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Wednesday, February 6

6th Feb - Still bad data from Europe #4014

ECB Is Said to Need More Convincing on Long-Term Loans for BanksBB
Officials haven’t yet discussed need for new bank funding * Decision on longer-term funding offer in March is uncertain

Daniel Gros: The Mirage of a Global Euro Project Syndicate
When the euro was introduced a generation ago, European leaders envisaged a common currency that would come to rival the US dollar as a second global reserve currency. That hope has failed to materialize – an outcome that European leaders would be wise to welcome.

Debt-laden borrowers revel in Europe’s buyout boomFT
Risky companies pile on more debt with fewer safeguards, despite regulatory scrutiny

Fiscal spillovers in a monetary unionECB

Recent developments in oil prices ECB

German factory orders drop in December in latest sign of slowdown FT
New orders in manufacturing fall despite expectations of rise

Germany: Industrial slowdown continuesING
Industrial orders took another nosedive, indicating that any rebound in industrial activity will be slow and sluggish. But there is some light at the end of a very long tunnel.

New German CDU leader calls for European armyFT
Kramp-Karrenbauer say EU cannot be ball played between US, Russia and China

Full text – CNN
Trump’s State of the Balcony Address – BB
Trump uses State of the Union to reveal Kim summit – FT
Trump Yields No Ground to Democrats in Combative State of Union – BB
Trump calls for rejection of 'politics of revenge' in speech that jabs Democrats – CNN
In dissonant speech, Trump seeks unity while depicting ruin – WaPo
5 takeaways from Trump’s address – WaPo
Trump Asks for Unity, but Presses Hard Line on Immigration – NYT
Takeaways From Trump’s 2019 State of the Union Address – NYT
US State of the Union: Building walls, not bridges – ING
Editorial: Trump’s State of the Union Address Was Almost Good – BB

Facebook to link employee bonuses to progress on social issues FT
Company sets new criteria after facing criticism for ‘growth-at-all costs’ mentality

IMF Staff Floats Dual Money to Allow Much Deeper Negative Rates BB

How Bad Is China's Economic Slowdown? It Depends What You SellBB
Bull case: consumer spending still robust, government stimulus * Bear case: global companies raising red flags, trade war

EU Open RundownRANsquawk

FirstFT Daily Briefing FT

Brussels BriefingFT
Germany pushes for an EU industrial policy revolution - Siemens and Alstom provided insufficient remedies to address concerns that any combined entity would have a virtual monopoly in some European markets

Brussels EditionBB

Brussels PlaybookPolitico
State of Trump’s union — May back in town — Giants and unicorns, oh my

Danske DailyDanske Bank
Little news in Trump's State of the Union speech

Eco Day EuropeBB
Brexit and Productivity, Trump Speech, RBA Bias Change * Italy is preparing to sell 1.8b euros of state-owned property * Asian emerging markets are preparing to dump hawkish bias

Daily Market CommentMarc Chandler

Five Things to Start Your Day USBB

US Open RundownRANsquawk

Global Rally Fizzles After Horrible German Data; Aussie Dollar Plunges, Iron Ore Surges

Eco Day USBB
Trump's Speech, ECB in No Hurry on Loans, U.K. Outlook * Trump inflates U.S. economic achievements from jobs to wages * ECB said to need more convincing on long-term loans for banks

Trump piti eilen puheen kansakunnan tilasta, ei tarjonnut yllätyksiä | Puolan ja Brasilian keskuspankit kokoustavat tänään | USA:n palvelusektorin luottamus jatkoi laskuaan, myös Ruotsin ja Britannian palveluiden ostopäällikköindeksit laskussa

2013 – The Finnish DivergenceETLA

Jan Hurri: Omatekoinen taantuma – VM neuvoo, miten se uusitaan IS
Suomi vasta toipuu edellisestä omatekoisesta taantumasta, kun VM jo yllyttää valmistelemaan seuraavaa. Parasta kai kiristää omaakin vyötä jo valmiiksi, kirjoittaa erikoistoimittaja Jan Hurri.

Seppo Varjus: Ministeriön luvuilla luututtiin lattiaa – talouskuri valui viemäristä alasIS
Pitkään hallinnut [talouskuri-]ideologia hiipuu Euroopassa. Olisi ihme, jos tämä ei näkyisi Suomessakin.