PVM Thursday bits / JPY on the move - Broad USD strength / EZ budget hole / U.S. housing permits


US Democratic candidates got combative in Vegas – Trump only winner out of this, so far anyway


- Dry bulk shipping — the world’s largest transport market by volume — has thrown in the towel on the first half of 2020 - Dry bulk’s binary coronavirus fate: Snap-back or wipeout

- Mayor of South Korean city of Daegu urges its 2.5mln people to refrain from going outside as its virus cases spike, according to Associated Press

- PBOC: The fundamentals of China's economy have not changed - so please move along, Chinese government near takeover of HNA Group on virus slump,

- Decline in job openings has been broad-based at industry level, as % of industries with negative y/y growth approaching levels not seen since end of GFC (chart)

- Japanese Prime Minister Abe urges people across the country not to go to work or school if they have cold-like symptoms – Kyodo

- Dutch court backs $50bn Yukos claim against Russia

- Turkey cuts rates, 6th in a row, -50bp to 10.75%

- The survey’s headline U.S business activity index climbed six points to 9.8, its highest level in several months (chart), U.S. producer prices post biggest gain in more than a year, U.S. housing starts drop; building permits near 13-year high )blow out number – chart)

- EU Trade Chief Hogan says US displaying more goodwill in discussions around trade

- UK’s withdrawal from the EU has left a huge €75bn hole in the bloc’s budget for the next seven years

- EU unveils plan to help build tech powerhouses to compete with Silicon Valley and China - EU's Gentiloni says expected rebound in Italy, France, Germany now uncertain..


Markets : USD higher, UST yields lower, Gold higher, equity markets do what they do best - still

- $$$$ - One of 2020's biggest pain trades continues as the dollar remains ascendant (recall just about every big banks was bearish USD at the start of 2020/some adjusting now…) climbing to new highs vs its peers since 2017

- Equity markets made some brief new all-time highs again in the U.S. – same story overall, liquidities are keeping the markets bid, allowing it to see through weaker macro data – how long can it really go on for, is the Billion $ question..Broadly speaking once/IF, the FED eases on Repo action in April, as planned, this is when we’ll get to ‘peak liquidity’, hence can look for a top in early Q2

- WTI has had a good/near 10pct correction off lows now, worth easing off again on bullish views

- GOLD remains the talk around, technically most looking at close above $1612 – for signs of further strength – broadly speaking more QE and low rates will further encourage markets to buy some/increasing exposure in the sector in eq and/or outright Gold


Better late than never!.. EU unveils plan to help build tech powerhouses to compete with Silicon Valley and China https://reut.rs/2SXlkrB


UK’s withdrawal from the EU has left a huge €75bn hole in the bloc’s budget for the next seven years https://www.theguardian.com/world/2020/feb/16/stressed-heads-to-start-brussels-budget-talks-post-brexit


https://www.bbc.com/news/world-europe-51547011 Dutch court backs $50bn Yukos claim against Russia


Amazon’s Jeff Bezos built a business empire that is unprecedented in the history of American capitalism. What is the cost of Amazon’s convenience? NOW STREAMING: https://to.pbs.org/3bNA4lf a must watch when you have time


U.S housing – building permits – big move


The survey’s headline business activity index climbed six points to 9.8, its highest level in several months. → https://nyfed.org/2SEBya4 clearly in a different place than RoW..


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