2018Feb

FC: EU MORNING BULLETS : 12TH-MARCH-2018 March 12, 2018 at 07:21AM

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* China amended constitution allowing President Xi to rule for life.

* CFTC Speculative shorts in US Treasury futures increase across the board with 5y net shorts rising to record high.

* Stock market recovery continues in late NY and Asia with Nikkei +1.7%,Hang Seng +1.7% and the ASX +0.6%.

* Merkel and Macron will not present their common German/French reform plans at the EU summit on 22 March because Germany is not ready yet, Spiegel quotes EU sources.

* Incoming German health minister Spahn rejects euro finance minister.

* EU wants to set up labour agency in 2019.

* ECB staff assumes mid-2019 rate hike in projections (Reuters sources).

* ECB Lane is said to become chief economist, not ECB President (Times).

* Fed Rosengren (hawk) said Fed should consider more than 3 hikes this year amid fiscal stimulus.

* Fed Bullard (dove) warned 4 hikes could put downward pressure on inflation as balance sheet unwind is becoming “more and more forceful”.

* Fed Evens (dove) sees merit in waiting just a little longer with next hike to see if inflation picks up. He said the labour market is “vibrant“ and now is a good time for Fed to review inflation target.

* BIS says central banks “need not fear volatility” and should stay on path of policy normalisation.

* BIS : China, Canada and HK are most at risk of banking crisis (Q. Review).

* US Pres Trump threatened again with car tariffs against EU, which needs to “drop their horrific barriers and tariffs”.

* EU did not get clarity on procedure for exemption, talks to continue this week.

* Macron told Trump EU will react “clearly and proportionately”.

* Germany and China reiterated tariff moves threaten global trade.

* Italy publishes 2017 hopusehold Income and wealth today at 2pm, and just the US monthly Budget statement at 6pm.

 

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