New York Session Heads Up May 12 2022

New York Session Heads Up May 12 2022

• Fed’s Bostic Backs ‘Moving More’ On Rates If Inflation Persists
• Fed’s Bullard: Doesn’t See 75 Bps Fed Rate Increase ‘For Now’
• Finland To Apply To Join NATO For The First Time Next Week
• Kremlin Says Finland Joining NATO Is Definite Threat To Russia
• North Korea Fires Three Ballistic Missile Off Its East Coast
• ECB’s Makhlouf: Rates Likely To Be Positive By Early Next Year
• ECB’s Kazimir: Signalled Support For Interest Rate Increase In July
• UK’s Truss: UK With ‘No Choice’ But To Tear Up N Ireland Protocol
• UK Economy Shrank By 0.1% In March As Cost Of Living Crisis Bites
• BoE’s Ramsden: Bank Of England Is Not Yet Done With Rate Hikes
• IEA U-Turns, Sees World Weathering Lost Russian Oil Supply
• Dollar Hits Two-Decade High, Rattled Investors Plump For Safe Haven
• Oil Resumes Decline As Market Grapples With Tumultuous Trading
• Copper Sinks Below $9,000 As Metals Slide On Global Demand Fears
• Global Stocks Slide As Growth And Inflation Fears Mount
• PBoC Says It’s Making Stabilizing Growth A Higher Priority
• Japan, China, S.Korea Finance Leaders Urge Caution Amid Ukraine Crisis
• Japan’s Current Account Surplus Widens On Large Investment Gains
• New Zealand 1-Year Inflation Expectations Rise To 32-Year High
• New Zealand House Prices Up But Sales Activity Slows
• Fed’s Bullard: April Inflation ‘Hot’ But Does Not See 75Bp Hike ‘For Now’
• Fed’s Bostic: Rising Market Yields Show Fed Retains Credibility
• US Senate Confirms Philip Jefferson To The Fed Board
• US Grapples With Russian Blockade Endangering Global Food Supplies
• US Treasury Reports Record Budget Surplus In April As Revenues Soar
• Brussels Predicts EUR195 Bln Bill To Wean EU Off Russian Energy
• BoJ Official Rules Out Policy Tweak To Counter Weak Yen
• Oil Slips More Than 1%, Dogged By Recession Fears
• Shares Drop On Stubborn US Inflation, Rates Worries
• China To Convene Private-Sector Giants As Markets Mull Crackdown
• Disney Streaming Subscriptions Top Wall Street Targets

 

Economic Data

• UK GDP (Q/Q) Q1 P: 0.8% (est 1.0%; prev 1.3%)
• UK GDP (M/M) Mar: -0.1% (est 0.0%; prev 0.1%; prevR 0.0%)
• UK Industrial Production (M/M) Mar: -0.2% (est 0.0%; prev -0.6%; prevR -0.3%)
• UK Manufacturing Production (M/M) Mar: -0.2% (est 0.0%; prev -0.4%; prevR -0.6%)
• UK Construction Output (M/M) Mar: 1.7% (est 0.2%; prev -0.1%; prevR 0.2%)
• UK Index Of Services (M/M) Mar: -0.2% (est 0.1%; prev 0.2%)
• UK Visible Trade Balance Mar: -£23897Mln (est -£18450Mln; prevR -£21614Mln)
• Swiss Producer & Import Prices (M/M) Mar: 1.3% (prev 0.8%)
• Sweden CPI (M/M) Apr: 0.6% (est 0.5%; prev 1.8%)
• Sweden CPIF (M/M) Apr: 0.6% (est 0.4%; prev 1.7%)
• Japan BoP Current Account Balance Mar: ¥2.549T (est ¥1.737T; prev ¥1.648T)
• Japan Bank Lending Incl Trusts (Y/Y) Apr: 0.9% (prev 0.5%)
• Tokyo Avg Office Vacancies (M/M) Apr: 6.38% (prev 6.37%)
• Australia Consumer Inflation Expectation May: 5.0% (prev 5.2%)
• New Zealand 2Yr Inflation Expectation Q2: 3.29% (prev 3.27%)
• New Zealand REINZ House Sales (Y/Y) Apr: -35.2% (prev -33.5%)
• New Zealand Net Migration SA Mar: 1177 (prev -593; prevR -937)
• UK RICS House Price Balance Apr: 80% (est 70%; prev 74%)
• Swedish PES Employment Rate Apr: 3.1% (prev 3.2%)

 

Ukraine War

• Ukraine Goes On The Counteroffensive As Russians Fall Back – Al Jazeera
• NATO To Welcome Nordic Members As Ukraine Pushes Back Russian Forces – RTRS
• Kremlin: Finland Joining NATO Is Definite Threat To Russia – RTRS
• EU Considers Boosting Ukraine Arms Financing To 2 Billion Euros – BBG

 

CRYPTO NEWS

• Cryptocurrencies Drop Anew As TerraUSD’s Woes Cloud The Outlook – BBG
• Tether Loses $1 Peg, Bitcoin Drops To 2020 Levels Of Near $24K – CoinDesk
• Bitcoin’s 2021 Gains Wiped Out In Stablecoin Rout – RTRS
• Cryptocurrency Losses Top $275bn In A Single Day As Instability Spreads – Nikkei
• EU Commission Favors Ban On Large-Scale Stablecoins, Document Shows – CoinDesk
• Lawmakers Call For Regulation After Terra Stablecoin Meltdown – BBG
• Grayscale Tells SEC Turning Biggest BTC Fund To ETF Unlocks $8B For Investors – CNBC
• Bitcoin ETFs Arrive In Australia Just As The Crypto Market Tanks – BBG