Lloyds

• BRICS set up bank to counter Western hold on global finances (Reuters)
• Fed's Yellen Hedges Her View on Rates (Hilsenrath)
• China GDP Grows 7.5% in Second Quarter (WSJ)
• Get More Acquainted With Your Knees as Boeing Reworks 737 (BBG)
• Israel Warns Gazans of New Attack After Hamas Rejects Truce (WSJ)
• Israel poised for Gaza incursions after truce collapses (Reuters)
• China Housing Sales Fall in First Half of 2014 (WSJ)
• IBM to offer iPads and iPhones for business users (Reuters)
• Fed's George says strengthening economy warrants quick rate rise (Reuters)

• Secret Path Revealed for Chinese Billions Overseas (BBG)
• Traders Flood U.S. With $3.4 Trillion of Bond-Auction Demand (BBG)
• Just in time to cover bad earnings in a massive $3.8 billion "one-time charge": Citi says to pay $7 billion to settle securities investigation (Reuters)
• Troubled Epirito Santo family loosens grip on Portugal's BES (Reuters)
• BES puts in place new executives after central bank push (Reuters)
• Bank of China-CCTV drama may reveal power struggle in Beijing (SCMP)
• Portugal speeds up Banco Espírito Santo management changes (FT)
• Dark pool probe builds pressure on Barclays boss (Reuters)
• Russia Vows to Respond After Shelling From Ukraine (BBG)
• Ukraine forces end rebel airport blockade (Reuters)
• Obama Contends With Arc of Instability Unseen Since '70s (WSJ)

• Headline of the day: Complacency Breeds $2 Trillion of Junk as Sewage Funded (BBG)
• Israel intensifies Gaza offensive after surge in rocket fire (Reuters)
• Profits plunge at Vatican bank (FT)
• Investors Are Buying Troubled Golf Courses and Giving Them Makeovers (NYT)
• Pimco Dissidents Challenge Bill Gross in ‘Happy Kingdom (BBG)
• That's a new one: Marks and Spencer blames new website for sales drop  (Reuters)
• Iran's Supreme Leader calls for more enrichment capacity (Reuters)
• Boeing Faces Long-Term Credit Risk if Ex-Im Bank Closed, S&P Says (WSJ) not to mention the collapse risk to US durable goods orders
• U.K. Manufacturing Unexpectedly Slumps Most in 16 Months (BBG)
• Some Still Lack Coverage Under Health Law (WSJ)

• Ceasefire over, Ukraine forces attack rebel positions (Reuters)
• No Good Iraq Options for Obama as Russia, Iran Jump In (BBG)
• Japan’s Cabinet Agrees to Allow Military to Help Defend Allies (BBG)
• Obama says to reform immigration on his own, bypassing Congress (Reuters)
• South Stream Pipeline Project in Bulgaria Is Delayed (NYT)
• Foreign Banks Still in the Dark About Missing Metals in China (WSJ)
• Quelle indignity: several bankers at French bank BNP Paribas will face demotions and cuts to their pay and bonuses (FT)
• Symantec Warns of Hacker Threat Against Energy Companies (BBG)
• Shrinking Office Spaces Slow Recovery (WSJ)
• Rand Paul Slams ‘Fat Cats’ With Hedge Fund in Top Donors (BBG)

• Must be an early winter: Housing Falters as Forecasters See U.S. Sales Dropping  (BBG)
• China Property Failures Seen as $33 Billion in Trusts Due (BBG)
• Polish Prime Minister Says Recording Scandal May Trigger Early Election (WSJ)
• Iraqi forces ready push after Obama offers advisers (Reuters)
• Priorities: U.S. cuts aid to Uganda, cancels military exercise over anti-gay law (Reuters)
• Kurds' Takeover of Iraqi City of Kirkuk Strengthens Their Hand (WSJ)
• U.S. says government lab workers possibly exposed to anthrax (Reuters)
• Netflix Up 21% With Tesla: The best U.S. stocks this month are ones that just a few months ago were the biggest losers (BBG)
• Architects of Iraq Invasion Return to Blame Obama (BBG)
• Nato claims Moscow funding anti-fracking groups (FT)
• Lawmakers Skeptical GM Bosses Were Unaware of Defect (WSJ)
• Corinthian Colleges Warns of Possible Shutdown (WSJ)
• Taiwan's Quanta to start mass production of Apple's smartwatch in July (Reuters)

• Currency Probe Widens as U.S. Said to Target Markups (BBG)
• Battle for Iraq refinery as U.S. hesitates to strike (Reuters)
• Ukraine forces battle separatists after truce 'refused' (Reuters)
• Fed Dots Ignored as Investors Focus on Yellen’s Message (BBG)
• Retirees Suffer as $300 Billion 401(k) Rollover Boom Enriches Brokers (BBG)
• American Apparel ousts CEO; source says Dov Charney 'will fight like hell' (LA Times)
• House Panel Is Subpoenaed as Trading Probe Heats Up (WSJ)
• GM Officials Ignored Alert on Car Stalling (WSJ)
• Russia’s $20 Billion Bond Void Filled by China to Mexico (BBG)

• Ukraine, Russia Fail to Reach Deal in Natural-Gas Talks (WSJ)
• Boko Haram Kidnaps More Girls in Nigeria (WSJ)
• Déjà vu: echoes of pre-crisis world mount (FT)
• Money market rates hit new low as ECB moves gain traction (Reuters)
• 'Dark Pools' Face New SEC Probe (WSJ)
• Buffett Ready to Double $15 Billion Solar, Wind Bet (BBG)
• White House-Congress rift over Bergdahl deal deepens (Reuters)
• Taxpayers Face Big Medicare Tab for Unusual Doctor Billings (WSJ)
• Lean Retirement Faces U.S. Generation X as Wealth Trails (BBG)
• Employers’ skills gap claim does not show up in US wage data (FT)
• He is holding out for the Zuckerberg overbid: Donald Sterling says LA Clippers not for sale (WSJ)

• Attorneys Known for Large Civil Settlements Line Up to Sue GM Over Company's Handling of Defective Ignition Switches (WSJ)
• Pakistani Taliban attack airport in Karachi, 27 dead (Reuters)
• U.S. Official: Sgt. Bowe Bergdahl Has Declined to Speak to His Family (WSJ)
• Ukraine Gas Talks Resume in Brussels to Avoid Cut-off This Week  (BBG)
• China's Central Bank Flexes Muscle (WSJ)
• China says Vietnam, Philippines' mingling on disputed isle a 'farce' (Reuters)
• World Needs Record Saudi Oil Supply as OPEC Convenes (BBG)
• Kraft Raises Prices on Maxwell House, Yuban U.S. Coffee Products (BBG)
• United Continental: One Sick Bird (WSJ)

• U.S. sets new import duties on Chinese solar products (Reuters)
• U.S.-China Solar-Products Dispute Heats Up (WSJ)
• China Mulls Offshore Yuan Gold Trade in Free Trade Zone (BBG)
• Insider-Trading Probe Could Snarl a Deal for Icahn (WSJ)
• KCG Holdings Suspects Its Trading Code Was Stolen (WSJ)
• ‘Period. Full Stop’ Is the New ‘At the End of the Day’ (BBG)
• Draghi not so goof for bonds: Investors Flag Risk of ECB Disappointing After Europe Bond Rally (BBG)
• But great for stocks: Equity Traders See Draghi Turning Throttle Up on Rally (BBG)

• Unstoppable $100 Trillion Bond Market Renders Models Useless (BBG)
• Afghan president fumes at prisoner deal made behind his back (Reuters)
• Spain to Unveil $8.6 Billion Stimulus Package (AP)
• How fracking helps America beat German industry (Reuters)
• Obama to Urge European Allies to Stay Tough on Russia (WSJ)
• Frenchman 'admits' Brussels shooting in video (AFP)
• Heloc Payment Jump to Take Bite Out of Consumer Spending (WSJ)
• Obama Said to Propose Deep Cuts to Power-Plant Emissions (BBG)
• Lehman Lesson Lost as Bank Lobby Gains Clout (BBG)
• WSJ reports that WSJ reporting on Icahn insider trading probe may have killed it (WSJ)
• KKR liquidates former Goldman Sachs traders-run hedge fund (Reuters)

• Snowden: 'no relationship' with Russian government (Reuters)
• Bond Surge Worldwide Drives Index Yield to One-Year Low (BBG)
• Shares flirt with record highs on ECB easing bets (Reuters)
• Goldman Shuns Bonds Pimco’s Gross Favors in ‘New Neutral’  (BBG)
• Porn may be messing with your head (Reuters)
• Dish to Become Largest Company to Accept Bitcoin (AP)
• To Make a Killing on Wall Street, Start Meditating (BBG)
• Apple to get Beats, music mogul Iovine for $3 billion (Reuters)
• Fink Says Leveraged ETFs May ‘Blow Up’ Industry  (BBG)

• Vietnam, China trade accusations after Vietnamese fishing boat sinks (Reuters)
• SEC Set to Spur Exchange Trading (WSJ)
• Bank of Japan quietly eyes stimulus exit (Reuters)
• Japan Risks Low Growth Even as Easing Spurs Inflation (BBG)
• Hello Japan: Bond Market Message to Fed: Your 4% Rate Outlook Is Too High (BBG)
• Malaysia, UK firm release satellite data on missing MH370 flight (Reuters)
• Fighting rages in eastern Ukraine city, dozens dead (Reuters)
• Bad Credit No Problem as Balance-Sheet Bombs Rally 94%  (BBG)
• Draghi’s Asset-Backed Drive Rouses Academic Skeptics (BBG)
• For-Profit Colleges Face Test From State, Federal Officials (WSJ)

• Eric Holder proves he is no US banker puppet by smashing another foreign bank: BNP Falls as U.S. Probe Said to Cost More Than $5 Billion (BBG)
• Fuld Was Top CEO When Fed Last Raised as New Neutral Era Beckons (BBG)
• Tymoshenko loses her magic in Ukraine presidential race (Reuters)
• GOP Sees Primaries Taming the Tea Party (WSJ)
• Heard that one before: Russian troops preparing to leave Ukraine border area (Reuters)
• Vietnam riots land another blow on the global supply chain (FT)
• Heard that one before too: Bank of England minutes show some members closer to voting for rate rise (Reuters)
• BOJ Refrains From Easing With Signs Japan Weathering Tax Rise (BBG)
• Miner Freeport Pressured by Water Costs as Copper Prices Slide (WSJ)
• Talks to end Thai crisis inconclusive, new round called (Reuters)
• Japan Court Blocks Reactor Restarts (WSJ)

• Bank of England sees 'no housing bubble' (Independent)
• ‘If the euro falls, Europe falls’ (FT)
• India's pro-business Modi storms to historic election win (Reuters)
• Global Growth Worries Climb (WSJ)
• Bitcoin Foundation hit by resignations over new director (Reuters)
• Blackstone Goes All In After the Flop (WSJ)
• SAC's Steinberg loses bid for insider trading acquittal (Reuters)
• Beats Satan: Republicans Paint Reid as Bogeyman in 2014 Senate Races (BBG)
• Tech Firms, Small Startups Object to Paying for Internet 'Fast Lanes' (WSJ) - but they just provide liquidity
• U.S. Warns Russia of Sanctions as Ukraine Troops Advance (BBG)
• Major U.S. hedge funds sold 'momentum' Internet names in first-quarter (Reuters)

It is May Day, which means half the world - the half where welfare contributions to one's standard of living are off the charts - celebrate labor, or rather the lack thereof, by taking a day off. Which means virtually all of Europe is closed, as are Eurex and Euronext futures, and most European markets expect the UK. In light of the non-existent volume, futures are relatively unchanged despite the latest Chinese Mfg PMI disappointment (50.4, below the 50.5, expected but just above the prior print of 50.3), and of course yesterday's US GDP debacle which helped push the DJIA to a record high. The good news is that with volume even more miserable than usual, the few momentum ignition algos that are operating will have a field day with the now standard low-volume levitation that happens like clockwork if the news is bad, and also happens just in case if the news is bad.