The 6am Cut London

Japan’s machinery orders jumped 5.7% in April, compared to 1.5% consensus forecasts, reports the WSJ.

Jamie Dimon will tell lawmakers that the bank’s CIO unit “should have gotten more scrutiny” on Wednesday, the FT reports. His full prepared statement is here.

Former Swiss National Bank chairman Philipp Hildebrand is joining BlackRock as vice-chairman and will oversee the firm’s largest institutional client relationships outside of the US, reports the FT.

“A Greek exit from the eurozone may be the price that has to be paid to persuade Germany to save the single currency, George Osborne said on Tuesday.” His commentary will inflame European tensions, says the FT.

Greek deposit outflows have accelerated before this weekend’s elections, says Bloomberg,citing two bankers familiar with the situation. One of the sources said withdrawals were at the upper end of the €100m - €500m range, while the other said “the drawdown may have exceeded 700 million euros yesterday”.

US Airways is seeking regulatory approval for its proposed merger with American Airlines parent AMR Corp, says Reuters, citing people with knowledge of the matter. US Airways believes approval “would remove one key element of uncertainty from the picture, bolstering its case as AMR’s creditors compare the merits of a merger with the carrier’s standalone restructuring plan”, Reuters says.

UK Libor traders under investigation for the suspected rigging of the benchmark are unlikely to face criminal charges, says Bloomberg, citing people with knowledge of the probe.

“Hong Kong’s incoming leader, financial secretary and top central banker all pledged their commitment to the city’s currency peg after former monetary chief Joseph Yam called for a review of the link to the dollar,” reports Bloomberg.

Ronald van der Vis has resigned as CEO of Esprit, sparking a sell-off of the Hong Kong-listed clothing chain’s shares, reports the FT.

COMMENT AND CURIOS

- “Insurance union” + “adjustment union” could be a way out, says Martin Wolf. (Financial Times)

- JPMorgan’s DOOMSDAY scenario, revealed. No, really. (Financial Times)

- ‘A Greek exit could be brought about almost by accident,’ warns S&P’s Moritz Kraemer. (Financial Times)

- Parsing Jamie Dimon’s testimony. (NYT DealBook)

- The man who could cost Morgan Stanley shareholders $9bn. (Wall Street Journal)

- Where the China slowdown is worst. (Bloomberg)

- Hollywood’s newest censor is…. (LA Times)

OVERNIGHT MARKETS: MIXED

Europe worries bad; Japanese machinery orders good. [More]