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EUROPE
Angela Merkel’s divided Union veers toward fall – Politico
German chancellor and
Bavarian CSU leader Horst Seehofer are split over migration and the rise of the
far-right.
What if Greece got massive debt relief but no
one admitted it? – FT
BREXIT
F. A. Hayek on Brexit – Lars Christensen
Dixon: Fiscal union has
no place in EU Brexit plan – Reuters
Post Brexit EU fiscal
policy – Tony
Yates
EUROPEAN
CENTRAL BANK
The ECB’s momentous step
into corporate asset purchases – FT
Press release ECB
publishes its Convergence Report 2016 – ECB
Convergence Report 2016 –
ECB
MIGRATION
CRISIS
ECJ rules illegal
migrants cannot be jailed – Politico
EU Court rules no jail
for illegal migrants – BBC
EU Top Court Rulings on
Migration Could Cause Stir – WSJ
UNITED STATES
FEDERAL
RESERVE
US FOMC Review – Daiwa
Yellen did not repeat
that a hike ‘in coming months’ could be appropriate – Danske
Bank
Employment Report,
Yellen, and More – Tim
Duy
Yellen still signals
rate hikes – but timing more uncertain – Nordea
OTHER
The Law of Reflux vs Helicopter Money – Worthwhile
Rethinking Policy at the
IMF – iMFdirect
Business, housing and credit cycles – ECB
Bank capital structure and the credit channel of
central bank asset purchases – ECB
REGULARS
Danske Daily – Danske
Bank
Euro rates update – Nordea
Eye-Opener – Nordea
Yellen dampens expectations of summer
hike, oil back above USD 50/bbl * Yellen concerned about weak job growth * Lion’s
share of the USD correction now lies behind us * Swooning GBP as Brexit odds
drop
Morning Markets – TF
Janet Yellen's Muhammad Ali-style
shuffle has put the rate-hike trajectory back to just the one for the rest of
the year ignitiing equities in the process.
Euro wrap-up –
Daiwa
Daily Market Comment –
Marc
Chandler
Yen Bucks Heavier Dollar Tone
Daily Market Comment –
Macro
Man
The declining stock of US equities
Daily Shot – TF
The European Central
Bank's buying spree has swollen its balance sheet but is the euro really ready
to slide versus USD?
Daily Press Summary – Open
Europe
Polls present mixed
picture with both campaigns seen as dishonest but Remain marginally more so * WTO
chief warns of “complex and drawn-out” trade negotiations after Brexit * NATO
Secretary General backs UK staying in EU * EU Commission to decide in July on
procedure for ratification of EU-Canada trade deal * UK and Germany at odds
with France and Italy over EU implementation of bank capital rules * Die Welt
Economics Editor: Brexit would be “a relief” for Europe * Leave campaign blames
EU red tape for delays in approval of new cancer drug * Greece “has done 95% of
changes necessary” to unlock bailout cash, EU Commission says
Brussels Playbook – Politico
NATO’s Anaconda —
Center-right split on Turkey — AP crowns Clinton
US Open – ZH
S&P Nears All Time High, Global
Stocks Rally As Dovish Yellen Unleashes Animal Spirits
Frontrunning – ZH
Markets are celebrating
the less hawkish Fed implications of last week’s weak US jobs report but
traders had better hope that the US is merely suffering a temporary slow patch
as bad news will eventually be bad news if the US is sliding into recession.
It's risk-on across the
board this morning in everything from equities through emerging markets and
even junk bonds after Fed chair Janet Yellen virtually ruled out a summertime
rate hike in the US Saxo Bank's team of strategists explain in their morning
conference call.
FINNISH
Pelastaako
hallituksen veroporkkana ostovoiman heikentymiseltä? * Yellen puhui myönteiseen
sävyyn USA:n talouskehityksestä * Euroalueen lopullinen ensimmäisen
neljänneksen BKT julkaistaan * Saksan teollisuustuotanto kääntymässä
positiiviseksi