EUROPE
Leonid Bershidsky: Europe Can't Get Its Stories
Straight – BB
A look back at news
coverage of the euro crisis shows how the top economies don't share a reality.
Münchau: Eurozone reformers act as if the crisis never happened – FT
Safe bonds are a bad
idea whose time has definitely not come
Deutsche Bank to Cut at Least 250 Banker Jobs – BB
Deutsche Bank To Fire Up To 500 Amid Tumbling
Trading Revenues – ZH
EUROPEAN CENTRAL BANK
EUROPEAN CENTRAL BANK
We do not expect large
changes to the ECB March inflation projections. Strong growth and signs of wage
pressures compensate for the negative effects of stronger euro. We continue to
expect that the ECB will hike rates only at the end of 2019.
Germany’s Jens Weidmann
is an early favorite, but there are plenty of others in the running. The
appointment is just one of several top European policy positions coming up,
setting the stage for plenty of political horse-trading over nationality and
gender as well as expertise.
Jürgen Stark: The Irresponsible ECB – Project Syndicate
Ultra-loose monetary
policy stopped being appropriate long ago, and is especially inadvisable now,
with the global economy – especially the developed world – experiencing an
increasingly strong recovery. As recent stock-market turbulence shows, refusal
to normalize policy faster is drastically increasing the risks to financial
stability.
UNITED STATES
Davies: Trump’s fiscal gamble and the US twin
deficits – FT
A large fiscal boost so
late in the US cycle will add to pressure on the Fed
Goldman: "Federal fiscal policy is entering
uncharted territory" –
Bill
McBride
Leonid Bershidsky: President Trump, I'm Russian and I'm Not Laughing – BB
I fear the indictment of
Russian internet trolls may lead to less freedom for both Americans and
Russians.
MARKETS / OTHER
S&P 500 posts best week since 2013 even as yields increase * Daily
volume at Goldman Sachs’s buyback unit shot up last week
Dollar Regime Change: The Prequel – ING
There are early signs that the dollar is undergoing a significant regime
change – particularly in the nature of the dollar’s decline. If the 10% fall in
the trade weighted dollar in 2017 was a ‘benign decline’ driven by the
re-rating stories of overseas economies, then this year’s 4% dollar drop looks
far more self-inflicted
S&P 500 post best week since 2013 even as yields keep going up * Daily
volume at Goldman Sachs’s buyback unit shot up last week
10y UST yields at 4.5%+, EUR at 1.40, JPY at 95, oil at $95-100 and US HY
credit 650-700bp over USTs as tail risks
Are US companies’ share buybacks detrimental for the US economy? – Natixis
No abnormal use of cash – buybacks are balanced by lower dividends *
Buybacks do not increase debt or decrease investments * Buybacks are procyclical
and destabilise the stock market
OFF-TOPIC
Why Silicon Valley billionaires are prepping for the apocalypse in New Zealand – The Guardian
Why Silicon Valley billionaires are prepping for the apocalypse in New Zealand – The Guardian
How an extreme libertarian tract predicting the collapse of liberal
democracies – written by Jacob Rees-Mogg’s father – inspired the likes of Peter
Thiel to buy up property across the Pacific
The regime in Pyongyang has sent hundreds of programmers to other
countries. Their mission: Make money by any means necessary. Here's what their
lives are like.
Students in the Extreme Polar Training course, a two-week freeze-fest
held near the Arctic Circle on Canada's Baffin Island, learn how to live in
Earth's coldest conditions. Still, nothing really prepares you for 72 hours of
a sled-pulling, pathfinding ordeal on a skinny pair of skis.
The gun debate would change in an instant if Americans witnessed the
horrors that trauma surgeons confront every day.
From a nondescript office building in St. Petersburg, Russia, an army of
well-paid “trolls” has tried to wreak havoc all around the Internet — and in
real-life American communities.
REGULARS
FirstFT Daily Briefing – FT
Munich finger-pointing, nuclear football in China, Florida survivors
WSJ City – WSJ
Stopping Russian Meddling Won’t Be Easy For US Tech Giants, Italy’s
Unpredictable Election
“Best of the web” daily charts – Lukas
Daalder
Danske Daily – Danske
Bank
Daily Market Comment – Marc
Chandler
Monday Market Update
Brussels Playbook – Politico
Selmayr forever — The right Grexit — Big trade week
US Open – ZH
Asia, S&P Futures Rally, Europe Falters With US, China On Holiday
Frontrunning – ZH
FINNISH
Aamukatsaus – Nordea
Fedin, EKP:n
ja Riksbankin kokouksien pöytäkirjat julkaistaan tällä viikolla | Suomesta
saadaan tänään inflaatioluvut | USA:n pörssit ovat tänään kiinni