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Friday, March 11

11th Mar - Markets finally get ECB's idea



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EUROPE
  GERMAN STATE ELECTIONS
Federal state elections threaten German shakeup – TF
Germany’s state elections to put Merkel to the test – TF

  MIGRANT CRISIS
Europe’s Illusory Migration Deal with TurkeyPIIE

  EUROPEAN CENTRAL BANK
Too Much Information, Mr. Draghi – View / BB
The Germans React To Draghi's Monetary "Tidal Wave" – ZH
The ECB Bazooka, Analysed – WSJ
Why the ECB’s Big Guns Can’t Win This War – WSJ

ECB - It's impressive – Polemic’s Pains
ECB delivers broad stimulus but may need to do more – ABN AMRO
EUR: same same but differentNordea
Is Draghi’s forward guidance just wishful thinking? – TF
ECB's easing package and markets zig-zagDanske Bank

ECB delivers a bigger-than-expected package to support bank lending – Pictet
Winners and losers of Draghi's Coming Corporate Bond Purchases – ZH
ECB stimulus targets eurozone companies – FT
Whatever it Takes Cannot be in Frankfurt – Francesco Saraceno
Three “morning after” reactions to ECB – ZH

ECB Provides More Pain for the Euro Dollar Parity Trade – WSJ
Why Euro-Area Inflation Will Be Low for Years, According to Draghi – BB
New-leaf ECB exceeds expectations, upsets investorsTF
George Magnus: Is the ECB’s arsenal now bare? – Prospect

 
UNITED STATES
Scenarios for the US economy and Fed policyABN AMRO
  

REGULARS
Danske DailyDanske Bank

Euro rates updateNordea

Eye-OpenerNordea
Draghi sends EUR and bond yields up, European equities down * Draghi delivers but moves away from ”no limits” * ECB December déjà vu – money market forward rates up * EUR/USD up as Draghi is “done” for now with rates

Morning MarketsTF
Equities headed lower on Asian markets from the start of trading over disappointment that the ECB has signalled an end to its interest rate cuts. EURUSD ripped past 1.12 before running out of momentum as markets digest the fallout.

Daily Market Comment Marc Chandler
Dollar Recovers Against the Euro and Yen

Daily Market CommentMacro Man
The aftermath

Daily ShotTF
The ECB yesterday send markets first up and then down. It looks as if Mario Draghi's bazzoka misfired. Still interesting times ahead.

Matt Levine’s Money Stuff – View / BB

Daily Press SummaryOpen Europe
New report warns that hospitality, manufacturing and construction sectors could be hit hardest by Brexit * ECB unveils bigger than expected stimulus package, but market enthusiasm is short-lived * EU Interior ministers attempt to hammer out details of EU-Turkey migrant deal * Obama hits out at British and French “free riders” * A third of Germans could imagine voting for AfD * France says EU-US free trade agreement without ‘arbitration court’ is a deal breaker

Brussels PlaybookPolitico
ECB aftermath — OLAF chief’s immunity lifted

US OpenZH
Global Markets Surge After Traders "Reassess" ECB Stimulus

FrontrunningZH

FX UpdateTF
The euro is rallying perhaps mostly on perception that ECB head Mario Draghi has surrendered in the global currency wars on guidance suggesting the end of rate cuts. But will the fallout from yesterday support an extension of the euro rally?

From the FloorTF
After yesterday's severe steps by the European Central Bank fixed income is in focus and saw tremendous moves. Will the ECB soon also buy high yield bonds?


FINLAND & FINNISH
AamukatsausNordea
EKP:n taistelu jatkuu * EURUSD teki EKP:n lehdistötilaisuuden aikana täyskäännöksen * Valtionlainakorot  lähtivät nousuun Draghin puheen aikana * Markkinoilla luvassa EKP:n kokouksen viestin sulattelua

“Suomen malli” työmarkkinoihin – miksi?Paul Jonker-Hoffrén

Väyrynen: Suomen on leikattava palkkoja – keinona markka ja devalvaatio TE