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Friday, December 9

9th Dec - Post-ECB confusion before Fed

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ECB Calls Italy's Bluff, Rejects Monte Paschi Request For More Time – ZH
Monte Paschi Stock, Bonds Collapse After ECB Rejection – ZH

Draghi’s Market First-Aid Kit Ready For 2017 – Lipper Alpha
ECB to continue QE to end 2017 – ABN AMRO
Less ‘punch in the bowl’ from Draghi – Danske Bank
Draghi insists ECB trim is different from a taper – FT
Has tapering really arrived? Analysts react to surprise ECB move – FT
AEP: Europe's comfort blanket is being pulled away – The Telegraph
Is it a taper or isn't it? The ECB says "No" – Reuters
ECB plays hear no taper see no taper – TF
Slower for (much) longer: ECB extends QE – Pictet
CBPP3 unaffected by ECB decision – ABN AMRO
Supply to drop, ECB to stay – ABN AMRO
The Bond Market Doesn't Believe Draghi – View / BB
The terminology tantrum – TF
The Angry German Press Reacts To Draghi's QExtension – ZH

FOMC Preview: Fed to hike – focus on outlook for 2017 – Danske Bank

Bond Market Sees Inflation Hitting Fed’s Target

Goldman: Fiscal Boost: Mainly a 2018 StoryBill McBride

Preliminary November Consumer Sentiment increases to 98.0 – Bill McBride

December 2016 Financial Forecasts Nordea
Big political surprises have caught markets off guard. While we believe reflation will continue, there are still hurdles to much higher real rates. This should create a moderately positive environment for risky assets, including the EM.
Mexico’s Peso Problems Are a Warning Sign for Global InvestorsBB
Foreign investors hold more than $140 billion of Mexican debt * Trump, inflation, credit rating and economy all pose risks

2016 - The score cardPolemic’s Pains

Trade Ideas for 2017Global Macro Trading

Noah Smith: A Better Theory to Explain Financial BubblesView / BB

Trading futures calendar spreadTF

Danske DailyDanske Bank

ECB boosts equities, steepens curves, hits the EUR * ECB – dovish tapering * Draghi’s dovish taper results in massive 30Y2Y steepener * Increased divergence weakens EUR

Morning Markets TF
ECB-driven optimism spilled over into Asian markets today lifting sentiment across most markets. Japan's benchmark Nikkei 225 surged into positive territory briefly hitting a year high.
Daily Market CommentMarc Chandler
Euro Chopped Lower before Stabilizing

Daily Market CommentMacro Man

Daily Press SummaryOpen Europe

Brussels PlaybookPolitico

Global Stocks Hit 16 Month High As Draghi’s “Dovish Taper” Sustains “Trumpflation”


From the Floor: Euro wilts as risk appetite soarsTF
Euro collapses as risk appetite soars on the ECB's "taper" * Carry trading popular as rates rise and risk appetite picks up * Reflation is the big theme as we leave 2016 * Increased inflation outlook could see the ECB taper further next year * Oil is in wait-and-see mode ahead of tomorrow’s Opec meeting * Rising Libyan/Nigerian output may give Russia excuse to back away *Asia Equities were mixed but Japan rallied and the Nikkei outperformed

FX Update TF
The hawkish headlines trumpeting a reduction in ECB QE purchases after March boosted the euro briefly but the dovish details in the ECB’s new policy statement and Draghi’s press conference immediately crushed the single currency deep back into recent trading ranges. More euro downside likely from here.

Se oli sittenkin elvytystä - EKP:n toimet sysäsivät dollarin taas nousuun * Kiinan tuottajahintojen kasvu kiihtyi odotettua enemmän marraskuussa * Norjan marraskuun inflaatioluvut julkistetaan tänään