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EUROPE
EU
Reform Index: Evaluating 30 potential proposals for EU renegotiation – Open
Europe
Our EU
Reform Index is not a 'wish list,' but it seeks to outline where there is
confluence of interests around which an EU reform package can be established.
Italy’s
regional divide – The
Economist
A tale of
two economies - as the north limps ahead, the south swoons
UNITED KINGDOM
Deutsche
Bank fires ‘Brexit’ warning shot – FT
Danish
solution offers lessons for Cameron on EU negotiations – FT
GREECE
Greece Runs
Out of Road – WSJ
What to
make of the new “Juncker Plan” for Greece? – FT
Break from
creditors, say Syriza rebels – FT
FT View: Athens
staggers closer to the financial precipice – FT
The
Forgotten Greek Bail-Out – Klaus
Kastner
Greece's
True Deadline May be May 29 – View
/ BB
Merkel Faces
German Parliament "Revolt" On Greece – ZH
EUROPEAN CENTRAL BANK
Benoît
Cœuré: How binding is the zero lower bound? – ECB
ECB’s
Coeure: Speed of Reversal in Bond Prices Is Cause for Concern – WSJ
Euro
plummets after the ECB says it will frontload QE purchases – BI
Coeure Says
ECB to Moderately Front-Load QE Buying in May, June – BB
European
Central Bank steps up pace of bond buying – FT
Interview
with Benoît Cœuré – ECB
Noyer: ECB
Ready to Go Further if Inflation Target Not Met – WSJ
ECB Jolts
Markets With Fresh Comments on QE – WSJ
ECB Blames
Leak To Hedge Funds On "Internal Procedural Error" – ZH
ECB's
'proof of life' was enough to turn EURUSD – TF
Look How
the ECB’s Winning the QE Argument – WSJ
DATA
Annual
inflation at 0.0% in the euro area – Eurostat
Euro area
international trade in goods surplus €23.4 bn – Eurostat
UK now in
deflation but only temporarily – Danske
Bank
UK: CPI
inflation in negative territory for the first time – Nordea
UNITED STATES
Weak
First-Quarter Growth Due to Seasonal Issues After All, SF Fed Says – WSJ
Earnings
Roundup: Edging Toward Positive Overall, But Retail Lags – Alpha
Now
The
corporate earnings outlook turned cautiously optimistic in the week ended May
15. Of the 15 S&P 500 companies that reported Q1 earnings in that period,
53% exceeded analyst estimates and 40% missed. On the revenue side, surprises
were roughly split, with seven positive surprises and eight negative ones. The
blended EPS growth rate increased slightly to 2.1% while revenue growth fell by
-3.0%, continuing the trend from last week.
Daily
Central Banks – WSJ
Hilsenrath’s
Take: The Phrase of the Day is “Residual Seasonality” * ECB’s Coeure: Speed of
Reversal in Bond Prices Is Cause for Concern * ECB Ready to Go Further if
Inflation Target Not Met
U.K. Consumer Prices Fall in April * Australia’s
Central Bank Hints Rates Can Drop
Daily
Macro – WSJ
The
likelihood of more aggressive stimulus in the summer sent the euro tumbling and
European stocks soaring. So much for speculation that the recent improvement in
eurozone economic data might lead to a paring back in the eurozone QE program;
instead, we’re getting a doubling down
Danske
Daily – Danske
Bank
Euro
rates update – Nordea
Eye-Opener – Nordea
Focus back
on Greece * US equities at new highs, dollar comeback * German ZEW index seen
lower
Morning
Markets – TF
Daily FX
Comment – Marc
Chandler
Dollar
Lifted by ECB Front Loading QE and UK Slipping into Deflation
Daily
Shot – TF
The
European Central Bank may have just recently launched its quantitative easing
programme, but some speculators appear to be seeing hawks on the horizon. The
consensus timeline for an interest rate hike has collapsed from 57 months to 30
in a matter of days.
Daily Press
Summary – Open
Europe
EU’s
Timmermans to present plans to cut red tape * Deutsche Bank considering whether
to withdraw operations from UK in event of EU exit * Juncker denies drawing up
compromise plan for Greece * AfD on verge of split as Lucke fights back against
‘far-right’ infiltration * EU leaders agreed naval mission to target Libyan
people smuggling boats
Brussels
Playbook – Politico
US Open – ZH
Stocks,
Bonds Spike After ECB Pledge To Accelerate QE Ahead Of "Slow Season"
FX
Update – TF
The USD has
rallied sharply from Friday’s weak close, but the rally needs to extend farther
to make an impression, as we await housing starts data later today and
tomorrow’s FOMC minutes, while the return of healthy risk appetite is a tailwind
for the greenback.
From the
Floor – TF
Today From
the Floor goes bird-watching, observing the kiwi, the Australian dove and what
may well have been a rare Antipodean hawk in the skies above global markets.
Martin
Sandbu’s Free Lunch
– FT
The
enormous cost of cheap carbon - The IMF points to a treasure trove for finance
ministers with courage to act
FINNISH
Aamukatsaus – Nordea
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