I think they are as follows:
1. The ECB’s Mario Draghi wants the bank to buy Greek and Cypriot sub-junk. It is a real sign of desperation which, the FT suggests, “may increase tensions between Germany and the European Central Bank”. That seems to me the height of Pink understatement.
2. The EU’s money market funds are ‘struggling to stay afloat as negative interest rates drain the industry’s lifeblood, with many at risk of crippling downgrades by the rating agencies,’ writes Ambrose Evans-Pritchard at the Daily Telegraph. S&P thinks the €500bn of funds in the eurozone faces serious stress, they being increasingly unable to generate profits since the European Central Bank cut its deposit rate to -0.02pc….and pulled down short-term rates across the spectrum of maturities. Continue reading