Previously on MoreLiver’s:
Follow ‘MoreLiver’ on Twitter
EUROPE
MIGRATION
CRISIS
German government plans
to spend 93.6 billion euros on refugees by end 2020 – Reuters
Brussels briefing: the
measure of migration – FT
BREXIT
Bootle: Yes, the IMF and
200-plus economists can be wrong – The
Telegraph
Brexit, immigration and
£100 – Simon
Wren-Lewis
AEP: IMF meddling on
Brexit is scandalous skullduggery – The
Telegraph
Legrain: The Economic
Consequences of Brexit – Project
Syndicate
UNITED STATES
Fed Not As Convinced About June As Markets – Tim
Duy
I don't think the data
lines up to support a June rate hike. But I don't think the case will be as
clear-cut as signaled by the low odds financial market participants place on a
hike.
ASIA
Industrial
output, retail and investment all miss estimates * Data dashes hopes that
China’s economy has turned a corner
China
Slowdown Shows Debt Addiction Will Be Tough to Shake – BB
Australia
10-Year Yield Drops to Record Low as China Sags: Chart – BB
OTHER
Debunking ‘fiscal alchemy’: The role of fiscal
councils – vox
The success of independent
central banks is often used to argue in favour of independent fiscal councils
with the aim of promoting sound fiscal policies. But unlike central banks,
fiscal councils have no policy levers to pull – they can bark but never bite.
This column explores the theoretical foundations and practical implications of
fiscal councils. The evidence suggests that independent councils can mitigate
the deficit bias. They do this by subjecting the ‘fiscal alchemy’ to
systematic, rigorous, and highly publicised scrutiny.
We Need Central Bankers Who Speak Their Minds – View
/ BB
REGULARS
Danske Daily – Danske
Bank
Euro rates update – Nordea
Eye-Opener – Nordea
Positive US retail sales, Chinese
worries, oil with more gains * US retail sales point to consumer comeback * Short
yields rise on positive US retail sales * JPY and USD with gains
Morning Markets – TF
The final confirmation that oil has
come out of the doldrums could be in line if Brent can batter down the $50/b
mark. With Goldman Sachs changing its outlook on global supply this could be
the week it happens.
Daily Market Comment –
Marc
Chandler
Are Dollar Fundamentals Lagging the
Technical Improvement?
Daily Market Comment –
Marc
Chandler
Brief Look at the Start of the New
Week's Activity
Daily Market Comment
– Macro Man
I'm so confused
Daily Shot – TF
Last Friday's retail
sales beat was an important data point for the US recovery narrative but Morgan
Stanley's analysis of stateside equity markets points to trouble ahead.
Daily Press Summary – Open
Europe
Bank of England Governor
defends his warnings over economic impact of Brexit as 300 business people back
Leave * Boris rebuked on EU-Hitler comparisons but poll reveals he’s twice as
trusted as Cameron on Europe * EU-Turkey deal falling short of deportation
expectations * Splits emerge between IMF and Eurozone over Greek debt relief * German
professors launch new legal challenge against ECB bond buying * Two Spanish
polls show new left-wing ticket would overtake Socialist Party in re-run
election * Greece to block TTIP unless geographical indications are protected *
European Commission considering new tools to prevent cash outflows from failing
banks * Google could face record breaking fine in Commission anti-trust case * Moody’s
warns over outlook for Polish credit rating due to “unpredictable policies”
Brussels Playbook – Politico
Brexit battles — Italian
visions — Trump referendum
US Open – ZH
Futures Flat Despite China Scare As
Oil Rebounds Over $47
Frontrunning – ZH
FINLAND & FINNISH
Vaisut
BKT-luvut Japanin keskuspankin haasteena * USA:n huhtikuun vähittäismyynti
ylitti odotukset * Kiinan huhtikuun talousluvut alittivat odotukset * Tällä
viikolla saadaan inflaatiolukuja USA:sta ja Britanniasta
Suomikin
on nyt kuusi vuotta sekaantunut Kreikan kriisiin. Mutta kuka enää muistaa,
miksi? Ei siellä Kreikkaa ole pelastettu, vaan suurten EU-maiden rämäpäisiä
pankkeja.
Analyysi
Kreikan seuraavatkin velkahelpotukset toteutunevat tavalla, josta Suomikin
kärsii itse omat tappionsa. Vakuuksista ei heru euroakaan hyvitystä, jos
huojennukset syntyvät sovussa.
EU:n
säännöt sallivat rahan jakamisen Kreikalle ja sen velkojille, mutta eivät
kriisin ratkaisemista.
Julkisten korkomenojen
lasku jatkuu – Roger
Wessman