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Wednesday, May 31

31st May - Stocks attempted but failed to break higher





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EUROPE
Pound Falls as Poll Shows Tories May Fail to Win Majority – BB
Seven years after the first bailout, Greece is back in the headlines – Open Europe

  FUTURE OF EURO AREA
Reflection paper on the deepening of the economic and monetary union – EC
EU Commission: Euro zone may need treasury, minister, budget, bonds – Reuters
EU presses plan to bundle eurozone debt – FT
Papering over the cracks – FT

  DATA
Euro area annual inflation down to 1.4% - Eurostat
Euro area unemployment at 9.3% - Eurostat
Euro-Area Inflation Slows More Than Forecast Before ECB Meeting – BB
German Unemployment Declines as Economy Poised for More Growth – BB
Core inflation clouds ECB’s next move – Pictet
ECB probably not distracted by drop in core inflation – ABN AMRO
Euro-area inflation: No sustainable uptrend – Nordea


UNITED STATES
Editorial: Trump's European Misadventure – BB
The US and German Relationship – Marc Chandler


OTHER
BofA: "There Is Something Historically Unusual About Today's Market" – ZH


REGULARS
Morning Report APAC TF
Sterling tumbled 70 pips on the suggestion that the Tories might only get 310 seats leading to a hung parliament.

FirstFT Daily BriefingFT
May’s lead narrows, Nintendo v Apple, Brexit space race

WSJ CityWSJ
Pound Hit by Hung Parliament Fears, Consumer Confidence Climbs

Danske DailyDanske Bank

Eye-OpenerNordea
Yougov poll: May could lose majority, EA inflation today * Euro-area inflation to fall * EUR stronger against NOK and SEK * Full market confidence in June hike

Morning MarketsTF
Crude oil prices extended Tuesday's losses overnight as traders look for data-driven support beyond Opec jawboning. meanwhile the increasing chances of a hung parliament following the June 8 UK election have taken the air out of sterling versus both USD and EUR.

From the FloorTF
Sterling is under pressure as opinion polls indicate that the Conservatives' lead in the run-up to the UK's June 8 general election is disappearing. Meanwhile, in the commodities markets, crude oil remains rangebound and its upside is limited at this stage.

Daily Market CommentMarc Chandler
Sterling Takes it On the Chin

Brussels PlaybookPolitico
Finishing the eurozone — Juncker in Berlin — London Playbook

Five Things You Need to Know to Start Your DayBB

10 things you need to know before the opening bellBI

US OpenZH
Quiet Month End Markets Hide "Below The Surface" Fireworks

FrontrunningZH

FX UpdateTF
Sterling is under pressure once again as a fresh poll suggests that the Conservatives may risk losing their majority with the election resulting in a hung parliament. Elsewhere the JPY continues to look firm on strong Japanese data and lower US yields after key PCE inflation data.


FINNISH
AamukatsausNordea
Fokuksessa euroalueen inflaatio: Tänään julkaistaan euroalueen toukokuun alustavat inflaatioluvut * Ruotsin vaisut BKT:n kasvuluvut sysäsivät kruunun laskuun * Britannian punta heikkeni parlamenttivaalien alla


Populismipuolueiden voittokulku Euroopassa jatkuu – valtamedian tulkinta tilanteesta on täysin vääräSuomen Uutiset

Komissio ehdottaa: Euromaiden velat yhteen – Verkkouutiset
Keskusta: Ei liittovaltiota eikä tulosiirtounionia – Verkkouutiset
Perussuomalaiset: Joustavampi EU on edellytys sen koossapysymiselle – Verkkouutiset
Euroopan komissio vetäisi ”täysillä liittovaltioon”-vaihteen silmään – Suomen Uutiset

Myrsky EU-kansanäänestyksestä – Suomen Uutiset
Sipilä: Trumpilta ei kuultu sitoutumista Euroopan turvallisuuteen – Verkkouutiset