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Friday, February 15

15th Feb - European angst -> policy shift -> rally #4022

The euro crisis in the mirror of the European Monetary Systemvoxeu
Why was recovery from the euro area crisis delayed for a decade? The explanation lies in the absence of credible and timely policies to backstop financial intermediaries and sovereign debt and to thereby prevent problems in banks and bond markets from feeding on one another. This column adds light and colour to this analysis, contrasting recent experience with the 1992-3 crisis in the European Monetary System, when national central banks and treasuries more successfully provided this backstop.

Lagarde Says Europe Faces ‘Defining Moment’ as Economy WobblesBB

European Banks Jump, Euro Tumbles As ECB Hints New TLTRO Is PossibleZH

Eurozone exports: Sign of strength or last hurrah?ING
Exports fell marginally in December by 0.1% on a seasonally adjusted basis, but the 1.1% quarterly growth is encouraging. But the real question is can this continue in the uncertain global environment?

Germany deepens probe into Deutsche’s role in Danske armFT
Financial watchdog widens remit of independent auditor at largest German lender

Spanish PM calls snap election for April 28FT
Budget rejection brings to an end the shortest administration in country’s modern history

What will change with the EU’s new copyright law?FT
New rules aim to give artists and publishers more power over internet platforms

Debt overhang, rollover risk, and corporate investment: evidence from the European crisisECB

The anatomy of the euro area interest rate swap marketECB

US retail sales plunge despite solid consumer backdropING
There’s no doubt about it, December’s US retail sales figures are off-the-charts bad. But there are a few reasons to treat these numbers with caution, as we think the strong jobs market should support a rebound over coming months

Facebook in talks with US watchdog over privacy probeFT
FTC could levy multibillion-dollar fine if it decides social network broke data consent order

Editorial: Trump’s AI Plan Is a Good StartBB
A measured proposal will support crucial technology and U.S. businesses.

US-China trade talks end with little sign of progress FT
Impasse increases pressure on Trump to delay raising tariffs

Five Things to Start Your Day AsiaBB

EU Open RundownRANsquawk

FirstFT Daily BriefingFT

Brussels BriefingFT
Macron’s popular touch - the French president relishes his new stock of diplomatic ammunition to use against his nationalist enemies in Europe

Brussels EditionBB

Brussels PlaybookPolitico
Germany’s shooting blanks — Theresa May gets used to defeat — Churchill trendy again

Danske DailyDanske Bank

Eco Day EuropeBB
Europe's Defining Moment, ECB Loans, Trade Impasse * BOE rate-hike forecasts pushed out as uncertainty rumbles on * Central bank governor tells Norway not to quit oil age early

Daily Market CommentMarc Chandler
Equities Stall While Greenback Remains Firm

Five Things to Start Your Day USBB

US Open RundownRANsquawk

S&P Futures Reverse Overnight Losses As Trade Talks Optimism Returns

Eco Day USBB
Trade Talks, U.S. Pay Gains, Brazil Pensions * U.S.-China talks to continue next week in Washington, Xi says * Brazil’s bill to overhall the pension system moves to congress

Aamukatsaus Nordea
USA:n vähittäismyyntiluvut laskivat reippaasti joulukuussa | Tänään tulossa hiljainen päivä, kauppaneuvotteluista odotetaan uutisia | Liittovaltion sululta vältytään, Trump julistamassa kansallisen hätätilan

Jan von Gerich: Kuva Suomen kasvun kiihtymisestä pelkkää harhaaNordea
Tuoreimmat arviot Suomen talouskehityksestä viime vuoden lopulla olivat varsin positiivisia ja viittaavat jopa talouskasvun piristymiseen. Valitettavasti nämä luvut kuvaavat varsin huonosti todellisuutta, ja myös Suomen kasvu on hyytymässä.