8th Mar - Markets not happy with ECB #4040

EUROPE

Is the eurozone fixable? – FT

Alphachat podcast with Ashoka Mody of Princeton and Waltraud Schelkle of the LSE. The subject: Italy, but more broadly, whether the eurozone could ever possibly come up with a policy that works for both Italy and Germany. That is: is the eurozone inherently flawed? Or is it fixable?

  EUROPEAN CENTRAL BANK

Eurozone banks buy sovereign bonds, reviving ‘doom loop’ fear – FT

Banks purchases of domestic debt revive as ECB launches fresh injection of cheap lending

Editorial: Europe Isn’t Ready for the Next Recession – BB

Its central bank just loosened monetary policy. What if that isn’t enough?

The Real Problem With Negative Rates – BB

The ECB knows negative rates can mean lower bank lending; but retreating brings other risks.

Draghi’s Stimulus Gift Looks a Bit Stingy – BB

A murky economic outlook supports a moderate approach to policy. Since the ECB chose to act rather than wait, it could only do so much.

ECB introduces 'easing risk premium' on EUR – Danske Bank

A very dovish tone from the ECB today removes key driver for EUR/USD upside * As a result we lower our EUR/USD and EUR/CHF forecast profiles markedly * We now see very limited upside in EUR/USD and merely target 1.17 in 12M

EUR: Another punch from the ECB to the euro – ING

The ECB is slowly but surely taking away factors for a domestically induced EUR rally. With the Fed due to hike in Q3, we expect EUR/USD to fall to 1.10. The dovish ECB is negative for SEK but positive for HUF

UNITED STATES

Elizabeth Warren Proposes Breaking Up Tech Giants Like Amazon and Facebook – NYT

The Real Estate Market in Charts – Ben Carlson

  FEBRUARY PAYROLLS

U.S. Hiring Slows Sharply in February – WSJ

Bad Jobs Report? Don’t Sweat It. – WSJ

Keeping an eye on the clock – Pictet

U.S. Payrolls Shock Suggests Dawn of a Long-Forecast Slowdown – BB

US hiring comes to near halt but wages rise – FT

OTHER

I covered the City for 20 years — here’s what I learnt – FT

Sarah Gordon on rampant egos, defining deals and the dangers of financial ignorance

REGULARS

Five Things to Start Your Day Asia – BB

Eco Day Asia – BB

Central Banks' New Normal, ECB Debate, China New Plans * What India’s top women economists are predicting for this year * How a Chinese exodus is exacerbating Australian property slump

Five Things to Start Your Day Europe – BB

EU Open Rundown – RANsquawk

FirstFT Daily Briefing – FT

Brussels Briefing – FT

China drives a belt and road through Europe: news of Italy endorsing Beijing’s initiative grips Brussels and influential EU capitals

Brussels Edition – BB

Taxing Tech Giants

Brussels Playbook – Politico

Operation Saving Manfred — Money talks in the Year of the Yellow Jackets — Happy International Women’s Day

Danske Daily – Danske Bank

Worried ECB opens the door for easing

Eco Day Europe – BB

New Normal for Central Banks, ECB Letdown, U.S. Jobs * Italy is suffering as women lag others in economic activity * Japan’s economy expanded more than expected in fourth quarter

Daily Market Comment – Marc Chandler

Equities Slump on Growth Concerns ahead of US Jobs

Five Things to Start Your Day US – BB

US Open Rundown – RANsquawk

US Open – ZH

Goldilocks Is Over: Global Stocks Tumble On Fresh Growth Fears, China Crash

Eco Day US – BB

U.S. Job’s Day, Draghi Disappointment, New Normal * Wages seen reheating as U.S. payroll gains forecast to cool * Draghi’s goodbye gift received with disappointment by markets

FINNISH

Aamukatsaus: EKP menetti uskonsa – Nordea

EKP yllätti ilmoittamalla uusista lisäelvytysoperaatioista | Kyyhkymäisen EKP:n myötä euro heikentyi ja korot laskivat reippaasti | Tänään markkinoiden huomio kiinnittyy USA:n työmarkkinaraporttiin