Asia

• Shares bounce, euro fades after savage ECB reaction (Reuters)
• Trump's Islam comments draw attacks as Republicans discover civility (Reuters)
• IEA Says Oil Price May Have Bottomed as High-Cost Producers Cut (BBG)
• Oil Prices Rise on Hopes Glut Will Ease (WSJ)
• Why Euro-Area Inflation Will Be Low for Years, According to Draghi (BBG)
• Calmer markets, positive data prime Fed to push ahead with rate rises (Reuters)
• Key powers mulling possibility of federal division of Syria (Reuters)

Three months ago, on December 4, when the ECB clearly disappointed markets and European stocks tumbled as the Euro soared, it took a speech by Mario Draghi at the Economic Club in NY to send stocks soaring...

• Pressure Is on Mario Draghi to Show ECB Has Tools to Boost Low Inflation (WSJ)
• Euro dips as ECB sets sights on deeper negative rates (Reuters)
• Ohio's 'dirty little secret': blue-collar Democrats for Trump (Reuters)
• Irish Economy Expanded 7.8% in 2015, Fastest Pace Since 2000 (BBG)
• Too Many Boats for Too Little Cargo Leaves Shippers High and Dry (BBG)
• Abe pledges to boost tourism in tsunami-ravaged region, maintains nuclear policy stance  (Xinhua)
• Amazon Finds Air Freight Partner (WSJ)

Global stocks and U.S. equity futures are mostly higher this morning (despite China's historic NPL debt-for-equity proposal) as traders await the main event of the day: the ECB's 1:45pm CET announcement, more importantly what Mario Draghi will announce during the 2:30pm CET press conference, and most importantly, whether he will disappoint as he did in December or finally unleash the bazooka that the market has been desperately demanding.

Even as US crude oil inventories just hit a fresh record high for another week, both in Cushing and across all other regions, a more curious accumulation of excess oil inventory has emerged: according to the IEA, global oil production exceeded consumption by just over 1 billion barrels in 2014 and 2015.