Frontrunning: May 31

  • Emerging states working on IMF candidate: South Africa (Reuters)
  • Berlin Considers a Shift on Greek Debt (WSJ)
  • Housing Sales in China Seen To Fall Over 10% (Shanghai Daily)
  • Greece may run out of funds within weeks (Independent)
  • Lagarde, on Visit to Brazil, Vows Speedy IMF Reforms (WSJ)
  • BlackRock’s Fink Says Europe Problems Go ‘Way Beyond’ Greece (Bloomberg)
  • Libya's Goldman Dalliance Ends in Losses, Acrimony (WSJ), or how Goldman lost 98% of Libya laundered money, offered Libya the chance to become one of its biggest shareholders
  • Australia Fund Says No to Euro-Zone Rescue Bonds (WSJ)
  • Saudi-Iran Feud Draws Sectarian Line Across Mideast Oilfields (Bloomberg)
  • Case Shiller Index Is Expected to Show a New Low in Prices (NYT)
  • Gold crash: What could trigger the inevitable (Reuters)
  • Cyber Combat: Act of War (WSJ)
  • A $45m typo: Goldman Sachs gets burned by, er, Goldman Sachs  (Economist)
  • New rice crisis cannot be ruled out (AP)
  • The carbon tax, the mining tax, they'll kill mining right? (Peter Martin)

European Economic Highlights:

  • France Consumer Spending (April) -1.6% m/m 1.2% y/y Lower than expected Consensus -0.3% m/m 3.7% y/y Previous -1.1% m/m 1.6% y/y (Revised from -0.7% m/m 2.6% y/y)
  • France Producer Prices (April) 0.8% m/m 6.4% y/y as expectedConsensus 0.8% m/m 6.4% y/y Previous 0.9% m/m 6.6% y/y
  • German Retail Sales 0.6% m/m 3.6% y/y Lower m/m, higher y/y than expected Consensus 1.8% m/m 1.5% y/y Previous -2.7% m/m -3.6% y/y (Revised from -2.1% m/m -3.5% y/y)
  • German Unemployment Rate 7.0% as expected Consensus 7.0%, Previous 7.1%
  • Norway Retail Sales 0.0% m/m 11.4% y/y Lower m/m, higher y/y than expected Consensus 0.7% m/m 3.4% y/y Previous -0.6% m/m -5.4% y/y
  • Switzerland GDP 0.3% q/q 2.4% y/y Lower than expected Consensus 0.7% q/q 3.0% y/y. Previous 0.8% m/m 3.1% y/y (Revised from 0.9% m/m)

Global highlights courtesy of Egan-Jones:

  • Economy gains, yet housing spirals downward
  • China hikes electricity rates to counter shortages
  • Brent above $115 on unrest in Yemen, weak dollar
  • Arab oil faces higher 'break-even' price
  • Japan auto production drops 60.1 percent in April
  • German jobless rate falls to 7 percent
  • Japan jobless rate rises, factory output anemic
  • ECB official: New Greek aid under study
  • Russia lifts deposit interest rate unexpectedly
  • Poland economy grows 4.4 percent in first quarter
  • Greek bailout review due in next two days
  • Oil rises to near $102 on weaker US dollar
  • Eurozone inflation eases to 2.7 percent
  • Home Prices in U.S. Probably Kept Falling as Housing Absent From Recovery
  • Greek Aid Package to Be Decided by June
  • Indian GDP Growth Slows to 7.8%
  • South Korea’s Slower Output Growth Bolsters Case for Keeping Rates on Hold
  • ECB’s Draghi Says Inflation Risks Are Rising, Policy Remains Accommodative
  • Rising Rents Risk Higher U.S. Inflation as Fed’s Rate Restraint Questioned
  • No Love Lost for U.S. Debt as Bond Dealers Share Fewer Treasuries With Fed
  • U.K. Mortgages Should Be Capped to Cure ‘Addiction to Property Inflation’
  • Russia’s Central Bank Signals Interest-Rate Pause After Surprise Increase
  • Thailand May Raise Interest Rate Fourth Time This Year Ahead of Election


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