14th May - EU Open

Last night’s US Close-post was a long one with several interesting articles. Just a reminder.

Previously on MoreLiver’s:

Monday US Close: Fed not in a hurry?

Monday US Open

Monday EU Open: Fed's Hilsenrath scares, data ahead.

Weekender: Weekly Support

 

Follow ‘MoreLiver’ on Twitter or Facebook

Roundups

News roundup – Between The Hedges

The 6am Cut London – alphaville / FT

Emerging Markets Headlines – beyondbrics / FT

Asia Morning MoneyBeat: U.S. Stocks Meander to Mixed Finish – WSJ

Europe Morning MoneyBeat – WSJ

MORNING BRIEFINGS

3 Numbers to Watch: EU Ind. Pro., DE ZEW, US NFIB Small Bus. – TradingFloor

Eurozone industrial production and the ZEW Indicator for Germany will offer new numbers for evaluating Europe’s economic outlook. Later, the NFIB Small Business Optimism Index for the US hits the streets.

Market Preview: Eyes on German ZEW survey, EU industrial output – TradingFloor
European markets are expected to open firmer Tuesday. Yesterday, the Euro-group approved the disbursement of bailout tranches to Cyprus and Greece. Meanwhile, investors would keep an eye on a raft of economic releases across Europe due later today.

Danske Daily – Danske Bank (pdf)

Strong US retail sales support bond sell-off and stock markets. JPY slightly stronger overnight after reaching new lows over the weekend. Swedish CPI in focus after the latest Riksbank meeting.

Aamukatsaus – Nordea

USA:n kuningaskuluttajat * Nytkö ne korot lähtivät? * Brent-öljyn preemio suhteessa WTI:hin jatkaa kutistumistaan

Aamukatsaus – Tapiola (pdf)

Osakkeissa pientä nousuväsymystä, kun USA:n hyvät vähittäismyyntiluvutkin jättivät osakemarkkinat lähelle avaustasojaan. Tänään dataa euroalueen teollisuustuotannosta ja Saksan sijoittajien tunnelmista.

Ruotsissa listattu kaivosyhtiö (kultaa) Endomines kaksoislistataan tänään OMX HEX:iin.

Osakefutuurit nyt aamulla lievästi plussalla, ennakoiden nousuavausta OMX HEX:iin.

Markkinakalenteri – Nordnet

Markkinakalenteri – Taloussanomat

EUROPE

Brexit would be bad for Britain – Hugo Dixon / Reuters

Quitting the European Union would be bad for Britain. Membership of even an unreformed EU is better than “Brexit”. Quitting would mean either not having access to the single market – at a huge cost to the economy – or second-tier membership.

Cameron Gives Way to Tory Rebels in Backing EU-Referendum Bill – BB

Cameron to publish EU vote bill in bid to defuse party revolt – Reuters

Britain's ruling Conservatives will unveil a draft bill on Tuesday that could make Prime Minister David Cameron's promise of a referendum on Britain's European Union membership legally binding.

Germany Is Wrong to Delay a Real Banking Union for Europe – View / BB

It’s too late for the weighing of arguments and constitutional propriety that Schaeuble says he wants. Germany should have thought about all this before it agreed to create the euro. Now that the single currency exists, Europe needs a full banking union to go with it, and it can’t happen too soon.

Time travel in Euroland – ZH

Jeroen Dijsselbloem in an interview with CNBC yesterday dismissed the role that fiscal policy and monetary policy can have to address the economic crisis

We Found The 'Other' Greater Fool – ZH

French credit spreads (and yields) have been collapsing ever tighter at the behest of a world gone mad on monetary munificence. We know who the greater fool is in Spain and Italy (the domestic banks and pension funds); and so now, thanks to SocGen, we know who the greater fool is in French debt

Just Say Non To The New "Sick Man Of Europe" – ZH

Support For EU Plunges In France And Most European Countries

UNITED STATES

Monetary Policy and Equity Prices at the Zero Lower Bound – Carola Binder

ASIA

Goldman Pours Cold Water On The Inflation Expectations In Japan – ZH

JGB Futures Narrowly Avoid Third Halt In Three Days (By A Tick) – ZH

5Y Yields Jump To Highest In 22 Months

China’s Urban Dream Denied – The Diplomat

More than half of China’s massive population live in cities. With hundreds of millions more coming in the next 15-20 years, will they have a place to live?

OTHER

Keynes and Keynesianism – EconoMix / NYT

I think Milton Friedman was right that in a sense we are all Keynesians and not Keynesians at the same time. What I think he meant is that no one advocates Keynesian stimulus at all times, but that there are times, like now, when it is desperately needed.

Capital Controls, Currency Wars, and International Cooperation – N.Y. FED

Our results thus suggest that uncoordinated policy actions could indeed lead to harmful capital control wars. The conclusion and policy recommendations that emerge from our work suggest that there’s a clear case for international coordination in the use of capital controls.