New York Session Heads Up May 16 2022

New York Session Heads Up May 16 2022

• Goldman Sachs Cut US Growth Forecasts For 2022, 2023
• McConnell Sees Wednesday Senate Vote On Ukraine Bill
• China Keeps Key Rate Unchanged Amid Sharp Slowdown
• China Economy Cools Sharply In April As Lockdowns Bite
• Shanghai Official: Aim For Return To Normal Life In June
• EU Consider Gas Price Cap In Supply Disruption Scenario
• EU Growth, Inflation Outlooks Worsens On Energy Crisis
• BoE’s Bailey Set For Tough Grilling Over Inflation Record
• UK PM To Sign Off On Plans To Scrap Part Of NI Protocol
• NATO Prepares To Add Finland, Sweden To Its Defences
• Food Problem Piling Up As India Restricts Wheat Exports
• Hedge Funds Lower Bets On US Stocks As Losses Surge
• EU Lowers Growth Outlook, Raises Inflation Forecasts Due To Ukraine War
• ECB’s Villeroy Sees ECB Consensus Clearly Emerging on Normalisation
• ECB’s Panetta: ECB May Kick Off Development Of Digital Euro By End-2023
• Eurozone Trade Deficit Extends To March On Costly Energy Imports
• Biden Team Sees Few Options On Inflation Before November Midterms
• UK PM Poised To Give Green Light To Bill On N.Ireland Protocol
• EU: Eurozone Would Barely Grow If Russian Gas Is Cut Off
• Eurozone Bond Yields Hold Below Recent Highs On Growth Unease
• Dollar Firm At 2-Decade Highs As Aussie, Yuan Sink, Euro Outperforms
• Oil Drops As Virus Lockdowns Across China Pummel Economy
• European Stocks Mixed As Global Markets Struggle To Gain Momentum
• jetBlue Makes A Hostile Takeover Bid For Spirt Airlines
• McDonald’s To Quit Russia In Sign Of Country’s Growing Isolation
• China’s Economy Slows Sharply As ‘Zero-Covid’ Pummels Activity

Economic Data

• Chinese Industrial Production (Y/Y) Apr: -2.9% (exp 0.5%; prev 5.0%)
• Chinese Retail Sales (Y/Y) Apr: -11.1% (exp -6.6%; prev -3.5%)
• Chinese Fixed Assets Ex-Rural YTD (Y/Y) Apr: 6.8% (exp 7.0%; prev 9.3%)
• Chinese Surveyed Jobless Rate (Y/Y) Apr: 6.1% (exp 6.0%; prev 5.8%)
• Japanese PPI (Y/Y) Apr: 10.0% (exp 9.4%; R prev 9.7%)
• New Zealand Performance Services Index Apr: 51.4 (R prev 51.5)
• German Wholesale Price Index (M/M) Apr: 2.1% (prev 6.9%)
• Eurozone Trade Balance SA (EUR) Mar: -17.6Bln (est -17.8Bln; prev -9.4Bln; prevR -11.3Bln)

 

Ukraine War

 

• Ukraine: Troops Defending Kharkiv Have Reached Russian Border – RTRS
• EU And NATO Allies Seek To Overcome Internal Divisions This Week – Financial Times
• Third Of Russian Invaders Destroyed – Times
• Dramatic U-Turns By Social Democrats In Sweden, Finland Paved Way To NATO – Politico
• Kremlin: Russia Closely Following Progress Of Finnish, Swedish NATO Bids – RTRS
• Ukraine Signs Agreement With Japan On $100 Million Loan – RTRS

 

CRYPTO

• First Crypto ETFs To Launch In Australia Underwhelm On Debut – FT
• Goldman, Barclays Invest In Alan Howard Crypto Trading Platform – BBG
• Bitcoin Dips With US Futures As China Data Hamper Risk Sentiment – BBG
• EU’s Proposed Crypto Regulations Are Flawed – FT
• Crypto Analytics Firm TRM Hires Ex-DoJ Cyber-Digital Task Force Chair – WSJ
• Nomura Prepares To Launch Crypto Subsidiary – FT
• Bitcoin Back Below $30,000; European Regulators Renew Crypto Warnings – RTRS