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EUROPE
EU Stagnation Continues: Deja Vu All Over Again – Social
Europe
Why The European Periphery Needs A Post-Euro
Strategy – Social
Europe
EU migration system ‘could break down in 10
days’ – Politico
2015 Q3 Consolidated Banking Data – ECB
OTHER
After general risk
aversion gave bonds another boost in the early weeks of 2016, German bonds have
continued to perform strongly. The recent market action very much suggests the
bond market sentiment ahead of the ECB’s March meeting remains strong. While
the ECB will have its hands full in meeting high expectations again,
policymakers should be keen to avoid a repeat of the market action following
the December ECB meeting.
First quota since 2008
as soured loans rise to decade high * Bank of China awaiting CBRC approval for
first NPL sale
G20 Meeting is no Jedi
Council - Marc Chandler
REGULARS
Morning Money Beat – WSJ
Will Energy Sector’s
Drag Soon Fade?
10-year Bund yield down, oil
rebounds, GBP under pressure * Euro-area inflation – upward revision? * Shattered oil freeze deal sends yields
sharply lower * NOK tanks on falling oil weakening versus all G10 currencies
The rebound in crude prices and
gains on Wall Street were met with relief across Asia particularly in Tokyo
where the Nikkei 225 dusted itself off after Wednesday's stumble and headed
higher. It was a different story in Shanghai however where the benchmark index
took its largest one-day plunge in a month.
Dollar is Little Changed, US
Leadership Awaited
Daily Shot – TF
Oil has been under
pressure for quite some time. Production and inventories usually only knew one
way: up. Now we are starting to see some slowdown. But will it last?
Matt Levine’s Money Stuff
– View
/ BB
Sovereign Bonds and Merger
Misgivings - also bank stress tests, oil debt, scams, politics, the apocalypse,
and unicorn anatomy.
Hungary announces
referendum on EU migrant quotas * Cameron to use weight of BoE in referendum
campaign as IMF warn of “negative” consequences of Brexit * Podemos walks out
of government negotiations with the Socialist Party * Eurozone officials to
assess progress in third Greek bailout on Monday * Hollande: EU offer for trade
deal with South American bloc to be submitted soon
Vienna walls — Brussels
and Brexit — Googling Vestager
US Open – ZH
Now It's China's Turn To
Crash: Shanghai Plunges 6.4% Overnight
Frontrunning – ZH
The USD is on the offer
after a couple of ugly data points yesterday as the EURUSD break of 1.1000 is
now unbroken and despite a vigorous bounce in USDJPY overnight after touching
near the critical 111.00 yesterday.
Chinese stocks were sold
of heavily with the Shanghai Composite sliding 6.4% on Thursday and
surprisingly weak non-manufacturing data from the US on Wednesday sparked fears
of recession.
FINLAND
& FINNISH
Kiinalainen
kiitos * USA:n palvelusektorin luottamus (PMI) heikkeni yllättäen * Norjan
öljyinvestoinnit putosivat odotuksia enemmän * Brexit-riskit sysäävät puntaa
heikommaksi