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EUROPE
Spain, Portugal in line for penalties on budget
deficits – Politico
Russia Economic Review – Daiwa
Press release: France Article IV Consultation – IMF
France Article IV Consultation – IMF
France: Selected Issues – IMF
ITALY’S
BANKING CRISIS
Press release: Italy Article IV Consultation – IMF
Italy Article IV Consultation – IMF
Italy: Selected Issues – IMF
Insolvency and Enforcement Reforms in Italy – IMF
Italian banks are
burdened with high levels of nonperforming loans, the cleanup of which depends
in important part on the efficiency of insolvency and enforcement processes.
Traditionally, these processes in Italy have taken very long, hampering the
timely cleanup of balance sheets.
Cleaning-up Bank Balance Sheets – IMF
This paper examines the
Italian banking system’s NPL problem, which ties up capital, weighing on bank
profitability and authorities’ economic reforms. It argues for a comprehensive
approach, encompassing economic, supervisory, and legal measures.
Italy to face two-decade recession: IMF – Politico
IMF Warns Of "Global Contagion",
Two-Decade Long Recession
– ZH
Saving Italy’s banks – FT
UNITED
KINGDOM
BoE preview: Precautionary
cut in July, more easing in August – Danske
Bank
Gazing into the distance
– Frances
Coppola
Here’s How Much Europe
Depends on the UK – John
Mauldin
Carney Defends Bank of
England After Attacks Over Brexit Warning – BB
Carney speaks about
Brexit and BoE's response – Reuters
EU Finance Chiefs Call
for Accelerated Brexit With May Ascent – BB
Paul Krugman: Still
Confused About Brexit Macroeconomics – NYT
UNITED
KINGDOM / THERESA MAY
Theresa, meet Angela – Politico
Theresa May—More Merkel
than Thatcher? – PIIE
6 things to expect from
Theresa May’s premiership – Politico
Who is Theresa May? – FT
May Starts Work to
Steady U.K. for Brexit After Promotion – BB
Theresa May triumphs – FT
What might May’s vision
for Brexit look like? – Open
Europe
UNITED STATES
Catching Up – Tim
Duy
I am keeping an eye on
Tarullo; he has been more public on his monetary policy views in recent months.
And those views are fairly dovish. My guess is that he and other doves regret
taking one for the team last December and falling in line with a rate hike.
They won't go down so easily this time around.
United States: Article IV Consultation – IMF
IMF Survey: Structural Forces Weigh on Future
U.S. Growth – IMF
OTHER
Macro Japan: A weaker yen at any price – Handelsbanken
REGULARS
Danske Daily
– Danske
Bank
Eye-Opener
– Nordea
May to replace Cameron, more
stimulus in Japan * Expect higher Swedish inflation * Spanish and Portuguese
bonds held back due to EDP * Yen continues to weaken in expectation for further
stimulus
Morning Markets –
TF
Theresa May will become UK prime
minister tomorrow and that has given markets a certainty that has restored risk
appetite and a little bit of sterling pride.
Euro wrap-up
– Daiwa
Daily Market Comment
– Polemic’s
Pains
Brexit bounce, nuclear CBs and new
highs.
Daily Market Comment
– Marc
Chandler
Easing Political Uncertainty
Encourages Animal Spirits
Daily Press Summary –
Open
Europe
Merkel urges Britain to “quickly
clarify” relationship with the EU * May confirmed as Prime Minister in waiting
after Leadsom withdraws from Tory leadership race * ‘Symbolic’ fine for
breaching Eurozone deficit rules draws closer for Spain and Portugal * Renzi:
Agreement with EU on Italian banks “within reach” * Pew Research poll reveals
Europeans’ unease about incoming refugees and multiculturalism * Lawyers for
Britain group dismiss legal argument for parliamentary vote on triggering
Article 50 * Centre-left SPD biggest loser as all established German parties
lose support * Juncker accepts new British Commissioner * No change in EU
migration policy after Brexit vote says Commissioner
Brussels Playbook
– Politico
May day — Brexit means Brexit —
China summit
US Open – ZH
Global Stocks Surge On Rising Hopes
Of Japan "Helicopter Money"
Frontrunning
– ZH
FX Update
– TF
The yen remains the weakest currency
on the back of the global risk rally and because the market anticipates fiscal
stimulus from Japan soon. But the US dollar is also suffering as the Fed is
seen as sidelined for now. Top gainers in this environment are EM and commodity
currencies particularly the Aussie.
From the Floor
– TF
Nintendo shares are flying on the
back of the runaway success of its Pokemon Go mobile game but the rally may
prove short-lived as expectations outstrip actual value.
FINNISH
Aamukatsaus – Nordea
EU kokoontuu
päättämään Espanjan ja Portugalin sanktioista * Theresa May astuu huomenna
Britannian pääministeriksi * Fedin Tarullo ja Kashkari puhuvat tänään *
Ruotsin kesäkuun inflaatio julkaistaan tänään