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Thursday, December 8

8th Dec - ECB's stealth-taper

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The Market's All-In But "There's A Significant Chance Draghi Disappoints" – ZH

Monetary Policy Decisions – ECB
Introductory statement to the press conference – ECB
Macroeconomic projections for the euro area – ECB
ECB adjusts parameters of its asset purchase programme (APP) – ECB
Eurosystem introduces cash collateral for PSPP securities lending facilities – ECB

ECB:  Dovish Taper or Hawkish Ease? – Marc Chandler
ECB Stuns Markets, Announces Tapering Of Bond Purchases To €60 Billion – ZH
Euro surges then slides after ECB bond-buying extension – Reuters
ECB spooks bond markets with stimulus slowdown – Reuters
ECB to scale back asset buys as it extends to end-2017 – Reuters
ECB Expands Stimulus to $2.4 Trillion as Monthly Purchases Slow – BB
Bonds Extend Drop on ECB Plan as Stocks Rise, Euro Fluctuates – BB
Draghi Says ECB Can Do More as Stimulus Reaches $2.4 Trillion – BB
ECB Introduces Cash Collateral To Resolve Collateral Shortage – ZH
QE for longer but at a slower pace – a slightly hawkish twist – Nordea
​ECB review: Denying the tapering – Nordea
Markets: Go Ahead and Reduce QE—Just Don’t Call It a Taper – WSJ
The ECB’s Tough Balancing Act on the Repo Market – WSJ

El-Erian: 5 Things to Watch For in Next Week's Fed Meeting View / BB

Global House Prices: Time to Worry Again? – IMF

Best economic links of the web - Robeco

Perspectives December 2016 – Pictet

Nomura’s 10 Grey Swan Events For 2017 – ZH

From deflation to reflation, from bonds to equities

FX charts from HSBC – FT

Economic Outlook Winter 2017 – Nordea

BofA Warns Trumpflation Might Break The "Buy The Dip" Trade – ZH

The silent man of LuxLeaks fights backPolitico

The reporting of market ups and downs is not really a jokeSimon Wren-Lewis

Danske DailyDanske Bank

USD rally fading, lower rates ahead of ECB * Watch out for the ECB’s measures and words * Rates decline ahead of ECB * USD broadly weaker, with TRY, ZAR outperforming * Nordea Economic Outlook out today

Morning MarketsTF
Today's ECB meeting is not expected to result in any movement in interest rates but traders are eyeing the potential for both an extension of the bank's QE programme as well as some talk of an eventual bond-buying taper.

Euro wrap-up Daiwa

Daily Market Comment Marc Chandler
Dollar Heavy into ECB

Daily Market CommentMacro Man
Ten points on today's ECB meeting

Daily Press SummaryOpen Europe

Brussels PlaybookPolitico

Five Things You Need to Know to Start Your DayBB
ECB day * Silver rigging * Russian oil sale * Markets rise * China exports

Global Equity Euphoria Prepares To Meet Mario Draghi


FX UpdateTF
After a whiplash-inducing turnaround to start the week as the Italian refrerendum failed to push the euro lower the next key test for the single currency lies dead ahead with today’s ECB meeting. Given the recent euro strength it appears that shorts are most concerned about guidance on an eventual taper of QE purchases even if an extension is also in the offing.

Nordealta tänään optimistisia talousnäkymiä * Euroopan keskuspankki pitää tänään vuoden viimeisen rahapoliittisen kokouksensa * Italian presidentti aloittaa neuvottelut väliaikaishallituksen muodostamisesta * Kiinan pääomien ulosvirtaus kiihtyi marraskuussa odotettua enemmän

Suomi: Älä innostu liikaaNordea
Suomen talous jatkaa 1,0 prosentin nousu-uralla. Kotimaisen kysynnän veto alkaa kangistua, mutta henkilöautojen valmistus paikkaa ja vauhdittaa vaisua tavaravientiä tilapäisesti vuonna 2017. Nopeampi talouskasvu vaatii viennin laajempaa piristymistä

Talouskatsaus Talvi 2017

Finland: Selected Issues – IMF
Finland: 2016 Article IV Consultation – IMF
Finland : Financial System Stability Assessment – IMF