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LaGuardia Airport Closed After Delta Airplane Skids Off The Runway

No details as yet but ABC7 reports a Delta flight has skidded off a runway upon landing at New York's Laguardia airport... 130 passengers are being evacuated - no serious injuries. 300 Gallons of fuel leaking from plane.



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Turkey Warns "Speculators Will Be Burned" As Lira Collapses To Record Lows

UPDATE: TRY now +6.5 handles at 2.6275...

The Turkish Lira is down over 4 handles again this morning as the currency's collapse accelerates exponentially. Having devalued by 30% year-to-date amid Erdogan's rage against central bank independence, selling its gold, threats of jail for not cutting interest rates, and rising repression of increasing social unrest, the country's Economy Minister took to the TV today to expose the "hidden currency war" and blast 'speculators' (because only a speculator would pull his capital from such a 'stable' place) - "The manipulation of those who play with the dollar will explode in their hands and their hands will be burned."



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High Frequency Robber Barrons

Over the weekend Barron's engaged in another attempt by the pro-HFT media lobby to make it seem that frontrunning HFT parasites (now available on a laser near you) are good for the "little guy." An attempt which fails when one actually scratches the surface even by the smallest amount.



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Take Out A 7 Year Car Loan To Buy Stocks, CNBC Experts Advise

According to two anchors, one journalist, and one "wealth strategist," now is the time to take out an 84 month car loan in order to buy stocks.



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The Great Bund Short Slaughter

With the world and his cat positioned for spread compression in European peripheral sovereigns ahead of the ECB's Q€, the natural 'short' that weighs on Bunds (against Spain, Italy, Portugal etc.) is being massively squeezed this morning. 10Y Bund yields have ripped 11bps from the start of the ECB press conference... in context, that's a 25% collapse in yield.



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US Factory Orders Drop For 6th Month In A Row - Worst Since Lehman

Must be the weather... since August. US Manufacturers New Orders tumbled 0.2% in January (missing expectations of a 0.2% rise for the 6th of the last 7 months). This extends the losing streak for factory orders to 6 months, something we have not seen since the great recession in 2008... The drop was led by a plunge in Consumer Goods - not exactly what one would expect from all those gas savings? Just add it to the growing list of missed macro data expectations since the start of Feb!



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ECB Releases Q&A And Terms And Conditions Of Europe's (First) Quantitative €asing

Alongside the Draghi presser, the ECB moments ago the terms and conditions of its Q€, or as the ECB calls it, the "public sector purchase programme (PSPP)" Here are the full details and the Q&A.



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Global Bond Yields & Crude Tumble As EURUSD Tests 1.10

EURUSD rallied 100 pips into Draghi's press conference as weak shorts covered but the moment he opened his mouth), it collapsed and is now looking to break to a 1.09 handle for the first time since 2003. Despite hockey-stick-like expectations for EU growth, bond yields are compressing (as EU arbs the world) and oil prices are waking up to the reality that China took an ax to its growth expectatiuons overnight. But apart from that, stocks are higher...



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Mario Draghi Reveals Biggest. Hockeystick. Ever!

Moments ago Mardio Draghi, as part of the ECB's March set of economic forecasts, revealed what is the biggest inflationary hockeystick in history, as European inflation, magically, is now expected to soar from 0.0% to 1.5%!



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Initial Jobless Claims Surge To 10 Month Highs, Worst Start To A Year Since 2009

Following this morning's dire Challenger Job Cuts data, it appears the hard reality that lower oil prices are not unambiguously good for America is setting in. Initial Jobless Claims surged last week (after a big jump the week before) to 320k (far worse than the 295k expectation) to the highest since May 2014. Continuing Claims also rose. Since the end of QE3 and the end of the government's fiscal year, the trend of improvment has clearly ended and a new regime of weakening labor markets has begun.



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Mario Draghi's "Q€ Unleashed" ECB Press Conference - Live Feed

After what feels like years of anticipation and promises, we found out last month that Q€ will happen. Today we find out exactly how Mario Draghi's magic trillion euro spending spree will occur (or not). Despite all the 'facts' surrounding a lack of liquidity, willing sellers, and available securities we are sure Draghi will have an answer for how he will fit 10lbs of 'stuff' into a 5lb bag. We also expect him to exuberasntly forecast higher inflation (less deflation) and stronger growth - because if he doesn't, what does that say about his optimism that Q€ is anything but more wealth transfers?



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Challenger Job Cuts Surge 19%; Energy Sector Is 38% Of Total: "Falling Oil Hasn't Resulted In Higher Retail Spending"

According to Challenger, the February total planned job cut were over 50,000 for the second month in a row, or a total of 103,620 in the first two months of 2015, up 19% from the same period last year, with a 38% of the total, or 39,621 of these job cuts, due to plunging oil prices and about to take place in the highest paid oil extraction space.



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ECB Keeps Rates Unchanged, QE Details To Come Shortly

As is normally the case, the ECB did not provide any details aside from its headline rates decision in the monetary policy decision press release, which as was expected by virtually everyone, were unchanged across the board.



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Frontrunning: March 5

  • China Lowers Growth Target to About 7% (WSJ)
  • Obesity Is Hurting the U.S. Economy in Surprising Ways (BBG)
  • Embattled Hillary Clinton urges State Department to release emails (Reuters)
  • Washington Strips New York Fed’s Power (WSJ)
  • U.S. Supreme Court split over Obamacare challenge (Reuters)
  • Citigroup Loses $800 Million as It Exits Turkey’s Akbank (BBG)
  • Justice Who Once Tried to Kill Obamacare Now Potential Savior (BBG)
  • Buyers of Espírito Santo Debt Face Financial Uncertainty (WSJ)


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Euro Slides, Futures Flat Ahead Of Mario Draghi's Press Conference And Q€ Cheat Sheet

It has been a while since we have seen the USDJPY rampathon push US equities higher, so in a day dominated by central banks (first the BOE momentarily), and then the ECB's much anticipated announcement of the actual QE launch at the Draghi press conference at 1:30pm CET (taking place, ironically enough, in the place that was the blueprint for the Eurozone's capital controls, Cyprus), it only makes sense that after weeks of stage fright, the USDJPY algos reminded the world they are alive and well, and proceeded to ramp the key FX pair above 120, even though the currency that everyone will be talking about today is the Euro, hugging 1.10 as of this moment, but the real question is what happens after Draghi gives the asset buying green light: has all of Q€ been priced in already in FX, and will the EURUSD resume its surge higher, or is parity next stop?



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