The credit team at Citi came out with a note on Friday entitled “Artificial life and Dolly the Sheep”. It contained this rather eye-catching analogy: It’s been the dream of Sci-Fi fans for decades. 18 months ago US scientists announced they had created a living cell controlled entirely by synthetic DNA. Arguably, the ECB can now claim a similar achievement, having revived markets from the brink through its massive liquidity injections. At least to our minds, the rally is entirely artificial – but that’s not to say it won’t have legs. Artificial though this rally it may be, don’t doubt it’s ability to feed on itself, ... (full story)