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EUROPE
The European Union and the euro: this is a
marriage made in hell –
The
Telegraph
Growing like Spain: 1995-2007 – vox
Spain’s pre-crisis
growth happened despite declining productivity – because of resource
misallocation that was increased by corruption and crony capitalism.
Italy: Article IV Statement – IMF
EU to propose new funds to stop migration at
source – Politico
Likely a short term shock from Brexit, but the
Treasury overdoes it – Open
Europe
GREECE
IMF won’t play ball with
Angela Merkel without debt relief – Politico
Greece Braces for More
Austerity Amid EU-IMF Quarrel About Debt – BB
Greek parliament
approves reforms in exchange for aid, debt relief – Reuters
Greece: Preliminary Debt
Sustainability Analysis – IMF
EUROPEAN
CENTRAL BANK
Trends in euro are
banks' business models, implications for stability – ECB
No One Knows How
Corporate Europe Will Use its Bond Market Binge – WSJ
MAY
PURCHASING MANAGER INDEX
France PMI – Markit
Germany PMI – Markit
Eurozone PMI – Markit
PMIs signal modest
downside risks to near-term euro growth – Pictet
Eurozone Business Growth
"Unexpectedly" Slows Down To 16 Month Low – ZH
PMIs: No need to revise
GDP forecast – Nordea
UNITED STATES
This Is Not A Drill. This Is The Real Thing. – Tim
Duy
June meeting is the real
thing - an undoubtedly lively debate that could end with a rate hike. I think
we narrowly avoid a rate hike, but at the cost of moving forward the next hike
to the July meeting.
REGULARS
Danske Daily – Danske
Bank
Euro rates update – Nordea
Eye-Opener – Nordea
Potential cacophony of Fed speakers
this week * Today Euro -area PMIs and Fed speakers * Cliffhanger in Austria,
important week for Greece * Reaffirmed pledge not to deliberately weaken the
currencies by G7
Morning Markets – TF
The June rate-hike speculation is
beginning to weigh on markets and that has also taken some of the steam out of
the dollar rally as wait-and-see dominates sentiment.
Euro wrap-up –
Daiwa
Daily Market Comment –
Marc
Chandler
Short Note to Start the Week
Daily Market Comment
– Macro
Man
A brief thought on the G7
Daily Shot – TF
With manufacturing
contraction worsening good emloyment data is the bright spot for Japan. In the
US and elsewhere we can see effects of an stabilizing oil price.
Daily Press Summary – Open
Europe
Treasury warns of
immediate economic shock in event of Brexit as survey finds falling business
support for EU among FTSE 350 * EU on tenterhooks as far-right and green
candidates run neck-and-neck in Austrian presidential election * Cameron says
EU referendum more important than general election amid escalating row over
Turkey’s EU membership prospects * Greek parliament approves new raft of
measures, paving way for release of more bailout cash * Far-right party enters
Cypriot parliament for the first time * Rajoy willing to make extra cuts this
year to comply with EU deficit target, leaked letter reveals * Erdoğan tells
Europe to do more for refugees as the majority of Germans against EU-Turkey
deal * 14 EU member states call on Commission to remove regulatory and
non-regulatory barriers in the Digital Single Market
Brussels Playbook – Politico
Austria cliffhanger —
Poland — G7
US Open – ZH
Futures Fade Early Bounce, Slide In
Illiquid Tape As Yen Rises, Oil Drops
Frontrunning – ZH
Last week’s parade of
hawkish Fed rhetoric provided a bounce for the greenback and this week offers
few new US event risks ahead of next week’s US data avalanche. The Bank of
Canada's meeting is in focus mid-week for CAD.
German giant Bayer has
tabled an extraordinary cash offer for Monsanto but it might be too big to go
through. Elsewhere Petrobras returning to bond market signals optimism for
Brazil.
FINNISH
Euroalueen
ostopäällikköindeksit hienoisessa kasvussa * Fedin Bullard pitää tänään puheen *
EURUSD katkaisi laskuputkensa * Tällä viikolla päähuomio keskittyy Yellenin
perjantaiseen esiintymiseen
Euroalue ja säästämisen
paradoksi – Jaakko
Kiander
TARGET2 on palannut – Juhani
Huopainen
Kokoomuksen arvioitava
eurolinjansa uudelleen – Elina
Lepomäki