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Monday, February 20

20th Feb - US holiday





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EUROPE
Merkel says there is a problem with the value of the euro – Reuters
Merkel Defends German Trade Surplus After U.S. Criticism – WSJ           
Merkel Pushes Back on Trump's Media Attacks, Calls for ‘Respect’ – BB
Russia Watches U.S. Reassure Allies, and It's Disappointed – BB

French-German Spread Blows Out To Five Year Wides – ZH
French and Italian political risk in focus – ABN AMRO


UNITED STATES
Long-End of US Yield Curve Is Flattening, Short-End Steepening –
Gavekal
Goldman: Investors Will Soon Realize They Were Too Optimistic – ZH
Barry Ritholtz: Failing Dam Is a Symbol of U.S. InfrastructureBB
The Investing Pros and Cons of TrumpBB

  TRUMP
Editorial: Investigate Trump's Russia Ties – BB
Trump Team’s Growth Forecasts Far Rosier Than Those of CBO, Private Economists – WSJ
Mike Pence Says U.S. Backs NATO but Urges Europe to Boost Military Spending – WSJ
Candidate Trump Tries to Salvage Embattled President Trump – BB
Why the White House Is Leakier Than Trump Tower – BB

Paul Krugman: On Economic Arrogance – NYT
Tim Worstall: Krugman's Trick On Trump Admin Forecasts – Forbes


OTHER
Aurelija Augulyte’s FX: The show must go onNordea
QE unwind - this time is different? EUR safer than USD, but USD in the driver seat, as economic surprise index sticky high. The USDJPY toward 110... and lower, once oil prices give in.

The long rise in profits is mostly just the flip side of falling interest rates FT

On the Political Nature of Monetary PolicyFrancesco Saraceno

Charlie Munger's Talk at Daily Journal Annual Meeting 2017 – Market Folly
Charlie Munger's Daily Journal February 2017 Annual Meeting – Can Turtles Fly


REGULARS
Morning Report APACTF
Asian markets were lower at the start of trading with investors waiting on the sidelines for more information on Donald Trump's tax plan. Meanwhile the AUD fell back from 0.77 while the euro is in decline on political concerns surrounding the French election.

FirstFTFT
Mattis reassures Iraqis: US defence secretary tells Baghdad that Washington will not try to seize the country’s oil * Kraft Heinz drops Unilever deal and queens of the stoned age

Danske DailyDanske Bank

Eye-OpenerNordea
More political uncertainty in France & Italy, bonds rally, PMI week ahead * Greek discussions to fail to reach a compromise again * Speculation on a new French alliance drives rates * GBP declined on weak retail sales

Morning MarketsTF
Europe's leaders meet with Mike Pence Monday morning seeking clarity from the US vice-president over a host of issues as they try to ascertain what will happen to Nato and Europe under a Trump administration.

From the FloorTF
Equities in recent months have gained heavily, so heavily that one could get worried. Scrutinizing sectors and markets should help to find potential future outperformers.

Daily Market CommentMarc Chandler
Marking Time on Monday

Brussels Playbook Politico
Pence does Brussels — Inside the EU’s Brexit meeting

US OpenZH
Global Stocks Rise, S&P Futures Hit New Record High Despite US Market Closure

FX UpdateTF
The economic and event risk calendar this week is thin ahead of next week’s important policy speech from US president Donald Trump. Technically the US dollar remains adrift as we search for the next trending move.


FINNISH
AamukatsausNordea
Ei sopua Kreikasta - Kreikka euroryhmän kokouksen kuumin puheenaihe * Brexitin aiheuttama epävarmuus näkyy viimein Ison-Britannian vähittäismyynnissä * Ranskan vaalikamppailu painaa Saksan korkoja

Sami Metelinen: Näkökulma: Tehdään poliitikoista tarpeettomiaVerkkouutiset
Hyvä suhdannepolitiikka edellyttää mahdollisimman vähän poliittista harkintaa. Sveitsi on malliesimerkki joustavan menosäännön noudattamisesta.

Aamukatsaus – Osakeliitto
Aamukatsaus – Inderes
Aamukatsaus – Nordnet
Aamukatsaus – Evli

Markkinakalenteri – Nordnet
Talouskalenteri – Kauppalehti
Pörssien aukioloajat – Nordnet