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Thursday, May 24

24th May - ECB worried, Italy worries


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EUROPE
Europe's Sovereign Bond-Backed Securities Marc Chandler

EUROPEAN CENTRAL BANK
  MINUTES
Account of the monetary policy meeting – ECB
"Pronounced Weakening Of Demand Can Not Be Ruled Out" – ZH
ECB closely monitoring activity dataABN AMRO
Dovish minutes confirm ECB in no hurry to change policy stance – ING

How would the ECB react to a longer soft patch? ABN AMRO
Delay the timing of the first rate hike even further.

ECB: contingency plansPictet
Our baseline scenario for ECB normalisation still holds.

Financial Stability Review May 2018 ECB

ITALY
The Italian "Contagion" Trigger ZH

How Worried Should We Be about an Italian Debt Crisis?
PIIE

Martin Sandbu: Give Italy’s new rulers a chanceFT
EU has opportunity to disprove that it blocks alternative economic policies

Italy’s Populists Can Beat Europe’s EstablishmentForeign Policy
They're young, untested — and, if they play their cards right, they can transform the EU.

Italy: Conte gets a challenging mandateING
After eighty days of stalemate, president Mattarella has mandated Giuseppe Conte to form a government. But the choice of the finance minister will tell us more about how challenging the 5SM/League alliance will be for Europe


UNITED STATES
Trump Declares Military ‘Ready’ After Kim Summit Collapses BB
President calls meeting cancellation a ‘setback’ for world *Trump leaves open future meeting with North Korean leader

Eli Lake: Trump Can Win by Walking Away From Korea TalksBB
That's why the administration needs an adviser like John Bolton, who won't tolerate a weak deal just for the sake of a deal.


OTHER
No nuance in the bond marketKevin Muir

Argentine Stability Remains Tenuous Marc Chandler


REGULARS
EU Open RundownRANsquawk

Market Briefing: Daily Markets OverviewYardeni Research

FirstFT Daily BriefingFT
US pushes Russia sanctions, Antarctic fight, sleep and success

WSJ CityWSJ
Japan Alarmed by US Car Tariff Threat, North Korea Says it Could Scratch Summit

WSJ EconomicsWSJ
Why Markets Love the Fed Minutes and Hate Auto Tariffs

“Best of the web” daily charts Lukas Daalder

Danske DailyDanske Bank

Daily Market CommentMarc Chandler
Greenback Pushes Lower

Brussels PlaybookPolitico
Trump tariff alert — Germany’s ‘alternate universe’ — France’s ‘rocket man’

Five Things You Need to Know to Start Your DayBB

US OpenZH
Markets Jittery As "Risk Factors Return To The Fore": Futures Flat, 10Y Hugs 3%


FINNISH
Aamukatsaus Nordea
EKP:n huhtikuun kokouksen pöytäkirja julkaistaan | Fedin pöytäkirja selvensi inflaatioviestintää | Euroalueen ostopäällikköindeksit pettymys