Headlines discussed at LNWM’s Monday morning briefing:

— The U.S. economy contracted 1% annualized in first-quarter 2014 (per latest estimate), the first drop in three years; corporate profits also fell.
— Eurozone critics were big winners in European national elections and are now a significant political force.
— France received roughly half the revenue expected from hikes to its corporate, VAT and income tax rates.
— The European Commission proposed a plan to reduce Europe’s reliance on Russian oil and gas.
— The Eurasian Economic Union was initiated by Russia, Kazakhstan and Belarus.

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