21st Feb - Hawkish minutes, falling PMIs

Market dashboard as 22-Feb-2018. Bond yields to new highs * Vol and correlation elevated, but calm * USDJPY rising * Third red day for stocks

February purchasing manager indices: Europe below expectations, US above expectations

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EUROPE

Giugliano: The Euro Zone Needs More Risk Sharing, But Fewer Risks – BB

France and Germany are making a good start, but it will be hard to build a consensus.

The Euro Area Needs a Fiscal Union – iMFdirect

Without more tangible elements of a fiscal union, the euro area will remain fundamentally vulnerable to shocks.

  PMI
Flash Eurozone Composite PMI – Markit

Flash Germany Composite PMI – Markit

Flash France Composite PMI – Markit

Euro zone business growth loses momentum in Feb but remains strong – Reuters

German Economy on Track for Fastest Quarterly Growth Since 2011 – BB

Euro Area Hits Speed Bump on Road to Faster Economic Growth – BB

UNITED STATES

Is there a Multilateralism that the US could Like? – Marc Chandler

  FEDERAL RESERVE

Minutes Preview: "The Most Likely Surprise Is 4 Rate Hikes In 2018" – ZH

Minutes Preview: Just One Question - 3 Or 4 Hikes In 2018? – ZH

Five Fed Rate Hikes in 2018 Isn't A Crazy Idea – BB

Goldilocks: Hawkish On Growth And Inflation But Not Enough For 4 Hikes – ZH

Minutes Show Confidence Improving on Growth, Price Outlook – BB

The Annotated Minutes – BB

MARKETS / OTHER

Market's Red Line for Yields Isn't Where Everyone Thinks It Is – BB

Stocks will rise with yields until rates reach 3.5%, CS says * Once they push past 4 percent, equity declines more likely

The Rise of Tech Giants May Be Bad News for the Economy – BB

The dominance of a few firms risks harming productivity and growth, study finds

Stocks Slammed: Dow Dumps Into Red As Bonds Puke – ZH

Dow Plunges 500 Points As Bond Yields, Dollar Spike – ZH

REGULARS

FirstFT Daily Briefing – FT

May on notice, Lloyds £1bn buyback, malicious AI

WSJ City – WSJ

Lloyds Launches Buyback as Profits Rise, Looser Spending Could Force Fed’s Hand

WSJ Economics – WSJ

How Many Times Will the Fed Raise Rates This Year?

“Best of the web” daily charts – Lukas Daalder

Danske Daily – Danske Bank

Daily Market Comment – Marc Chandler

Markets Mark Time

Brussels Playbook – Politico

Commission staff reshuffle — Tax disunity — Bill Gates interview

Five Things You Need to Know to Start Your Day – BB

US Open – ZH

Futures, European Stocks Slide After Poor PMIs; Dollar Gains Ahead Of Fed Minutes

Frontrunning – ZH

FINNISH

Aamukatsaus – Nordea

Tulossa euroalueen ostopäällikköindeksit ja Fedin pöytäkirjat | Suomen tammikuun työmarkkinaluvut olivat vahvat | Ruotsin inflaatioluvut heikensivät kruunua

Aamukatsaus – Danske Bank