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EUROPE
European banks - Non-performing loans, negative
rates & regulation
– Deutsche
Bank
UNITED KINGDOM
Brexit likely to result
in bilateral trade agreement or WTO – Open
Europe
Brexit Minister Sends
Sterling Higher – Marc
Chandler
EUROPEAN
CENTRAL BANK
ECB preview: Draghi vs. Trump – Nordea
We expect the ECB to
prolong its purchase programme without tapering by six months and probably
announce also other measures to tackle the continuously low inflation. Such a
policy should keep bond yields anchored at low levels.
Sources: ECB seeks compromise on asset buys as
part of extension – Reuters
Sources: the ECB will
extend its bond purchases beyond March and consider sending a formal signal
after its policy meeting next Thursday that the program will eventually end.
German Rates and Scarcity of High-Quality Paper:
Analysis – BB
ITALY /
AUSTRIA
[Italy, Austria] Europe’s
December Day of Reckoning – Project
Syndicate
The Italian movement
that could remake Europe – Politico
Why Italy leaving the
euro remains unlikely – Europp
Renzi’s reform would
make institutions more efficient and responsive – Europp
Italy Has a Fundamental
Demographic Challenge – BB
UNITED STATES
5 Things to Watch in the November Jobs Report – WSJ
El-Erian: Don't Ignore Jobs Report, Even Though a Hike Is Certain – View / BB
OTHER
Presentation: Five macro
themes for 2017 – Danske Bank
Synchronised recovery * Reflation * European policy uncertainty * Trump:
what policies and when? * ECB policy: tapering or not
November Was a Massive
Month for Markets Around the World – BB
REGULARS
Danske Daily
– Danske
Bank
Eye-Opener
– Nordea
OPEC agreement, surging oil prices,
climbing bond yields * Sizable tax cuts still on Trump’s agenda * OPEC deal and
solid US data drove rates higher * NOK was the big winner yesterday
Morning Markets
– TF
Crude oil remains in focus this
Thursday as European markets prepare to open in the wake of yesterday's
Saudi-brokered production reduction pact and the consequent price surge past
$50/barrel.
Daily Market Comment
– Marc
Chandler
Dollar is on the Defensive, though
Yields Rise
Daily Market Comment
– Macro Man
K vs L
Daily Press Summary –
Open
Europe
Brussels Playbook
– Politico
US Open – ZH
S&P Futures, Europe, Dollar
Drop; Yields Rise As WTI Advances Above $50
Frontrunning
– ZH
FX Update
– TF
AUD and NZD finally broke lower
versus the US dollar yesterday. Elsewhere the euro is erratic ahead of the
Italian referendum and notably weaker versus sterling. A nervous couple of days
await as the market doesn’t have a firm grasp of how to treat the likely No
vote from Italy over the weekend.
FINNISH
Aamukatsaus – Nordea
OPEC leikkaa
tuotantoaan ensimmäistä kertaa kahdeksaan vuoteen * Euroalueen inflaatio
kiihtyi marraskuussa odotetusti * Trump aikoo lunastaa lupauksensa suurista veroleikkauksista
* Brasilian keskuspankki leikkasi ohjauskorkoaan