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"The establishment of the Asian Infrastructure Investment Bank (AIIB) has been depicted by a few overseas media outlets as if China is building its own version of the Bretton Woods system. The Bretton Woods system is a product of the old days. The new global trends created the AIIB and there is no room to look back to the old days of one currency's hegemony," a state-controlled news outlet says, just as China pushes for yuan dominance in the AIIB.

• ECB Tells Greek Banks Not to Boost Exposure to Athens Government’s Debt (WSJ)
• Search teams probe wreckage of jet in French Alps (Reuters)
• Flight Recorders Offer Best Hope of Explaining Jet’s Fatal Drop (BBG)
• Yemen Houthi militia sweeps toward Aden in threat to president (Reuters)
• In Nigeria, Oil Price’s Slide Deters Theft (WSJ)
• Saudi Arabia building up military near Yemen border (Reuters)
• Quant Who Shook the Financial World Tries More Humble Approach (BBG)
• Executive Pensions Are Swelling at Top Companies (WSJ)

Angus Macleod made a valiant effort to counter Russian nuclear aggression but in the end couldn't quite land Moby Dick...

NATO is in the midst of conducting large scale military maneuvers along the Russian border in a move Russian Foreign Minister Sergey Lavrov says encourages “Kiev to pursue a military solution.” Over the course of 10 days, NATO will parade 120 combat vehicles across the region in an effort to prove how quickly the West can confront perceived Russian aggression.

For merchants in Italy, there's a tradeoff for putting up an awning that may end up casting a shadow on the sidewalk. 

Quad-witching days are volatile on normal days, so in an environment of virtually zero liquidity, in which the market careens from one extreme to another simply based on whether the Fed utters one single word, in which volatility across asset classes is soaring, and in which it is all about igniting algo momentum, today's quadruple withicng should be memorable, which is good since there is virtually no macro data today to speak of. 

Even as a Graccident becomes more likely by the day, there are still plenty of signs that EMU members are prepared to present a unified front in the face of uncertainty.

“Don’t mess with Texas.” Unless of course you are a thieving, violent cop; in which case Jason Villalba wants to make it open season on citizens by denying them their First Amendment rights.

"Ladies and gentlemen. A few weeks ago, in Riyadh, I was at a small, private function along with the British central bank governor, Mark Carney. Mr Carney asked me two questions. First, why did the oil price drop? And the second, where is the price heading? I will tell you today what I said to him then."

- Ibrahim Al-Muhanna, Advisor to the Minister of Petroleum and Mineral Resources for Saudi Arabia

As Greeks solemnly remembered the horrific acts of 72 years ago (when the first of 19 trains transported nearly 50,000 local jews to Nazi death camps), the Greek President Pavlopoulos made statements today that he "remains adamant" that "Greece's demands for German war reparations and the occupation loan are active and can be claimed legally." German Finance Minister Wolfgang Schaeuble has once again ruled out the possibility of a retreat from what Berlin has already officially said on the matter - that the issue has been settled decades ago. But, today the Greek Defense Minister issued a statement confirming that archives that they possess from Nazi armed forces support the country's claims for reparations.

Why understanding of market cycles is crucial for investment success

"Gotland is a big worry for us. It could be overrun by Russia in minutes and then all of us would be highly vulnerable to an attack," warned one politician recently as it appears NATO fear-mongering and Russia sabre-rattling is having a significant effect on many of the Baltic Sea's border nations. As The FT reports, Sweden will put troops back on the strategic Baltic Sea island of Gotland after a decade-long absence and will also step up military exercises around the island involving the army, navy and air force. “Hunting submarines is a priority area," Sweden's defense minister explained, adding that "everything we do is a part of underlining Swedish sovereignty."

• Again as first reported here: Record U.S. Oil Glut May Fill Storage, Cut Prices (BBG)
• IEA sees renewed pressure on oil prices as glut worsens (Reuters)
• No EU unanimity on renewing Russia economic sanctions (Reuters)
• Tsipras says Greece doing its part in euro zone deal (Reuters)
• ECB Set to Buy Fewer Bonds as Price Gains Ease Crunch (BBG)
• These Americans Are Getting Rich Trading Derivatives Banned in the U.S. (BBG)
• U.S. 2015 profits forecast to grow 1.7 percent; oil, dollar are concerns (Reuters) - in a month this will say "decline"
• Manhunt for shooting suspects grinds on in Ferguson, Missouri (Reuters)

When things are this obviously crazy, anything is possible.

With Greece on the edge of being kicked out of the Eurozone , either voluntarily or otherwise, with an anti-austerity party on the verge of taking over the reins of power in Spain, with Beppe Grillo waiting in the corridors for his chance to pounce in Italy and with Marine le Pen and her nationalist party on the verge of becoming the biggest shocker of Europe over the coming years, here, according to Daniel Hannan, is what killed democracy in Europe. Europe itself.