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Monday, May 22

22nd May - Last week's Trump-panic fully recovered





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EUROPE
EU Discusses Brexit Position as U.K. Threatens to Quit Talks – BB
EU Approves Tough Brexit Talks Stance, Demanding U.K. Pays – BB

Greek Creditors Seek to Break Impasse on Stalled Bailout Review – BB
France’s deficit-cutting project looks a tall task – TF

TARGET Annual Report 2016 – ECB
Merkel Says `Weak' Euro Partly to Blame for German Surplus – BB
Merkel Sends Euro Higher – Marc Chandler
The ECB debates sequencing of policy moves – Pictet


UNITED STATES
Trump Sticks to Script in Mideast, Trying to Turn Page on Russia – BB

 
OTHER
FX WeeklyNordea
With a week of Trumpbulence behind, we expect that the appointment of a special counsel will calm markets somewhat. The OPEC meeting on Thursday is crucial for the NOK, which has lately been extraordinarily vulnerable to days of falling oil prices.

BoA: The S&P 500 Is Now Overvalued On 18 Of 20 Valuation Metrics – ZH
The Quants Run Wall Street Now – WSJ

 
REGULARS
Morning Report APACTF
The weakening dollar and the expectations that Opec will continue to keep to its promise of production cuts is what will drive the Asian market today. In early trading the Japanese South Korean and Australian markets appear to be responding in kind

Tory manifesto backlash, Trump attacks Iran, Japan royalty shortage

WSJ CityWSJ
Chemicals Giants Agree $20bn Tie-Up, European Earnings Surge

Danske DailyDanske Bank

Eye-OpenerNordea
OPEC and Trump in focus this week * Receeding Trumpbulence * No changes to our BRL forecasts despite Temer risks * FX: OPEC to be watched closely

Morning MarketsTF
Last week saw indices sharply down due to distrust in the Trump administration. However green dominated on Friday and we as the erratic behaviour of the US president seems far from over we might see more volatility in the week to come when he travels through the Middle East.

From the FloorTF
A wave of risk appetite swept across Asian equity markets on Monday in a rally fuelled partly by dovish remarks on Friday from St. Louis Fed president James Bullard, who said the projected path for rate increases may be “overly aggressive”. Meanwhile, oil prices rose on speculation of deeper-for-longer production cuts.

Daily Market CommentMarc Chandler
Dollar Pushes Back

Brussels PlaybookPolitico
Greece pressure at Eurogroup — Next Brexit step for EU

Five Things You Need to Know to Start Your DayBB

10 things you need to know before the opening bellBI

US OpenZH
Asia Jumps, Europe Stutters As Political Rumblings Return; Oil Nears $51

FrontrunningZH


FINNISH
AamukatsausNordea
Dollari laskussa päävaluuttoja vastaan | Öljyn hinta nousussa ennen OPEC:n kokousta | Tänään vuorossa euroryhmän kokous

Sixten Korkman EU:n taloussyynistä: "Olisi todella kummallista ruveta ryppyilemään Suomelle" – YLE