Business

With world markets begging for moar, Janet Yellen's prepared Humphrey-Hawkisn Testimony was a disappointment:

One week ago, in the aftermath of Japan joining the NIRP club, we wondered how low Kuroda could cut rates if he was so inclined. The answer was surprising: according to a Nomura analysis the lower bound was limited by gold storage costs. This is what the Japanese bank, whose profit was recently slammed by Japan's ultra low rates, said:

Back in November, Nils Smedegaard Andersen, CEO of Maersk, the world’s largest shipping company, gave the world a reality check when it comes to global growth and trade.

“The world’s economy is growing at a slower pace than the International Monetary Fund and other large forecasters are predicting” Andersen told Bloomberg. "We believe that global growth is slowing down [and that] trade is currently significantly weaker than it normally would be under the growth forecasts we see."

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• Trump shows his U.S. presidential bid is no mere publicity stunt (Reuters)
• Clinton Is Outdone by a Competitor Once Considered a Fringe Candidate (WSJ)
• Deutsche Bank Jumps as Lender Said to Consider Bond Buyback (BBG)
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• Morgan Stanley Trading Executive Provides Grim Picture for Wall Street (WSJ)

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.