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EMEA | GEOPOLITICAL RISK

Trump says US pulling out of ‘decaying’ Iran nuclear deal The decision is likely to exacerbate tensions between his administration and key European allies. -Politico.eu

EU Joins Iran in Fight to Keep Nuclear Deal Alive After Trump That was the line taken by Iran and the European Union immediately after the U.S. president announced his withdrawal from the 2015 accord. President Hassan Rouhani said his country will continue to work with the other participants -- though he warned that it could step up enrichment of uranium if those talks don’t yield tangible results. Germany, France, the U.K. and Russia all said they’ll stick to their commitments. -Bloomberg

Iran nuclear deal: Germany's special role and plans The historical connections between Berlin and Tehran make Germany a strong supporter of the nuclear deal. Now Germany is set to help lead the response of the other signatories after Trump's decision to pull the US out. -DW

Macron’s Reform Train Will Not Be Derailed French President Emmanuel Macron was elected with a clear mandate to reform the French economy, and he has not hesitated to target politically sensitive institutions such as the national railway. But if Macron acquiesces to ongoing protests by France's unions, the rest of his reform agenda will become vulnerable. -Project Syndicate

Matteo Salvini, Italy’s populist-in-chief Euroskeptic League leader surges in post-election polls. -Politico.eu

Britain's upper house of parliament votes in favor of staying in EU's single market Britain’s upper house of parliament on Tuesday inflicted another defeat on Prime Minister Theresa May’s government, voting in favor of staying in the European Union’s single market. -Reuters

Killing the Iran Deal Was Only the First Step Israeli Prime Minister Benjamin Netanyahu sees Trump as a partner for broader regional change. -Bloomberg

Morocco severs ties with Iran over support for Polisario independence fighters -France24

EMEA | MARKETS IMPACT+OPPORTUNITY

GLOBAL BUSINESS

EXPOSURE = 4% GLOBAL TURNOVER What is GDPR? Technology explained A new EU law that changes how companies use our personal information kicks in on 25 May. -BBC

Facebook says Europe’s new data privacy rules won’t hurt its business — too much The rules may impact user growth in Europe, but otherwise Facebook doesn’t seem worried -Recode

POLITICAL RISK REALIZED U.S. Treasury's Mnuchin: Revoking Boeing, Airbus licenses to sell jets to Iran IranAir had ordered 200 passenger aircraft: 100 from Airbus SE (AIR.PA), 80 from Boeing and 20 from Franco-Italian turboprop maker ATR. All the deals are dependent on U.S. licenses because of the heavy use of American parts in commercial planes. -Reuters

Companies That Rushed Into Iran Now Prepare to Rush Back Out In boardrooms and corner offices across Europe, executives are assessing the fallout of U.S. President Donald Trump’s decision to scrap the Iran nuclear deal, which threatens to choke off an investment boom that started after the country returned to the international fold two years ago. -Bloomberg

Paris warns Air France's survival in the balance The French government has raised the pressure on Air France managers and unions, saying the state won't come to the carrier’s rescue as it grapples with worker strikes and a leadership vacuum. -DW

FCC chairman meets Sprint, T-Mobile CEOs on merger Federal Communications Commission chairman Ajit Pai met Tuesday with the chief executives of Sprint Corp (S.N) and rival T-Mobile US Inc TMUS.N who are seeking approval for a $26 billion merger, a spokesman for Pai said. -Reuters

VENTI? Italians to wake up and smell Starbucks coffee in Milan Chain will launch its first Italian branch in September in former post office on Piazza Cordusio -The Guardian

GLOBAL MACRO

Is the global trade system broken? -The Economist

Italy’s Politics Get Real for Bonds Any hint that the budget could get delayed gets debt investors worried. -Bloomberg

HAVE A PILE OF LIRA CIRCA 1994; BRING IT BACK BEPPE! Beppe Grillo sets his sights on the euro 5Star Movement founder wants a referendum on membership of the single currency, even though his party has changed stance on the issue. -Politico.eu

Iran's rial plunges as fresh US sanctions loom As the US pulls out of the nuclear deal with Tehran, Iranians have begun fleeing to the US dollar on fears of renewed hardships. But the central bank chief sees no fallout from renewed US sanctions. -DW