29th May - US Q1 GDP -1%, more on EU elections

Previously on MoreLiver’s:

Wednesday: Post-election, pre-ECB

Tuesday: Bull day, ECB's meeting continues

Monday: Market holiday, but stocks surge

Credit Guest: The Vortex Ring

"Hitler kuulee" - EKP:n kokous

W/E: Linkfest

W/E: Weekly Support

W/E: Best of the Week

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EUROPE

The Pain In Spain Is Mainly Europe’s Bane – WSJ

Spain’s economy will struggle to hit escape velocity. Indeed, there are worrying signs the first quarter represented a high point–however underwhelming in the first place–for the euro zone more generally.

German Finance Minister Schäuble: 'Europe Needs More Self-Confidence' – Spiegel

What does Eurovision Song Contest winner Conchita Wurst have to do with the Ukraine conflict? More than you might think, explains German Finance Minister Wolfgang Schäuble. It demonstrates the EU's greatest strengths.

  EUROPEAN ELECTIONS

Yanis Varoufakis: One Extreme Europe? – naked capitalism

The race is wide open for the European Commission's top job – The Telegraph

The lesson is simple: offer voters a binary choice between “more Europe” and “no Europe”, and eventually they will choose the latter. The answer must be sweeping reform.

European elections reaction round-up – Open Europe

"Something is rotten in Europe"

Populist advances set to hobble EU integration – Reuters

Stunning gains by anti-EU and populist parties in the European Parliament elections will prevent any new treaty on deeper euro zone integration for the foreseeable future and may tilt Europe's economic policy mix more towards expansion.

Europe’s Populist Resurgence: Not as Ugly as it Looks – PIIE

The running theme of most commentary by political and media figures is that the voting in 29 countries for seats in the European Parliament has brought the entire continent to the brink of a nasty populist takeover. It will probably surprise few readers of RealTime that this author finds that concern overblown and sees several good pieces of news in the election results.

A Real National Front: The French Far Right Aims High – Spiegel

After its triumph in European elections on Sunday, the French far-right Front National is hoping to increase its power back home, with Marine Le Pen aiming for the presidency in 2017. With François Hollande's popularity plummeting, it is not out of the question.

Lurching Right: UKIP Win Creates Pressure for Cameron and Europe – Spiegel

With its clear election victory in Britain on Sunday, anti-EU UKIP and its leader Nigel Farage scored a historic triumph. The win could soon spell trouble for British Prime Minister David Cameron and his partners across the European Union.

Opinion: A Victory for European Democracy – Spiegel

Although voter turnout was down in many places and right-wing populists scored significant gains, this weekend's European Parliament election was historically important. It has shifted the balance of power in Europe in favor of voters.

UNITED STATES

Fed’s Lacker: Contraction ‘Not Unexpected’ but Sees Possible Rebound Soon – WSJ

Gross Domestic Product Q1 2014 (Second Estimate) – BEA

Minus 1% In The First Quarter: First Contraction Since 2011 – ZH

U.S. economy contracts in first-quarter on inventories, trade – Reuters

U.S. Economy Shrank for First Time Since 2011 – BB

Contracting GDP Is Rare Outside of Recessions – WSJ

GDP Q1 Second Estimate Slumps to -1.0% - dshort

Goldman Boosts Q2 GDP Forecast Due To Q1 – ZH

Why the GDP Report Isn’t a Total Disaster – WSJ

New Jobless Claims Drop to 300K, Beating Forecasts – dshort

Jobless Claims Lower Than Expected – Bespoke

ASIA

Chinese QE turns American? – FT

China are already the kings of QE. But bear with us for a bit. The nature of their QE may be changing.

As Korea’s Reserves Grow, So Do Questions About FX Intervention – WSJ

Japan Retail Sales Show Sales Tax Beginning to Bite – WSJ

Japanese Retail Sales Collapse By Most On Record – ZH

OTHER

Chart of the day, or "dislocation of the year"? – Macronomics

S&P 500 vs US 10 year

10Y Treasury Yield Hits 2.40% - ZH

Strategy, politics and righteous populist anger – FT
Citi claims to document a 54 per cent rise in the number of elections, mass protests and government collapses over the last three years, when compared to the previous decade…Credit Suisse have been looking at the pressures on savings and investment, and they see the success of Piketty’s book in the US as a symptom of rising political discomfort

Daily Macro – WSJ

Hardly anyone went shopping in Japan in April * Spanish GDP was downgraded * Bank of England’s “hawk” said interest rate hke doesn’t need to happen anytime soon * U.S. GDP shrank in the first quarter for the first time in three years – also widely expected and outdated, given that second-quarter numbers look much better – but still offering the Federal Reserve an excuse to take it slow on winding down stimulus.

Daily Central Banks – WSJ

Hilsenrath’s Take: SF Fed’s Williams Says Inflation Overshoot May Be Needed * Senators Tell Obama: Fed Nominees Should Aim to Take on Wall Street * BOJ Member Says Easing Could Continue * Brazil’s Central Bank Stops Raising Rates * Turkey’s Central Bank Faces Mounting Government Pressure

EMEA Weekly – Danske Bank

FINNISH

Politiikan korjaussarja: Hei Stubb, sinua uhkaa rivimepin paikka! – MTV

Riittäisikö duunarille jatkossa tonnin palkka? – TalSa

Suomen kansantalouden hoipertelu on tuottanut paljon erilaisia hyvää tarkoittavia neuvoja. Yksi viimeisimmästä on minimipalkan säätäminen ja yleissitovuudesta luopuminen. Mutta saadaanko tällä Suomi taas nousuun?