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Monday, February 19

19th Feb - US holiday

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Leonid Bershidsky: Europe Can't Get Its Stories StraightBB
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 happenedFT
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 RevenuesZH

Will sign of wage pressures be reflected in ECB inflation projection?Nordea
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.

Who Will Be the Next ECB President?BB
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 ECBProject 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.

Davies: Trump’s fiscal gamble and the US twin deficitsFT
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 LaughingBB
I fear the indictment of Russian internet trolls may lead to less freedom for both Americans and Russians.

What Shaped the Stock Market's $3 Trillion TraumaBB
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
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

What Shaped the Stock Market's $3 Trillion TraumaBB
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

Citi's "Four Crazy Market Targets"ZH
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

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

Inside North Korea’s Hacker ArmyBloomberg
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.

Get Schooled in the No-Nonsense Art of SurvivalOutside
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.

What Bullets Do to BodiesHuffPost
The gun debate would change in an instant if Americans witnessed the horrors that trauma surgeons confront every day.

The AgencyThe New York Times
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.

FirstFT Daily BriefingFT
Munich finger-pointing, nuclear football in China, Florida survivors

Stopping Russian Meddling Won’t Be Easy For US Tech Giants, Italy’s Unpredictable Election

 “Best of the web” daily chartsLukas Daalder

Danske DailyDanske Bank

Daily Market Comment Marc Chandler
Monday Market Update

Brussels PlaybookPolitico
Selmayr forever — The right Grexit — Big trade week

Asia, S&P Futures Rally, Europe Falters With US, China On Holiday


Aamukatsaus Nordea
Fedin, EKP:n ja Riksbankin kokouksien pöytäkirjat julkaistaan tällä viikolla | Suomesta saadaan tänään inflaatioluvut | USA:n pörssit ovat tänään kiinni

AamukatsausDanske Bank