In 1990, British Prime Minister Margaret Thatcher exclaimed her opposition the common currency and European integration very simply: "No! No! No!" Perhaps it is time to revisit her thoughts as Britain considers leaving The EU.
With markets happy to put February in the history books because it marked the fourth consecutive monthly decline in global stocks, we move on to March 1st, which doubles down as 'Super Tuesday' in the US when Trump's presidential candidacy will almost certainly be sealed and a day in which stocks decided to join the super fun by super surging overnight on nothing but bad global macro and economic which however was promptly ignored and instead the focus was on ongoing central bank intervention and even more jawboning.
Dutch voters have demanded an in-out referendum on the Netherland’s membership in the European Union, amid growing fears that the entire European project is about to collapse. With Britain due to hold a June 23 referendum, other countries are preparing for an imminent exit in the event that Britain leaves. Express.co.uk reports: In a new opinion poll in the Netherlands, a majority of voters said they backed the country having its own in/out referendum on EU membership, similar to the UK vote.
Ramesh Ponnru makes a good case that the U.S. shouldn’t take sides in the U.K. debate over “Brexit”:
While the prevailing dour (or perhaps sour) overnight mood was a continuation of the weak oil theme which started yesterday after Iran said the production freeze proposed by Saudi and Russia as "ridiculous", and Saudi oil minister Al-Naimi said that Saudi won't cut supply and that high-cost producers need to either "lower costs, borrow cash or liquidate” (ideally the latter), risk sentiment was further dented when BOJ Governor Kuroda says he won’t target FX rates or stocks, which is clearly nonsense, and further spooked Japanese asset prices (Nikkei -0.85), while s