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Wednesday, March 22

22nd Mar - Partial recovery

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EU of Those Running Fast, or of Those Arriving Together? – euinside

Trump’s Misplaced Priorities Imperil His Economic Agenda –
Manafort Had Plan to Benefit Putin Government – BB

The Global Liquidity Party Is Alive and Well, in Charts – BB
Pillar of Trump Rally Fractures as Banks Sink Most Since Brexit – BB
A Moment to Rethink Market Strategies – BB

Populism: The Phenomenon – Bridgewater

China Shadow Banks Hit by Record Premium for One-Week Cash – BB
PBOC Said to Inject Funds After Missed Interbank Payments – BB
PBOC Injects Billions Into Banks After Defaults In Interbank Payments – ZH

Morning Report APAC TF
Asian markets were down in early trade with both the ASX200 and Nikkei lower by 1%. This follows Wall St's more than 1% fall overnight on concerns the US president may not be able to pass his pro-growth policies.

FirstFT FT
Markets hit by biggest fall since Trump’s election, how the taxman is stifling Big Marijuana, and is it too late to save Hong Kong?

Trump Trade Unwinds, UK Firms Scout for EU Base, EU Clashes Over Brexit

Danske DailyDanske Bank

Much lower equities, commodities; weaker USD; UK inflation back to target * Reflation theme being questioned * Equities plummet

Morning Markets TF
The Trump trade has sustained markets for more than four months but after a sharp slide in the major indices on Wall St Asia has followed suit and investors are taking fright. A failure Thursday to see through the repeal of Obamacare will have far-reaching implications.

From the Floor TF
US equities posted their largest single-day drop since November 2016 Tuesday as concerns are growing that president Trump may not have the political clout to pass his promised reforms.

Brussels PlaybookPolitico

Five Things You Need to Know to Start Your DayBB

10 things you need to know before the opening bell – BI

US Open – ZH
Global Stocks Tumble; Gold, Safe Havens Jump On Doubts Trump Tax Cuts Will Pass


FX Update TF
Trump’s healthcare bill bogging down in Congress is a sign that the Trump trade is faltering as anticipation fades that the more impactful Trump promises will see the light of day any time soon. Risk off is an interesting challenge to some of the recent FX developments.

62 päivää takana - markkinat kaipaavat näyttöä * USA:ssa riskisentimentti on laskussa * Ison-Britannian inflaatio kiihtyi helmikuussa 2,3 prosenttiin * Uusin Economic Outlook julkaistaan ensi viikon tiistaina 28. maaliskuuta