Frontrunning
– ZH
The Lunch
Wrap – FT
EM New York
headlines – FT
Overnight
Summary – Bank
of America / ZH
Today’s
Front Pages – presseurop
Daily Press
Summary – Open
Europe
Calls for Eurobonds intensify ahead of EU
summit; Opinion on Eurobonds split in Germany and Austria
Broker Note
Briefing – WSJ
Morning
Take-Out – NYT
AM Dear
Dairy: Back in the Pool – Macro
and Cheese
US Open: Dollar
Snaps Back – Marc to
Market
The T
Report: Central Bank Policy Remains Key – TF
Market Advisors
Morning Briefing: Changes – BNYMellon
Pre-market
Commentary – Marketwatch
Pre-Market
Trading – CNNMoney
Pre-Market
– NASDAQ
US Equity Preview – Bloomberg
Earnings
& Events – The
Street
MarketCurrents
– Seeking
Alpha
Debt
crisis: live – The
Telegraph
The Euro Crisis
Blog – WSJ
FX Options Analytics
– Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EURO CRISIS: GENERAL
The
issue is not whether the euro coins in your pocket carry an Athenian owl or
German imperial eagle. The issue is the status of bank deposits and loans,
residential mortgages and commercial contracts, as well as wages and prices.
The drain of funds from Greek banks is an indication that ordinary people are
now thinking in these terms.
Let Greece leave the euro? Save Spain’s banks? Continue to
stand fast on austerity, or give growth a chance? Plenty of questions that the
leaders of the eurozone, meeting at the extraordinary summit on May 23, will
have to find answers to if they want to preserve Europeans’ faith in the common
project.
EU Checklist – The Big Picture
Doug Kass points out this “comprehensive
checklist of the eurozone challenges” from Omega Advisors (and former Goldman
Sachs strategist) Steve Einhorn.
Shifting
euro zone sands – MacroScope / Reuters
A
telling moment. Before pretty much every showdown EU summit since the debt
crisis exploded into life, the leaders of France and Germany have got together
beforehand to agree a common strategy. It is a truism that the European motor
only works efficiently when its two biggest powers are in accord.
Italy’s March balance of payments data showed a big net outflow for
investment. This was something picked up by Deutsche Bank’s Alan Ruskin (and
us, here) as suggesting an accelerating outflow of foreign capital from Italy,
now that the LTRO glow had worn off.
Euro crisis, balance-of-payment, and TARGET2 – ASA
The euro crisis is probably viewed primarily as a debt crisis. While it is a debt crisis in a certain extent, it is clearly more than simply a debt crisis.
The euro crisis is probably viewed primarily as a debt crisis. While it is a debt crisis in a certain extent, it is clearly more than simply a debt crisis.
The economic and financial crisis which hit
hardly the Eurozone has revealed how a more integrated EU and efficient
institutions are needed.
Merkel and Hollande to 'let off steam' at EU
summit – euobserver
In the accompanying video “peasant” Amadeus
comes down from the hills with his donkey to make some money from snobby
northern Europeans, nubile bikini-clad girls and other holidaymakers. He and
the donkey have a massage.
That’s how much time the country’s leaders
would probably have to enact any departure from the single currency while
global markets are largely closed, from the end of trading in New York on a
Friday to Monday’s market opening in Wellington, New Zealand, based on a
synthesis of euro-exit scenarios from 21 economists, analysts and academics.
New Greek Bonds Crash To All Time Lows As
"Negative Pledge" Fears Emerge – ZH
Bonds trade at 14.6% of the nominal price.
Bonds trade at 14.6% of the nominal price.
Charismatic, eloquent and defiant, the leader
of Greece's Radical Left party, Alexis Tsipras, visited Berlin on Tuesday to ram
home the message that he will scrap austerity if he wins the June election, and
that no one, not even mighty Germany, has the right to evict Greece from the currency.
On Growing Tensions – Gluskin
Sheff / ZH
What was considered unthinkable just a few months ago is apparently an event that now seems inevitable…There are no clear winners from a Greek exit unless you are long confusion, turmoil and uncertainty.
What was considered unthinkable just a few months ago is apparently an event that now seems inevitable…There are no clear winners from a Greek exit unless you are long confusion, turmoil and uncertainty.
SocGen: our Sentiment Indicator almost dropped to
almost zero one week ago, and has failed to pick up. The extent and consistency
of this move suggest taking this signal seriously, and staying away from long
risk positions for the moment.
Valuation & Risk On/Off – Dr Ed’s Blog
There must be a huge Risk On/Off track switch
out there. Whenever it is flipped on, the S&P 500’s P/E moves higher along
with commodity prices and most foreign currencies. When it is in the off
position, money stops steaming down the fast track. Instead, it gets diverted
into safe assets like the government bonds of the US, Germany, and Sweden.
With Europe hogging the headlines, we look at another major risk to the global
economy - a slowdown in China. Wang Xiaobing, from
the University of Manchester and Mark Williams from Capital Economics disuss the latest warning
signs emerging from the world's second largest economy. Mark Anderson, the
founder of the Future in Review Conference in California tells us how lateral
thinking can turn new innovations into technological gold.