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Wednesday, December 21

21st Dec - Slight sell-off toward the close





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EUROPE
Riksbank: Done easing – Nordea
The Riksbank left its policy rate unchanged at -0.50% today. The QE programme was extended by SEK 15bn in nominal government bonds and by equally much in index-linked bonds in H1 2017.

Mark Gilbert: European Banks Risk Becoming Irrelevant – BB
EU bank sector exceeds liquidity rules ahead of deadline – Reuters

Italy lawmakers approve 20 billion euro plan to prop up banks –
Reuters
Italy Bank Rescue Won’t Fill $54 Billion Hole on Their Books – BB
Italy To Nationalize Monte Paschi After Private Sector Rescue Fails – ZH
  

OTHER
BoJ plays dangerous game with yield curve control policy – TF
No change to bond yield target in BoJ's latest monetary policy review * BoJ attempting to control both price and quantity in the bond market * Strong correlation in place between USDJPY and yield spread


REGULARS
Danske Daily – Danske Bank

Eye-Opener – Nordea
Riksbank today * Turkey kept rates steady

Morning Markets – TF
The rally in equities has continued to ratchet ever higher as Dow leads the bandwagon in its fresh push for the 20000 milestone. European equities will likely join the wave Wednesday but are we getting ahead of ourselves?

Daily Market Comment – Marc Chandler
Dollar Mixed in Thinning Activity, Dow 20,000 Watch Continues

Daily Press Summary – Open Europe

Brussels Playbook – Politico

Five Things You Need to Know to Start Your Day – BB
Euro banks hit * Blacstone closes Senfina * Oil rises * Markets slip * Brexit plans

10 things you need to know before the opening bell – BI

US Open – ZH
Dow At All Time High, Dollar Dips, Europe Lower Dragged By Sliding Spanish, Italian Banks

Frontrunning – ZH

FX Update – TF
A bounce in global bonds yesterday saw the US dollar strength easing and JPY crosses pushing back lower as we mull whether markets are set to lose energy into year-end or finish the calendar year with a flourish. Today's Riksbank session could also prove SEK-positive.


FINNISH
Aamukatsaus – Nordea
Riksbank jahtaa inflaatiota * Odotamme Norjan työttömyysasteen pysyneen 4,8 prosentissa * Turkin keskuspankki päätti olla nostamatta ohjauskorkoaan * USA:n dollarin arvoa kuvaava DXY-indeksi kävi eilen korkeimmalla tasollaan sitten vuoden 2002