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EUROPE
Raises questions about whether it can be trusted to
police the EU treaties
The ECJ is a force to
be reckoned with, or preferably kept at a very safe sovereign distance
Fance's Misplaced 'Economic Patriotism' – View
/ BB
The government to ride
to the rescue of companies that are failing or being taken over is a poor substitute
for creating conditions in France that will enable businesses to flourish.
UKRAINE / RUSSIA
Ukraine’s East Unravels as IMF Warns on Financing – BB
U.S. Signals Putin Not to Move Against New NATO Members – BB
UNITED STATES
Fed's Yellen says small bank loan growth good
sign for economy – Reuters
Yellen said small U.S. banks had started lending to customers at a
higher pace after several years of tightening the reins, an encouraging sign
for economic growth.
Unemployment May Soon Drop to 3.8%, But Don’t
Get Too Excited – WSJ
As the retirement of
baby boomers accelerates, the labor force will contract.
MACRO
NUMBERS
ISM Manufacturing
index increased in April to 54.9 – Calculated
Risk
ISM manufacturing
rises more than expected on gain in employment – Danske
Bank
Manufacturing ISM
Rises, Beats On Pick Up In Employment – ZH
Stronger Than Expected
ISM Manufacturing – Bespoke
U.S. manufacturing growth accelerates in April: ISM – Reuters
U.S. April factory activity growth slows slightly: Markit – Reuters
Consumer spending
surges in March, boosts growth outlook – Reuters
U.S. Inflation Ticks Up But Lags Far Behind Fed Target – WSJ
Construction Spending +0.2%
in March – Calculated
Risk
ASIA
MACRO
NUMBERS
China Creates Jobs, Even as Growth Slows – WSJ
China PMI steadies,
but doesn't dispel growth worries – Reuters
PMIs suggest growth
has bottomed out, but only modest improvement ahead – Danske
Bank
BOJ Inflation
Confidence Seen Cutting Chance of Stimulus – BB
OTHER
Biggest Obstacle to higher P/E May be Fear of
Higher LT Interest Rates – Global
Macro Trading
Grand Central: Inflation Indicators Worth
Watching – WSJ
Hilsenrath’s Take:
Inflation Indicators Worth Watching * Fed Keeps Cutting Bond Buys, Sees Better
Growth * U.S. GDP Barely Grew in First
Quarter * BOJ Gov. Kuroda Faces Skeptical Colleagues * China Tests Fail to
Relieve Stress
Macro Horizons: Ebullient Markets Ignore Fed,
Find Any Excuse to Rally – WSJ
#TradingDebates: The end of easy money? – TradingFloor
Frances Coppola: The
bigger worry is about the future of markets that have become so dependent on
continual infusions of central bank money. Will they ever recover from their
addiction, or will they always be looking for the next fix?
EMEA Weekly: Week 19 – Danske
Bank
FINNISH
Ideoita
inflaation piristämiseen – Henri
Myllyniemi / US