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EUROPE
A legacy of bad debts
and weak capital levels has left Europe’s banks poorly positioned for 2016’s
turbulent markets.
Schaeuble Presses Greece on Bailout Terms, Urges
EU Solidarity – BB
Schäuble ‘would cry’ if UK leaves EU – Politico
EU's Tusk urges migrants to stop coming to
Europe – Reuters
Countdown to re-run elections starts in Spain – Open
Europe
Spain: new elections increasingly likely – Pictet
BREXIT
There seems to be a
robust consensus that the relationship between the countries in the EU that use
the euro as their currency (‘euro-ins’) and those that do not (‘euro-outs’) is
the most important of the four areas in the ‘new settlement’ between the UK and
the EU. This column presents new econometric estimates showing that, after the
introduction of the euro, the UK and Eurozone business cycles became
significantly more synchronised. It is likely this upsurge in synchronisation
increased the costs of a potential UK exit from the EU.
Clive Crook: The Price Britain Pays for Europe – View
/ BB
Everything you need to know about Brexit – WaPo
UNITED STATES
5 Things to Watch in the February Jobs Report – WSJ
OTHER
Commodity currencies
still at risk - SAR still flashing red, while the NGN, KZT, CNY, HKD, EGP and
TWD all get a yellow light.
Only banks are allowed
to hold deposits at the Bank of England. What if that privilege were extended
to others? A new speech by Ben Broadbent, deputy governor of the Bank of
England, tries to spell out the economics of opening up the bank’s
balance-sheet.
Some steps regulators
have taken to protect taxpayers from future bank bailouts should teach a lasting
lesson about unintended consequences.
REGULARS
US Morning MoneyBeat – WSJ
Wall Street’s
Expectations for First-Quarter Earnings Keep Getting Worse
Risk appetite improves; More easing
from China ahead; Lower Danish FX reserves * ISM non-manufacturing most
important today * Bond yields head higher for a change * GBP continues to
rebound
There was an upbeat mood in most
markets across Asia today with shares making strong gains in Tokyo Sydney and
Mumbai. Wednesday's rally on Wall Street was behind the positive sentiment at
the start of trading. Local factors played their part as well. In Australia a
rebound in prices for iron ore and other commodities prompted a resources rally
with leading miners driving the benchmark S&P/ASX200 index higher.
Meanwhile any policy or reform moves announced at the National People's
Congress in Beijing could impact forex equities and commodities markets around
the world.
Markets Calm; Waiting For...?
Three points
Daily Shot – TF
US crude oil stocks are
far higher than the five year range but markets shrugged off this development
as WTI futures approach $35/bbl. . Markets might be betting on US production
falling off quickly?
Matt Levine’s Money Stuff
– View / BB
Daily Press Summary – Open
Europe
Brussels Playbook – Politico
Asian Surge Continues As Rally
Stalls In Europe; S&P Futures Unchanged
Frontrunning – ZH
FX Update – TF
Today's markets are in
fine form buoyed by a risk-on wave that reflects a profound turnaround in oil
metals and emerging markets. Whether this represents a bottom or a brief pause
however remains to be seen.
FINLAND
& FINNISH
Luottotilastoista
pureskeltavaa EKP:lle * USA:n palvelusektorin luottamus (ISM) julkaistaan
tänään * Kiinan palvelusektorin luottamus heikkeni * EURGBP teki ison loikan
alaspäin