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EUROPE
How to
Fix the Euro Area Without Breaking It – BB
The euro
area faces the challenge of fixing its remaining design flaws without
alienating doubtful citizens further from the very idea of a common currency.
There are three workable solutions that satisfy both the political and economic
constraints.
Greece and Sweden - sailing or sinking in the same
legal euro-boat? – Prime
Economics
Greece, Germany and the Eurozone – Yanis
Varoufakis
Keynote at
the Hans-Böckler-Stiftung, Berlin, 8 June 2015
ECB
Would ‘Re-Assess’ Greek Lending If Debt Conditions Change – WSJ
OTHER
Great
Graphic: German Bunds, Inflation Expectations and the Euro – Marc
Chandler
REGULARS
Daily
Central Banks – WSJ
Hannon’s
Take: The Untaper Tantrum * Fed’s Three-Meeting Ceasefire Could End * OCC: Bank
Boards Responsible For Culture * Bank of Japan Governor’s Remarks Jolt Markets * PBOC Lowers China 2015 GDP, CPI Growth Forecasts
Daily
Macro – WSJ
The
eurozone bond market saw some serious whip-sawing in early trade as the German
10-year bund breached the 1% yield barrier before falling back below. The
recent selloff in the German bond market accompanies growing expectations that
the ECB will start to tighten policy not long after ending its quantitative
easing policy in September 2016.
Morning
MoneyBeat Asia – WSJ
Morning
MoneyBeat Europe – WSJ
Danske
Daily – Danske
Bank
Global
Daily – ABN
AMRO
Eurozone
domestic demand accelerates…while GDP growth becomes more evenly spread amongst
countries * US job market gets boost from small
businesses stepping up hiring, while job openings at record high
Euro
rates update – Nordea
Eye-Opener – Nordea
Norwegian
inflation to rebound * Bond auctions sending yields higher yesterday and today *
EURNOK correction
Morning
Markets – TF
Another
hectic day beckons for Greece as that country's government and
EU/IMF officials scramble to break the deadlock on the provision of emergency
funding. But despite earlier optimism, the mood in Brussels is darkening. Meanwhile, Japanese
stocks plunged and the yen soared overnight after BoJ governor Kuroda said that
the yen was unlikely to weaken much more.
Daily FX
Comment – Marc Chandler
The US
dollar's losses have accelerated. The
key drivers are not domestic but emanate from Europe and Japan.
Daily
Shot – TF
US labour
market data are looking good, making a rate hike in September more likely.
However, before that the Fed should take a look at Switzerland where the currency strength has
produced the worst year-on-year CPI decline since the 1960s. In the meanwhile the
Eurozone continues to show strong economic progress, but is beaten by Japan.
Daily
Press Summary – Open
Europe
US Open – ZH
Bond Rout
Continues: Bunds Rise Above 1%; 30Y "Golden Crossed"; Kuroda Sends
Yen Soaring
FX
Update – TF
The USDJPY
consolidation turned into a rout after the BoJ’s Kuroda verbally intervened
against further JPY weakness, though there were no policy hints in his
comments. USDJPY move has the USD under pressure across the board.
From the
Floor – TF
USDJPY went
into a tailspin overnight after a verbal intervention from the Bank of Japan
governor who clearly does not like that yen weakness. It might take more than a
bit of talk, nevertheless, to test below the 122 zone.
FINNISH
Aamukatsaus – Nordea
EKP:n viestintä: Onko kertaus kaikkien opintojen äiti? |
Pohjoismaiden inflaatiosta saadaan tänään tietoa | USA:ssa ennätysmäärä avoimia
työpaikkoja
Suomi euron pakkopaidassa – Sakari
Heikkinen
Ari Hyytinen: Pitkän aikavälin talouskasvu Suomessa –
Akateeminen talousblogi
Euro ja Talous 3/2015 – Suomen Pankki
Suomen Pankin ennusteen mukaan kasvu käynnistyy vaimeana.
Ulkoisen kysynnän voimistuminen ja euron heikkeneminen piristävät kasvua.
Taloutta heikentävät rakenteelliset ongelmat, joihin ei ole nopeaa ratkaisua.
Katso
pääjohtaja Liikasen esitys Suomen taloudesta – Suomen
Pankki
Sopeutustoimet vahvistavat julkista taloutta – Suomen
Pankki
SP:n Liikanen: Sopeutustoimien mittaluokka perusteltu – TalSa
Suomen talouskasvu seuraavat 20 vuotta "huomattavan
synkkä" – TalSa
Suomen Pankki nosti ennustettaan talouskasvusta – työttömyys
ei helpota – TalSa
Synkkä ennuste: Suomen talous jatkaa syöksyään – YLE
Teollisuustuotanto huhtikuussa -4% YoY – Tilastokeskus
Teollisuuden uudet tilaukset huhtikuussa +2,1% YoY – Tilastokeskus
Palkkasumma helmi-huhtikuussa +2,8% YoY – Tilastokeskus