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Thursday, February 20

20th Feb - Feb PMIs, FOMC minutes

Previously on MoreLiver’s:

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Ex-Czech President Klaus warns Europe is in ‘same blind alley’TradingFloor
Former Czech President delivers damning verdict on EU * Klaus warns Europe in 'blind alley' towards disaster * Euro 'one-size fits all' could never work

Dutch Foreign Minister: There is no EU without the member statesNetherlands
The EU needs to be modest and understand that there is no Union without the member states…The EU exists by the grace of the member states and their democratic institutions.

The Troika and financial assistance in the euro area: successes and failuresBruegel
A systematic evaluation of financial assistance for Greece, Ireland, Portugal and Cyprus. All four programmes, and in particular the Greek one, are very large financially compared to previous international programmes because macroeconomic imbalances and the loss of price competitiveness that accumulated prior to the programmes were exceptional. Yet programmes were based on far too optimistic assumptions about adjustment and recovery in Greece and Portugal.

Bruegel Think Tank Says Greece Needs New €40 Billion BailoutWSJ
Greece should get a new €40 billion bailout and the euro zone should be prepared to forego interest payments from the government if if the country’s debt remains too high, economists at a Brussels think tank argued on Thursday.

Ukraine protests turn violent, Russian rouble comes under pressureDanske Bank

Spain: Financial Sector Reform—Final Progress ReportIMF

Euro PMIs disappoint - more pressure on the ECB – Danske Bank
European PMIs: growth ahead, despite a negative surprise – Danske Bank
Euro-Area Recovery Loses Pace as Manufacturing Weakens – BB
German headache for the ECB? – Merkelnomics
Euro zone business recovery eases despite price cutting – Reuters
Downbeat activity data pushes global shares lower – Reuters

Flash Consumer Confidence February – European Commission
European Consumer Confidence Plunges; Misses By Most In 30 Months – ZH

The subprime education crisisPieria
That’s a good thing, isn’t it? It shows that lots of young people are signing up for college instead of sitting around at home doing nothing or doing dead-end jobs. But all is not well.......

Beneath Fed’s United Front, Points of Dissension Emerge – WSJ
Little guidance on the eventual new guidance – alphaville / FT
Minutes and Thoughts on Forward Guidance – Marc to Market
Fed Taper Continuing But Forward Guidance Confusion – ZH
"A clear presumption in favor" of Additional Tapering – Calculated Risk
The Key Passages – WSJ
Minutes Spark Un-Taper Unwind – ZH

What Weather? US PMI Explodes To Highs – ZH
Factory activity growth hits nearly four-year high in February: Markit – Reuters
Philly Fed factory activity unexpectedly contracts in February – Reuters

What if China Does Land Hard?WSJ
Over the last two weeks, several major investment houses have published reports exploring the idea of a hard economic landing in China. They include “We don’t expect it to happen” caveats. But what if it did happen? Would the rest of the world tank as well?

China a Growing Worry Among Fund Managers, BofA Survey FindsWSJ

Economists React: Another Bad Sign for China’s Economy – WSJ
HSBC PMI dropped markedly in February – Danske Bank
China Manufacturing PMI Misses, Tumbles To 7-Month Low – ZH

IMF Note on Global Prospects and Policy Challenges – IMF
Note by the Staff prepared for the Feb 22-23 G-20 Meeting in Sydney.

IMF Warns G-20 of Deflation Risk, Emerging-Market TurmoilBusinessweek

Yellen Leads Fed Damned Every Way by Emerging Market AngstBB

G-20 Meeting Guide From Emerging-Market Gripes to CurrenciesBB

Quant Funds Feel Investor Bite After UnderperformingBB
Investors pull $4.9 billion in the last three months of 2013, the most in five years, according to Chicago-based data provider Hedge Fund Research Inc. That followed outflows of $1.1 billion in the second quarter and $668 million in the third, HFR said. It was the largest quarterly outflows for the quant funds since the first three months of 2009

Tavoitteena Euroopan YhdysvallatIL
Komission varapuheenjohtaja näkee euroalueen liittovaltion alkiona.

Haaveilijoille puuhamaaEija-Riitta Korhola / US