Markets & market moving news.....
Global Equities: 62% above their 200-day moving average, 53% positive YTD. S&P 500 <1% off its total return high.
High Yield Energy spreads at new 6-month lows, more than cut in half from all-time wides on Feb 11 (1984 to 971 bps)
Junk energy bonds ditch distressed label as #Oil gains. http://bloom.bg/1Wjl1EU
Hungary cuts rates for the 3rd time this year, the 105th central bank easing measure of 2015-16.
The greatest trick the central bankers ever pulled was convincing the world that negative rates are a good thing.
Markit Flash U.S. Composite #PMI Output Index falls from 52.4 in April to 50.8 in May http://ow.ly/6OBg300zsrQ
Services PMI: Service providers report slowest rate of staff hiring since December 2014
Greece - Creditors Deal ......
In other words , nothing of note has been accomplished and the decisions avoided once again...
Why was everyone so happy yesterday -IMF still sitting on the sidelines and the "Deal" looks like a damp squib.
ESM Regling: Interest deferral is not forgiveness. It is added to debt stock, so "red line" of no haircut respected. http://esm.europa.eu/pdf/2016_05_09_EG_transcript.pdf …
Germany on the hook....up to 25 Bn.
The Day after , already trying to wiggle out ....
Deal—what deal? Despite the talk of disbursements and debt-relief, nothing was sealed at the #Eurogroup (1/3)
The Eurogroup meeting was hailed as a "breakthrough" on the question of debt relief—but it was no such thing. (2/3)
The debt relief Tsipras needs as a figleaf to cover bailout concessions remains out of reach, contingent and unquantified. (3/3)
Ban Ki-moon slammed western leaders for skipping the World Humanitarian Summit http://huff.to/1NMAP0g
#BREAKING IMF says not ready to add funds to Greece bailout as it stands now
#Eurogroup statement clearly indicates supplemental MoU for #Greece.
#Greece 2y yields drop as ECB to consider bonds as collateral. Could boost demand by €4.5bn. http://on.ft.com/1s9soCh
Yes , this sums up Eurogroup neatly.
Refugees Crisis .....
Europe's top rights official defends #Greece on asylum delays
Interview w/ @ElenaBec
http://ow.ly/1Z4S300An6d
#Libya Italy says number of migrants saved today now 670. 5 confirmed dead.
Refugees: Escape to Freedom? | Athens | May 29 - June 1 http://dlvr.it/LPNtV7
Clear out of Greek refugee camp should reopen economic artery http://dlvr.it/LPK3BT
Spain.....
3rd night of protests in Barcelona. Rubbish bins being burnt tonight.
"PP confirms it accepts a 4-way debate with Rajoy and rejects PSOE proposal for a 2-way debate with Sánchez."
Rajoy not loved in Valencia..
Remains to be seen how this plays out in the June 26th Election.
Odds & Ends.....
A 5k fine ? That outrageous...
Panama Papers law firm abruptly resigns as the representative of 1,024 Nevada companies http://www.mcclatchydc.com/news/nation-world/national/article79723702.html …
*PRE-OPEC MEETING SAID TO HAVE NO DISCUSSION OF OIL-OUTPUT LIMIT. The OPEC meeting won't either
Messy , messy , messy...
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