Roundups &
Commentary
Frontrunning – ZH
Overnight: Red Dawn – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Daily press summary – Open Europe
Morning MoneyBeat: Front-Running the Exit Strategy – WSJ
Morning Bond Update: Core bonds breaking lower – TradingFloor
Dollar Mixed, Bonds and Stocks under Pressure – Marc
to Market
Morning Briefing
(EU/US): Stuck in the middle – BNY
Mellon
We see GBP performing somewhere between the
EUR and the USD in the months ahead; yet it may not be that straight forward
EUROPE
A change of tack – MacroScope
/ Reuters
Today sees the release
of the European Commission’s annual review of its members’ economic and
debt-cutting policies. It’s a big moment.
GDP rose by a full
0.6% q/q. We had expected GDP to contract by 0.2% while the consensus’ as well
as the Riksbank’s forecasts stood at +0.3%.
Gene Frieda: EU
leaders are under pressure from a new generation of voters, for whom the
original purpose of European integration – preventing war – holds little
significance today. If EU leaders do not respond effectively, emerging
political parties will seek to restore the protective national barriers that
their predecessors demolished.
German Constitutional Court: Hearing in June
unlikely to provide definitive answers on OMT – DB
Research
EU Commissioners’ Twitter-Gate? – WSJ
Wednesday morning – a
good three hours before commission boss José Manual Barroso was to take the
stage and give EU countries their annual rap on the knuckles for bad budgeting
or policy making – Industry Commissioner Antonio Tajani sent a digital flare to
his native Italy: All good.
Old and new drug problems — the European
landscape in 2013 – EU
Europe’s drugs problem is in a ‘state of flux’, with
new threats emerging that challenge current models of policy and practice.
ECB
Euro zone private loans contract, pressuring
ECB to act – Reuters
Loans to the euro
zone's private sector contracted for the 12th month in a row in April, raising
pressure on the ECB to take fresh policy action to help lift the bloc out of
recession.
OECD: ECB needs to come to euro zone's rescue
again – Reuters
Calling for bold steps
beyond just interest rate cuts.
ECB: Private-sector deposits in Cypriot banks
slump in April – Reuters
ASIA
Although China has a formal target of 7.5 per cent growth for
this year, and that was still kind-of-maybe assumed to be the ongoing target
figure for the next few years, no-one was hugely surprised at the declaration
of a 7 per cent target.
OTHER
OECD Economic
Outlook – OECD
The global economy is moving forward, but divergence between countries
and regions reflects the uneven progress made toward recovery from the economic
crisis…Historically high unemployment remains the most serious challenge facing
governments.
A new collateral
estimate with a cautionary note – alphaville
/ FT
The big collateral paper from the Committee on the Global Financial
System: additional collateral needed to meet upcoming regulatory demands will
be around $4,000bn. It also concludes that the world has recently produced
enough such collateral in the form of safe assets, particularly government
debt, to meet these demands.