Wednesday, June 3, 2015

Economic News and Views ( June 3 , 2015 ) Greece Updates ( Tsipras meets with EUC Chief Juncker amidst a flurry of exchanged proposals between Greece and Troika , ultimatums from both sides , questions on Friday's IMF payment being made and time running out for a near term resolution ) ........ Broader Europe - bond market turbulence continues after Tuesday debt markets routs ..... Opec and ECB on deck ........ Data from Germany , Italy Spain and France to consider


Tweets...


Special alert -   
All press releases can be accessed here:


Greece ......




*Drum roll*






MEP : "Whoever expects a split, break and fall of SYRIZA's govt, will grow old waiting."








Why is different (Longer version of Daniel Gros's recent oped in Project Syndicate), CEPS Commentary






will not pay on Friday without prospect of a deal - spox via



's parl group to convence on Thur in order to discuss the progress of negotiations & agreement-text w institutions. via





GREECE WILL NOT MAKE JUNE IMF PAYMENT IF THERE IS NO PROSPECT OF A DEAL WITH LENDERS - SYRIZA PARLIAMENTARY SPOKESMAN




EU'S MOSCOVICI HOPES FOR GREEK DEAL IN COMING DAYS, CNA REPORTS







German finance minister accuses 's ruling party of misleading voters





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Tspiras heading to Brussels, tells us 2 things - (i) clearly not prepared to take existing offer if face to face talks are needed 1/2



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(ii) both sides now looking for a top level political deal. Detailed staff technical work can follow. 2/2







Morning Note: 1. Blatter out. 2. Tsipras heads to Brussels. 3. Draghi Vs bond market





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Morning thoughts. Greek shuttle diplomacy become frenetic.



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Left Platform keeps posting that it will only accept a deal that is close to 's programme. Minor detail, there is no one to fund it







Austria has Earned More than €100 Mln in Interest from Greek Bailout















To Vima: Greece will need a 3rd bailout package worth €55 billion euros in order to cover its financing needs until 2017







REUTERS SOURCE: Euro zone officials have branded the Greek proposal as insufficient and said it was not formally on the table.






Tsipras going to Brussels Wed, taking Greek proposal with him, after invite by Juncker, gov source says. Mtg Wed night






Broader Europe....


Sell-off in German Bunds continue. 10yr govt bond yields jump to >0.74% ahead of today's meeting.






Bonds have tumbled, yields spiked ahead of today's ECB meeting. Will Draghi comment recent bond market rout (via BBG)









Bonds Are Tumbling and It’s Not Just Because of the Economy




















Bond bubble about to pop? Yields on 10yr Australian govt bonds jump by 16bps.







Barclays expects OPEC to leave 30 mb/d target unch on Fri to implement twin objectives (support oil demand&mkt share)








There is also an INTERVIEW with Pablo Iglesias in New Left Review, as well as his article:





Composite Output Index at 52.6 in May (54.1 in April)







German Composite PMI falls to 5 month low of 52.6 in May







Interesting contrast with the dire DARES data yesterday.





Rate of expansion in Italian services falls back slightly in May. PMI 52.5 vs 53.1 April.
















Spanish PMIs toppish, yet details *very* strong: - rise in employment fastest since Sept-07 - cost inflation strongest in ~4 years





ECB meeting highlights (preview here ).











That the Bund can sell-off the day after one of the sharpest move ever tells you a lot about this market.