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Thursday, February 21

21st Feb - Quiet #4027

Merkel Ruffled at Prospect of More Trump Hardball TacticsBB
Chancellery alarmed at U.S. push against pipeline, people say * U.S. looked to divide Germany from EU allies on Nord Stream 2

Euro area: German grief Nordea
Today’s PMIs imply the challenges facing the German manufacturing sector are even larger than previously thought, and increasingly burden the outlook for the entire Euro area. Discussion on what the ECB could do will pick up at the March meeting.

Eurozone manufacturing slips into contraction FT
PMI hits lowest level in nearly six years as weak demand and uncertainty bite

Fed Watch: The end of QT Nordea
The Fed will end QT in the second half of 2019, as expected by the market. This was the clear message from the minutes of the January meeting. It has already improved market conditions and we keep the forecast of one more hike before the Fed is done.

China’s social credit system, banning millions from taking flights, trainsSCMP
Annual report shows the businesses and individuals added to trustworthiness blacklist as use of the government system accelerates * System aims to pressure citizens to avoid bad behaviour, although human rights advocates argue it does not take into account individual circumstances

Five Things to Start Your Day AsiaBB

Five Things to Start Your Day EuropeBB

EU Open RundownRANsquawk

FirstFT Daily Briefing FT

Brussels BriefingFT
EU plays for time on Trump tariffs: Ministers will discuss when, and under what conditions, to begin negotiations with Washington

Brussels EditionBB
All’s not well with the euro-area economy.

Brussels PlaybookPolitico
Trolling Romania again — Brexit progress — Mogherini’s legacy

Danske DailyDanske Bank
Fed wants to halt balance sheet runoff

Eco Day EuropeBB
Trade Memorandums, Fed Patience, Fitch Warning * Minutes explain dovish Fed turn in January as markets wobbled * Fitch puts U.K. on ‘negative’ watch in surprise move

Daily Market CommentMarc Chandler
Aussie Slammed by Dalian Coal Embargo, While Firmer Flash PMI does Euro Little Good

Five Things to Start Your Day USBB

US Open Rundown RANsquawk

Market Rally Fizzles As New Front Breaks Out In Global Trade War Amid Dismal Econ Data

Eco Day USBB
Global Trade Pain, U.S.-China Memorandums, Fed Minutes * Trade tensions sting exports economis from Japan to Germany * U.S., China said to work on multiple memorandums for  deal

Aamukatsaus Nordea
Fed on lopettamassa taseen supistamisen, koronnostot yhä mahdollisia | Tänään julkaistaan euroalueen ostopäällikköindeksit, myös EKP:n pöytäkirja julkaisuvuorossa | Japanin teollisuuden näkymät painuivat negatiivisiksi