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There Will Be No Overhaul of the Euro Area. Just Refreshment – euinside
Don’t believe the pessimists. David Cameron has a great chance at EU reform – Open Europe
In an op-ed published in The Daily Telegraph, Open Europe's Raoul Ruparel argues some think David Cameron's reforms have no chance of succeeding. Others think Europe is fine as it is. He should ignore both groups.
Juhani Huopainen: Why Greece matters to the other crisis countries – TF
The eurocrisis countries are not OK. The nonperforming loans are encumbering their banks' balance sheets, and not enough has been done to change this. This keeps the crisis countries politically on a tight leash, as creditor countries' political and probably financial support is inevitable. This explains why politicians in Spain and Italy remain loyal toward the EU and why they act passive-aggressively toward Greece. But what happens later this year, when Portugal and Spain hold elections?
Greek exit is ‘a potential’, says Lagarde – FT
Austerity, Economics and Religion – Automatic Earth
Some blame EU Commission for Greek obstinacy in debt talks – Reuters
El-Erian: John Nash's Game Theory and Greece – View / BB
Greece Slides Back Into Recession As Deposits Hit 11-Year Low – ZH
Lagarde, the blame game and Greece – FT
Monetary developments in the euro area – ECB
ECB preview: Summer front-loading and QE implementation flexibility – Danske Bank
Goldman Slashes America's Long-Run "Potential GDP" From 2.25% To 1.75% - ZH
US Labour Market: We look for decent job growth again in May - Danske Bank
Q1 GDP review: economy contracted in Q1 but take it easy – Nordea
U.S. economy contracts in first quarter; dollar hurts corporate profits – Reuters
Daily Central Banks – WSJ
Hilsenrath’s Take: GDP Revisions Show Economy Exposed to Shocks * Bullard: Look for New Ways to Counter Weak Growth * Kocherlakota: ‘Mistake’ for Fed to Raise Rates in 2015 * EU official Looks Into ECB Early Disclosures * China to Ease Limits on Overseas Investments
Daily Macro – WSJ
With GDP reports out of Europe Friday and the second estimate for the U.S. first quarter due later, we’re getting a clearer picture of how that now-bygone first term came out for the global economy. And it’s becoming pretty apparent that it wasn’t so good.
Morning MoneyBeat Asia – WSJ
Morning MoneyBeat Europe – WSJ
Morning MoneyBeat US – WSJ
Danske Daily – Danske Bank
Euro rates update – Nordea
Eye-Opener – Nordea
US economy probably shrank in Q1 - EUR/USD to break out of range on US GDP data * Oil prices dictate direction of longer yields
Morning Markets – TF
The dollar's had a rum run this week but there is one final obstacle it faces in the form of a likely ugly revision to US Q1 GDP. Is the train about to come off the rails?
Daily FX Comment – Marc Chandler
Daily Shot – TF
Yesterday stocks in Shanghai finally fell after a larger long upswing. Crude oil supply is still to large for prices to increase. In the Eurozone we can clearly see how the uncertainty of stalled negotiations with the creditors is eroding the recent gains in Greek business confidence. But outside of the political risks, the Eurozone economy continues to improve.
Daily Press Summary – Open Europe
German Vice Chancellor: Not every EU member state needs to participate in every single policy area * Cameron kicks off EU reform tour with visits to Netherlands and France * New poll: 62% of French would again reject EU Constitution in a referendum * Lagarde warns of “potential” Grexit – but says it would not end the euro * ECB warns of concerns over shadow banks and impact of low rates on pension and insurance funds *
Brussels Playbook – Politico
US Open – ZH
China's Nauseating Volatility Continues, US Futures Flat Ahead Of Disastrous GDP Report
FX Update – TF
The USD rally is taking a bit of a breather after its recent strong run, ahead of what will likely be an ugly negative revision to US Q1 GDP. The question is whether traders want to fret the view in the rearview mirror or look ahead to next week’s key US data.
From the Floor – TF
With next week's data prints crucial to its direction, the dollar is expected to come through today's expected ugly revision to US Q1 GDP unscathed.
Aamukatsaus – Nordea
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Talouskonkari arvioi: Saavatko hallituksen toimet Suomen nousuun? – Suomen Uutiset