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Wednesday, May 2

2nd May - Bad European macro, EURUSD down

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EU Regional Aid Set to Shrink Under Plan Rebuked by East MembersBB
European Commission seeks changes to aid eligibility criteria * Post-Brexit EU budget proposal includes link to rule of law

Private and public risk sharing in the euro areaECB

Euro-Area Factory Growth Eases for Fourth Straight Month – BB
Euro-Area Factories Fret About Euro as Economic Growth Cools – BB
GDP up by 0.4% in both the euro area and the EU28 – Eurostat
Euro area unemployment at 8.5% - Eurostat
Euro area growth: somewhere between hard and soft data – Pictet
Eurozone Economy Wavers in First Quarter - WSJ

Build It and They Will Come; Sell it and It will be BoughtMarc Chandler
What happens when a large serving of fiscal stimulus is provided to an economy that as already growing above trend, with nearly full employment and price pressures near target?

Deutsche Bank warns of US debt crisisJohn Cochrane

US manufacturing growth - slower but broader – ING
ADP: Private Employment increased 204,000 in April – Bill McBride
Payroll Gains in U.S. Exceed 200,000 for Fifth Month, ADP Says – BB
ADP Prints Weakest Jobs Gain Since November – ZH

Federal Reserve preview: Take a deep breath – ING
Buy the hawkish Fed rumour, sell the gradual fact – ING
Markets Are Underestimating the Fed – BB

FOMC Statement – FED
FOMC Sticks to Script, Dollar Pushed Lower – Marc Chandler
Rate Unchanged: Leans Hawkish On Inflation, Dovish On Growth – ZH
Wall Street Responds To The Fed's "Symmetric", Dovish Statement – ZH
Powell has a plan – Kevin Muir

Market Stumbles Show Traders Already Think We're Late-CycleBB
Morgan Stanley predicts ‘choppy, volatile down market’ * Cantor Fitzgerald cautions not to get bearish too early

Have Central Banks Missed the Exit Train?Algebris

Strong And Stable, Valuations EditionMacro Man

From carry trades to curvy tradesECB

FirstFT Daily BriefingFT
Galileo sabotage, Facebook’s dating service, Germany’s inheritance wave

Trump’s Trade Agenda Brings Heightened Tensions, Apple Flexes Its Financial Muscles

WSJ EconomicsWSJ
Europe stumbles | Share Buybacks |Trade Deadlines

Danske DailyDanske Bank

Daily Market CommentMarc Chandler
Confident Fed Key to New Found Respect for the Dollar

Brussels PlaybookPolitico
Budget scoop — Inconvenient truths — Europe risks split over Trump
Five Things You Need to Know to Start Your DayBB

S&P Futures Hit Session HIghs Ahead Of The Fed, As Dollar Surge Fizzles

Aamukatsaus Nordea
Fed kokoustaa illalla, mutta ei nosta korkoa | Euroalueelta julkaistaan BKT-luvut | Dollari vahvistui selvästi euroa vastaan

Brysselin kone: Miksi pankkiunioni on nyt mätä omenaYLE
Nordean pääanalyytikko Jan von Gerich puhuu siitä millä tavoilla pankkiunioni vaikuttaa nyt ongelmalliselta. Ja lisäksi hän kertoo, missä kunnossa on EU-maiden talous hänen mielestään nyt on, ja onko EKP:llä nyt harjoittamansa politiikan jälkeen silloin jäljellä mitään keinoja toimia, kun hänen arvionsa mukaan kesällä 2021 seuraava taantuma rantautuu Eurooppaan. Ohjelman toimittaja on Maija Elonheimo