- China’s Yuan Makes Largest Gain Since 2005 on PBOC Cue (WSJ)
- Japan’s Nikkei soars over 7%, for its biggest gain since 2008 (BBG)
- Global shares rise as firmer Chinese yuan eases deflation fears (Reuters)
- Banks’ Surge Takes Europe’s Stock Rally Into 2nd Day; HSBC Rises (BBG)
- Oil extends rally on prospects OPEC could act to counter low prices (Reuters)
- Europe’s Higher-Yielding Bonds Benefit as Global Turmoil Eases (BBG)
- Republicans gear up for Supreme Court battle after Scalia’s death (Reuters)
- Indian-American judge who could replace Scalia worked on controversial cases for business (Reuters)
- ECB now officially everyone’s “toxic bank”: ECB in talks with Italy over buying bundles of bad loans (Reuters)
- Soaring Chinese Imports From Hong Kong Renew Fake Trade Concerns (BBG)
- Oil Speculators Shrug Off Huge Stockpiles to Bet on Price Climb (BBG)
- SoftBank Announces $4.4 Billion Share Buyback (WSJ)
- Record-setting cold chills U.S. Northeast on Valentine’s Day (Reuters)
- Chinese Banks May Need All the Help They Can Get (WSJ)
- Brazil’s 5,500 Bankruptcies in 2015 Signal Deeper Credit Crisis (BBG)
- Gold Gets Thumped as Risk-On Mood, Surging Shares Erode Demand (BBG)
- ECB’s ‘Whatever It Takes’ May Be Too Much for German Top Court (BBG)
- Athens may face a choice: Bail-out or bail-in? (Kathimerini)
- Trump and Drudge for the win, again: Matt Drudge’s army is bigger than the RNC’s (Salon)
Overnight Media Digest
WSJ
– The U.S. Supreme Court vacancy left by Justice Antonin Scalia created one of the last major power struggles between President Barack Obama and congressional Republicans. Obama said he would fulfill his constitutional responsibilities to nominate a successor in the coming weeks. (on.wsj.com/1LoZgtR)
– The U.S. and Russia stepped up their efforts to cement a cease-fire in Syria as Turkey rebuffed appeals from world leaders for an immediate halt to shelling of American-backed Kurdish forces. (on.wsj.com/1R2Ay6S)
– China shares fell Monday, catching up with losses in markets around the world, as mainland markets reopened following the lengthy Lunar New Year holiday. The Shanghai Composite Index and the Shenzhen market were closed last week when worries about global growth and the health of banks sparked selling across the globe. (on.wsj.com/1mBEh0t)
– Japan’s economy shrank again in the fourth quarter, the latest confirmation that Prime Minister Shinzo Abe’s growth program is sputtering. The contraction, the fourth in seven quarters and could lead to calls for further monetary and fiscal stimulus. (on.wsj.com/1QBBEnj)
FT
HSBC Holdings Plc decided on Sunday to keep its headquarters in Britain, rejecting the option of shifting its centre of gravity back to its main profit-generating centre, Hong Kong, after a 10-month review.
UK’s National Health Service (NHS) said it will invest more than one billion pounds a year by the end of the decade, in a drive to improve mental health services in the country.
Britain’s push to win backing from its European partners for its wish list of EU reforms will go “right to the wire” at a summit this week, Foreign Secretary Philip Hammond said on Sunday.
NYT
– Prosecutors claim that the Porsche holding company misled investors in 2008 on its plan to take over Volkswagen , sending VW stock soaring. The criminal trial in Germany has shed new light on how a billionaire family acquired ultimate power at Volkswagen in the years leading up to the carmaker’s emissions-cheating crisis. (http://nyti.ms/1KQku8M)
– Japan’s economy shrank in the final three months of 2015, the government said on Monday, undergoing a more severe contraction than experts had expected amid signs that global growth was stalling. (http://nyti.ms/1KjYymM)
– HSBC Holdings Plc said on Sunday that it would keep its headquarters in Britain after announcing plans last year to review whether to move its home. The bank, which is based in London but generates more than half of its earnings in Asia, announced a formal review in April, citing increasing regulatory requirements and a tax that had hit banks based in Britain particularly hard. (http://nyti.ms/1Sr965Y)
Britain
The Times
UK Companies have reported their fastest growth for two years, but supermarkets and the oil and gas industries weighed heavily on an otherwise encouraging performance, according to an analysis by the Share Centre. (http://thetim.es/1WlSyut)
Karl Kohler, the chief executive of Tata Steel in Europe, will join thousands of steel workers marching in Brussels today to demand urgent action to save the industry. (http://thetim.es/1WlSzyy)
The Guardian
People facing mental health crises will be able to get community care 24 hours a day, seven days a week as part of the biggest transformation of NHS mental heath services in England for a generation, to be unveiled on Monday. (http://bit.ly/1WlSFWO)
Britain’s banks are vulnerable to a global financial shock despite efforts to shore up their finances, according to John Vickers, who led the inquiry into the safety of UK banks following the 2008 financial crisis. (http://bit.ly/1WlSL0t)
The Telegraph
Asia’s richest man, Li Ka-Shing, is among five suitors that are expected to make final bids for London City Airport this week to clinch a deal that could value the business at about 2 billion pounds ($2.9 billion). (http://bit.ly/1WlSOcH)
Sky News
Peter Bazalgette, the creator of Big Brother and one of Britain’s most influential creative industries figures, is on the verge of passing an audition to become the next chairman of ITV Plc. (http://bit.ly/1TjATFF)
HSBC Holdings Plc has decided to keep its headquarters in UK, following speculation that the bank was considering a move to Hong Kong. (http://bit.ly/1WlUjrp)
The Independent
The GMB union will bring an army of nearly 640,000 workers to help the battle to keep Britain in the European Union, The Independent reveals. (http://ind.pn/1WlTrDh)
The board of French energy company EDF SA is expected to postpone a decision once again on whether to commit to the 18.6 billion-pound ($27 billion) Hinkley Point C project, which is at the heart of Prime Minister David Cameron’s strategy to “keep the lights on” in Britain in the next decade. (http://ind.pn/1WlTv5P)
via Zero Hedge http://ift.tt/1Pzj5Td Tyler Durden