Yesterday morning, when musing on the day's key event namely Yellen's congressional testimony, we dismissed the most recent bout of European bank euphoria which we said "will be brief if not validated by concrete actions, because while central banks have the luxury of jawboning, commercial banks are actually burning through funds - rapidly at that - and don't have the luxury of hoping for the best while doing nothing." This morning DB has wiped out all of yesterday's gain.
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.
The UK are sending up to 6,000 British troops and five warships to the Baltic as part of an operation to buildup Nato’s military presence against Russia. Amid escalating tensions between Russia and NATO-backed allies, the UK have decided to significantly increase its presence with other European countries in the region, including Poland, Bulgaria, Romania, Latvia, Lithuania and Estonia. NATO say the increase in military on the Russian border is a more “muscular approach” against Russian President Vladimir Putin.
An animated short film made by two University of Kent historians challenges the present concept that immigration numbers are at a record high. Higher levels of migration was evident in Britain during recent and ancient history, according to researchers and archaeologists. EurekAlert reports: With migration now a major topic of debate across Europe, Professor Ray Laurence and Dr Julie Anderson, working with the University of Reading’s Dr Hella Eckardt, created a script and commissioned the film to provide the public, schools and policy makers with a better understanding of its history.