Business

Having been at the forefront of the recent collapse in core European bank stock prices, Deutsche Bank has - as we first reported last weekend - been 'crying uncle' but not in a way most would expect: instead of begging for more central bank easing, DB told the ECB (and BOJ) to stop easing as negative rates and more excess liquidity, are crushing it. This is why central banks are trapped, because they are damned if they don't ease any more with the global economy on the edge of recession, and damned if they ease further, pushing bank default risk even higher.

• 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)

There was some hope in early Japanese trading that after a seemingly endless rout in the USDJPY, which has seen the Yen surge the most in the past two weeks since the 1998 Asian crisis, the BOJ would intervene, if not via policy where it has botched things up beyond repair then directly by selling Yen on the tape: the reason for this is not only yesterday's direct intervention that sent the USDJPY soaring by over 150 pips briefly, but also after a report that Finance Ministry’s FX chief Masatsugu Asakawa met deputy chief cabinet secretary to discuss market issues; this was followed by a mee

By Monique Muise, as published on Global News

Canada sells nearly half of all its gold reserves

The government of Canada sold off nearly half its gold reserves in recent weeks, continuing a pattern of moving away from the precious metal as a government asset.

According to the International Monetary Fund’s International Financial Statistics, Canada held three tonnes of gold reserves as of late 2015.

http://globalnews.ca/video/embed/2511836/

...and credit is always right in the end!

1,100 is the target...

High Yield bond yields and Leveraged Loan prices are at their worst since 2009 as it seems the hosepipe of QE3 liquidity (its the flow not the stock, stupid) is slowly unwound from a buybacks-are-over equity market.