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Thursday, May 15

15th May - Good Japan, bad Europe, mixed US



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EUROPE
Putin Emboldened on Instability Arc by EU Defense DivideBB
Confronted by the prospect of a new Iron Curtain in Russia’s borderlands, the European Union’s largest countries are turning the other way.

Beyond the Euro CrisisFIIA
European constitutional dilemmas and Treaty amendments

Euro Illusions Force Weaker Nations Into High UnemploymentBB
The crisis appears to be over. Supposing that’s all true, is it really good news? The answer isn’t obvious.

Have borrowing costs in the eurozone periphery come down too far, too fast?Open Europe

Why the Bank of England Doesn’t Fear House PricesWSJ

European Bonds Tumble Most In 15 Months, Stocks Slammed ZH

  EUROPEAN PARLIAMENTARY ELECTIONS
The Trouble with EuropeProject Syndicate
Though the Euroskeptic right may not win a majority of seats in this month's European Parliament election, its collective strength represents a blow to the cause of European unity. Why is a project that began with such high hopes in the wake of World War II running into so much resistance?

The European Parliament - a failed experiment in pan-European democracy?Open Europe

  EUROPEAN CENTRAL BANK
Monthly Bulletin, May 2014 – ECB
Statistics Pocket Book, May 2014 – ECB
The determinants of euro area sovereign bond yield spreads during the crisis – ECB
Euro area sectoral activity since 2008 – ECB

  MACRO NUMBERS
Euro area GDP up by 0.2%, EU28 up by 0.3% - Eurostat
Euro area annual inflation up to 0.7%, EU up to 0.8% - Eurostat
Euro GDP growth weaker than expected in Q1 – Danske Bank
Euro Growth Diverges; Strong Germany Offsets France – BB
French Recovery Stalls as Taxes Dent Consumer Spending – BB
Euro Growth Diverges; Strong Germany Offsets France – BB
Euro-Area Growth Missing Forecast Keeps Pressure on ECB – BB
German economy booms on back of mild winter weather – Merkelnomics
Europe's "Very Disappointing" Q1 GDP In Charts – ZH
5 Things to Know About Euro-Zone GDP – WSJ

UNITED STATES
  MACRO NUMBERS
Industrial Production in the U.S. Unexpectedly Fell in April – BB
Fed: Industrial Production decreased 0.6% in April – Calculated Risk
Consumer Prices in U.S. Rose in April by Most in 10 Months – BB
Core Inflation Hits a 13-Month High – dshort
CPI Rises 2.0% From Year Earlier, Most Since June – ZH
Jobless Claims in U.S. Reach Lowest Level in Seven Years – BB
Initial Claims Plunge To Lowest Since May 2007 – ZH
Jobless Claims at a Seven Year Low – Bespoke
Homebuilder Confidence Plunges To 12-Month Lows – ZH
Philly Fed Declines, Drops In New Orders, Shipments, And Workweek – ZH
NAHB: Builder Confidence decreased slightly in May to 45 – Calculated Risk

ASIA
5 Takeaways from Japan’s GDPWSJ
Japan’s Economy Accelerated in First QuarterBB
Japan’s economy grew at the fastest pace since 2011 in the first quarter as companies stepped up investment and consumers splurged before the first sales-tax rise in 17 years last month.

Is China’s housing bubble popping?WaPo

OTHER
Anticipated ECB Action Key Driver of FXMarc to Market

30Y Yield Tumbles To Fresh 11-Month Lows As Europe's Bond Bonanza BreaksZH

Grand CentralWSJ
Bond Investors Whistle Past Latest U.S. Inflation Readings * ECB Ready to Act Fast Against Stagnation, Low Inflation * Euro-Zone Economy Shows Weaker than Expected Expansion * Japan’s Growth Picks Up Sharply * Reid Prepares for Senate Confirmation Vote Next Week on Fischer’s Nomination

Macro HorizonsWSJ
Political Risks in Asia, Soft European GDP Make Gloomy News Day

Yield Forecast Update - ECB to introduce negative ratesDanske Bank

FINNISH
Euro & talous 2/2014: Rahoitusjärjestelmän vakausSuomen Pankki
Suomen Pankki varoittaa rahoitusjärjestelmän riskeistäYLE
Korkojen nousu tai asuntojen hintojen lasku saattaa aiheuttaa nopeita muutoksia kotitalouksien kulutukseen.

Komission visio EMU:sta edellyttää muutoksia perussopimuksiinVerkkouutiset
Jotta EU:n komission visio EMU:n tulevaisuudesta voitaisiin toteuttaa, EU:n perussopimuksia pitäisi kahden suomalaistutkijan mielestä muuttaa.

Onko kehitys liittovaltioksi estettävissä?Sixten Korkman / HS

Ylitetäänkö eurovaaleissa kepukynnys?Simon Elo / PS

Suomi suhteellisesti suurin EU:n nettomaksajaTimo Isosaari / US

Tietääkö ehdokkaasi?Pertti Haaparanta / Akateeminen talousblogi

Äänestäminen ja joukkotuhoaseetJuhani Huopainen / US

Kansantalouden tuotanto pieneni maaliskuussa 2014 – Tilastokeskus
Suomen taantuma jatkui Q1 – Roger Wessman
Nordea: Kolmas miinuskasvun vuosi häämöttää – Verkkouutiset
Surkeita lukuja Suomesta: Talous palasi taantumaan – TE
Teollisuuden liikevaihto supistui joulu-helmik. runsaat 3% YoY – Tilastokeskus
Palvelujen liikevaihto kasvoi joulu-helmik. 2,3% YoY – Tilastokeskus
Valtiovarainministeriössä ei paineta paniikkinappulaa – YLE