United Kingdom

• Yellen's dilemma: A downturn with no easy response (Reuters)
• Clinton, Sanders clash over Obama as they vie for minority votes (Reuters)
• Risk Grows of Markets Sparking Recession (WSJ)
• Global Stock Rout Eases Amid Oil Advance as German Bonds Decline (BBG)
• U.S. Benchmark Yield Will Be at Record Low in March at This Rate (BBG)
• Oil Prices Rally on Hopes of Production Cuts (WSJ)
• More Cuts Loom as Oil Nears $25 (WSJ)
• Euro-Area Maintains Momentum as Turmoil Threatens Outlook (BBG)

• Gold Roars to One-Year High as Turmoil Drives Safe Haven Demand (BBG)
• Banking Stocks Pummeled in Europe (WSJ)
• Dollar, stocks plunge sparks scramble for safety (Reuters)
• Nymex Crude Slips Below $27 a Barrel (WSJ)
• No Respite for S&P 500 as U.S. Stock Futures Join Global Selloff (BBG)
• Walgreens Threatens to End Theranos Agreement (WSJ)
• Next Task for Clinton, Sanders: Securing the Minority Vote (WSJ)
• Yen Advances to 15-Month High as Korean Tensions Stoke Haven Bid (BBG)

Yesterday morning, when musing on the day's key event namely Yellen's congressional testimony, we dismissed the most recent bout of European bank euphoria which we said "will be brief if not validated by concrete actions, because while central banks have the luxury of jawboning, commercial banks are actually burning through funds - rapidly at that - and don't have the luxury of hoping for the best while doing nothing." This morning DB has wiped out all of yesterday's gain.

While algos patiently await the only thing that matters for US stocks today which is Janet Yellen's testimony before Congress. expected to be released at 8:30 am (and previewed here), the rest of the world this morning is a hot mess of schizophrenic highs and lows.

The UK are sending up to 6,000 British troops and five warships to the Baltic as part of an operation to buildup Nato’s military presence against Russia.  Amid escalating tensions between Russia and NATO-backed allies, the UK have decided to significantly increase its presence with other European countries in the region, including Poland, Bulgaria, Romania, Latvia, Lithuania and Estonia. NATO say the increase in military on the Russian border is a more “muscular approach” against Russian President Vladimir Putin.