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Thursday, May 24

24th May - ECB worried, Italy worries


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EUROPE
Europe's Sovereign Bond-Backed Securities – Marc Chandler

EUROPEAN CENTRAL BANK
  MINUTES
Account of the monetary policy meeting – ECB
"Pronounced Weakening Of Demand Can Not Be Ruled Out" – ZH
ECB closely monitoring activity data – ABN AMRO
Dovish minutes confirm ECB in no hurry to change policy stance – ING

How would the ECB react to a longer soft patch? – ABN AMRO
Delay the timing of the first rate hike even further.

ECB: contingency plans – Pictet
Our baseline scenario for ECB normalisation still holds.

Financial Stability Review May 2018 – ECB

ITALY
The Italian "Contagion" Trigger – ZH

How Worried Should We Be about an Italian Debt Crisis?
– PIIE

Martin Sandbu: Give Italy’s new rulers a chance – FT
EU has opportunity to disprove that it blocks alternative economic policies

Italy’s Populists Can Beat Europe’s Establishment – Foreign Policy
They're young, untested — and, if they play their cards right, they can transform the EU.

Italy: Conte gets a challenging mandate – ING
After eighty days of stalemate, president Mattarella has mandated Giuseppe Conte to form a government. But the choice of the finance minister will tell us more about how challenging the 5SM/League alliance will be for Europe


UNITED STATES
Trump Declares Military ‘Ready’ After Kim Summit Collapses – BB
President calls meeting cancellation a ‘setback’ for world *Trump leaves open future meeting with North Korean leader

Eli Lake: Trump Can Win by Walking Away From Korea Talks – BB
That's why the administration needs an adviser like John Bolton, who won't tolerate a weak deal just for the sake of a deal.


OTHER
No nuance in the bond market – Kevin Muir

Argentine Stability Remains Tenuous – Marc Chandler


REGULARS
EU Open Rundown – RANsquawk

Market Briefing: Daily Markets Overview – Yardeni Research

FirstFT Daily Briefing – FT
US pushes Russia sanctions, Antarctic fight, sleep and success

WSJ City – WSJ
Japan Alarmed by US Car Tariff Threat, North Korea Says it Could Scratch Summit

WSJ Economics – WSJ
Why Markets Love the Fed Minutes and Hate Auto Tariffs

“Best of the web” daily charts – Lukas Daalder

Danske Daily – Danske Bank

Daily Market Comment – Marc Chandler
Greenback Pushes Lower

Brussels Playbook – Politico
Trump tariff alert — Germany’s ‘alternate universe’ — France’s ‘rocket man’

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

US Open – ZH
Markets Jittery As "Risk Factors Return To The Fore": Futures Flat, 10Y Hugs 3%


FINNISH
Aamukatsaus – Nordea
EKP:n huhtikuun kokouksen pöytäkirja julkaistaan | Fedin pöytäkirja selvensi inflaatioviestintää | Euroalueen ostopäällikköindeksit pettymys