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  • Squawk / Yesterday at 18:04 GMT
    -
    Portugal
    Foreign Hedging - "Another notable trend has been greater FX hedging of EURdenominated investments. Given that FX hedges are typically done over-the-counter, we gauge this dynamic by examining the ETF market. Since the ECB implemented a negative deposit rate, implicitly using EUR as the transmission
    mechanism for monetary policy, foreign investors have
    significantly increased FX-hedged equity investments relative
    to unhedged ones (see Exhibit 6). As long as front-end rates
    trade in the red, foreign investors essentially are paid to
    remove FX risk from their European investments. And
    knowing that the central bank welcomes a significantly weaker
    currency to boost competitiveness and increase imported
    inflation, we expect this hedging to continue." in THE EURO IMITATION GAME by Morgan Stanley (FX Pulse - https://login.matrix.ms.com )
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  • Article / Yesterday at 15:05 GMT

    No inflation? No problem

    Managing Partner / Spotlight Ideas
    United Kingdom
    No inflation? No problem
    US GDP growth may have fallen short of expectations and CPI readings may signal deflation, but the American economy is fundamentally strong. A deeper look into the statistics, including into energy trends and Core CPI readings, makes this quite clear.
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  • Squawk / Yesterday at 14:54 GMT
    Head of Macro Strategy / Saxo Bank
    Denmark
    Chicago PMI drops sharply in February to 5-year low:

    Consensus had looked for a small decline to 58 in February from 59.4 in January, but instead the Chicago PMI surprised everybody with a plunge to just 45.8, the lowest print since mid-2009.

    S&P 500 is down 0.2% on the news.

    The ISM manufacturing report will be released on Monday.
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    15h
    Mads Koefoed Mads Koefoed
    University of Michigan consumer confidence is revised up in the final February report to 95.4 from 93.6. Still a decline from January's 98.1.
  • Trade view / Yesterday at 13:54 GMT
    Medium term

    Lululemon coils up for a big move

    Trader / TheSteadyTrader.com
    United States
    Shares of Canadian athletic clothing maker lululemon athletica (LULU:xnas) rallied sharply since last October but since late January have largely traded in a tight consolidation range. This healthy price action could soon see the stock release higher again, allowing active traders and investors to hop on board.
    Read the Trade View
  • Squawk / Yesterday at 13:49 GMT
    Senior Equity Trader / Saxo Bank
    Denmark
    Volkswagen operatin profit €12,7B vs €12,5Be
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    16h
    Jens_Black Jens_Black
    stock is down 0,5% or close to €5 after the results
    16h
    Jens_Black Jens_Black
    Now down almost 2%
    16h
    Waheed786 Waheed786
    Will it kill Dax?
  • Squawk / Yesterday at 13:38 GMT
    Head of Macro Strategy / Saxo Bank
    Denmark
    US Q4 GDP growth revised down to 2.2% on inventories:

    The second estimate of fourth quarter GDP for the US resulted in a downward revision of 0.4pp to 2.2%, confirming that the US economy slowed down in the final quarter of 2014 after growth of 4.6% and 5% in Q2 and Q3 respectively. However, the main culprit of the downward revision were inventories, which are now estimated to have added 0.1pp to growth vs. 0.8pp in the original estimate.

    Key components such as private consumption (2.8pp vs. 2.9pp prior), fixed investment (0.7pp vs. 0.4pp), government consumption (-0.3pp vs. -0.4pp) and net exports (-1.2pp vs. -1pp) saw little change.

    All in all, a non-event.
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