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Thursday, June 6

6th Jun - US Open: ECB Press Ahead



Previously on MoreLiver’s:

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Roundups & Commentary
Frontrunning – ZH
Overnight: No Dead Japanese Cat Bounce, Eyeing ECB And Payrolls – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Daily press summary – Open Europe
  France moves to find common EU position as trade dispute with China escalates

Morning MoneyBeat: Bullish Streaks in Jeopardy – WSJ
Mr Abe’s comments cause a sell off – Kiron Sarkar / The Big Picture
Dollar Softer Ahead of ECB – Marc to Market
Morning Briefing (EU/US): – BNY Mellon
  The latest data from Japan's MOF highlights the risks for the AUD

EUROPE
Regional transfers in Europe: Do we need fewer of them or different ones?voxeu.org
The EU encourages regional cohesion through transfers for structural changes and development. This column presents new research suggesting that some poorer countries don't benefit as well as we might expect. This is likely to be because of worse technological and institutional absorptive capacity. Structural transfers need reform, and policymakers would do well to focus on recipients’ absorptive capacity.

A bumper crop of euro high yieldalphaville / FT
That chart from Credit Sights shows 2013 heading for the euro-denominated high yield issuance record. Already, enough has been shoved out to make 2013 the second strongest, with €32.4bn.

Research Euroland: Fact Book ItalyDanske Bank (pdf)

  ECB
ECB action unlikely as data improvesTradingFloor
Mads Koefoed: Data has improved since the ECB cut its main refinancing rate by 25 basis points on 2 May and this has taken the pressure off the ECB. We do not expect any major announcements at today's meeting.

Euro and Sterling squeezing higher into today’s ECB/BoE meetingsTradingFloor
John J Hardy: The Euro is squeezing mercilessly higher into the ECB meeting today. That meeting might put the kibosh on the rally if the negative deposit rates discussion is re-opened at the Draghi press conference.

The IMF: MagnanimousZH

UNITED STATES
Monetary policy and US inequality, againalphaville / FT
And the annual report from the St Louis Fed found that 62 per cent of the wealth recovery through the end of last year has been the result of rising stock markets — and stock ownership is concentrated among richer households.

US inequality, and digging into aggregate dataalphaville / FT

OTHER
If it needs to be said...alphaville / FT
HSBC’s Steven Major comments the central banks’ QE cycle phases.

Commodities poised for revivalHumble Student

'You don't work for the bank – you work for someone and his world'The Guardian

FINNISH
Umpikujassa? – Aika on ajamassa ammattiyhdistysliikkeen ohitseLibera (pdf)
Ajatuspaja Liberan tänään julkaisemassa Umpikujassa? -raportissa vuorineuvos Gustav von Hertzen, pitkän linjan yrittäjä Jalo Paananen ja EK:n entinen johtaja Seppo Riski pohtivat ammattiyhdistysliikkeen tulevaisuutta.

Ajatushautomo Libera haluaa purkaa ay-liikkeenAntti Koskela / US Puheenvuoro

Vakuusvatkaus syytä lopettaaKaleva
Jos ja kun vakuuskeskusteluun ei ole olennaista uutta lisättävää, asian jatkuva vatkaus kannattaa lopettaa, koska se vie huomiota tämän hetken paljon polttavammilta ongelmilta.

Erotaan EU:sta – miksi ja miten?Antti Pesonen / US Puheenvuoro

Uusi S-Pankki alkaa tarjota asuntolainojaTalSa
S-Pankki ja Tapiola Pankki yhdistyvät uudeksi S-Pankiksi ensi vuoden alussa. Osuustoiminnallinen S-ryhmä omistaa uudesta pankista 75 prosenttia ja LähiTapiola-ryhmä 25 prosenttia.

Pankki: Palkat eivät pysyneet asuntohintojen perässäTalSa
Poikkeuksellisen pitkään jatkunut heikko talouskasvu puree asuntojen hintoihin ennemmin tai myöhemmin, uskoo POP Pankki. Jo nyt asuntojen hinnat ovat kasvaneet tietyillä alueilla selvästi palkkoja nopeammin.