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Tuesday, June 3

3rd Jun - EZ inflation falls again

Previously on MoreLiver’s:

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The Most Worrying Chart For Europe's StabilityZH
Bloomberg Brief: the difference in economic performance (and mood) between France and Germany, often referred to as the European “engine,” is at a record high. This disparity is likely to weaken France and isolate Germany further, heightening political tensions and indecision in the euro area.

A Manifesto for European ChangeProject Syndicate
 Tony Blair: Complacency about anti-EU parties' strong showing in the recent European Parliament election, on the grounds that there remains a pro-European majority, is dangerous. The balance between the EU and its member states must be re-addressed, with institutions reformed to make them more accountable and closer to those they govern.

Draghi Is "Desperate To Avoid A Japan-Style Lost Decade"ZH
SocGen on ECB.

Europe needs a 'Big Bazooka', but the ECB is preparing a peashooterThe Telegraph
Europe’s high command has convinced itself the worst is over, and with a little fine tuning by the ECB, decent growth will return

Markets now expect shock and awe from the ECBSober Look
Unless we see "shock and awe" from the central bank, global markets will be quite disappointed.

Napoleon’s Yields No Comfort to Draghi Fighting DeflationBB
Europe’s lowest government bond yields since the Napoleonic Wars are signaling investors want more action from Mario Draghi.

There’s a Risk the ECB Will Just Push Deflation ElsewhereWSJ
It’ll be a relief if the ECB manages to get the euro-zone economy going again, but not if that growth comes at the cost of slowdowns and deflation elsewhere.

Annual inflation down to 0.5% - Eurostat
Inflation Slowing More Than Forecast Pressures ECB – BB
Inflation dives as ECB poised to act – Reuters
Inflation back at cycle low, ECB will surprise markets – Danske Bank
Sub-zero Deposit Rates Imminent As Inflation Tumbles To March 2009 Levels – ZH

June 2014: What Will Drive SPX Higher in the Next 12 Months?  The Fat Pitch

Australian House Prices Take a Breather WSJ
Some of the heat has come out of Australia’s surging house prices, but analysts don’t expect big falls ahead. According to property research group RP Data-Rismark, capital city house prices fell 1.9% in May from April, the first monthly fall in a year and the biggest one-month decline in more than five years.

Australia: From mining to diningFT
A cooling Chinese economy has hurt the mining sector, prompting protests over the tough new budget

China PMIs fuel hope economy is stabilizing, property still a wild cardReuters
China HSBC Manufacturing Index Rises to Four-Month High BB
China HSBC PMI Misses; Economy Contracts For 5th Month In A RowZH

Arresting China’s slowdown: the search for sustainable growthFT
There are no signs that China’s slowdown has bottomed out. A turnround would require some combination of a pickup in investment, exports or consumption in the midst of current efforts to deleverage and this is unlikely to happen soon.

The 35 economic charts from May you really should seeQuartz

Daily MacroWSJ
Whereas last year was about Asia’s downturn and Europe’s recovery, we are back to worrying about Europe’s return renewed slowdown and disinflationary pressures.

Daily Central Banks - WSJ
Douglas’ Take: Predicting Timing of BOE Rate Hikes About to Get Murkier  * Euro-Zone Inflation Rate Falls in May * India’s Central Bank Leaves Key Interest Rate Unchanged * China Central Bank Calls for More-Targeted Policy-Loosening Steps

Saksan korko lähes yhtä pieni kuin Napoleonin aikaanTalSa
Saksan kymmenvuotisen valtiolainan korko liikkuu lähellä 200 vuoden takaisia lukemiaan. Napoleonin sotien aikaiset tasot kertovat siitä, että sijoittajat haluavat EKP:n toimivan, jotta talous ei jämähtäisi täysin.

EU armahti Suomen: Velka selittyy kriisirahastoillaTalSa
Euroopan komissio on päättänyt, että Suomea koskevaa alijäämämenettelyä ei ole tarpeen aloittaa.

VATT-analyysi: Maahanmuuttajien kotouttaminen kannattaaVATT