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Tuesday, April 25

25th Apr - French fever over





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EUROPE

  EUROPEAN CENTRAL BANK
Results of the April 2017 euro area bank lending survey – ECB
ECB Meeting Comes at a Precarious Time for Markets – BB
How a Macron Presidency Could Bring About ECB Tapering – WSJ
No ECB shift in April – ABN AMRO
Bank lending gives no ground for ECB to change stance – Pictet

  FRANCE ELECTIONS
No French revolution – ABN AMRO
The market implications of the French vote – BlackRock
Why Macron is a risky bet for France and for Europe – Edward Harrison
Will Macron Be Able to Run France? – WSJ


UNITED STATES
Trump Orders Plan to Cut Corporate Tax Rate to 15% - WSJ
Trump tax push raises questions about scope of his 'reform' – Reuters
Trump's push to fund wall may be delayed as government shutdown looms – Reuters


OTHER
Your Trump Trade reversals, charted – FT
"This Week Has Been A Gap Repricing Without Any Price Discovery" – ZH

China's Hidden Debt Stirs Investor Angst as Defaults Rise – BB
China Markets Reel as $1.7 Trillion in Shadow Funds Unwinds – BB


REGULARS
Morning Report APAC – TF
As the dust settles on the French elections the markets will be looking at more purely economic types of events - namely US corporate earnings and the US President Donald Trump's bid to cut US corporate and individual taxes to the bone - and there's USD GDP at the end of the week...|

FirstFT – FT
National Front leader Le Pen takes a break as head of the party

WSJ City – WSJ
French Vote Sparks ECB Taper Talk, European Stocks Aren’t as Cheap as They Look

Danske Daily – Danske Bank

Eye-Opener – Nordea
French election result is the key driver * Swedish unemployment numbers and US consumer confidence * French election results drove markets * Scandi currencies benefitted from increased risk sentiment.

Morning Markets – TF
The good vibes from the outcome of France's first-round presidential ballot at the weekend propelled US stocks higher overnight and kept Asian bourses advancing on Tuesday. The euro eased off five-month highs hit with help from Sunday's election victory for the French centrist candidate Macron.

From the Floor – TF
EURUSD may have been unable to maintain momentum after rising more than 2% on Monday, but the indices spiral higher has probably got some way to go on the back of a seemingly inevitable Emmanuel Macron win in France. Meanwhile, the Trump trade could rear its head again.

Daily Market Comment – Marc Chandler
Euro Consolidates Gains, Bond Market Sell-Off Continues

Brussels Playbook – Politico

Five Things You Need to Know to Start Your Day – BB

10 things you need to know before the opening bell – BI

US Open – ZH
World Stocks Hit All Time High, S&P Futures Rise To Within 1% Of Record

Frontrunning – ZH

FX Update – TF
So far the French election has brought only a one-off adjustment in the euro while anticipation of the US president’s next moves are now grabbing the market’s full attention as Donald Trump’s first 100 days in office reach completion.


FINNISH
Aamukatsaus – Nordea
USA:n kuluttajaluottamus laskussa, mutta edelleen vahva * Euroopan markkinoilla nähtiin eilen laaja-alainen helpotuksen huokaus * Saksan huhtikuun talouselämän luottamusindeksi IFO oli odotettua vahvempi * EKP julkaisee tänään luotonantoa koskeva kyselynsä