Links 16 May 2013

Global Macro/Markets:

• Analysis: For all the debt, there’s a shortage of bonds – Reuters

North America:

• CBO projects 2013 budget deficit at 4% of GDP – cbo.gov
• Rising revenues to shrink deficit rapidly through 2015: CBO – Reuters
• Government borrowing: Fiscal consolidation, American style – The Economist
• CBO Sees Deficit Narrowing to $642 Billion – Wall Street Journal

Europe:

• Eurozone Q1 GDP report card – Eurostat
• France contracts in 1st quarter as Germany returns to growth – Financial Times
• Eurozone crisis live: France falls into recession – The Guardian
• Europeans disillusioned and divided by debt crisis, survey finds – The Guardian
• Euro zone economy shrinks in Q1, marks longest ever recession – Reuters
• France must present credible reform plan- EU’s Barroso – Reuters
• German Economy Barely Expands While France Contracts – Bloomberg
• European Finance Ministers Split on Way Forward for Banking Union – Der Spiegel

Asia:

• 39% of water in China’s major rivers is too toxic to be fit for any *contact with* humans – Financial Times
• Chinese internet: ‘a new censorship campaign has commenced’ – The Guardian
• China tries to rein in microbloggers – The Guardian
• China: High and dry – Financial Times
• World’s Worst Bonds Brace for Losses on Abe Growth: Japan Credit – Bloomberg
• JGBs extend losses to fourth day, 10-year yield hits 1-year high – Reuters
• Chinese commercial banks’ outstanding NPLs rise again – xinhuanet.com

Local:

• Labor gives up on clean coal – Business Spectator
• Investors bracing for slower growth in China sell Australian dollars, buy Mexican pesos – Wall Street Journal
• Wages growth slowdown widens RBA rate cut scope: economists – Business Spectator

Other:

• Martin Wolf on why the world faces climate chaos – Financial Times
• Why is finance so complex? – interfluidity
• Most resource-rich countries mismanage natural resources: report – Reuters
• Rich nations’ wealth gap widens as welfare cut: OECD – Reuters