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EUROPE
ECB President briefed
European heads of state and government * Lack of reform and fiscal discipline
seen as risks in 2017
Most migrants in Germany fail to get jobs – Politico
More than 400,000 asylum
seekers were registered with employment agencies, but only 34,000 got work.
Research Sweden - The business cycle: dead or
dormant? – Danske
Bank
What is wrong with Italy's economy? – CER
UNITED STATES
Says he doesn’t know if
Fed is behind the curve on inflation * Richmond Fed chief says prudent to
assume some fiscal boost
Yellen To Class Of 2016: "You're Entering The Strongest Job Market In A Decade" – ZH
TRUMP
Four Years of Living Dangerously: CEOs Brace for
the Trump Era – BB
The challenge of
planning for an unpredictable president * ‘We just don’t know where the bully
pulpit is going’
Reflections on the Trump Presidency, One Month after the Election – Ray Dalio
View: Coming Soon: Trump vs. Yellen – BB
View: Why Trump Appointees Will Be Effective,
for Better or Worse – BB
The International Barriers to Trump’s Economic
Plan – Project
Syndicate
Flash US Services PMI – Markit
Service PMI To Three
Month Low, Job Creation Jumps, Input Costs Soar – ZH
OTHER
Crude jumps on reports China’s Navy seized a U.S. drone * Stocks dip,
pull back to unchanged; Treasury yields fall
Wall Street's 2017
Forecasts Are Doomed If Trump Doesn't Follow Through On Campaign Promises – BB
Aurelija Augulyte’s FX: 2017 peek – Nordea
The eventful 2016 is coming to the end on a high note. Expectations are
positive for 2017. What could go wrong? My first helicopter view on Markets
next year...
Elements of Surprise: GBP - currency of the year? – Nordea
Elements of Surprise: GBP - currency of the year? – Nordea
The 2016 was a disaster for the GBP, as the unexpected Brexit vote knocked
it off most since the Lehman crisis. Next year it will stage a comeback, as the
US and European politics predominate, BoE turns hawkish and housing market
recovers.
Emerging Market Briefer – Danske Bank
A murky outlook for emerging markets in 2017
COT: Dollar neutral in
run up to the FOMC – TF
The bullish dollar run was maintained in the run up to last week's Federal Open Market Committee meeting with buying of sterling and euro cancelling out the selling of yen in particular.
COT: Energy sector drives increase in bullish commodity bets – TF
The bullish dollar run was maintained in the run up to last week's Federal Open Market Committee meeting with buying of sterling and euro cancelling out the selling of yen in particular.
COT: Energy sector drives increase in bullish commodity bets – TF
An energy-sector led wave of buying took commodities to a fourth
successive net-buying week with the WTI net-long at a near 2.5-year high.
Münchau: Reform the
economic system now or the populists will do it – FT
The interests of the financial sector and the economy at large are
different
Presentation: Four Signs of Rising Financial Stress in China – Danske Bank
Bond yields have shot higher * Equity markets have sold off again * CNH
money market rates back at January-highs * Capital outflows have increased
Five Themes for 2017 – ABN AMRO
More growth * Tighter financial conditions * Another year of political
risks * The return of inflation * Monetary policy divergence
Morgan Stanley Reflects On The Lessons From 2016 – ZH
REGULARS
Danske Daily
– Danske
Bank
Eye-Opener
– Nordea
Dollar dethroned by drone * Hawkish
Fed rhetoric thus ignored * Today: Ifo numbers and Yellen speech
Morning Markets
– TF
The standoff between China and the
US sparked by drone seizure in the South China Sea is escalating. The drone has
been returned but president-elect Trump's language remains strident and markets
are not liking what they see.
Euro wrap-up
– Daiwa
Daily Market Comment
– Marc
Chandler
Dollar Mixed, but Resilient
Undertone
Daily Press Summary
– Open
Europe
Brussels Playbook
– Politico
Five Things You Need to Know to Start Your Day – BB
Oil's future looks bright * Scoxit?
* Barclays cuts customers * Markets quiet * Sub tweet
10 things you need to know before the opening bell – BI
US Open – ZH
Global Stocks, Yields, Dollar Fade
In Muted Volume As Traders Close Out 2016 Books
Frontrunning
– ZH
FX Update –
TF
Yen crosses consolidated sharply on
Friday and into the start of this week ahead of Tuesday’s Bank of Japan meeting
as some traders fear that the pace of yen declines could see governor Kuroda
softening his stance on the still new yield curve control policy.
FINNISH
Aamukatsaus – Nordea
Riksbank johdattaa joululomalle * Yellen puhuu tänään
työmarkkinoiden tilasta * Usko Saksan talouden kehitykseen vahvaa * Saksan
2-vuoden korko laski ennätyksellisen alas