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EUROPE
Eurozone
debt, bailouts and contagion – vox
The
re-emergence of spreads between peripheral and core Eurozone countries at the
start of the Greek crisis came after a decade of homogeneous interest rates in
the monetary union. This column investigates the behaviour of spreads through
the lens of a theory of implicit bailout guarantees.
Euro
area macro monitor
– Danske
Bank
The latest
positive surprises in euro area figures imply that we lift our already above
consensus GDP growth forecast from 1.5% to 1.6% in 2015 and from 2.0% to 2.1%
in 2016
Greece
Bailout Talks: A Glossary – WSJ
Industrial
production down by 0.1% in euro area – Eurostat
EUROPEAN CENTRAL BANK
Draghi-Backed
Report Says Sovereign Debt No More a Risk-Free Bet – BB
The ECB’s
QE Is Working Well – PIIE
Draghi Says
ECB Action Can and Will Return Inflation to Goal – BB
UNITED STATES
Debt
ceiling déjà vu – government default unlikely – Nordea
Yet again,
a fresh battle over the federal debt ceiling is looming. At some point the
issue might grab the market’s attention, but not until late summer, if at all.
Although the current suspension of the debt ceiling ends on 16 March, the
federal government will not run out of money next week.
Deutsche
Bank: "Is The S&P Ready For Rate Hikes?" – No – ZH
Retail
Sales decreased 0.6% in February – Calculated
Risk
STRESS TESTS
Fed Fails
Deutsche, Santander, BofA required to Submit New Plan – Calculated
Risl
Stress Test
Results: 28/31 Pass - Deutsche & Santander Fail, BofA To Re-Submit – ZH
Deutsche
and Santander fail US stress test – FT
Why Did
Deutsche Bank and Banco Santander Fail? – WSJ
OTHER
Global
finance faces $9 trillion stress test as dollar soars – The
Telegraph
The world
is more dollarized today that any time in history, and therefore at the mercy
of the US Federal Reserve as rates rise
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Banks Get Through the Fed’s Little Shop of Horrors * Fed Rejects Two
Bank’s Capital Plans in Stress Tests * Senate Finance Committee Chairman Seeks
More Details on Fed Leak Probe * China Likely to Roll Out Deposit Insurance,
Free Up Rates in 2015 * South Korea Cuts Interest Rate
Daily
Macro – WSJ
The
relentless fall in the euro and collapse in eurozone sovereign yields continue
to hold market attention in a week when the ECB started up its massive bond
purchase program. Everyone’s trying to puzzle out how low they can go. How long
will it take the euro to reach parity against the dollar? Will yield
differentials between Germany and other eurozone countries collapse to zero?
How far along the yield curve will yields be negative? And will it help? So far
the euro’s weakness hasn’t filtered through to industrial strength
Danske
Daily – Danske
Bank
Eye-Opener – Nordea
Factors as
strong as gravity holding rates low * Is parity close by for EURUSD? * More
easing from the Riksbank remains an option * EUR swaps set to go negative
Daily
Shot – TF
A raft of
new economic indicators, all of which undershoot expectations, provides clear
evidence of the fragility of China's economy. In Europe, meanwhile, the race to
negative territory continues and almost a dozen countries there recorded
10-year yields of below zero yesterday.
US Open – ZH
FX
Volatility Spikes As More Countries Enter Currency Wars; Euro Surges On Furious
Squeeze After Touching 1.04
From the
Floor – TF
There's
another surprise rate cut after Thailand yesterday, this time from South Korea,
where the central bank cut its benchmark rate by 25 basis points to 1.75%.
Martin
Sandbu’s Free Lunch
– FT
There is
more to Japan - and less to the UK and euro core - than meets the eye
FINNISH
Aamukatsaus – Nordea
Riksbank heikentää kruunua lisäkevennyksellä | Kiinan talous
jatkoi hidastumistaan
Talouspolitiikan muunneltu totuus – Olli
Rehn / US
”Uskomaton” Suomi-luku paljastui – US
BORG &
VARTIAINEN
Kiander ihmettelee osia B&V:n Suomi-raportista – MTV
Teknologiateollisuus: "Suomi ui todella syvällä" –
TalSa
Kuntatyönantajat: B&V:n ehdotukset vakauttaisivat
julkisen talouden – Verkkouutiset
Ei kovin paljon uutta Suomen strategiasta – Peter
Nyberg
WAHLROOS
Wahlroos soimaa poliitikkoja - rikkaita rankaistaan
helpoilla ratkaisuilla – IL
Wahlroos: Suomi on onnistunut täysin tärvelemään
kilpailukykynsä – IL
Näkökulma: Nalle Wahlroos korjaa taloustieteen virheet – IL
Wahlroos paljasti ”mielenvikaisen” Nokia-mokansa – IS
Wahlroos yksityistäisi veden ja neuvoo lapsenteossa – TalSa
Wahlroos paljastaa päävastustajansa – KL
Wahlroos arvostelee "torakka-ajatuksia": lisävelkaa
ja yhteisomistusta – Verkkouutiset
Vanhojen omakotitalojen hinnat loka-jouluk. -1,2% YoY – Tilastokeskus
Koko kaupan myynti tammik. -8,8% YoY – Tilastokeskus
Taloudellinen huoltosuhde heikentyi vuonna 2013 – Tilastokeskus