EUROPE
Euro Area’s
Resilient Services Puts Mild Gloss on Economy – BB
Both
French, German services PMI revised up in February * But Markit notes that new
business inflows remain weak
After
getting knocked back on Alstom-Siemens, France and Germany are eager to back
the cobbling together of European champions. It’s a recipe for disaster.
Leonid Bershidsky:
Macron Is Getting Ahead of Himself on Europe – BB
The
French president’s European election agenda is overambitious and badly thought
out.
Europe’s Dirty
Money Scandals Highlight Absence of Credible Cops – BB
EU
has resisted joint finance policing of its borderless bloc * U.S. has imposed
money laundering fines on banks such as HSBC
Thoughts about the
ECB and Euro
– Marc
Chandler
No
change in forward guidance, but signaling or even announcing new TLTRO
ECB: to LTRO, or
not LTRO, what is the question? – Pictet
Considering
the weakness in most economic indicators the ECB should maintain an adequate
degree of monetary accommodation.
OTHER
China Has a Dirty
$1 Trillion Stimulus Secret – BB
Another
economy-boosting infrastructure binge is afoot, but you won’t find it reflected
in the fiscal deficit target.
China’s Too Big
Not to Slow Down
– BB
Get
used to growth estimates grinding lower. That’s what happens when you become a
big,
China: Pro-growth
policies signal headwinds remain – ING
China
set its GDP growth target for this year at 6.0% to 6.5%, lower than last year's
target. Pro-growth measures, despite positive progress in US-China trade talks,
suggest to us that either China doesn't have full confidence in a trade truce
or that the damages from the trade conflict cannot easily be undone.
Taleb Was Right.
We’re Still Fooled by Randomness – BB
You
know you shouldn’t chase “hot hands” in the fund management industry. This
study says you really, really shouldn’t.
Our March guide to
global central banks
– ING
REGULARS
Five Things to
Start Your Day Asia
– BB
Eco Day Asia – BB
China
VAT Cut, Debt Binge Looks Like MMT, U.S. Growth * Trump and Xi are close to a
deal, but the trade war isn’t over * Recession risk eases in market models that
humans never bought
Five Things to
Start Your Day Europe
– BB
EU Open Rundown – RANsquawk
FirstFT Daily
Briefing
– FT
Brussels Briefing – FT
Macron
makes his EU election plea to Europe: French president outlines new list of potentially
radical proposals for reform
Brussels Edition – BB
Brussels Playbook – Politico
You
Brexit, you bought it — Bannon fizzles in Europe — Don’t stop the clock change!
Danske Daily – Danske
Bank
Closing
in on a US-China deal
Eco Day Europe – BB
China
Trims Growth Goal, ECB Options, British Shoppers * Japan will need more foreign
workers to reach growth target * RBA holds policy nerve, waits to see which way
consumers go
Daily Market
Comment
– Marc
Chandler
Dollar
Remains Firms as China Cuts Growth Target and Taxes, while EMU PMI Surprises on
Upside
Five Things to
Start Your Day US
– BB
US Open Rundown – RANsquawk
US Open – ZH
Global
Rally Fizzles, S&P Futures Capped At 2,800
Eco Day US – BB
Trade
War Not Over, U.S. Tax Refunds, China Trims Goals * U.S. confirms postponement
of planned increase in tariffs * Tax refunds give U.S. consumers a boost that
lasts six months
FINNISH
Aamukatsaus – Nordea
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