14th May - Quiet

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EUROPE

Can it last? The long awaited pickup in Eurozone productivity – ING

As the Eurozone recovery matures, a more permanent pickup is not yet assured. In this major report, we note that major structural reforms have yet to take place and it could be some time yet before the Eurozone breaks out of its structural productivity rut

Leonid Bershidsky: Why Germans Are Getting Fed Up with America – BB

It’s getting harder for Angela Merkel and the German elite to hold back growing anti-Americanism.

Italy Populists Go All in on Pricey Vows Preparing for Power – BB

Five Star, League parties near completion of government plan *Leaders promised president to present their accord soon

Italy's Populists Have Earned Their Shot – BB

Let’s see how anti-establishment dream team can turn its lavish campaign pledges into reality.3

Now the EU's Three Poorest Members Want to Join the Euro – BB

Romania joins Bulgaria, Croatia in targeting single currency * Move comes as questions arise over distribution of EU cash

UNITED STATES

The Trump pattern re-emerges – ING

Once again, the US President has shown willing to soften his tone after an aggressive start - this time over Chinese telecom producer, ZTE

MARKETS / OTHER

FX weekly: The two final nails in the dovish FOMC-coffin – Nordea

Despite a core inflation miss in the US last week, we still judge that the inflation spread between US and the Euro area is bound to widen more over the next months. This is one of the reasons why we stick to our short EUR/USD.

Widening Inflation Differential Between US-EMU – Marc Chandler

Morgan Stanley Outlines Strategy for ‘End of Easy’ in Markets – BB

This year may see ‘rolling tops’ in credit, yields and stocks * Global equities now rangebound, reduced to equal-weight

Australia Poorly Placed for Next Global Downturn, Deutsche Says – BB

REGULARS

EU Open Rundown – RANsquawk

Market Briefing: Daily Markets Overview – Yardeni Research

FirstFT Daily Briefing – FT

Trump’s ZTE U-turn, Italy’s populists, data protectionism

WSJ City – WSJ

Italy’s Anti-Establishment Parties Agree Government Program, Trump Offers Lifeline to Sanctioned Chinese Firm ZTE

WSJ Economics – WSJ

Trump’s Lifeline to China | U.S. Readies Sanctions on Europeans | Gasoline Heads Toward $3

“Best of the web” daily charts – Lukas Daalder

Danske Daily – Danske Bank

Daily Market Comment – Marc Chandler

US Dollar Slips in Quiet Turnover

Brussels Playbook – Politico

Who is America’s new EU ambassador? — Berlusconi’s back

Five Things You Need to Know to Start Your Day – BB

US Open – ZH

S&P Futures Jump After Trump's ZTE U-Turn As Nervous Traders Eye Italy; EMs Boosted By Weaker Dollar

FINNISH

Aamukatsaus – Nordea

Saadaanko Italiaan hallitus? * Tänään julkaistaan Suomen huhtikuun inflaatioluvut * Tällä viikolla tiedossa esimerkiksi USA:n vähittäiskaupan myyntitilastot ja ZEW-indeksi * Öljyn hinnan nousu taittui perjantaina