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EUROPE
When effort and outcome is not the same thing –
the case of Greece – Lars Christensen
Strike action over
labour law reforms brings France to a standstill * France due to host the Euro
2016 football championships in June * French PM opens the door to possible
changes in the proposed labour law * In a year’s time, the unions will likely
face a tougher, centre-right administration
European Money Doesn’t Like Greece – View
/ BB
Draghi’s First Good News in a Year Has $267
Billion Cost – BB
Bloomberg survey sees
ECB inflation outlook stable or higher * Draghi holds press conference June 2
after ECB meets in Vienna
Juhani Huopainen: How
the ECB plans to fly under markets' radar – TF
The ECB will do its
utmost to sound moderately optimistic, vigilant * Bank must ease QE constraints
at its September meeting * Containing the populists, angry Germans is paramount
* ECB's Liikanen hinted at allowing above-2% inflation for a while
UNITED STATES
FEDERAL
RESERVE
Yellen Says Rate Hikes
Soon As Need More Ammo "In Case Of Shock" – ZH
Yellen: ‘Probably’ ready
to raise interest rates in coming months – WaPo
Yellen Worth the Wait
(Mostly) – BB
Yellen Leans Toward Near-Term
Rate Rise Without Detailing Timing – BB
Yellen says Fed rate
hike likely appropriate in coming months – Reuters
Futures markets signal
greater probability of move in June * Two-year note in longest losing streak in
two months
Fed's Bullard says global markets seem
well-prepared for summer rate hike – Reuters
OTHER
Secular stagnation a challenge to monetary
policy – Nordea
EURUSD: gradual or glacial? – Nordea
JPY: short term weakness – Nordea
FX: finding balance – Nordea
The USD gained as Fed
hike for summer got almost priced back in. Hopes on China PMI this week. EURUSD
at crucial support. Will GBP take a break?
REGULARS
Euro rates update – Nordea
Eye-Opener – Nordea
Yellen will raise soon, USD up,
hefty week of EGB supply * Swedish GDP and German inflation today * Euro
government bonds worth EUR 25bn will hit markets this week * USD gaining on the
back of Yellen’s speech
Morning Markets – TF
The dollar's consolidating its
strength Monday morning and with Fed officials increasingly looking at a summer
hike that's likely to stay the same today when we have a US holiday.
US Open – ZH
Global Stocks Unchanged; US Futures
Rise Above 2,100 As Traders Celebrate Memorial Day
Frontrunning – ZH
The Asian session
provided plenty of fireworks overnight as USDJPY jumped to a new 1-month high
on talks of a delay to the sales tax hike. As well EURUSD is pushing on the
200-day moving average as the UK and US markets are closed today ahead of a key
week for important US economic data.
Equities and the USD had
strong periods recently and so far it looks as if risk-on mode continues.
FINNISH
Öljy
tarjoaa EKP:lle hengähdystauon * Fedin pääjohtaja Yellen puhui koronnoston
puolesta * USA:n ensimmäisen neljänneksen BKT-lukuja korjattiin ylöspäin *
Saksasta julkaistaan tänään toukokuun inflaatio
Miinuskorot
ja valtionlainaostot olivat vain hetki sitten mahdottomia, nyt ne ovat
rahapolitiikan arkea. EKP tunnustelee jo seuraavaa rahaelvytyksen mahdotonta
keinoa. Se on helikopterirahoitus.
Brittipäätoimittaja: EU:sta
ei tullut Yhdysvallat ilman sähkötuolia vaan Neuvostoliitto ilman vankileirien
saaristoa – Suomen
Uutiset
Britanniassa
käydään vilkasta ja rakentavaa keskustelua Euroopan Unionin jäsenyyden
tulevaisuudennäkymistä – yli perinteisten puoluerajojen.
Keskustavasemmistolaisena tunnetun Guardian-lehden talousosaston päätoimittaja
Larry Elliot arvioi EU-hanketta erittäin kriittisesti.