Good morning New York...
FT ALPHAVILLE
Marginalised in Spain: David notes there are now more than six million Spaniards out of work. According to Reuters that raises the jobless rate in the eurozone's fourth biggest economy to 27.2 per cent, the highest since records began in the 1970s.
A Slovenian Q&A: Because all you ever wanted was a 2,900-word Q&A on Slovenian finance. Cardiff finds Slovenia on a map, and breaks it down for you.
Magnus on where China's growing debt might be headed: What everyone is watching in China is credit intensity. And so is UBS' George Magnus. Kate scoops out the key points Magnus is worried about, specifically the fact that it's all a bit "Minsky-ish" in character.
The decline of the oil spot market? Statistics on the actual size of the oil spot market -- you know the pool of oil that actually determines the floating price of crude -- are hard to come by. Yet, Izzy wonders if the rise of long-term contracts, diminished or clogged up cargoes in Dated Brent and at Cushing could have contracted this pool and made it much easier to influence as a consequence. And if that's the case, what's the upcoming rise Dated Brent production likely to do to the price?
NEWS
Italy's new prime minister lost no time in calling for an easing of austerity policies. Enrico Letta, a veteran centre-left politician, outlined a programme of institutional reforms and measures to create employment, saying that "Europe's policy of austerity is no longer sufficient". (Financial Times)
Central banks buy gold: Central banks bought the most gold since 1964 last year just before the collapse in prices into a bear market underscored investors' weakening faith in the world's traditional store of value. (Bloomberg)
UK avoids contraction: Britain avoided slipping into its third recession in five years during the first quarter of the year. In its preliminary estimate, the Office for National Statistics said gross domestic product grew 0.3% in the first three months of the year compared with the fourth quarter. Economic output was 0.6% higher compared with the first quarter of 2012. (Wall Street Journal)
Merkel faces austerity politics squeeze: "In the campaign for September's parliamentary poll, Ms Merkel risks being squeezed between the centre-left Social Democrats (SPD), calling for more emphasis to be put on growth, and a new anti-euro party campaigning for the return of the Deutschemark." (Financial Times)
Greece to seek German war reparations: Greece is seeking to revive a long-standing demand for reparations from Germany arising from World War II in a move that could test Athens's ties with Berlin, which bears the largest part of the country's rescue package. (Wall Street Journal)
Verizon considers $100bn bid for Verizon Wireless control: "Verizon Communications has hired advisers to prepare a possible $100 billion cash and stock bid to take full control of Verizon Wireless from joint venture partner Vodafone Group Plc, two people familiar with the matter said on Wednesday." (Reuters)
Evonik will be biggest German public listing since 2007: Europe's biggest public listing of the year will take place on Thursday when a German chemicals company makes its trading debut in Frankfurt, valuing it at nearly €15bn. (Financial Times)
Pressure is mounting on the ECB to cut interest rates next week, after Germany's poor Ifo business confidence survey yesterday. (Financial Times)(Wall Street Journal)
"Samsung Electronics said demand for its flagship Galaxy S4 device was stronger than expected after two top US wireless carriers pushed back their release dates, citing shipment delays. "Pre-order demand is much stronger than expected, so it's difficult to rapidly boost supply in the short term," Lee Don Joo, president of the strategic marketing office at Samsung's mobile business, said today during a company event in Seoul."" (Bloomberg)
European businesses tackle US banks over OTC derivatives spat: The European Association of Corporate Treasurers, which convinced the EU to exempt OTC derivatives sold to corporates from an onerous Basel III capital charge, has accused JP Morgan and other US banks of not putting their own customers' interests first. The European treasurers' group wrote to JPM raising questions about its "concern for its corporate customers globally" because of its lobbying against the concession, but the bank responded that it was seeking a worldwide reduction in the charges. (Financial Times)
US bill for 15% 'megabank' capital requirements unveiled: Sherrod Brown, a liberal Democrat from Ohio, and David Vitter, a conservative Republican from Louisiana, proposed new legislation that would require banks with more than $500bn in assets to meet a new capital requirement of 15%, while midsized and regional lenders would need to hold 8%. The bill is being closely watched on Wall Street, even though it is unclear whether or how far it will advance in Congress. (Financial Times)
Markets: Action in markets was mixed but sporting a positive bias, as worries over global growth were counteracted by hopes for ongoing central bank assistance. The FTSE Eurofirst 300 was flat after Asian bourses mostly enjoyed decent gains, while gold was firmer and industrial commodities saw demand. US index futures suggested Wall Street's S&P 500 would add 1 point to 1,580, leaving the benchmark just 13 points below its record close. "Despite the weaker data, equity markets and risk assets look generally well supported, with Q1 earnings releases and ongoing policy stimulus helping to maintain the positive tone," Mitul Kotecha, strategist at Crédit Agricole, said in a research note. Indeed, it is one of the busiest days of the year for corporate reporting across the globe, with investors absorbing figures from the likes of Hyundai Motor, AstraZeneca and ConocoPhillips. (Financial Times)
