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Emerging Markets: What has Changed

February 26, 2016
1) PBOC appears to have confirmed a somewhat easier monetary stance 2) Malaysian Prime Minister Najib is consolidating his grip on power 3) Hungarian central bank Vice Governor Nagy hinted at more rate cuts 4) Press reports suggest South African Finance Minister Gordhan threatened to resign last week 5) Brazil was downgraded to sub-investment grade by…
Emerging Markets: What has Changed Emerging Markets:  What has Changed Reviewed by Marc Chandler on February 26, 2016 Rating: 5
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Liberty and the 500 Euro Note

February 26, 2016
The internecine pitch battle between ECB President Draghi and the man who may very well be his successor, Bundesbank President Weidmann opened a new front this week. It is over the future of the 500 euro note.  
Practically, every initiative by Draghi has been resisted by the Bundesbank. Sometimes it puts the Bundesbank at odds with Berlin, like ov…
Liberty and the 500 Euro Note Liberty and the 500 Euro Note Reviewed by Marc Chandler on February 26, 2016 Rating: 5
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Global Markets Trying to End Week on Upbeat

February 26, 2016
The US S&P 500 closed above 1950 for the first time since January 6. Global equity markets are broadly higher in response.  At the same time, ahead of the G20 meeting, the world's second and third-largest economies have signaled additional stimulus will be forthcoming.  
In Japan, the Abe government is reportedly considering a front-loaded …
Global Markets Trying to End Week on Upbeat Global Markets Trying to End Week on Upbeat Reviewed by Marc Chandler on February 26, 2016 Rating: 5
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G20 Meeting is no Jedi Council

February 25, 2016
The G20 finance ministers and central bankers will meet in Shanghai starting tomorrow.  From some quarters, there is a sense of urgency.  The IMF, for example, is likely to cut its world GDP forecast of 3.4% this year. 
That forecast is not even two months old. The tightening of global financial conditions, exemplified by the sharp drop in share pr…
G20 Meeting is no Jedi Council G20 Meeting is no Jedi Council Reviewed by Marc Chandler on February 25, 2016 Rating: 5
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Dollar is Little Changed, US Leadership Awaited

February 25, 2016
The foreign exchange market is unusually calm. The US dollar is little changed against currencies.  While the selling pressure that took sterling below $1.39 and the euro below $1.10 has subsided, neither has been able sustain upticks.  The euro rose to $1.1040 before sellers re-emerged. Sterling was capped near $1.3965. 
The dollar had slipped to …
Dollar is Little Changed, US Leadership Awaited Dollar is Little Changed, US Leadership Awaited Reviewed by Marc Chandler on February 25, 2016 Rating: 5
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