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Friday, March 8

7th Mar - US Close: ECB joked

Previously on MoreLiver’s:

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Roundups & Commentary
Markets – Between The Hedges
The Closer – alphaville / FT

Tomorrow’s Tape: Non-Farm Payrolls – WSJ
US: Trannies Tumble As Dow Hits New-er-er All-Time High – ZH
Morning Briefing (Asia): ECB and BOE Leave Rates Unchanged – BNY Mellon
  Following our discussion of the outlook for the Chinese economy yesterday, we turn our attention today towards Chinese currency policy.

For the ECB meeting, see my Special: ECB Watch

The troika should recognise the efforts made by Portugal to rebalance its finances and adjust the country’s bailout conditionseuropp / LSE

BOE Keeps QE on Hold as Officials Weigh More Radical ToolsBB
The Bank of England left its four- year-old bond-purchase program unchanged today as policy makers debate more radical measures to aid the recovery.

Employment Situation PreviewCalculated Risk

Results of Fed’s Stress Tests of Banks – WSJ
Stress test results out, suspense not over yet – alphaville / FT
Fed’s Stress Tests Point to Banks’ Improving Health – Dealbook / NYT
Surprise! All Banks Pass Stress Test (Except Ally) – ZH
Does This Look Like An "Adverse Scenario"? – ZH

We seek inflation here, we seek inflation there… - alphaville / FT

Bye bye banknote rule (for real)alphaville / FT
Abenomics does not suffer rules gladly so the BoJ’s self-imposed ‘banknote rule’ must be getting pretty nervous right about now. It says the BoJ’s holdings of longer-term Japanese government bonds cannot exceed bank notes in circulation (unless they decide it can, naturally).

Euro and S&P 500: Not What You ThinkMarc to Market
It is commonplace now to talk about break down of the risk-on/risk-off (RoRo) matrix and in particular the decoupling of the euro from the S&P 500. Be careful. Most observers were slow to recognize this decoupling, which we had been writing about for some time, and are missing the more recent trend in which the linkage has tightened.

EMEA WeeklyDanske Bank (pdf)

Kypros - hallituksen kompastuskiviToimi Kankaanniemi / US Puheenvuoro

Urpilainen kehui itseään eduskunnassa: "Euroopan Täti Tiukka"Iltalehti

Vanha laulu, samanlaisetJuhani Huopainen / US Puheenvuoro