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EUROPE
Timo Soini
- the Millwall-supporting Nigel Farage of Finland - could land one of the most
important jobs in the eurozone
EUROPEAN CENTRAL BANK
German
Bundesbank chief rips into ECB over Greek loans – Reuters
Bundesbank
Blasts Draghi For Breaking Bailout Taboo – ZH
The ECB’s
recent monetary policy measures: Effectiveness and challenges – ECB
Speech by Mario Draghi. (charts here)
UNITED KINGDOM
Is EU
treaty change really mission impossible? – Open
Europe
Hammond seeks ‘fast’ reform settlement with the EU – FT
The mistake
that could trigger Brexit – FT
GREECE
Greece says may ask for emergency
Eurogroup meeting – Reuters
UNITED STATES
Get Used
To It – Tim
Duy
We probably
need to get used to the occasional negative GDP growth numbers in the context of
overall expansion for the US economy. The concept of "stall speed"
will need to be revised accordingly.
Great
Graphic: Expectations for Lift-Off Solidify for September – Marc
Chandler
INDUSTRIAL PRODUCTION
US
Industrial Production Weakens For 5th Month – ZH
Fed: Industrial
Production decreased 0.3% in April – Bill
McBride
U.S. industrial output falls for fifth
straight month – Reuters
US
Industrial Production Slides For Fifth Straight Month In April – James
Picerno
REGULARS
Daily
Central Banks – WSJ
Hannon’s
Take: It’s Tough on the Fed, ECB Borders * WSJ Survey: Most Economists See Fed
Raising Rates in September * Powell: Exempt Small Banks from Dodd-Frank
Compensation Rules * Draghi: Stimulus to Stay in Place for ‘As Long as Needed’
* Kuroda Stresses Power of Monetary Bazooka
Daily
Macro – WSJ
It’s
perhaps too early to say that the rout in bonds seen earlier this month will
not pose systemic problems but the return to calm does suggest that the best
interpretation is that the price adjustment more reflected a rosier outlook for
the eurozone economy than a dangerous sign of investor panic. This is not to
say that lessons from the spike in yields can’t be drawn, the principal one
being that the abundance of central-bank monetary liquidity has created
distortions in these markets that leave them vulnerable to volatility. When the
spigots are turned off, there will be consequences.
Danske
Daily – Danske
Bank
Euro
rates update – Nordea
Eye-Opener – Nordea
Disappointing
US consumer * Higher US equities * Rising EUR/USD * France posts double the
German growth in Q1 * German yields still heading higher amidst high volatility
* EUR/NOK trying to break lower
Morning
Markets – TF
Today's
session is likely to be dominated by the afternoon release of the US' latest
industrial data, which will give traders an idea of the country's Q2 growth
(and the likelihood of a near-term, dollar-boosting rate hike).
Daily FX
Comment – Marc
Chandler
Bund Bounce
Helps Dollar Stabilize
Daily
Shot – TF
The US
Federal Reserve is the subject of much scrutiny lately, with investors looking
to determine whether the central bank will raise interest rates this year. All
in all, however, it currently appears that while the desire may be there, the
data are proving more troublesome.
Brussels Playbook – Politico
http://www.politico.eu
US Open – ZH
Futures
Make Further Record Gains On Bad Economic Data, Lack Of Volume, News And Bund
Selling
FX
Update – TF
The US
dollar has made a modest comeback attempt since selling off in the wake of
Wednesday’s weak US Retail Sales report, but today’s batch of second-tier data
will really need to impress to make an impress on the major USD charts.
Martin
Sandbu’s Free Lunch
– FT
Bye bye
Blanchard: On chief economist's watch, the IMF boldly departed from orthodoxy (sometimes)
FINNISH
Aamukatsaus – Nordea
Nestehukka näännyttää energiavajeesta kärsivää taloutta | Heikot
USA:n vähittäismyyntiluvut painoivat dollaria | Euroalueen kasvu epätasaista
Pääkirjoitus: Muiden nuhtelija joutui nuhteluun – IS
Euroopan komissio antoi Suomelle varoituksen talouskurin
rikkomisesta. Velan määrä suhteessa bruttokansantuotteeseen kasvaa liikaa, ja
alijäämät paukkuvat yli soveliaan rajan.
Kreikan hallitus on ollut vastuullinen – velkojamaat
eivät – Tyhmyri
Henri Myllyniemi: Poliittisesti aktiivinen? – US
Pekka Ervasti: Voi voitettuja! – YLE
Kolme ässää taputtelee toisiaan selkään Smolnassa, mutta
oppositio tekee synkeää surutyötä, kirjoittaa politiikan erikoistoimittaja
Pekka Ervasti
Vaihtotase alijäämäinen maaliskuussa 2015 – Tilastokeskus