Previously
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EUROPE
There Will
Be No Overhaul of the Euro Area. Just Refreshment – euinside
Don’t
believe the pessimists. David Cameron has a great chance at EU reform – Open
Europe
In an op-ed
published in The Daily Telegraph, Open Europe's Raoul Ruparel argues some think
David Cameron's reforms have no chance of succeeding. Others think Europe is
fine as it is. He should ignore both groups.
Juhani
Huopainen: Why Greece matters to the other crisis
countries – TF
The
eurocrisis countries are not OK. The nonperforming loans are encumbering their
banks' balance sheets, and not enough has been done to change this. This keeps
the crisis countries politically on a tight leash, as creditor countries'
political and probably financial support is inevitable. This explains why
politicians in Spain and Italy remain loyal toward the EU and why
they act passive-aggressively toward Greece. But what happens later this year,
when Portugal and Spain hold elections?
GREECE
Greek exit
is ‘a potential’, says Lagarde – FT
Austerity,
Economics and Religion – Automatic
Earth
Some blame
EU Commission for Greek obstinacy in debt talks – Reuters
El-Erian: John
Nash's Game Theory and Greece – View
/ BB
Greece
Slides Back Into Recession As Deposits Hit 11-Year Low – ZH
Lagarde,
the blame game and Greece – FT
Monetary
developments in the euro area – ECB
ECB
preview: Summer front-loading and QE implementation flexibility – Danske
Bank
UNITED STATES
US Labour
Market: We look for decent job growth again in May - Danske Bank
U.S. economy contracts in first quarter;
dollar hurts corporate profits – Reuters
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: GDP Revisions Show Economy Exposed to Shocks * Bullard: Look for New Ways to Counter Weak Growth * Kocherlakota:
‘Mistake’ for Fed to Raise Rates in 2015 * EU official Looks Into ECB Early
Disclosures * China to Ease Limits on Overseas
Investments
Daily
Macro – WSJ
With GDP reports out of Europe Friday and the second estimate for
the U.S. first quarter due later, we’re getting a
clearer picture of how that now-bygone first term came out for the global
economy. And it’s becoming pretty apparent that it wasn’t so good.
Morning
MoneyBeat Asia – WSJ
Morning
MoneyBeat Europe – WSJ
Danske
Daily – Danske
Bank
Euro
rates update – Nordea
Eye-Opener – Nordea
US economy probably shrank in Q1 - EUR/USD
to break out of range on US GDP data * Oil prices dictate direction of longer
yields
Morning
Markets – TF
The
dollar's had a rum run this week but there is one final obstacle it faces in
the form of a likely ugly revision to US Q1 GDP. Is the train about to come off
the rails?
Daily FX
Comment – Marc
Chandler
Daily
Shot – TF
Yesterday
stocks in Shanghai finally fell after a larger long upswing. Crude oil supply
is still to large for prices to increase. In the Eurozone we can clearly see
how the uncertainty of stalled negotiations with the creditors is eroding the
recent gains in Greek business confidence. But outside of the political risks,
the Eurozone economy continues to improve.
Daily
Press Summary – Open
Europe
German Vice
Chancellor: Not every EU member state needs to participate in every single
policy area * Cameron kicks off EU reform tour with visits to Netherlands and
France * New poll: 62% of French would again reject EU Constitution in a
referendum * Lagarde warns of “potential” Grexit – but says it would not end
the euro * ECB warns of concerns over shadow banks and impact of low rates on
pension and insurance funds *
Brussels
Playbook – Politico
US Open – ZH
China's
Nauseating Volatility Continues, US Futures Flat Ahead Of Disastrous GDP Report
FX
Update – TF
The USD
rally is taking a bit of a breather after its recent strong run, ahead of what
will likely be an ugly negative revision to US Q1 GDP. The question is whether
traders want to fret the view in the rearview mirror or look ahead to next
week’s key US data.
From the
Floor – TF
With next week's
data prints crucial to its direction, the dollar is expected to come through
today's expected ugly revision to US Q1 GDP unscathed.
FINNISH
Aamukatsaus – Nordea
Suomen vähittäiskauppa peruutti | USA:n BKT-lukua korjataan
alaspäin | Ruotsin kasvu jatkuu vahvana
Talouskonkari arvioi: Saavatko hallituksen toimet Suomen
nousuun? – Suomen
Uutiset