Good morning. Interesting chart on the strong improvement of external balances
of the periphery. It came at a cost, though…
http://libertystreeteconomics.newyorkfed.org/2013/05/foreign-borrowing-in-the-euro-area-periphery-the-end-is-near.html

…’growth’ expectations for real GDP growth in 2013 are looking dismal… Too dismal, perhaps?

http://soberlook.com/2013/05/can-eurozone-surprise-to-upside.html

Just as a word of warning. “Fears grow over EM sovereign bond bubble”
http://www.ft.com/intl/cms/s/0/9001774a-c30f-11e2-bbbd-00144feab7de.html

Ouch….

http://ftalphaville.ft.com/2013/05/23/1514142/pessimism-and-priorities-in-advanced-economies/

Not to marginalise a solid sell-off, but still: yesterday’s sell-off in the Nikkei put into perspective…

http://www.businessinsider.com/the-nikkeis-historic-plunge-in-context-2013-5

…and this is what’s happening this morning: nervous trading, stocks lower and headlines on BoJ buying bonds

http://www.zerohedge.com/news/2013-05-24/despite-promises-japanese-market-chaos-continues

The decline of the yen has not been because Japanese have been moving assets outside Japan, looking at this chart

http://www.bondvigilantes.com/blog/2013/05/23/japanese-investors-are-not-buying-foreign-bonds-theyre-selling/

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