Europe

Finally some good news for active managers. After one year of consecutive outflows, last week saw the first inflows into long-only equity mutual funds going back to last February, as according to BofA there finally was a $0.5 billion cash inflow, "a sign of rising investor confidence & broadening participation in equity rally." However, to put this number in context, at the same time inflows to ETFs amounted to $17.2 billion, some 35 time more.

BofA's Michael Hartnett summarizes the latest fund flows in two words: "Risk-on."

S&P equity futures followed Asian and European stocks lower, driven by weakness in Franch and Italian markets, as French political concerns returned; the pound tumbled after UK monthly retail sales unexpectedly dropped pushing the dollar higher and Euro lower.

The Financial Times has confirmed that the Rothschild family will be placed in charge of the Greek economy with immediate effect.  According to reports, Lord Rothschild will become the new economic adviser to Greece, controlling the country’s debt and negotiations with creditors. The Greek government are rushing to finalize the appointment before talks with Eurozone finance ministers resume on February 20. The Rothschild company will take over the role of the US based banking firm Lazard.

Scientists have discovered a new continent hidden in plain view in the Pacific Ocean right next to New Zealand. Zealandia, as it is formally called, is a continent with a 5 million square kilometre landmass that lays largely submerged in the south-west Pacific. The 11 geologists from New Zealand and Australia who discovered Zealandia say that it should be confirmed as earth’s eighth continent, after Africa, Asia, Antarctica, Australia, Europe, North America, and South America.