New York Session Heads Up May 10 2022

New York Session Heads Up May 10 2022

• Missiles Pound Ukraine’s Odesa After Russia Marks WW2 Victory
• German Investor Confidence Stabilises As War In Ukraine Drags On
• EU Weighs Joint Debt To Fund Ukraine’s Long-Term Reconstruction
• Macron, EU To Push Orban To Drop Veto Threat On Russian Oil Ban
• Germany Prepares Crisis Plan For Abrupt End To Russian Gas
• IAEA: We Are Concerned About Iran’s Undeclared Atomic Work
• US 10-Year Yield Falls But Holds Above 3% Ahead Of Fed Speakers
• Oil Extends Slump As Europe Softens Russian Sanction Proposals
• European Stocks Rise From Two-Month Low As Dip Buyers Return
• Shanghai Covid Cases Fall Amid Signs Of Tighter Pandemic Curbs
• Japan Household Spending Beats Expectations, But Inflation Risks Loom
• Australia Business Sentiment Holds Up Amid Acute Cost Pressures
• Fed Warns Of Worsening Market Liquidity In Their Stability Report
• Fed’s Kashkari: May Have To Carry Bulk Of Burden In Hitting Infl. Goal
• Senate Democrats Plan Tuesday Vote To Confirm Cook For Fed
• Biden Is To Speak Tuesday, Regarding Inflation At 1130 ET, 1530 GMT
• House And Senate Democrats Are Pushing A Nearly $40 Billion Ukraine Aid
• Biden Team Sees ‘Pivot’ To China Accelerated As Putin Falters In Ukraine
• UK’s Truss Set To Ditch N.Ireland Protocol After Giving Up On EU Talks
• UK’s Rising Cost Of Living Puts Brakes On Consumer Spending
• Japan Maintains Warning On Weak Yen, Vows G7 Contact On Any Action
• Commodity Currencies Hit By Tumbling Oil Prices, BTC Near 10-Mth Low
• Oil Tumbles On Global Economic Worries And A Strong US Dollar
• EU Drops Plans To Ban Shipping Russian Crude In Face Of Opposition
• Germany Prepares Crisis Plan For Abrupt End To Russian Gas
• China Tech Stocks Tumble On Renewed Growth Fears, Global Rout
• Tesla Halts Production At Shanghai Plant Due To Supply Issues

 

Economic Data

• German ZEW Survey Expectations May: -34.3 (est -42.0; prev -41.0)
• Italian Industrial Production (M/M) Mar: 0.0% (est -1.5%; prev 4.0%)
• Norway CPI (M/M) Apr: 1.2% (est 0.6%; prev 0.6%)
• Norway CPI Underlying (M/M) Apr: 0.9% (est 0.6%; prev 0.3%)
• Norway PPI Including Oil (M/M) Apr: -7.2% (prev 16.9%)
• Turkey Unemployment Rate Mar: 11.5% (prev 10.7%)
• Japan Household Spending (Y/Y) Mar: -2.3% (est -3.3%; prev 1.1%)
• Australia NAB Business Conditions Apr: 20 (prev 18)
• Australia Retail Sales Ex Inflation (Q/Q) Q1: 1.2% (est 1.0%; prev 8.2%)
• Australia CBA Household Spending (M/M) Apr: -3.8% (prev 9.2%)
• Australia ANZ Roy Morgan Weekly Consumer Confidence May 8: 90.5 (prev 90.7)
• New Zealand Electronic Card Spending Total (M/M) Apr: 7.0% (prev 1.6%)
• UK BRC Sales Like-For-Like (Y/Y) Apr: -1.7% (prev -0.4%)

 

Ukraine War

• Missiles Pound Ukraine’s Odesa After Russia Marks WW2 Victory – RTRS
• EBRD Sees Ukrainian Economy Slumping 30% In 2022 – BBG
• Zelenskiy Calls For End To Blockade Of Odesa Port To Prevent Global Food Crisis – Guardian
• Germany Prepares Crisis Plan For Abrupt End To Russian Gas – RTRS Sources
• French Minister Beaune: EU Deal On Russian Oil Ban Could Be Reached This Week – RTRS
• Italy’s PM Draghi Has Started Unpicking Decades Of Italian Ties To Russia – BBG
• Swedish Defence Minister: NATO Membership Would Strengthen Nordic Defence – RTRS
• Macron, EU To Push Orban To Drop Veto Threat On Russian Oil Ban – BBG

 

CRYPTO NEWS

• Fed: Stablecoins Are Vulnerable To Runs, May Heighten Risks – BBG
• Bitcoin Falls Below $30,000 For First Time Since July 2021 – FT
• $3.5 Bln Bet On Bitcoin Becoming A ‘Reserve Currency’ Is Being Put To The Test – CNBC
• 40% Of Bitcoin Investors Are Now Underwater, New Data Shows – CNBC
• Citi, BNY Mellon And Wells Fargo Invest In Crypto Tech Company – FT
• Crypto Market Crash Leads To $1B In Liquidations, Majors Lose Pivotal Support – CoinDesk
• China To Accept Digital Yuan On Public Transport In 12 Cities – Investing.com
• Australia’s First Crypto ETFs Expected To List This Week – BBG
• US Regulators Considering Plan B If Congress Fails To Act On Crypto – BBG
• El Salvador Buys Bitcoin Dip, Adding 500 Coins To Holdings – BBG
• Fed: Stablecoins Are Vulnerable To Runs, May Heighten Risks – BBG
• TerraUSD Stablecoin Falls Below Dollar Peg For Second Time In 48 Hrs – CoinDesk