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EUROPE
The euro
taboo – Politico
The euro
has long been too weak for Germany and too strong for Southern Europe,
including France. Instead of facilitating the convergence of European
economies, the EMU has only widened the competitiveness gap between member
states.
European
politicians begin to see need for flexible EU, but remain confused about how to
achieve it – Open
Europe
The
upcoming publication of the Four Presidents' Report on the future of the
Eurozone is helping focus minds. Politicians across Europe acknowledge the need
for a more flexible EU allowing for different levels of integration, but their
ideas are still quite confused.
Priorities
for euro area governance reforms – Bruegel
How to
establish a stable basis for renewed growth and employment
Faith in
EU is Stronger Than You Might Suspect – Marc
Chandler
The latest
survey results from Pew Research Center suggests that support for the
European project is not as weak as this conventional narrative suggests.
President
Says Referendum on Czech Euro Entry Date Possible – BB
The Czech
Republic can hold a referendum on the date of euro adoption but not on whether
the country should join or not, President Milos Zeman said.
UK: No
change in monetary policy in June – Danske
Bank
GREECE
What does
Argentina 2001 tell us about Greece...? We must let it go – TF
Tsipras to
resume creditor talks on Friday – FT
Tsipras
defiant as he braces for key meeting with creditors – FT
Here's What
Defaults Did to Other Countries as Greece Teeters – BB
EUROPEAN CENTRAL BANK
Draghi
Volley to Market Ricochets as ECB Eyes Rates to Come – BB
ECB: Still
a looong way to go –not the time to discuss exit strategies – Nordea
Draghi
should have come out swinging – TF
What the
ECB's inflation forecast means for EURUSD – TF
The ECB's
roar is underwhelming – TF
UNITED STATES
5 Things
to Watch in the May Jobs Report – WSJ
2015
Article IV Consultation with USA - Concluding Statement – IMF
IMF
warns Fed to hold fire on rate rise – FT
REGULARS
Daily
Central Banks – WSJ
Blackstone’s
Take: Has Mario Draghi Lost His Touch? * U.S. Workers Ask: Where’s My Raise? * Bullard:
Appropriate to Think Fed Will Wait to Raise Rates * German Bonds, Europe Stocks Battered a Day After Draghi
Comments * Bank of Japan’s Kuroda Channels Peter Pan’s Happy Thoughts
Daily
Macro – WSJ
The rise in
bond yields that Draghi unleashed Wednesday morning is having widespread
ramifications across the world. It has shown up in a selloff in Asian
government bonds such as Singapore’s and in some wild, rollercoaster-like
trading in China. Now, with Europe back open again, the contagion is spreading
to equities, where a sea of red is seen across trading screens, suggesting a
generalized rise in risk premiums.
Morning
MoneyBeat Asia – WSJ
Morning
MoneyBeat Europe – WSJ
Morning
MoneyBeat US – WSJ
Danske
Daily – Danske
Bank
Euro
rates update – Nordea
Eye-Opener – Nordea
Draghi
firmly dismisses QE tapering * All QE gains now wiped out on Bunds * Rate
differential argument against the EUR fading
Morning
Markets – TF
It was over
before it started: overnight, flat retail sales data and a poor trade deficit
print saw the Aussie give up much of its recent gains. Meanwhile, both bonds
and crude oil are selling off across world markets. On the upside? A Greek deal
appears to be imminent.
Daily FX
Comment – Marc Chandler
US is
not Driving Dollar
Daily
Shot – TF
Bond
markets reacted aggressively to yesterday's European Central Bank meeting, with
an already-steep downturn in German bunds plunging toward the largest two-day
decline seen in nearly two decades.
Daily
Press Summary – Open Europe
Another
late night meeting fails to find agreement on Greece * Leader of centre-right
group in the European Parliament says Cameron’s EU reform plans are “in our
interest” * Positive view of EU plunges dramatically in Germany * Portugal’s
ruling coalition envisages constitutional debt brake * EU likely to roll over
sanctions on Russia as fresh fighting erupts in Eastern Ukraine * ECB single
supervisor not considering changes to deferred tax assets use as capital *
Brussels
Playbook – Politico
US Open – ZH
Volatility
Explodes: China Crashes Then Soars; Bund Tumble Continues With Yield Touching
0.99%
From the
Floor – TF
The news
coming out pre- the Opec meeting in Vienna indicates more – and not less –
supply, which the market has been taking negatively. The WTI crude price has
moved back below $60. And the current weakness of the dollar is putting further
downwards pressure on the commodity.
FINNISH
Aamukatsaus – Nordea
EKP:llä kuljettavana vielä piiiitkä matka | Korot nousivat
Draghin puheen myötä | Suomen BKT-luku julkaistaan aamulla
Henri Myllyniemi: Saksa ja Ranska: euromaille yhteinen
valtiovarainministeriö – US
Hallitusohjelma, sijoitukset ja euron vakaus – Roger
Wessman
Roger Wessman: Hallitusohjelma säästäjän näkökulmasta – Odin
Kansantaloudellinen aikakauskirja 2/2015 – Taloustieteellinen
yhdistys
Bruttokansantuote väheni 0,1 prosenttia edellisestä
neljänneksestä – Tilastokeskus
Finland:
Recession or depression, maybe? – Nordea