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Deposit rate to 3.75pct, higher since April 2001. The main refinancing rate is now 4.25pct, highest since 2008. It is the 9th consecutive hike in a cycle that started exactly one year ago. APP portfolio is declining at a measure and predictable pace. Balance sheet should thus continue to shrink By stating that inflation Is coming down but is staying above target for an extended period means that the ECB keeps the door open to further rate hiles. A slight tweak in the statement: the ECB interest Rates will be SET at sufficiently restrictive levels for as long as necessary … (instead of BROUGHT at sufficiently…) NEW: the ECB decided that going forward, the minimum reserves banks need to hold won‘t receive any interest. In this way, the ECB could prevent the losses of the ECB and the national central banks from increasing too much. Bank shares like DB drop following the News Source: Bloomberg, HolgerZ, www.zerohedge.com

Changing your mind is hard. Admitting you're wrong is hard. But as Jeff Bezos said: (source: Brian Feroldi)

Longest streak since beginning of this year. Source: Bloomberg, Liz Ann Sonders

Source: European Leadership

While a low VIX indicates that investors are complacent and signal that unexpected negative events could push the VIX upwards (and thus equity markets downward), a low VIX reading isn’t necessarily something to fear. As shown on this chart courtesy of Todd Sohn, it is a typical characteristic of bull markets. Source: J-C Parets

It's up 18% over the last 2 weeks - source: Barcharts

SGS (SGSN SW) is trying to break this 16 months triangle. Keep an eye at volume and also next resistance 86.74 for confirmation. Source : Bloomberg

Hang Seng Index (HSI) has been consolidating for the last 6 months and is now showing signs of a breakout. Keep an eye on next resistance 20’155. Source : Bloomberg