Frontrunning: June 1

  • Is bond trading dying? (Reuters) - of course it is; everyone is trading CDS
  • Russian president comments on wheat export ban lift (Kremlin)
  • Europe struggles towards new Greek rescue deal (Reuters)
  • A new Greek deal with troika imminent (Kathimerini)... since refuted... then confirmed... then refuted again... then confirmed again... etc
  • Rehn Sees Greek Solution in Bond Rollovers, Cuts (Bloomberg)
  • Kan Ouster Risk Rises as No-Confidence Vote May See DPJ Split (Bloomberg)
  • China May Assume Some Local Government Debt (Bloomberg)
  • SAC Faces Probe Of Biotech Trading (WSJ)
  • Australia GDP Falls Most Since 1991 (Bloomberg)
  • NATO extends Libya operations to September (Reuters)... 2020...
  • World’s Wealthy Rose by 12%: Boston Consulting (Bloomberg)
  • EU warns US to speed up bank reform (FT)
  • US home price double dip erases post-crisis gains (Robin Harding)
  • Intolerable choices for the eurozone (Martin Wolf)

European economic update:

  • France PMI Manufacturing for May 54.9 slightly lower than expectedConsensus 55.0 Previous 55.0
  • German PMI Manufacturing for May 57.7 lower than expectedConsensus 58.2 Previous 58.2
  • Italy PMI Manufacturing for May 52.8 lower than expectedConsensus 53.5 Previous 55.5
  • Norway PMI SA for May 56.9 higher than expected.Consensus 55.4 Previous 55.7 (Revised from 55.6)
  • Switzerland Retail Sales for April 7.5% y/y Previous -0.2% y/y
  • Switzerland PMI for May 59.2 Higher than expectedConsensus 57.5 Previous 58.4
  • UK PMI Manufacturing for May 52.1 lower than expectedConsensus 54.1 Previous 54.4 (Revised from 54.6)



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