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Tuesday, May 19

19th May - EUR plummets on ECB comments

Previously on MoreLiver’s:

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EU Reform Index: Evaluating 30 potential proposals for EU renegotiation Open Europe
Our EU Reform Index is not a 'wish list,' but it seeks to outline where there is confluence of interests around which an EU reform package can be established.

Italy’s regional divideThe Economist
A tale of two economies - as the north limps ahead, the south swoons

Deutsche Bank fires ‘Brexit’ warning shot – FT
Opinion: Cameron should not expect Europe to fix his problem – FT
Danish solution offers lessons for Cameron on EU negotiations – FT

Greece Runs Out of Road – WSJ
What to make of the new “Juncker Plan” for Greece? – FT
Break from creditors, say Syriza rebels – FT
FT View: Athens staggers closer to the financial precipice – FT
The Forgotten Greek Bail-Out – Klaus Kastner
Greece's True Deadline May be May 29 – View / BB
Merkel Faces German Parliament "Revolt" On Greece – ZH

Benoît Cœuré: How binding is the zero lower bound? – ECB
ECB’s Coeure: Speed of Reversal in Bond Prices Is Cause for Concern – WSJ
Euro plummets after the ECB says it will frontload QE purchases – BI
Coeure Says ECB to Moderately Front-Load QE Buying in May, June – BB
European Central Bank steps up pace of bond buying – FT
Interview with Benoît Cœuré – ECB
Noyer: ECB Ready to Go Further if Inflation Target Not Met – WSJ
ECB Jolts Markets With Fresh Comments on QE – WSJ
ECB Blames Leak To Hedge Funds On "Internal Procedural Error" – ZH
ECB's 'proof of life' was enough to turn EURUSD – TF
Look How the ECB’s Winning the QE Argument – WSJ

Annual inflation at 0.0% in the euro area – Eurostat
Euro area international trade in goods surplus €23.4 bn – Eurostat
UK now in deflation but only temporarily – Danske Bank
U.K. Inflation Falls Below Zero for First Time Since 1960 – BB
UK: CPI inflation in negative territory for the first time – Nordea

What can we expect from the FOMC minutes tomorrow? ZH 

Weak First-Quarter Growth Due to Seasonal Issues After All, SF Fed SaysWSJ

Earnings Roundup: Edging Toward Positive Overall, But Retail LagsAlpha Now
The corporate earnings outlook turned cautiously optimistic in the week ended May 15. Of the 15 S&P 500 companies that reported Q1 earnings in that period, 53% exceeded analyst estimates and 40% missed. On the revenue side, surprises were roughly split, with seven positive surprises and eight negative ones. The blended EPS growth rate increased slightly to 2.1% while revenue growth fell by -3.0%, continuing the trend from last week.

Daily Central BanksWSJ
Hilsenrath’s Take: The Phrase of the Day is “Residual Seasonality” * ECB’s Coeure: Speed of Reversal in Bond Prices Is Cause for Concern * ECB Ready to Go Further if Inflation Target Not Met
    U.K. Consumer Prices Fall in April * Australia’s Central Bank Hints Rates Can Drop

Daily MacroWSJ
The likelihood of more aggressive stimulus in the summer sent the euro tumbling and European stocks soaring. So much for speculation that the recent improvement in eurozone economic data might lead to a paring back in the eurozone QE program; instead, we’re getting a doubling down

Danske DailyDanske Bank

Euro rates updateNordea

Focus back on Greece * US equities at new highs, dollar comeback * German ZEW index seen lower

Morning MarketsTF

Daily FX CommentMarc Chandler
Dollar Lifted by ECB Front Loading QE and UK Slipping into Deflation

Daily ShotTF
The European Central Bank may have just recently launched its quantitative easing programme, but some speculators appear to be seeing hawks on the horizon. The consensus timeline for an interest rate hike has collapsed from 57 months to 30 in a matter of days.

Daily Press Summary – Open Europe
EU’s Timmermans to present plans to cut red tape * Deutsche Bank considering whether to withdraw operations from UK in event of EU exit * Juncker denies drawing up compromise plan for Greece * AfD on verge of split as Lucke fights back against ‘far-right’ infiltration * EU leaders agreed naval mission to target Libyan people smuggling boats

Brussels PlaybookPolitico

Stocks, Bonds Spike After ECB Pledge To Accelerate QE Ahead Of "Slow Season"

FX UpdateTF
The USD has rallied sharply from Friday’s weak close, but the rally needs to extend farther to make an impression, as we await housing starts data later today and tomorrow’s FOMC minutes, while the return of healthy risk appetite is a tailwind for the greenback.

From the Floor TF
Today From the Floor goes bird-watching, observing the kiwi, the Australian dove and what may well have been a rare Antipodean hawk in the skies above global markets.

Martin Sandbu’s Free LunchFT
The enormous cost of cheap carbon - The IMF points to a treasure trove for finance ministers with courage to act

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