflation projection, exchange rate and global food prices – Danske Bank

We think it is almost certain that the ECB will lower its inflation projection for 2014 and we also expect a slightly lower forecast for 2015, but in our view the ECB will keep its 2016 forecast unchanged at an already low rate of 1.5%

Risk of disappointment from the ECB in June remains high – Sober Look

A negative ECB deposit rate: “What difference would it make?” – Reuters

  IFO INDEX

Ifo Business Climate Index Falls – CESifo

German Ifo sounds first note of caution – Merkelnomics

German Business Confidence Declines as Economy Seen Slowing – BB

UNITED STATES

New Home Sales increase to 433,000 Annual Rate in April – Calculated Risk

Comments on the New Home Sales report – Calculated Risk

New home sales rebound, inventories at 3-1/2 year high – Reuters

Purchases of New U.S. Homes Increase by Most in Six Months – BB

OTHER

Daily Central Bank Roundup – WSJ

Hilsenrath’s Take: How High Will Fed Push Rates? * Fed’s Williams: Expected ‘Much Stronger Tailwind’ from Housing * Chinese Banks to Issue CDs to Public in Interest-Rate Reform Move * Fed’s Keeping the IMF Out of Its Currency Swap Domain * World Trade Flows Fall in First Quarter

Daily FX Comment: Dollar is Lifted Ahead of the Weekend – Marc to Market

FINNISH

Verot ylös ja verotulot alas – Talouden Tulkki

Hallitus jatkaa veronkiristyspolitiikkaansa härkäpäisesti. Menoleikkaukset tuottaisivat vähemmän haittaa talouskasvulle ja verokertymälle.

Suomi noudatti sopimaansa EU vakaussopimusta vuonna 2013 – Piksu

Miksi EU-vaaleissa kannattaa äänestää – Sampo Terho

Vähittäiskaupan myynti kasvoi huhtik. 2,3% YoY - Tilastokeskus

Suomen vähittäiskauppa vakiintumassa? – Roger Wessman