W/E: Weekly Support (updated!)
EUROPE
The ECB on Wednesday will host a public hearing at its Frankfurt headquarters on the
draft framework regulation for its new euro-zone banking supervisor. The
framework will set out how the ECB will cooperate with national authorities
within the new supervisor, which starts in November. But most of the chatter is
likely to be about what happens before that.
Spanish Bad Loans Hit
Record; Surge Most In A Year – ZH
As the death toll from
Tuesday’s deadly clashes between Ukrainian anti-government protestors and riot
police rose to more than ten, and Kiev’s main square was lit by flames, the country’s
powerful oligarchs called for an end to the bloodshed.
Some risk that Fitch cut its outlook on Austria's AAA rating to
negative from stable.
UK inflation falls
below BoE target for first time since Nov 2009 – Reuters
Swedish Consumer Price Decline Adds Pressure on Riksbank Rate – BB
FINANCIAL TRANSACTION
TAX
UNITED STATES
Fed Issues Final
Rules for Foreign Banks – NYT
The Fed is expected to
flex its Dodd-Frank muscle today, drawing large foreign banks into the Fed’s
regulatory regime and outlining new requirements big banks must take to manage
risk.
New York Fed report shows households adding debt – NY
FED
Student debt is terrible, in charts – WaPo
Student Loans Hit Record $1.08 Trillion – ZH
NY Fed: Household Debt increased in Q4, Delinquency Rates Improve – Calculated
Risk
'Who’s Borrowing Now? The Young and the Riskless!' – Economist’s
View
Homebuilder Confidence Nosedives – Bespoke
NAHB: Builder Confidence declines sharply in February to 46 – Calculated
Risk
Sharp fall in US NAHB Housing Index not all due to bad weather – Danske
Bank
ASIA
Too Early To Call Abenomics a Failure – WSJ
Bank of Japan surprises with easing move – Danske
Bank
Bank of Japan holds fire despite soft GDP, expands loan programs – Reuters
Is renewed surge in credit forcing PBoC to tighten further? – Danske
Bank
PBOC Drains Funds Using Repos for First Time in 8 Months – BB
EMERGING
An EM credit crunch,
not a sudden stop – alphaville
/ FT
The crisis in the emerging markets’ “fragile 8″ , which threatened to
sweep all before it a few weeks back, seems to have settled down almost as
quickly as it erupted onto the scene.
Emerging Markets at
Risk From Carry Trade Unwinding, BofA Says – BB
Emerging Markets Are
Biggest Risk to Stability – WSJ
The MSCI Emerging Market index has recovered almost 5% from this year’s
low on Feb. 5. But major fund managers
still see danger lurking, with emerging markets cited as the biggest risk for
financial stability by almost 80% of those surveyed over the past month by Bank
of America Merrill Lynch.
From Brics to blocs:
a new matrix for EM investing – beyondbrics
/ FT
OTHER
Country Market Caps – Bespoke
FX Traders Facing
Extinction as Computers Replace Humans – BB
Swaps Pioneers Recall
Wild West Days as Trades Go Digital – BB
Electronic dealing, which accounted for 66 percent of all currency
transactions in 2013 and 20 percent in 2001, will increase to 76 percent within
five years, according to Aite Group LLC
I love the smell of
carry trade in the morning – alphaville
/ FT
BofAML dissecting “an international leverage binge, yet another carry
trade, the third in 20 years,” by issuers of corporate bonds in emerging
markets…Which makes investing in EM not so much about EM — as about what the
Fed will be doing as it exits policy.
Central banks are
better off being ‘reassuringly vague’ – George
Magnus
Time to stop
obsessing about central banks – alphaville
/ FT
George Magnus, former chief economist at UBS, says central banks can’t
do much more to support the economy and it’s time to stop obsessing about their
every policy manoeuvre because it’s counterproductive.
FINNISH
Suomi vs. Ruotsi kuvina – Roger Wessman
Eurokriittisiä pelkää jo jopa Angela Merkel – Erkki
Havansi / US
Voiko hyvinvointivaltio perustua vapauteen? – Petrus
Pennanen / US
Rappio, romahdus, Sdp – TE
Euron kannatus hupenee Ranskassa – Verkkouutiset