Overview.......
US High Yield Spreads have tightened over 100 bps in the past few weeks after hitting their widest levels since '11.
Biggest rally in CCC high yield bonds in almost a year. Good sign, want to see this continue in March.
Germany's 2y yields hit fresh life-time low of -0.56% as pressure on #ECB rises after Eurozone turned into deflation
#Germany 9y yields turn negative. Hits fresh life-time low at -0.012%
2y yields of 11 EZ countries now negative: Everything you need to know about negative rates. http://on.wsj.com/1oRjA2t
Bloomberg Commodity Index: 8th straight monthly decline, lowest close since Feb '99, down since inception in '91.
Lean Hogs a slightly better hedge than Gold YTD, leading all commodities. Interesting to see Copper almost flat.
Global Equity Returns through 2 months. Interesting: 7 countries positive, all Emerging Markets...
#Japan's Yen is the biggest winner in Feb w/ a gain of >7%.
Asia......
Actually March 1st & February 29th........
Euribor futures continues rallying to new record high, that's tough for EUR ...
China PMIs Plunge, Economists Demand Stimulus To "Prevent Economy Falling Off A Cliff" http://www.zerohedge.com/news/2016-02-29/despite-1-trillion-liquidity-china-manufacturing-services-pmis-plunge-dec-2008-lows …
FEB CAIXIN PMI 48.0 (prv 48.4, est 48.2)
50 bps RRR cut effective today, PBoC suspends open-market operation for first time b/c "ample liquidity leading to weak reverse repo demand"
Get Shorty? PBOC Strengthens Yuan, Erases All RRR-Cut Swing http://www.zerohedge.com/news/2016-02-29/get-shorty-pboc-strengthens-yuan-erases-all-rrr-cut-swing …
NBS PMI FEB 49.0 (prv 49.4, est 49.3)
Despite $1 Trillion In Liquidity, China Manufacturing & Services PMIs Plunge To Dec 2008 Lows http://www.zerohedge.com/news/2016-02-29/despite-1-trillion-liquidity-china-manufacturing-services-pmis-plunge-dec-2008-lows …
China NBS PMI expects 49.3 (prv 49.4), Caixin PMI expects 48.2 (prv 48.4) tomorrow. NBS released ahead of A-Share opened. So PBoC knows ...
Pboc lowers RRR 50bps!
Aussie Housing Bubble Bursts - Building Approvals Crash Most In 4 Years http://www.zerohedge.com/news/2016-02-29/aussie-housing-bubble-bursts-building-approvals-crash-most-4-years …
Europe
( Much more at Twitter TL ! )
Refugee Items ....
Refugee deal with Turkey EU’s only option, no plan B, says Germany’s Merkel | Front Page
http://sabahdai.ly/xlp9xQ
'#EU has resources, lacks political will to resolve ‘critical’ migrant crisis' – UNHCR spox http://on.rt.com/75qs
We shall see if the EU meets the expectations of Turkey.
From Before.......
#Erdogan Blackmailed #EU for €30 Bln Over Migrant Crisis Plan
http://sputniknews.com/europe/20160209/1034439102/erdogan-eu-blackmail.html …
Border restrictions aren't going to deter people fearful of losing their lives -whether they are Afghans or Syrians.
For a brief moment, the border between #Greece and #Macedonia was open today. Afterwards tear gas, chaos, wounded... http://fb.me/6Y1zX6Fdq
Very ugly optics for the French.
Dog chasing it's own tail Summitry.
"Calais Jungle dismantled" by 
#Migrants break #Macedonia border fence to reach railway line
http://rudaw.net/NewsDetails.aspx?pageid=198022 …
Greece.......
Significant gap between European institutions & #Greece vs #IMF at tonight's #Eurogroup Working Group, acc to @tovimagr. #ec #ecb #economy
Lawyers extend strike to Friday, accountants rally http://dlvr.it/KfGkQ4
Ominous divisions between Greece's Creditors augor more draconian measures potentially being imposed on Greece.
Greek farmers end road blockades over pension reform ahead of bailout talks http://dlvr.it/Kf9Nld
Any time actions are taken to reduce transparency , as well as access by the free press - not a good sign.
Brexit .....
Conservative Opposition to Cameron's "Project Fact" and their rejection to Remain arguments , becoming heated.
True ! When he was negotiating with the EU , he did say he could campaign for BREXIT , if negotiations failed.
Spanish Politics......
Other Parties Reject PSOE's Last-Minute Attempts To Broaden Deal Before Confidence Vote
https://www.thespainreport.com/articles/665-160229180049-other-parties-reject-psoe-s-last-minute-attempts-to-broaden-deal-before-confidence-vote …
ORDER PIZZA: Confidence Votes Might Take Until Midnight On Wednesday & Friday https://www.thespainreport.com/newsitems/500-160229190015-update-spain-confidence-votes-might-take-until-midnight-on-wednesday-friday …
United Left leader Garzón confirms its two MPs will definitely be voting 'no' to the PSOE-Ciudadanos deal.
#Spain - Socialists made one more try to get Podemos on board ahead of this week's confidence votes. No success.
Odds & Ends......
Can the ceasefire hold until March 7th ?
ISIS appears very paranoid in Mosul. Mass arrests/executions -including for failing to fight, a recent trend there.
ARGENTINA HOLDOUTS TO GET 75% OF JUDGMENTS, PLUS PAYMENT FOR FEES, COSTS: BBG
SG expects #ECB to cut depo rate by 20bps in Mar to -0.5% & to extend QE til Dec2017. Sees BS to grow to 39% of GDP
NEW MAP: Military situation in northwestern #Syria . #Latakia #Idlib #Hama
HD version: https://imgur.com/9BlssQY
Donald Trump hits 49 percent support in new national poll ahead of Super Tuesday. http://abcn.ws/1LPBgQE
US releases Iraq dam collapse evacuation advice http://bit.ly/1QmUCSI
Erdoğan’s remarks on journalists’ release sparks parliamentary row http://bit.ly/215NM5K
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