EUROPE
Euro-Area Economy In for More Weakness After
April Slowdown – BB
Composite PMI falls to
lowest level since January 2017 * ECB’s Constancio says region’s economy
remains ‘robust’
Corporate Sector Soft Patch – Pictet
The ECB is adjusting its
corporate bond purchases to take account of market conditions, including the
recent fall in issuance.
Retail sales point to weaker consumption growth, PMIs stabilized in April – Daiwa
UNITED STATES
May Macro Update: A Recession in 2018 Looks
Increasingly Unlikely – The
Fat Pitch
The macro data from the
past month continues to mostly point to positive growth. On balance, the
evidence suggests the imminent onset of a recession is unlikely.
APRIL
JOBS
Payrolls Rise 164,000
While Jobless Rate Falls to 3.9% - BB
Tepid Wages,
Participation Mute Celebration on U.S. Jobless Rate – BB
US employment keeps climbing, but wage growth disappoints – Pictet
US employment keeps climbing, but wage growth disappoints – Pictet
Look Past Disappointing
Jobs Data, Luke – Marc
Chandler
Below-average jobs report,
but not deeply disappointing – Daiwa
The April Jobs Report in
12 Charts – WSJ
April Jobs Report: 164K
New Jobs, Disappoints Forecast – dshort
+164K Jobs: Payrolls, Hourly Earnings Miss, U-Rate Hits 18 Year
Low 3.9% - ZH
No Wage Inflation? Not
So Fast: Overtime Hours Soar – ZH
164,000 Jobs Added, 3.9%
Unemployment Rate – Bill
McBride
Comments on April
Employment Report – Bill
McBride
MARKETS / OTHER
Economic Surveys Are a
Danger to Markets – BB
So-called soft data suffer from a circular reference due to groupthink,
herd mentality and political preferences.
The Gambler Who Cracked the Horse-Racing Code – BB
Bill Benter did the impossible: He wrote an algorithm that couldn’t lose
at the track. Close to a billion dollars later, he tells his story for the
first time.
TRADE WARS
Trump team demands China slash U.S. trade
surplus by $200 billion, cut tariffs – Reuters
US has demanded that
China cut its U.S. trade surplus by $200 billion, end subsidies for advanced
technology industries and sharply cut import tariffs to U.S. levels,
US-China trade talks set to continue for some
time – Danske
Bank
Two days of US-China
trade talks are over. There was no big trade deal but an agreement to keep on
talking instead.
China-US trade talks: A likely stalemate – ING
We expect no material
change in the current deadlock between China and the US over trade
Germany desperate to avoid trade war – Reuters
As Europe’s biggest exporter to the US and with more than 1 million German jobs at stake, Germany is desperate to avoid a EU trade war with the US.
REGULARS
Emerging markets stumble, UK local elections, atonement machines
HSBC Sees Profit Fall and Launches $2 Billion Buyback, The New Route to
Success for US Firms
WSJ Economics – WSJ
U.S.’ China Trade Demands | Europe’s Trump Problem | Jobs Day
US jobs not the driver it once was
Happy as poodles — EU battles, past and future — Postcard from Sydney
Five Things You Need to
Know to Start Your Day – BB
US Open – ZH
All Eyes On Payrolls, But The Real Story Is The Ongoing EM Rout
Frontrunning – ZH
FINNISH