Good morning. Okay, so stocks have become more expansive during the recent rally. The question however is, have they become too expensive…?
http://www.zerohedge.com/news/2013-05-05/visualizing-triumph-hope-over-reality

…and this puts it into perspective: stocks rally in line with declining yields in high yield

http://www.zerohedge.com/news/2013-05-06/bank-americas-latest-credit-trade-reco-we-got-crushed

And the last one on stocks: stock markets on average react positively to the results reported (even if they do disappoint at times)

http://www.bespokeinvest.com/thinkbig/2013/5/6/positive-reaction-to-earnings-this-season.html

China is letting itself heard…
http://www.ft.com/intl/cms/s/0/a1ca36d2-b654-11e2-b1e5-00144feabdc0.html

Pardon the French (or Dutch in this case) in this link, but the chart is in English (and pretty clear): core inflation is heading lower… (via @basvanderhout)

http://www.belegger.nl/nieuws/2634036/ecb-moet-actie-ondernemen-deflatiegevaar.html

Goldman has caught on to the declining participation rate in the US…

http://www.zerohedge.com/news/2013-05-06/goldman-caves-unemployment-rate-inappropriate-measure-labor-market

I have shown something like this before, but it is a nice chart: how the crisis reduced imbalances…

http://ftalphaville.ft.com/2013/05/07/1487952/current-account-imbalances-since-the-crisis/

Makes me wonder how you actually measure the shadow economy, but still…

http://www.zerohedge.com/news/2013-05-06/europes-shadow-economy-big-germany

Another beautiful chart, but a bit too complicated to understand… (via @davidmwessel)

http://www.economist.com/blogs/baobab/2013/05/development-africa

Well, he was right about one thing. There are still horses. In fact, they pop up everywhere… (and 24 more great predictions at this link)

http://thechive.com/2013/05/06/a-few-famously-wrong-predictions-25-photos/

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