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Thursday, February 28

28th Feb - US Open: Boring EOM

 Dull, quiet day: last day of the month, no ECB/FED-stuff flying around, sequester coming up on Friday. Today's inflation numbers from Europe suggest that the ECB has room to ease - if it wants to.

Previously on MoreLiver’s:

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Roundups & Commentary
Frontrunning – ZH
Overnight: Sentiment Slumbers In Somnolent Session – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Daily press summary – Open Europe

Morning MarketBeat: Record Highs So Close, Yet So Far – WSJ
Calmer Markets Continue – Marc to Market
Morning Briefing (EU/US): Falling starBNY Mellon
The dynamics behind the CAD’s stellar performance post-crisis are in a state of flux

The Euro Crisis: Mission Accomplished?* Bruegel
The improvement in financial stability is real, but the clear analogy, unfortunately, is to President George W. Bush, who in 2003, stood on an aircraft carrier beneath a banner that read, “Mission Accomplished,” only two months into an Iraq war that would last another decade. The dark clouds of euro crisis are hardly behind us.

Slovenia government collapseseuobserver
Slovenia’s prime minister Janez Jansa was ousted from office in a no-confidence vote on Wednesday amid economic gloom compounded by persistent allegations of corruption.

Prospects for Revival in the Eurozone – and what place for Britain in Europe?Policy Network
Event today, speakers include Rehn and Van Rompuy

EU agrees to cap bank bonuses, lift capital requirementseuobserver
Five essential questions on the bonus capBrussels Blog / FT

Italian President demands respect in Germanyeuobserver
Italian President Napolitano has, while on a trip to Germany, demanded respect for Italy and cancelled a meeting with the German opposition leader after he mocked Italy's election results.

It’s Frankfurt that should be your worry – not RomeThe Market Monetarist
The logic is that a ‘bad’ political outcome in Italy will lead the ECB to become more hawkish and effectively tighten monetary conditions by signaling that the ECB is not happy about the ‘outcome’ in Italy and therefore will not ease monetary policy going forward even if economic conditions would dictate it.

The inbuilt political stand-off in the ECB's bond-buying programme Open Europe

A flaw in euro zone defencesMacroScope / Reuters
The story of the last five months has been the bond-buying safety net cast by the European Central Bank which took the sting out of the currency bloc’s debt crisis. But now it has an Achilles’ Heel. The ECB has stated it will only buy the bonds of a country on certain policy conditions.

ECB Cash Seen as a DangerWSJ
Increasingly it seems that all the easy cash the European Central Bank has been doling out to fight the symptoms of the debt crisis could come at a high cost.

The Pavlovian sequester response?Humble Student
Is the market just conditioned to getting a last minute deal, just like what we saw during the 2011 debt ceiling impasse, or endless eurozone summits over Greece in the same year? What happens to equity prices if the cavalry doesn't arrive?

Kuroda’s BoJ nomination is goalphaville / FT
Asian Development Bank president Haruhiko Kuroda has been nominated for Bank of Japan governor, while academic Kikuo Iwata and Hiroshi Nakaso, a BoJ official, were put forward for the two deputy governor roles.

Ye olde Abenomicsalphaville / FT
All this has happened before and will happen again… at least, so hopes the Japanese government.

All you ever wanted to know about the AUD and who’s holding it* - alphaville / FT
An FOI request by Bloomberg yielded a bunch of documents from the Reserve Bank of Australia about the currency’s overvaluation problem. Specifically, how bad it is and who’s to blame.

BoJ appointments now clear, euro pokes resistanceTradingFloor

EK valmis keskustelemaan keskitetystä palkkaratkaisustaEK
Ehtona on, että uusia palkankorotuksia ei tehdä kahden seuraavan vuoden aikana. Palkkojen uusiin yleisiin korotuksiin ei ole lähivuosina varaa.

Uudistuuko Eurooppa?Henri Myllyniemi / piksu

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