W/E: Weekly Support (updated)
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EUROPE
Is the
Podemos bubble bursting? – Open Europe
Euro and
German Bund--One Trade? – Marc
Chandler
Hangover
threat for eurozone QE party – FT
Once
Lagging Euro Region Outstrips World on Wave of Liquidity – BB
Greek
Default for Dummies: Questions on Creditors Answered – BB
UNITED STATES
Data
Note – Tim Duy
The Fed is
in "wait-and-see" mode after the weak first quarter, and odds are
against the Fed seeing a path to a June rate hike. But I that remain wary that
the patience of the newly data-dependent Fed has worn thinner than commonly
believed.
DATA
Manuf.
Weakest In 2 Years, Mfg Employment Lowest Since 2009 – ZH
ISM
Manufacturing index unchanged at 51.5 in April – Bill
McBride
Construction
Spending decreased 0.6% in March – Bill
McBride
Atlanta Fed Cuts Q2 GDP Forecast To +0.8% After
Construction Spending Crunch – ZH
Factory
activity steady; consumer sentiment rises – Reuters
Consumer
sentiment up in April from prior month – Reuters
Construction
spending hits six-month low in March – Reuters
Manufacturing
growth holds at low level in April, employment shrinks: ISM – Reuters
REGULARS
Daily
Central Banks – WSJ
Blackstone’s
Take: My Hero, Zero * Fed’s Tarullo Seeks Simpler Capital Rules for Small Banks
* New York Fed’s Sarah Dahlgren to Resign as Head of Supervision * In Labor vs.
Capital, Workers Gain a Slight Edge * Japan Inflation Rises for First Time in
Nearly a Year
Daily
Macro – WSJ
Whether
it’s Japan’s hint of inflation, China’s manufacturing purchasing managers index
just barely hanging on to an expansion, or a mixed back of credit and factory
numbers out of the U.K., the impression from data Friday is that global growth
is still alive but only barely.
Danske
Daily – Danske
Bank
Global
Daily – ABN
AMRO
Despite the
recent jump in Bund yields we maintain our 3m forecast, implying yields will
fall back * We do expect a significant bounce next year, as ECB QExit
expectations build * Eurozone inflation no longer negative in April- should
rise in coming months
Morning
Markets – TF
Election
frenzy is gripping the UK as we enter the final week of the
campaign and Labour leader Ed Milliband may have dropped the ball in last
night's party leaders studio audience debate. Can cable take fresh impetus as
events unfold?
Daily FX
Comment – Marc
to Market
Dollar Rout Narrows to Euro Correction
Daily
Shot – TF
The parade
of good news in the Eurozone continues, with Spain posting beating expectations on GDP growth and business and consumer
sentiment improving. The euro crosses saw the common currency's rally continue,
with EURJPY in particular posting a large spike.
Daily
Press Summary – Open
Europe
European
Commission considers independent scrutiny board to assess new EU laws * Finns
Party lists conditions for joining coalition: Reduced immigration, a smaller EU
budget and an end to Eurozone bailouts * First cracks in Spanish anti-establishment
party as co-founder quits executive board * Varoufakis hints at possible
concessions to creditors, but not in the short term * Farage: Defeat in EU
referendum would not make UKIP redundant * Danish government says 'maybe' to
joining EU banking union * Constitutional Court opens €5bn hole in Italy’s
public finances by striking down part of 2012 pension reform * Trichet: ECB did
not “blackmail” Ireland into bank bailout *
US Open – ZH
Futures
Flat As Global Markets Closed For May Day
Martin
Sandbu’s Free Lunch
– FT
The assault
on austerity: Days before the UK election, an effort to win
history's verdict
OTHER
Why did EU
equities get hit by higher yields this time, while US stocks escaped unscathed
in 2013? A key reason is that Europe has a higher Equity Risk Premium than the US. A higher ERP that is entirely justified
FINNISH
Aate
ilman ihmisiä – Hannu
Visti
HALLITUSPELI
Perussuomalainen tyrmää eurolinjan kritiikin – Verkkouutiset
Vedättikö Soini Sipilää? – YLE
Laaninen: Perussuomalaisten totuteltava tiettyihin
menettelyihin – Suomenmaa
Sisäpiiriläisen kova arvio: ”Voi johtaa Suomen suohon” – US
Pääkirjoitus: Perussuomalaiset nostivat osallistumisensa
hintaa – IL
Keskustelu vaalien jälkeen sai Sipilän odottamaan
perussuomalaisilta toisenlaisia vastauksia – HS
Keskustan Rehn: Uuden hallituksen EU-kriisikirjaus muuttuu
vielä – YLE