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EUROPE
POLITICS
Cameron and Merkel Go
in Circles Over Juncker EU Role – BB
Merkel and Cameron in
battle over European Commission – BBC
Merkel takes boat trip
with Juncker opponents – euobserver
German euro critics appeal to Tories for deal – The
Irish Times
AfD urges British
allies to ignore Merkel and admit them to their EU parliament grouping
Germany's euroskeptic AfD wants to join forces with the U.K. Conservatives in
the European Parliament -- a move that could upset Chancellor Angela Merkel.
EU democracy and transparency to be decided
by... a secret ballot – Open
Europe
It is hard to stress
just how absurd it is for MEPs to decry a "stitch-up" by national
leaders and then refuse to allow themselves to be subjected to scrutiny. If the
idea is to make the appointment process more transparent and to 'put voters in
charge', how can voters hold their MEPs to account when they do not know how
they voted?
The economic consequences of leaving the EU – Centre for European Reform
The final report of
the CER commission on the UK and the EU single market. A group of experts
finds that, after leaving the EU, the UK would face an invidious choice: sign up to the
single market’s rules, or suffer economic damage. Press
release and full
document.
BOND
MARKETS
The Great Insanity In Context (200 Years Of
European Bonds) – ZH
Can Spanish Debt Really Be A Good Deal? – WSJ
Spanish Bonds Yielding Less Than Treasuries – Bespoke
EUROPEAN
CENTRAL BANK
ECB aftermath; how firm is opposition to QE? – Reuters
By no longer
offsetting the government bonds the ECB bought back during the debt crisis by
taking in an equivalent amount in bank deposits each week - non-sterilisation in central bank jargon –
has Draghi essentially crossed the Rubicon in terms of creating money and does
that mean the philosophical objections to full-on QE have been surmounted?
Is liquidity stuck at banks? – Antonio
Fatas
The level of reserves
will not change when the private loans are given.
UNITED STATES
5 Things to Know About the President’s Latest
Student-Debt Relief Plan – WSJ
The Plan Isn't
Entirely New * The Problem is Real * No One Knows the Costs * The Demand is
Huge * Expect a Political Fight
Focus on first Fed hike to intensify – Danske
Bank
When the Fed first
started talking about tapering of asset purchases in May last year it had quite
a big impact on the bond market. Although we do not expect a similarly strong
reaction this time, the start of a debate about the timing of the first hike will
likely lead to upward pressure on bond yields and support a stronger USD
ASIA
PBoC in the ascendant – FT
OTHER
Macro Daily – WSJ
There’s not a lot of
significant news on the global economic front Tuesday but what there is
suggests will be welcomed by investors as an affirmation of the status quo…All
this bodes well for the continued accumulation of risk assets while bond fund
managers will struggle to find yield advantages in an environment of strong
bond-market convergence.
Central Banks Daily – WSJ
Hilsenrath’s Take: Why
Are Stocks Rising If There’s Secular Stagnation? * Bullard: Fed May Raise Rates
Sooner Than Many Think * Tarullo Hints at New Rule for Short-Term Markets * PBOC
Cuts Reserve Ratios for Some Banks * Fears Rising That U.K. House Prices Will Fall
Euro Sheds More Post-ECB Gains – Marc
to Market
FINNISH
Suomen
Pankki pitää sopeutustoimia välttämättöminä – Verkkouutiset
Navigaattori:
Kymmenen vuoden kuoppa – Nordea
Tyyntä
myrskyn edellä – Henri
Myllyniemi / US
Kultarannan
kokous pohti Suomen turvallisuutta – Jyrki
Virolainen
Perinteisen
taloustieteen puolustuspuhe – Roger
Wessman
Onko
Suomessa hallitus enää mitään mieltä mistään? – Hannu
Visti
Raha ja
talous -klubi: keynesiläisyys Suomessa – Raha
ja talous
Teollisuustuotanto väheni huhtik. 2,3% YoY – Tilastokeskus
Teollisuuden uudet tilaukset kasvoivat huhtik.
8,0 % YoY – Tilastokeskus