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EUROPE
BOE’s Miles Says No Urgency to Lift
Interest Rates in U.K. – WSJ
Euroblunders – Krugman /
NYT
On doing
everything wrong.
European
sovereign debt hypocrisy – FT
Speaking at
Davos this morning, Angela Merkel and Alexander Stubb argued that European
creditors should not be held responsible for their poor lending decisions. Well,
that’s not exactly how they phrased it
Danish
Central Bank Cut Rates For A Second Time This Week – ZH
Intervenes
In Market To Preserve Peg
Introductory
statement to the press conference – ECB
Expanded
asset purchase programme – ECB
Modification
to the TLTRO interest rate – ECB
ECB QE
Reaction: "Disappointment" – ZH
Crude
Clubbed, Gold Glistens, EUR Tumbles, EU Bond Risk 'Rises', US Treasuries Rally
Six Key
Elements of ECB Decision – Marc
to Market
Finally
the details . . . –
The Big
Picture
The
ECB’s New Macroeconomic Realism – Project
Syndicate
The ECB has
finally crossed the Rubicon and launched a bold policy of quantitative easing,
which may help arrest Europe’s slide into stagnation. Even if it is not an effective growth
strategy, QE should be welcomed; indeed, the ECB should be encouraged to do
everything in its power to ease monetary conditions.
ECB
Delivers: What The Market Thinks – WSJ
Business
leaders, policymakers and celebrity academics gathered at the World Economic
Forum in Davos had a message for all the "quantitative easing" (QE)
enthusiasts: don't count on the ECB to resolve Europe's economic woes.
ECB
launches last-ditch program to revive euro economy – Reuters
Draghi's
"QE Dream" Is Finally Over, And Now The Questions Begin – ZH
ECB QE
larger than expected, but unlikely to solve Eurozone woes – Open
Europe
The ECB
today unveiled its widely anticipated Quantitative Easing programme. But can it
really boost inflation and growth in the Eurozone? Has the ECB compromised on
the structure of the plan too much?
ECB’s
new bazooka – Danske
Bank
ECB goes
for blast off, but risks falling short – TradingFloor
It's been a
long time coming, but the ECB has finally started a QE programme. However, it
has a feeling of experimentation about it and details are lacking, warns
Stephen Pope.
ECB QE:
get rid of ‘but below’ to sharpen open ended promise – Tony
Yates
SocGen: Since
ECB's QE will fail, it will have to be increased to1 trn – ZH
Here Are
The Negatives In Today's ECB QE Announcement – ZH
5 Things
to Know About Eurozone QE – WSJ
No Magic
Bullet in Mr. Draghi’s Bazooka – WSJ
The ECB
finally acts – Scott Sumner
ECB’s
Bond Buying Program Expected to Boost Commercial Real Estate Sales – NYT
ECB: Open-ended QE with limited
risk-sharing – Nordea
The ECB
Governing Council had the courage to launch quite a bold asset purchase
programme, in our view. The programme lasting until at least September 2016
equals 11% of Euro-area GDP or EUR 3400 per inhabitant, and it can be extended
if inflation remains too low. We find the programme credible and continue to
think that as the dust settles, long yields will rebound in the near-term, and
so will semi-core spreads. That said, the general yield level will remain
depressed for a long time.
https://nexus.nordea.com/#/article/17658
ECB
market take: Good, bad, and both – Nordea
Today QE
came. The size and pace of the program is a positive surprise to us. The low
risk-sharing and the TLTRO-tinkering are not. Despite Draghi’s stance, it
actually does matter whether risk-sharing is 20% or 100%. In scenarios, Germany will perform on this. Violent moves
in the market, especially on long yields and break-evens.
ECB’s
bazooka: buy over 1 trillion euros of bonds – WaPo
The ECB
has fired its bazooka
– Bruegel
"QE
already Working" Says IMF Lagarde – Mish’s
Who Owns
the Government Bonds the ECB Will Buy? – WSJ
Draghi:
"Statute of limitations for inflation warners" – Calculated
Risk
ECB
Unveils Stimulus to Boost Economy – WSJ
European
Central Bank to Purchase €60 Billion in Assets Each Month Starting in March -
European
Central Bank unleashes quantitative easing – FT
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: ECB Says Measures Coming Later This Morning, QE on the Way * ECB to
Announce More Easing Measures at Draghi Press Conference * China’s Central Bank Injects $8 Billion
Into Banking System * Bank of Canada Shocks With Rate Cut * Brazil Central Bank
Raises Rate to Highest Level In More Than 3 Years
Daily
Macro – WSJ
The ECB is
at long last expected to launch what counts as conventional quantitative easing
– buying debt from the region’s governments on a major scale. Figures bandied
about suggest from EUR600 billion to more than EUR1 trillion in balance sheet
expansion. Whether that’s enough to overcome the eurozone’s significant
fundamental problems – not least bad demographics – is another matter.
Danske
Daily – Danske
Bank
Eye-Opener – Nordea
Finally a
QE announcement from the ECB – we hope * Long yields finally rebound – but not
in the UK or Canada * ECB setting the market tone today
Race
Lower in Interest Rates is Preferable to Currency Wars – Marc
to Market
Daily
Shot: Why Canada's rate cut is justified – TradingFloor
The Bank of
Canada's rate cut yesterday was unexpected. But given the nation's economy,
it’s a sensible move and more cuts are likely.
US Open – ZH
Futures
Unchanged As Algos Patiently Await The ECB's "Monumental Decision"
FX
Update –
TradingFloor
The Bank of
Canada shock rate cut triggered the largest drop in CAD in years, with
collateral damage for the other commodity dollars. Cue today’s ECB, where the
market reaction will likely be large in this nervous environment.
From the
floor: D-day for Draghi – TradingFloor
The big
story from the floor today, of course, is the upcoming European Central Bank
meeting and its effects on various markets and asset classes. Canada's surprise
rate cut and the US crude inventory report, however, will also be swaying
markets today.
FINNISH
Aamukatsaus – Nordea
Tänään selviää, uskooko edes EKP euroalueen tulevaisuuteen |
Englannin keskuspanki yllättävän kyyhkymäinen | Kanadan keskuspankki laski
ohjauskorkoa
EKP-KOKOUS
EKP:n iltapäivän päätös on jo kaikissa koroissa ja hinnoissa
– TE
Euroopan keskuspankki aloittaa eurovaltioiden velkakirjojen
ostot – PS
EKP alkaa elvyttää 60 miljardilla joka kuukausi – TalSa
EKP paljasti jättimäisen elvytysohjelman: 60 miljardia euroa
kuukaudessa – YLE
Professori EKP:n ilmoituksesta: Yläkanttiin suhteessa
odotuksiin – YLE
Analyytikot: EKP:n ostojen suuruus hyvä – TalSa
Teollisuuden investoinnit Suomeen ovat vilkastumassa
– Verkkouutiset