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EUROPE
Thomas
Piketty on the Euro Zone: 'We Have Created a Monster' – Spiegel
French
economist Thomas Piketty speaks about Alexis Tsipras' election victory in Greece, Europe's inability to fix its financial
woes and what EU leaders can learn from the United States.
GREECE
Greek
payment deadlines ahead – Bruegel
Emotional
apathy sinking in –
ekathimerini
OTHER EUROPEAN COUNTRIES
EURSEK: game
over for the Riksbank? * Rates: smells like a QE test balloon * Macro: an
energy boost on the upside * Rates: breaking down break-evens * Rates: a
quadratic curiosity in liability management * Rate vol: payer steepener
1y5y/1y10y
Spanish ruling elite accused of
stealing €450m in state cash – The
Times
Is that
a kleptocrat in your balance of payments? – FT
There would
appear to be quite a lot of Russian capital flight sneaking into the UK under the ‘net errors and omissions’
in its reported balance of payments.
EUROPEAN CENTRAL BANK
Looking
for the Euro’s Floor
– WSJ
Euro: Watch
Out Below, Says Deutsche Bank – WSJ
ECB Bond
Buying Program Accelerates Euro Losses – Marc
to Market
UNITED STATES
The Fed
is in a very hot seat now – TF
Market
anticipating interest rate hike schedule fast forwarded after NFP print * Fed
may move sooner rather than later because of typical nine-month lag cycle * Rampaging
US dollar the main caveat against an early rate hike
QE exit [here
we go again] – Tony
Yates
The Fed
will want reverse-QE asset sales to be part of an orderly, ongoing plan, to
minimise the risk of an unwanted spike in yields, and to ease coordination with
the issuance plans of the US Treasury. To maximise the chance that this is
possible, it is best to wait until there is no chance that QE would have to be
reversed.
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: As Fed Officials Begin Blackout, Confidence Grows They Can Drop Patience
Assurance * Fed Tests Cast a Broader Shadow * Mester: Fed Open To Raising Rates
In First Half Of Year * ECB Bets Big on Stimulus * China Inflation Picks Up in
February
Daily
Macro – WSJ
As Chinese
leaders continue their National People’s Congress in Beijing, the sputtering economy is front
and center. What they decide to do about it during that meeting is of critical
importance to the rest of the world… the Greece problem persists as Eurogroup
finance ministers meet to try to compel the new leftist government to put more
meat on the reform proposals it has furnished in return for last month’s debt
rollover agreement.
Danske
Daily – Danske
Bank
Eye-Opener – Nordea
More
wasting of time in Greece * Jump in Chinese CPI * Norwegian core inflation is
the last piece of the puzzle * ECB buying pushing longer German yields further
down * EUR/USD still falling
Daily FX
Comment – Marc
to Market
Dollar
Bulls Charge Ahead
Daily
Shot – TF
Emerging
markets were once the darlings of the investment world, but Brazil, Turkey and
South Africa are seeing their currencies routed in recent months. This will
only get worse if and when the US Federal Reserve hikes interest rates.
US Open – ZH
Futures
Sell Off As Soaring Dollar Weighs On Risk, European Yields Slide To Fresh
Record Lows
FX
Update – TF
The USD has
broken to new cycle highs against more of its G10 peers, and if it pulls
another leg higher, will dominate its G10 peers across the board ahead of the
FOMC meeting next Wednesday.
From the
Floor – TF
With little
on the economic indicator agenda to occupy our thoughts, the main feature of
today's session is the sheer strength of the US dollar's ongoing ascent against
practically every other major currency. And now that the ECB's QE is a done
deal, the euro's fate might improve and market focus should switch to the
weakening yen.
Daily
Newsletter – TF
The dollar
has reached highs not seen since of 98.19 mid-2003 as it continued to surge in
both New York and Asia. Two Federal Reserve members said yesterday
that they would be happy with a FOMC rate hike in June, which boosted USD even
more.
Martin
Sandbu’s Free Lunch – FT
Is the
eurozone overtaking the US – an astonishing crossover in 'now-casting'
models
FINNISH
Aamukatsaus – Nordea
Muuttunut öljysektori rokottaa Norjan talouskasvua |
Suomessa julkistetaan teollisuustuotanto ja teollisuustilaukset | Nordean
Talousnäkymät julkistetaan keskiviikkona
Vesa Varhee: Sipilän kovin haaste – TalSa
Keskustan puheenjohtaja Juha Sipilä lähtee eduskuntavaalien
loppusuoralle hyvästä tilanteesta: puolue johtaa selvästi mielipidemittauksia.
Kolme vakavinta haastajaa kamppailevat kakkostilasta jotakuinkin tasoissa.
Mikäli asetelma säilyy ääntenlaskennan ja paikkajaon loppuun asti, keskusta voi
valita sopivimmat hallituskumppanit melko vapaasti.
Keskusta
ehdottaa "köyhän pojan Viron mallia" verotukseen – Verkkouutiset
Juha
Sipilän mukaan jakamattomien voittojen verovapaus on korotonta lainaa
yritykselle.
Työkyvyttömyyseläkkeiden
määrä laskee tasaisesti – Verkkouutiset
Viime vuoden lopulla työkyvyttömyyseläkkeellä oli yhteensä
noin 174 000 henkeä. Määrä on ollut tasaisessa laskussa viime vuodet, kertoo
Työeläkevakuuttajat Tela.
Mitä Borg ja Vartiainen kertovat meille? – Raha
ja Talous
Saksan uudistukset ja palkkojen nousu – Roger
Wessman
Eurokriisin kiero hoito – Arjen polku
Teollisuustuotanto tammik. -3,9% YoY – Tilastokeskus
Teollisuuden uudet tilaukset tammik. -2,5% YoY – Tilastokeskus