Archive - Feb 28, 2014

The long awated press conference has begun. Here are the highlights:

YANUKOVICH BLAMES WEST FOR IRRESPONSIBLE CONDUCT
YANUKOVICH CALLS FOR UKRAINE REFERENDUM ABOUT GOVERNMENT ORDER
YANUKOVYCH SAYS PRESIDENTIAL ELECTIONS SHOULD BE IN DECEMBER
YANUKOVICH SAYS POWER IN UKRAINE WAS SEIZED BY "PRO-FASCIST" FORCES

Harakiri by dildo...

"There was some weakness in the system, and the bitcoins have disappeared. I apologize for causing trouble" - Mt.Gox CEO Mark Karpeles

• Yuan suffers biggest weekly loss as PBOC punishes speculators (Reuters)
• Euro Gains as Bonds Decline With Stocks on Inflation Data (BBG)
• Biggest Sovereign Fund Forced to Sell Stocks as Mandate Breached (BBG)
• Because we don't already have enough fried foods.. (Reuters)
• Putin: Russia to Consider Aid to Ukraine (AP)
• Wall Street Hates JPMorgan Fee for $1 Trillion Junk Loans (BBG)
• Yellen Sticks to Plan Amid Weather Doubts (WSJ)
• U.S. Retail Chains See First Profit Decline Since Recession (BBG)

In addition to the already noted fireworks out of China, where the Yuan saw the biggest daily plunge since 2008 and the ongoing and very rapid newsflow out of the Ukraine, focus this morning was very much of the latest Eurozone CPI data, which despite matching previous low levels, came in above expectations and in turn resulted in an aggressive unwind of short-EUR bets as market participants were forced to re-asses the likelihood of more easing by the ECB. Still, even though the Euribor curve bear steepened and Bunds came under significant selling pressure, the EONIA forward curve remained inverted, signifying that there is still a degree of apprehension over what is unarguably very low inflation data.

The bizarre events in the Crimea continued overnight, after unidentified masked men but dressed like those who took over the parliament in Simferopol yesterday, took over two airports by blockading one near the Russian naval base in Sevastopol and another in the capital of Simferopol. This prompted the Ukraine's interior minister Arsen Avakov, to accuse Moscow's military of blockading the airports, and in a Facebook post, he called the seizure of the Belbek international airport in the Black Sea port of Sevastopol a "military invasion and occupation." He added: "It is a breach of all international agreements and norms." As NBC reports, the Interfax news agency quoted Russian military sources as saying the incident at Belbek airport was intended to stop "fighters" flying in. However, Interfax later quoted a Russian official as saying that no units had approached the airport or blockaded it. In a nutshell, Russia continues to push with escalation ever further, and is testing just how far it can and will go without Ukraine responding.

Sugar is like a heroin addiction. The effects are bingeing, withdrawal and craving or cross-sensitization.

If they’re bailing on the market… what are the odds trouble is approaching?