The ECB is to reintroduce quantitative easing, along with a small cut in rates and more TLTROs. NAB’s Gavin Friend explains the measures they are taking and the market reaction. There’s been a strong reaction on President Trump’s twitter stream, with the measures being used as another opportunity for Fed-bashing. Meanwhile, there’s been a small olive branch offered to China, with a two-week delay in the raising of tariffs next month, adding small hope to a trade resolution. And oil declined today, as an IEA report highlighted the problems of controlling production outside OPEC+. Plus CPI slowing in the US and what to expect from US retail sales later on.