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Thursday, May 28

28th May - Finland got a new government

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Great Graphic: Institutional Capacity Building in EMUMarc Chandler

Eurozone underwhelming and divided over future pathOpen Europe
The Eurozone has begun putting together plans for its future integration, which will eventually take the form of the Four President’s Report to be released next month. What do these preliminary plans suggest will be the impact for the UK and the Eurozone? Are there any clear ideas which the Eurozone is coalescing around?

Ja, aber: Germany and Cameron’s quest for EU reformOpen Europe
Ahead of David Cameron's visit with German Chancellor Angela Merkel tomorrow, Michael Wohlgemuth assesses how the wider German audience perceives of the UK-EU debate, making recommendations on how the drive for EU reform can cut through.

Finland: This is what you can call a government programmeNordea
The government programme unveiled in Finland is broadly positive and improves the Finnish economic outlook, though not without caveats. If implemented in full, it should help the Finnish economy gradually return to growth, put public finances on a stable foundation and prevent further downgrades in Finnish credit ratings. The programme is thus good news for Finnish bond investors.

Nowotny Says ECB Can’t Give Greece Interim Funding – WSJ
ECB does not raise emergency funding cap for Greek banks –source – Reuters
Europe’s counting problem – Politico

Spanish GDP confirmed at 0.9% while retail sales hit 4% - TF

Daily Central BanksWSJ
Hannon’s Take: In Search of Lost Inflation * Fed’s Williams: Monetary Policy Should Not Be Used to Address Financial Stability Risks * Fed Survey: Things are Looking Up * ECB Says Long Greek Talks May Hurt Other Eurozone Borrowers * Prosecutor: BOE Official Received Libor Manipulation Emails

Daily MacroWSJ
Chinese equities fell out of bed overnight, dropping 6.5% after a unit of the country’s sovereign wealth fund cut its stakes in China’s biggest state-owned banks. But after a 50%-plus rally since the start of the year to where many firms are on extreme valuations something was bound to trip up the Chinese market

Morning MoneyBeat AsiaWSJ
Morning MoneyBeat EuropeWSJ
Morning MoneyBeat USWSJ

Danske DailyDanske Bank

Global DailyABN AMRO

Euro rates updateNordea

Improving Finnish outlook - Euro-area laggard unveils a promising government programme * False Greek optimism * Surging USD/JPY * German yields started to feel gravity again * EUR/SEK with a clear rebound higher

Morning MarketsTF
Thursday is heavy on data with sentiment and confidence figures from the EU as well as Italy. In the US, the always much-anticipated crude oil and petroleum stocks prints are up as well as unemployment data.

Daily FX CommentMarc Chandler
Dollar Turns Mixed, Chinese Shares Tumble

Daily ShotTF
The USD is strengthening further while commodity prices are falling. In Europe economics sentiment continues to recover, but the future of Greece is still uncertain.

Daily Press SummaryOpen Europe
Government to formally table EU referendum bill as Cameron embarks on mini-reform tour * Schäuble and Lagarde dismiss Greek claims of deal being close

Brussels PlaybookPolitico
10 years since French “non” — Brexit game on — EU taxidermy

China Stocks Crash, US Futures Flat Ahead Of More Greek Rumors

FX UpdateTF
USDJPY barely poked above the 2007 highs before backtracking sharply after a Japanese government official expressed discomfort with sudden moves in FX. USD buyers are pausing for the moment elsewhere, possibly in anticipation of an ugly revision to US Q1 GDP estimates on Friday.

From the FloorTF
False hopes for a Greek deal have halted the euro's slide, which climbed from a one-month low against the dollar at 1.0820 to reach 1.0929, a rise of 0.5% on the day.

Martin Sandbu’s Free LunchFT
Immigration clichés: Politicians should let the evidence - not just their feelings - drive policy making

Hyvän ohjelman suurin mutta | Suomen työttömyys kasvaa odotettua nopeammin | Euroalueen reunamaiden korkoero Saksaan supistui

Sipilä I: Paluu tulevaisuuteenUlkopolitist
Smolnasta nousi reilun kahden viikon väännön jälkeen valkoista savua. Savun tuoksu ei ollut suloinen ulko- ja turvallisuuspoliittisia yllätyksiä kaipaaville. Sopu ulko- ja turvallisuuspoliittisista kysymyksistä löytyi ilmeisen nopeasti – ehkä turhankin nopeasti.

Vähittäiskaupan pikaennakko: huhtik. -3,7% YoY – Tilastokeskus
Palkansaajien ansiot Q1 +1,3% - Tilastokeskus