Today's Headlines

Bloomberg:

• China Said to Intervene in Stocks Ahead of Annual Policy Meeting. (video) China intervened to support its stock market on Friday, helping the benchmark index cap its best weekly gain of 2016 before policy makers meet to approve a five-year road map for the economy, according to two people with direct knowledge of the situation. State-backed funds bought primarily bank shares, while some local branches of the securities regulator asked listed companies, mutual funds and brokerages to stabilize the market during the National People’s Congress and the Chinese People’s Political Consultative Conference, said the people, who asked not to be named because the matter isn’t public. China’s biggest banks, seen as prime targets for state support because of their large weightings in benchmark indexes, paced gains in the $5.5 trillion market on Friday even as small-capitalization shares tumbled. Authorities have been known to intervene in markets before key national events, with government funds stepping in to boost share prices last August before a military parade celebrating the 70th anniversary of the World War II victory over Japan. "It looks like the national team has been buying as large caps of the Shanghai index jumped, while small caps fell," said Steve Wang, chief China economist at Reorient Financial Markets Ltd. in Hong Kong. The Shanghai Composite Index rose 0.5 percent on Friday, reversing an earlier decline of 1.8 percent, while the ChiNext gauge of smaller companies tumbled 5 percent.
• Brazilian Stocks, Real Rally as Traders Root for Impeachment. (video) Brazil’s stocks led world gains and the real rallied as traders bet that a change in government may be closer than ever after months of political gridlock that has prevented lawmakers from focusing on kick-starting the stalled economy and closing a crippling budget gap. The rally was triggered by news that former President Luiz Inacio Lula da Silva was detained for three hours after heavily armed police raided his home in a sweeping corruption probe, fueling speculation that support will grow to impeach his successor, President Dilma Rousseff. While markets have been split in the past about whether a Rousseff ouster would be good or bad, many now say it may be the only way out of the political quagmire.
• From Schengen to ‘Brexit,’ Risks to the Euro Are Stacking Up. (video) It’s not only European Central Bank stimulus that has the potential to hurt the euro. From the possibility that Britain might leave the European Union and the impact of refugees flooding the region, to concerns over the economic outlook and political turmoil in Ireland as well as Spain, the euro is facing a slew of hazards. Set alongside economists’ expectations for lower interest rates and more asset purchases from the ECB, investors are wondering how low it can go.
• Mounting Risks to the EU and Chances of Global Recession. (video)
• European Shares Rise as Investors Take Positives From U.S. Data. European stocks advanced as investors focused on some better-than-expected U.S. payroll data, while also speculating on possible further stimulus from China. A gauge of commodity producers posted the best performance of the 19 industry groups on the Stoxx Europe 600 Index, advancing for a sixth day, with Anglo American Plc and Glencore Plc jumping more than 11 percent as raw-materials prices increased. Energy companies rose for a seventh day as oil headed for its longest run of weekly gains since May. The Stoxx 600 added 0.7 percent to 341.8 at the close of trading.
• Vanishing Profits Don't Stop Resurgence in Energy Stocks: Chart.
• Copper Stockpiles in China Surge to Record as Metal Flows East.
• Jim Rogers: There's a 100% Probability of a U.S. Recession Within a Year. (video) But buy the greenback anyway. 

Wall Street Journal:

• Brazilian Police Question Ex-President Lula da Silva in Petrobras Probe. Widening investigation already ensnared several high-ranking members of ruling Workers’ Party.
• Analysis: Jobs Report Could Put April, June Rate Increases in Play.

Fox News:

• Trump cancels CPAC appearance, speech. Republican front-runner Donald Trump said Friday he is canceling his Saturday speech at the Conservative Political Action Conference. Trump was scheduled to speak Saturday morning at the annual gathering of conservative activists held near Washington, D.C. The American Conservative Union, which hosts CPAC, tweeted: “Very disappointed (at)realDonaldTrump has decided at the last minute to drop out of (hash)CPAC -- his choice sends a clear message to conservatives." The four remaining GOP presidential contenders – Texas Sen. Ted Cruz, Florida Sen. Marco Rubio, Ohio Gov. John Kasich and retired neurosurgeon Ben Carson – are still expected to attend.

CNBC:

• Ex-Fed Plosser: Big rate catch up may be needed. (video)
• Yes, Trump could still lose. From a delegate math perspective, the effort to stop Trump likely depends on the Florida primary on March 15. If outside groups going up with negative ads on Trump, including the Wall Street-funded Our Principles PAC, can move the numbers in the Sunshine State and deliver a win to its home-state senator, Marco Rubio, there is a good chance Trump will fall short of the 1,237 delegates he needs to win the nomination outright before the convention in Cleveland.

Zero Hedge:

• President Obama Takes Economic Victory Lap (After Biggest Wage Drop On Record). (graph)
• In The Past Year, The U.S. Added 360,000 Waiters And Only 12,000 Manufacturing Workers. (graph)
• Over 80% Of Jobs Added In January Were Minimum Wage Earners. (graph)
• This Wasn't Supposed To Happen: Weekly Earnings Drop Most On Record. (graph)
• February Payrolls Smash Expectations, Surge To 242,000 Even As Hourly Earnings Post Unexpected Drop. (graph)
• BlackRock Suspends ETF Issuance Due To "Surging Demand For Gold". (graph)
• German Banks Told To Start Hoarding Cash.
• The Best And Worst Performing Hedge Funds In 2016: All Hail The "Tulip Trend Fund". (table)
• WTI Crude Spikes To 2-Month Highs, Best Week Since August. (graph)
• Real Soars To 6-Month Highs After Former Brazilian President Lula Detained. (graph)

Business Insider:

• This is the ultimate sign that the world's 7th largest economy has lost it.
• FUND MANAGER: Investors are totally unprepared for the future of the market. "I think unless policymakers come up with a way of providing more liquidity we're going to see much lower multiples even if the growth or the earnings are OK." But he doesn't think it's going to be "OK" thanks to the rising dollar and the end of quantitative easing. And that means there will be big sections of the capital markets that become un-tradeable. Already lower liquidity is hurting high yield bonds and emerging markets credit. "You can barely sell EM equities," he said.
• Customers are rebelling after Starbucks(SBUX) made a major change to boost profits.
• The boss of BP(BP) just got a huge pay package rise despite the company's worst ever year.

TPM: 

• Tea Party Leader: Trump 'Has No Business Thinking' He's One Of Us. Tea Party activist Jenny Beth Martin had some harsh words for GOP frontrunner Donald Trump during a Friday speech at the Conservative Political Action Conference. “He loves himself more than our country,” the Tea Party Patriot co-founder said. “He loves himself more than the Constitution. He does not love you or me. He does not love the Tea Party. Donald Trump has no business thinking he is Tea Party.” “I have got serious questions about his fidelity to the document Tea Partiers revere,” Martin said, referring to the Constitution. She brought up Trump’s recent claims that he would “open up" libel laws to make it easier to sue journalists, as well as his previous support for universal healthcare and tax increases. Martin framed Trump as a political creature whose beliefs shifted to accommodate his own self-interest. She urged conservatives not to be swayed by his appeal to their “anger.” “When he says he wants to make America great again, we cheer because we all believe America is great,” she said. “We appreciate what sounds like love of country on his part. It's a seductive hitch. I have several friends and colleagues who support him even as I speak. Here is what I think: Donald Trump loves himself first, last, and everywhere in between.”

Reuters:

• China small caps plunge. The Shenzhen market, home to China's smaller listed companies, tanked 2.6 percent, reflecting a broader sell-off in small-caps. On Friday, Shenzhen's start-up board ChiNext collapsed 4.6 percent after a senior Shanghai Stock Exchange official told media in Beijing that preparation for the roll-out of an emerging industry board, the Shanghai counterpart of ChiNext, is proceeding smoothly. A rival in Shanghai has raised fears of a potential surge in the supply of small-caps in the market, knocking ChiNext shares.

Telegraph:

• Gold soars into bull market as global growth fears mount. Gold spot prices climbed to $1,272.77 an ounce on Friday, after settling at $1,264.25 on the previous day. Thursday's close marks a 20pc gain from the most recent low of $1,052.94 in December, meeting the typical definition of a bull market.