Bloomberg:
- EU Pledges to Extend Russia Sanctions, Delays Confirming. European Union leaders made a pledge to extend sanctions against Russia until the end of the year, trying to pressure the Kremlin to uphold the cease-fire in eastern Ukraine. Yet the political commitment stopped short of the ironclad decision sought by hardliners in eastern Europe, leaving open the possibility that the trade and investment curbs might not be renewed when they expire in July.
- Russian Toilets Used as a Hedge Against Fallout From Ruble Rout. At a time when President Vladimir Putin’s standoff with the West is slowing the economy and crimping sales at home, Kazakhs -- the third biggest net buyers of Russian goods -- are boosting orders to benefit from the 41 percent depreciation that’s made the ruble the worst-performing currency of the past year. Purchases of rubles quadrupled in Kazakhstan in January from a year earlier to total 60 billion rubles ($1 billion) for the four months from October, according to data from Kazakhstan’s central bank in Almaty.
- EU Asks Greece for More Reforms to Speed Aid Negotiations. Greece must submit a more concrete reform plan to euro-area authorities so that bailout talks can speed up, European Union leaders said after nearly four hours of talks with Greek Prime Minister Alexis Tsipras in Brussels. With EU chiefs warning that time is running out for Greece to overcome a standoff over aid, German Chancellor Angela Merkel and French President Francois Hollande said that the Greek government needed to submit new measures rapidly.
- Bank Deposit Flight Has Accelerated in Greece: Humes. (video)
- China Starts 10-Year Bond Futures Trading as Rate Controls Ease. China will allow trading of 10-year government bond futures, the latest step in a plan to build a market-based yield curve and liberalize interest rates. The China Financial Futures Exchange will officially list the 10-year contracts on Friday, after allowing trading of five-year sovereign debt futures in September 2013. That followed an 18-year hiatus after an investigation into alleged market manipulation in the late 1990s.
- Most Asian Stocks Retreat as Materials, Tech Shares Lead Drop. Most Asian stocks dropped, following declines in U.S. shares, as materials and technology companies led losses. About three shares fell for every two that rose on the MSCI Asia Pacific Index, which added less than 0.1 percent to 146.79 as of 9:05 a.m. in Tokyo.
- Oil Slump Extends to a Fifth Week as Global Glut Seen Expanding. Oil trading near the lowest price in six years is headed for a fifth weekly drop amid signs the global supply glut is worsening. Futures were little changed in New York after falling for the seventh time in eight days on Thursday. The Organization of Petroleum Exporting Countries needs to keep its production target unchanged to maintain market share, said Kuwait, the group’s third-largest member. Iran may increase oil exports within months of reaching a deal on its nuclear program, according to U.S. and European officials.
- Tarullo Targets Commodity Risks at Goldman Sachs(GS), Morgan Stanley(MS). Federal Reserve Governor Daniel Tarullo questioned whether Goldman Sachs Group Inc. and Morgan Stanley should be allowed to own physical commodities because the practice exposes them to risks outside traditional banking. The New York-based companies are allowed “to engage in the extraction, transportation of potentially highly combustible materials with substantial risks associated with them,” Tarullo told the Senate Banking Committee on Thursday. Such activity appears to “breach the wall between banking and commerce.”
- Iran Talks Stall Over Ending of Sanctions. As March 31 deadline nears for nuclear agreement, Tehran wants U.N. sanctions lifted right away; U.S., Europeans say ‘no way.’
When international sanctions on Iran would be lifted has emerged as one of the largest remaining stumbling blocks to an agreement to constrain Tehran’s nuclear program by a March 31 deadline, according to U.S., European and Iranian officials. - Crimea Is Still Ukraine. The Russian annexation has robbed Ukrainian citizens on the peninsula of the right to live in their own state. One year ago, the Ukrainian territory of Crimea was illegally annexed by our neighbor and partner at the time, the Russian Federation. One year ago, as Russian special forces sacked the regional parliament and silenced dissenting voices, a farce referendum was held to position Moscow’s land grab behind a facade of legitimacy.
- Fed Is Pushing and Pulling on Rates Riddle. Policy makers face challenge in moving long-term yields up; ‘conundrum’ for new era.
- How Foreigners Became America’s Financial Regulators. The Fed and Treasury are answering to a board of the G-20 without admitting it to the American people.
- US to train 750 Ukraine troops as Russian aggression continues. (video) With Russian aggression in eastern Ukraine continuing, the White House announced Wednesday the U.S. will begin training 750 Ukraine troops. The news came after a phone call between Vice President Joe Biden and Ukrainian President Petro Poroshenko and coincided with Russians celebrating the first anniversary of their country’s annexation of Crimea.
- Nike(NKE) earnings: 89 cents per share vs. expected EPS of 84 cents. (video) Nike topped Wall Street's earnings estimates on Thursday, but sales figures came in below expectations as it struggled with the negative impacts of a stronger dollar.
- Brace for recession next year: Advisor. (video) Right now the economic trend in the United States is positive, but the "party" for the market will come to an end later this year and a recession will likely hit in 2016, a market expert told CNBC on Thursday.
- Paul Tudor Jones Warns This "Disastrous Market Mania" Will End "By Revolution, Taxes, Or War".
- Yellen Hangover Strikes Stocks, Bonds, Euro, Oil; Banks Bashed, Biotechs Boom. (graph)
- Russian Submarine Activity Surges 50% Since 2014, Admiral Claims "Not Saber-Rattling".
- Albert Edwards: "It Is Already Too Late To Avert Another Crisis". (graph)
- The 'Real' Fed Dot Plot..
- Japanese Pension Funds Dive Into Stocks To "Increase Risk-Taking".
- FBI Moves to Broaden Hacking Authority - Google(GOOG) Says it Poses “Monumental Constitutional Concern”.
- Government Hints Fannie/Freddie Would Need Another Bailout If Conditions Deteriorate. (graph)
- Hours After Hinting At Mandatory Voting, Obama Talks Down "Suggestion" Following Backlash.
- Hillary Clinton's money problems keep getting worse.
- Congress has subpoenaed about a dozen people who worked in Hillary Clinton's State Department.
- 3 charts that show America's big banks are only getting bigger. (graph)
Financial Times:
Evening Recommendations - White House reconsiders supporting Israel at UN. The White House said on Thursday that it was reconsidering the support it has given Israel at the UN even as Israeli Prime Minister Benjamin Netanyahu appeared to row back his election campaign comments rejecting a Palestinian state.
Piper Jaffray:
- Rated (COO) Overweight.
- Asian equity indices are -.50% to +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 116.0 +14.0 basis points (new series).
- Asia Pacific Sovereign CDS Index 64.0 +.5 basis point.
- S&P 500 futures +.11%.
- NASDAQ 100 futures +.12%.
Earnings of Note
Company/Estimate
- (DRI)/.84
- (KBH)/.02
- (TIF)/1.51
- None of note
- None of note
- The Fed's Lockhart speaking, Fed's Evans speaking, German PPI, (ICPT) investor meeting and the (BIIB) Alzheimer data could also impact trading today.
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