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EUROPE
ELECTIONS
EU leaders cannot simply ignore the populist
howl – FT
Gideon Rachman: The argument that the protest vote is too weak
and incoherent to merit a response is flawed
European elections: The expected wake-up call – Nordea
EU/euro-sceptic
parties are the strongest political force in several EU countries. These
parties represent strong minorities, but they are quite far away from
representing a majority. Euro-breakup is still a very distant scenario, but
uncertainty about future political orientation and economic policy in countries
such as Greece and France has risen.
The eurosceptic
parties increased their share substantially but winning parliamentary
representation is not equivalent to gaining actual political influence.
Could an Anti-EU Vote Be Good For Markets? – WSJ
E.U. governments know
that without economic recovery the anti-E.U. tendency will only grow. To that
end they’re likely to ease political roadblocks that have so far hamstrung the
ECB.
The European
Parliament election made it clear that there are now two Europes: one in which the logic of integration is
deeply embedded in the sociopolitical order; and one that rejects the basic
assumptions of pooled sovereignty. And, as the results in Britain and France show, an imperial legacy can align countries
with the latter camp.
EUROPEAN
CENTRAL BANK
Implications of negative rates - the Danish
experiences – Danske
Bank
Draghi spells it out – The
Economist
Euriborderline insane? – Macro Man
Complete the sentence: Mario Draghi is...? – Saxo
TV
ECB obsessed with the
EUR strength, missing everything else.
ECB Conference Brings Policy Clues and
Inflation Target Debate – WSJ
At ECB Conference, Krugman Attacks Inflation
Target – WSJ
The case that 2% turns
out to be too low a target is quite compelling, Krugman said.
Krugman gives Draghi some advice – FT
It only took a few
hours for Mario Draghi to join the list of names at Sintra saying no to Prof
Krugman’s calls for a higher inflation target.
Can Mr. Draghi Actually Do Anything About
Inflation? – WSJ
Draghi and the case for securitization – FT
Draghi’s Asset-Backed
Drive Rouses Academic Skeptics – BB
ECB goes on 300 million euro spending spree for
bank watchdog – Reuters
ECB will spend 300
million euros this year and next in building an elite group to monitor top
banks, with the lion's share spent on generous pay for many of its staff.
UNITED STATES
MACRO
NUMBERS
Durable goods orders
rise on defense, but business spending plans weak – Reuters
Durable Goods Bounce
On Defense; Machinery Goods Drop; CapEx Slides 1.2% - ZH
Home Prices End
Four-Month Losing Streak, Rebound More Than Expected In March – ZH
Comment on House
Prices: Real Prices, Price-to-Rent Ratio – Calculated
Risk
U.S. services sector expands at faster pace in May: Markit – Reuters
US Service PMI Surges
Near Record High As Margin Pressures Appear – ZH
Consumer Confidence
Advances to Second-Highest Since 2008 – BB
U.S. consumer confidence rises in May – Reuters
OTHER
Time for a growth scare? – Humble
Student
Currency Overview – Short Side of the
Long
Global EM currencies
have been the centre of attention in media * EM currency index has been
rallying despite media negativity * Euro suffered a sharp sell off at overhead
resistance * New Zealand Dollar is the new commodity currency darling * USD has
been weak against EU currencies but strong elsewhere
Daily central bank summary – WSJ
Hilsenrath’s Take:
BOJ’s Kuroda Awakening to His Limits? * Kuroda Signals Impatience with Abe
Government * Former Fed Official Sack Calls for Decisions on Rate Hike
Mechanics in Coming Months * Draghi Warns of Ultralow Inflation Risk * Federal
Reserve Lacks Official to Oversee Regulatory Efforts
Markets Calm, Still No Earthquake – Marc
to Market
The weekend elections
are noteworthy, but will likely keep the status quo intact. And this means the main moving part of the
investment climate is what the ECB does next week.
FINNISH
Suomi:
Ja sitten sopeutetaan julkinen talous uudelleen – Nordea
Joskus asiat tehdään ensin väärin. Tulee
kalliiksi, jos aluksi tuhotaan jotain arvokasta ja sitten vielä työ joudutaan
tekemään alusta asti uudelleen.
"Tämä
on karua kertomaa Kataisen näytöistä" – TE
Kovaa
kritiikkiä: Suomen talous on markka-ajalta – TalSa
Suomen talouden rakenteet ovat vanhanaikaisia
ja Suomi sopii heikosti eurojärjestelmään. Näin suomii sijoituspalveluyhtiön
päästrategi.
Timo
Soinille varoitus omalta kansanedustajalta – US
Mitä
meidän pitäisi oppia eurovaaleista? – Professorin
ajatuksia
Suomen
Sosialidemokraattinen Puolue ja vaalimenestys – Tyhmyri
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