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Thursday, May 7

7th May - Market rout reverses?

Previously on MoreLiver’s:

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Why we should not blame the ECB for low returns on German savingsBruegel
The fall in inflation and in real returns is behind the dramatic decline in interest rates over the past 3 decades

Guess Who’s Designing Europe’s New Tax System?Wolf Street

UK exit polls point to Conservative lead – FT

The European Market Shake-Out in 5 Charts – WSJ
11 reasons why the Bund turned nasty – CNBC
Who Woke the Bond Bears? – WSJ
Investors stung by eurozone bond volatility – FT

The IMF, Greece and economic reality – Simon Wren-Lewis
Michael Lewis: Greece Saunters Across the Autobahn – View / BB
Greek debt talks near ‘drop dead’ moment – FT
Greece defies euro zone on pension, labor reform – Reuters

5 Things to Watch in the April Jobs ReportWSJ

Australian Rate Cut Falls Flat – WSJ
Japan Overshadowed, but Important Developments – Marc Chandler

Daily Central BanksWSJ
Hilsenrath’s Take: This Is Not An Irrational Exuberance Moment * Fed’s Yellen: Stock Valuations ‘Generally Are Quite High * Lockhart: Rate Rise on Track, Data Permitting * Australian Rate Cut Falls Flat * Norway’s Central Bank Holds Rates

Daily MacroWSJ
Bonds continue to sell off. The big question is why? If it’s because investors expect the European Central Bank’s liquidity policy to at long last lift the eurozone out of its doldrums, that’s a good thing. If it’s because oil prices have started to rise because of tightening supply, thus pushing up inflation, that’s not so great. Meanwhile, there’s a chance investors could be starting to demand higher risk premiums for holding debt after yields had been crushed to virtually nothing. Whatever the cause, the impact has filtered through to the equity market too.

Danske DailyDanske Bank

Euro rates updateNordea

And the UK election winner is… * US ADP does not bode well for Friday’s labour market report * Bond sell-off continues * Will NOK emulate AUD?

Daily FX CommentMarc to Market
European Bond Sell-Off Continues, Squeezes Euro Higher and Weighs on Stocks

Daily ShotTF
Evidence of economic recovery in the Eurozone continues to dribble in but the return to health is patchy: Greece remains in a woeful position while services sector growth in Germany is something new to worry about.

US Open ZH
Global Bond Rout Sends Futures Tumbling, Bund Has Sharpest Weekly Selloff In History

From the FloorTF
The Aussie dollar fell briefly after weak employment data, but then rose to US79.58¢ from around US79.45¢, ending the session around US80¢. AUD also has potential to make gains on the euro.

Martin Sandbu’s Free LunchFT
Inequality and mobility are back with a vengeance

Suomen superperjantai | Norja: Pehmeä talousdata pehmittää keskuspankin | Korkojen jyrkkä nousu jatkui

Mistä kasvua?Sakari Heikkinen

Sirpa Abdallah: Perussuomalaisten osallistumisen vaikeus?US

Tommi Parkkonen: Neljän vuoden sota? – IL
Juha Keskinen: Juha Sipilä kompastui ensimmäiseen kuoppaan – IL
Sopimusluonnos paljastaa: Näihin asioihin yhteiskuntasopimus kaatui – IL
Suurten puolueiden ryhmäjohtajat vakuuttavat: Hallituspohja ei vielä tiedossa – YLE
Juha Sipilän ensimmäinen kupru – Jyrki Virolainen
MTV paljastaa: Tällainen on kaatunut yhteiskuntasopimus – MTV

Kes, PS ja Kok hallitusneuvotteluihin – SDP oppositioon – YLE
Menikö päivän suurin uutinen ohi? Tässä yhteenveto – YLE
Hallitusneuvotteluihin keskusta, perussuomalaiset ja kokoomus – Verkkouutiset
Pekka Ervasti: Hui, herra pääministeri! – YLE
Pekka Ervasti: Sipilän ässäsuora – YLE
Perussuomalaiset hallitusneuvotteluihin – Suomen Uutiset
Saate hallitusneuvottelijoille – Professorin ajatuksia
Hallituspohja selvisi – Jyrki Virolainen