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Friday, May 1

1st May - Despite holidays, trends went on

Previously on MoreLiver’s:
Tuesday: UK's Q1 GDP not great            

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Sweden’s inflation record is less interesting than you thinkFT

Is the Podemos bubble bursting?Open Europe

Euro and German Bund--One Trade?Marc Chandler

Hangover threat for eurozone QE partyFT

Once Lagging Euro Region Outstrips World on Wave of LiquidityBB

Europe’s Debt Erases $160 Billion on Path to Record Weekly LossBB

Greek Default for Dummies: Questions on Creditors AnsweredBB

Data NoteTim Duy
The Fed is in "wait-and-see" mode after the weak first quarter, and odds are against the Fed seeing a path to a June rate hike. But I that remain wary that the patience of the newly data-dependent Fed has worn thinner than commonly believed.

Manuf. Weakest In 2 Years, Mfg Employment Lowest Since 2009 – ZH
ISM Manufacturing index unchanged at 51.5 in April – Bill McBride
Construction Spending decreased 0.6% in March – Bill McBride
Atlanta Fed Cuts Q2 GDP Forecast To +0.8% After Construction Spending Crunch – ZH
Factory activity steady; consumer sentiment rises – Reuters
Consumer sentiment up in April from prior month – Reuters
Construction spending hits six-month low in March – Reuters
Manufacturing growth holds at low level in April, employment shrinks: ISM – Reuters

Daily Central BanksWSJ
Blackstone’s Take: My Hero, Zero * Fed’s Tarullo Seeks Simpler Capital Rules for Small Banks * New York Fed’s Sarah Dahlgren to Resign as Head of Supervision * In Labor vs. Capital, Workers Gain a Slight Edge * Japan Inflation Rises for First Time in Nearly a Year

Daily MacroWSJ
Whether it’s Japan’s hint of inflation, China’s manufacturing purchasing managers index just barely hanging on to an expansion, or a mixed back of credit and factory numbers out of the U.K., the impression from data Friday is that global growth is still alive but only barely.

Danske DailyDanske Bank

Global DailyABN AMRO
Despite the recent jump in Bund yields we maintain our 3m forecast, implying yields will fall back * We do expect a significant bounce next year, as ECB QExit expectations build * Eurozone inflation no longer negative in April- should rise in coming months

Morning MarketsTF
Election frenzy is gripping the UK as we enter the final week of the campaign and Labour leader Ed Milliband may have dropped the ball in last night's party leaders studio audience debate. Can cable take fresh impetus as events unfold?

Daily FX CommentMarc to Market
Dollar Rout Narrows to Euro Correction

Daily ShotTF
The parade of good news in the Eurozone continues, with Spain posting beating expectations on GDP growth and business and consumer sentiment improving. The euro crosses saw the common currency's rally continue, with EURJPY in particular posting a large spike.

Daily Press SummaryOpen Europe
European Commission considers independent scrutiny board to assess new EU laws * Finns Party lists conditions for joining coalition: Reduced immigration, a smaller EU budget and an end to Eurozone bailouts * First cracks in Spanish anti-establishment party as co-founder quits executive board * Varoufakis hints at possible concessions to creditors, but not in the short term * Farage: Defeat in EU referendum would not make UKIP redundant * Danish government says 'maybe' to joining EU banking union * Constitutional Court opens €5bn hole in Italy’s public finances by striking down part of 2012 pension reform * Trichet: ECB did not “blackmail” Ireland into bank bailout *

Futures Flat As Global Markets Closed For May Day

Martin Sandbu’s Free LunchFT
The assault on austerity: Days before the UK election, an effort to win history's verdict

ERP in the EU vs the US Global Macro Trading
Why did EU equities get hit by higher yields this time, while US stocks escaped unscathed in 2013? A key reason is that Europe has a higher Equity Risk Premium than the US. A higher ERP that is entirely justified

Aate ilman ihmisiäHannu Visti

Perussuomalainen tyrmää eurolinjan kritiikin  Verkkouutiset
Vedättikö Soini Sipilää? – YLE
Laaninen: Perussuomalaisten totuteltava tiettyihin menettelyihin – Suomenmaa
Sisäpiiriläisen kova arvio: ”Voi johtaa Suomen suohon” – US
Pääkirjoitus: Perussuomalaiset nostivat osallistumisensa hintaa – IL
Keskustelu vaalien jälkeen sai Sipilän odottamaan perussuomalaisilta toisenlaisia vastauksia – HS
Keskustan Rehn: Uuden hallituksen EU-kriisikirjaus muuttuu vielä – YLE