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EUROPE
Merkel Allies Doubt
EU Summit Gain as State Vote Losses Loom – BB
Setback
for German chancellor threatens in three weekend votes * Refugee crisis eludes
quick solution as Merkel engages Turkey
MIGRANT CRISIS
How Turkey held the EU
for ransom – Politico
Merkel’s
‘one-for-one’ proposals: the next battleground in the crisis? – Open Europe
BREXIT
5 options for post-Brexit
trade with Europe – Politico
Carney says neutral on
Brexit after praising Cameron’s EU deal in writing – Politico
Carney's `Brexit' Stance Under Fire as BOE Accused of Bias – BB
Johnson Surges, Osborne Drops in Poll on Next U.K. Tory Leader – BB
EUROPEAN
CENTRAL BANK
The ECB May Be Finally
Ready To Snap – ZH
These Are the Options
Left in the ECB’s Stimulus Arsenal – WSJ
El-Erian: The ECB's
Dilemma – View /
BB
OTHER
Adair Turner: Are Central Banks Really Out of
Ammunition? – Project
Syndicate
The global economy faces
a chronic problem of deficient nominal demand. Japan is suffering near-zero
growth and minimal inflation. But the debate about which policies could boost
demand remains inadequate, evasive, and confused.
Jan von Gerich: Bonds: Towards no limits – Nordea
As bond yields have
fallen ever deeper into negative territory, it has become increasingly clear
that the ECB will struggle to fully implement its current bond purchase
programme without further changes to the terms of the programme. The removal of
the deposit rate as a yield floor for eligible bonds would significantly
increase the universe of eligible German bonds, but would probably not change
the composition of the actual purchases much at this point.
A Few Things on Our Minds – Marc
Chandler
We were promised jetpacks and flying cars, and
all we got was this lousy chart – WaPo
IMF
Policy Imperatives for
Boosting Global Growth and Prosperity – IMF
IMF Sees Risks From
Withdrawing Easy Money Quickly – WSJ
The IMF Is Sounding the
Alarm. Is Anyone Listening? – WSJ
REGULARS
Danske Daily – Danske
Bank
Euro rates update – Nordea
Eye-Opener – Nordea
Chinese exports dive, Fischer sees
inflation, Brent above USD 40/brl * Chinese exports drop 20.6% underlining the
need for local demand * US 10-year lower this morning on China, defying Fischer
seeing increasing inflation * JPY stronger, while CHF and NOK went weaker
Morning Markets – TF
Abysmal China export figures for
February really ought to have tempered sentiment in markets but the commodities
rally is continuing unabated. The worse China does it seems the more likely so
the narrative goes will Beijing authorise fresh stimulus.
Daily Market Comment –
Marc
Chandler
Greenback Lacks Momentum, While
Profit-Taking Weighs on Dollar-Bloc
Daily Shot – TF
China once again came
with disappointing data but amid the weak CNY a rebound might be in the cards.
Commodities already have undertaken that move but have they gone too far?
Matt Levine’s Money Stuff
– View / BB
Daily Press Summary – Open
Europe
Merkel throws spanner
into the works at EU-Turkey summit by brokering new deal with Ankara * Bank of
England to provide additional liquidity around the EU referendum * Hague:
Dilemma over Turkey’s EU membership shows need for new model of associate
membership * Longworth: EU is incapable of meaningful reform * Germany’s
populist AfD party set to pull into three regional parliaments on Sunday * Dijsselbloem:
Discussion over Greek debt relief will be on the table “in the near future” * Eurogroup
warns Italy and Spain over 2016 budget plans * European Commission to propose
stricter rules on posted workers
Brussels Playbook – Politico
Summit stunner — OLAF
Chief snared
US Open – ZH
Bears Exit Hibernation As Rally
Fizzles On Dismal Chinese Trade Data; Commodities Slide; Gold Higher
Frontrunning – ZH
The market mood has
turned overnight on the release of Chinese trade data and we wonder whether the
recent risk bounce has taken the commodity currencies to unsustainable levels.
Elsewhere the greenback looks soft within the G3.
A fresh round of poor
data out of China has sent risk sentiment scurrying back into the shadows and
traders seeking safe-haven assets.
FINLAND & FINNISH
Kiina
hengittää elvytyksellä * Raakaöljyn kallistuminen ajoi EURUSD:n nousuun * USA:n
korkomarkkinat sulattelivat vielä perjantain vahvoja työllisyyslukuja * Fedin
Fischer odottaa inflaation kiihtyvän
Elvytystä voi jatkaa
ikuisesti, jos tarvitaan – Roger
Wessman