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EUROPE
BOND MARKET
Mohamed
El-Erian: Where German bonds lead the world follows – FT
Der
Bundschock, revisited – FT
Not out of
the woods yet – Polemic’s
Pains
Gavyn
Davies: Bund “tantrum” warns of future accidents – FT
GREECE
Greece Readies for Another Week of
Deadlines – BB
Merkel
Pressed to Give Up on Greece as Germans Urge Strong Euro – BB
Euro Slides
After Reports Troika Is Preparing Greek Plan B, C, & D – ZH
IMF
Preparing Greek Default Contingency Plan – ZH
Greece hits
crunch time over €750m repayment to IMF – FT
Why Greece
Is Getting Down to the Wire – The Short Answer – WSJ
UNITED KINGDOM
Wolfgang
Münchau: What Cameron’s electoral victory means for Europe – FT
EU
referendum: Cameron must be ambitious, not cautious – Open
Europe
Carl Bildt:
David Cameron’s Europe – Project
Syndicate
ASIA
Another
look at the Chinese M1 gap – still a bit more room for easing – Lars
Christensen
Economists
React: China’s Rate Cut Is a Stone Aimed at Many Birds – WSJ
China:
Record-low policy rate after Sunday’s cut – Nordea
People's
Bank of China cuts rates by 25bp as growth slows – Danske
Bank
OTHER
Max
McKegg: Bond market selloff is no cause for concern – TF
Global
markets were caught in the slipstream of the bund selloff * Even Swiss bond yields
crawled into positive territory * There is no evidence of a rout in long-term
US bonds
Steen
Jakobsen’s Macro Digest: How to handle Greek pressure – TF
Many
reasons to be fearful in Greece * German voters increasingly disenchanted with
Merkel's line * Many repayments fall due over next few months
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Chinese Stocks Defy Signs of Economic Distress * April Jobs Numbers Keep
Fed Expectations on Track * China Cuts Interest Rates as Economic Growth Slows
* Bank of England Leaves Interest Rates Unchanged, as Expected * ECB’s
Constancio: QE is Working
Daily
Macro – WSJ
As the week
begins, eyes are on the two major worry points for the global economy. The
concerns about China’s economic slowdown were highlighted by the PBOC’s
unexpected move to cut rates. Meanwhile, eleventh-hour negotiations between the
Eurogroup of finance ministers and the Greek government continue as the latter
faces a big repayment that’s due to the IMF on Tuesday.
Danske
Daily – Danske
Bank
Euro rates
update – Nordea
Eye-Opener – Nordea
US labour
market report was reassuring, but not extraordinary * Sunday move from China
put equities back in fashion * Yield reversal finally * EUR/GBP in a nosedive
strengthening move
Morning
Markets – TF
Now that the
UK general election is done and dusted market attention is switching back to
economic fundamentals and reports. The Bank of England's policy announcement is
among the day's key events although rates are expected to be kept steady at
0.5%. Across in Brussels, the Eurogroup convenes for yet another attempt to
sort Greece out.
Daily FX
Comment – Marc
Chandler
Dollar
Firmer but Going Nowhere Quickly
Daily
Shot – TF
The recent
and sharp correction in German bunds has left many investors wondering where
the chips will fall. According to some analytical models, the selloff could be
poised to continue but others say the yield spike could be overdone.
Daily
Press Summary – Open
Europe
Osborne
tipped to lead EU renegotiation as Cameron puts in first calls to EU leaders * European
Commission to propose binding refugee quotas * Eurogroup chief says Eurozone
and Greece “are not very close to an agreement” * EU anti-fraud agency under
investigation for illegally tapping phones * Danish PM’s party slipping back in
polls * Anti-euro AfD wins seats in Bremen regional elections
US Open – ZH
Futures
Jittery As Attention Returns To Greece; China Stocks Rebound On Latest Central
Bank Intervention
FX
Update – TF
Friday’s US
employment report was on the soft side, but the USD has managed to maintain an
even keel. The key focus this week is on the euro and today's EuroGroup meeting
as well as on sterling as we look forward to earnings and employment data and
the Bank of England Inflation Report on Wednesday.
From the
Floor – TF
The German
bunds market selloff last week is enjoying some respite this morning, but could
Greece once again send them over the edge?
FINNISH
Aamukatsaus – Nordea
Kreikan taskurahat riittävät vielä kepposiin | USA:n
työmarkkinaraportti oli kohtalaisen hyvä | Kiina laski laina- ja
talletuskorkoja
Viikkokatsaus: Korot liikkuvat –ja paljon! – Nordea
Viime päivien korkojen nousu painottunut pitkään päähän *
Riittääkö EKP:n elvytys? * Euroalueen talousnäkymissä jo aitoa piristymistä *
Makrotekijät alkavat jo tukea korkeampia pitkiä korkoja * Euroalueen
reaalikorot jo USA:n korkopohjien tasolla
Roger Wessman: Korot nousseet – EKP:n toimet tehottomia?
– Marketnoze
Pitkien valtionlainojen korot ovat euroalueella nousseet yli
vuodenvaihteen tasojen EKP:n jatkuvista valtionlainaostoista huolimatta. Kun
määrällinen elvytys vaikuttaa alentamalla pitkiä korkoja, tästä voisi päätellä,
että EKP:n toimet ovat täysin tehottomia. Tämä olisi kuitenkin hätiköity
johtopäätös. Korkojen nousu voi myös heijastaa juuri toivottua talousnäkymien
paranemista ja kasvavia inflaatio-odotuksia.
Troikan Kreikka-visio: Rinnakkaisvaluutta alulle – TalSa
HALLITUSPELI
Kommentti: Perussuomalaiset on kuin lapsi kauppareissulla – IS
Neuvottelut vauhtiin - pöydällä maahanmuutto ja EU – MTV
Sipilä: Unionia ja maahanmuuttoa koskevissa kysymyksissä ei
dramatiikkaa – IL
Hallitusneuvottelut – isot linjaukset tehdään tänään – AL
Näin perusporvari-Suomi muuttuu – heille tulossa kylmää
kyytiä – IS