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Friday, May 12

11th May - Minor panic selling from ATH



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EUROPE
Germany: Strong economy puts Merkel in pole position for election – Nordea
ECB Economic Bulletin, Issue 3 / 2017 – ECB
The ECB’s asset purchase programme and TARGET balances – ECB


UNITED STATES
Tim Duy: Pressure Builds on the Fed to Raise Rates Faster – BB
Ben Carlson: Rising rates often don't mean trouble for stocks – BB


REGULARS
Morning Report APAC – TF
New Zealand’s central bank kept interest rates at the record low of 1.75% and forecast they will remain there for an extended period. The NZD collapsed following the dovish comments from RBNZ Governor Graeme Wheeler.

FirstFT – FT

WSJ City – WSJ

Danske Daily – Danske Bank

Eye-Opener – Nordea
BoE Super Thursday, Swedish inflation and Norwegian budget * After a calm day where yields inched lower, keep an eye on the Italian auctions * NOK rallies on oil

Morning Markets – TF
Crude oil futures have retaken the key $47 and $50/b levels in WTI and Brent on the back of larger-than-expected inventory drawdowns in the US. The news has boosted Asian equities and energy shares in particular.

From the Floor – TF
A Moody's downgrade of six large Canadian banks has sparked fears of broader collapse in Canada's credit markets, knocking the Canadian dollar despite 2017's biggest one-day rebound in oil prices. The New Zealand dollar fell on dovishness from the RBNZ.

Daily Market Comment – Marc Chandler
Canadian and New Zealand Dollars Get Whacked, While Greenback Consolidates

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
Europe, US Futures Slip Despite Brent Bouncing Back To $51

Frontrunning – ZH

FX Update – TF
A very dovish RBNZ relative to expectations and a Moody’s downgrade of several large Canadian banks had the NZD and CAD in the doghouse overnight. Today’s focus switches to sterling on UK economic data and the Bank of England’s Super Thursday.


FINNISH
Aamukatsaus – Nordea
Englannin keskuspankilla supertorstai vuorossa | Ruotsin inflaation odotetaan nousseen | Norjan hallitus julkaisee korjatun budjettinsa