W/E: Weekly Support (updated)
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EUROPE
Both
countries are at risk from a Greek eurozone exit, but they have confidence
their economies can withstand the shock
Unclogging
Euro Area Bank Lending – iMFdirect
If
policymakers and bankers do not act to support bank lending, simulations suggest
that credit growth could be limited to a meager 1-3 percent on average per year.
BOND “CRASH”
German
bonds measure success of eurozone QE – FT
What Wall
Street Is Saying About The Sell-off in German Bunds – BB
Euro-Area
Bonds Slump for Second Day, Extending $61 Billion Loss – BB
GREECE
Grexit
Risk? Don’t Underestimate It! – WSJ
Greece Scrambles To Make Full Monthly
Pension Payments – ZH
Greece, Euro-Area Partners Target Deal by
Sunday – BB
Greece signals concessions in crunch talks
with lenders – Reuters
EUROPEAN CENTRAL BANK
ECB
publishes its Euro Money Market Study 2014 – ECB
Economic
Bulletin 3/2015 – ECB
Developments
in longer-term inflation expectations in the euro area – ECB
What has
been driving consumer confidence? – ECB
DATA
Euro area
annual inflation up to 0.0% - Eurostat
Euro area
unemployment rate at 11.3% - Eurostat
Deflation
over, but sticky unemployment – Berenberg
Household
real income per capita slightly up – Eurostat
Euro area
exits deflation but core inflation remains low – Danske
Bank
UNITED STATES
FOMC
Meeting: Still on track for a September hike – Danske
Bank
Bernanke:
WSJ Editorial Page Watch: The Slow-Growth Fed? – Brookings
Bernanke's
Latest Takes a Brutal Shot at the WSJ Editorial Page – BB
DATA
No Growth
In Personal Income, Spending Misses Expectations – ZH
U.S. Inflation
Undershoots the Fed’s 2% Target for the 35th Straight Month – WSJ
U.S. data suggest economy picking up
steam after weak first-quarter – Reuters
ASIA
BoJ:
downbeat inflation opens door for more QQE later – Nordea
Bank of
Japan revises forecast lower but does not signal imminent easing – Danske
Bank
REGULARS
Daily
Central Banks – WSJ
Schlesingers
Take: Bank of Japan Moves Goalposts, Keeps Playbook — For Now * Slowing Growth
is Giving the Fed Pause * Community Bankers Push Lawmakers to Fill Vacant Fed
Seat * Eurozone Consumer Prices Steady in April, Easing Fears of Deflation * Bank
of Japan Stands Pat as Inflation Weakens
Daily
Macro – WSJ
It seems
world monetary policy is not a single monolithic plank led by the Fed. Thats
especially proven by the actions of the central banks of two of the biggest
emerging markets, which are taking diametrically opposed approaches to a
problem that developed-country central banks really dont have: inflation.
Danske
Daily – Danske
Bank
Eye-Opener – Nordea
Big sell-off
in EUR bond & equity markets * Plenty of central bank news * Eyes on
inflation and cost data, end of negative inflation in the Euro area?
Morning
Markets – TF
Daily FX
Comment – Marc
to Market
Bond Rout
Continues, Euro Marches Higher
Daily
Shot – TF
A look at
credit conditions in the Eurozone shows a distinct improvement, with loan
balances expanding and the money supply's growth accelerating. In other
positive news, CPI data show that inflation may well have bottomed on the Continent.
Daily
Press Summary – Open
Europe
New poll
finds majority of British businesses want to stay in the EU but with powers
returned to Westminster * La Stampa: Germany and ECB discuss plan to replace
Tsipras * German BND spy agency helped US target France * Juncker pledges to push for
EU-wide refugee quota system *
US Open – ZH
Equity Futures
Spooked By Second Day Of Bund Dumping, EUR Surges; Nikkei Slides
FX
Update – TF
After a
squeeze on USD longs that bordered on the disorderly going into the FOMC
meeting yesterday, the new statement provided no further fuel to the move.
Meanwhile, the BoJ boosted the JPY by making no indication that fresh stimulus
is on the way.
From the
Floor – TF
After the
FOMC meeting delivered no surprises, there was no reaction in terms of US
rates. We need distinctly negative US news to drive the dollar weaker
from here, if it is going to go any weaker.
Martin
Sandbu’s Free Lunch
– FT
Two
meetings in Washington: The economic stakes in Abe's address to
Congress and the Fed policy statement
FINNISH
Aamukatsaus – Nordea
USA: Parempia aikoja odotellessa | Riksbank piti ohjauskoron
ennallaan | Euroalueen luotonanto
piristyi
Reijo Tossavainen: Toimittajilla on asennevamma – SK
Eduskunnan jättäneen perussuomalaisen mielestä some
vankistaa persujen asemaa.
PB: Suomen Akatemia – Päivän
byrokraatti
Kreikka konkurssiin, sitäkö keskusta aikoo? – TalSa
Tämäkö on Sipilän hallitus? Tutkijalla jo vahva näkemys
– US
Jan Hurri: Talouskriisin suosittu selitys on epäuskottava
– TalSa
Suomen talousanemia on tosiasia, ja sitä on selitetty
epämääräisesti talouden rakenneongelmilla. Rakenneongelmiksi on nimetty milloin
mitäkin, kuten Nokian matkapuhelinliiketoiminnan romahdusta.
HALLITUSPELI
Kokoomus julkisti vastauksensa Sipilän kysymyksiin – Kokoomus
Perussuomalaisilta vastaukset Sipilän kysymyksiin – PS
SDP:n vastaukset Sipilän
kysymyksiin – SDP
Juha Sipilä sai puolueilta vastaukset kysymyksiinsä – IS
Sipilä perussuomalaisten vastauksiin: "kaukana
keskustan näkemyksistä" – YLE
Sipilä: Perussuomalaisten vastaukset eivät tyydytä – HS
Keskusta ja kokoomus eri linjoilla eurokriisin hoidosta – IS
Eduskuntaryhmät vastasivat Sipilän kysymyksiin – YLE
Kynnyskysymykset jäivät vähiin, suuret puolueet tahtovat
hallitukseen – YLE
Keskusta ja kokoomus löysivät pikavauhtia yhteisen
EU-sävelen – IL
Mitkä puolueet hallitukseen? – HS