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Tuesday, January 24

24th Jan - Trump goes ahead with pipelines


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View: Fillon Conjures a New European PragmatismBB

Multi-Speed Inflation Poses an ECB DilemmaBB

What future for European trade policy?Deutsche Bank

Business activity, job creation, price pressures remain strong in euro area – Pictet
Euro Area Starts 2017 on Strong Note as Price Pressures Build – BB
Euro-area flash PMIs still going strong – Nordea
Supreme Court rules parliament should have say on Brexit – Politico
Supreme Court Brexit ruling: What happens next? – BBC
UK government loses Article 50 Brexit case – FT
Supreme Court: parliament approval for Brexit needed – Reuters
Supreme Court Rules Brexit Trigger Needs Parliamentary Vote – BB
May should be able to take this defeat in her stride – Open Europe
Pound Falls as Supreme Court Ruling Seen as No Brake on Brexit – BB
UK still set to trigger Article 50 before end of March – Danske Bank
Brexit needs parliamentary vote - a bump in the road – Nordea

Inside the Mind of MnuchinBB
Too-Strong Dollar May Hurt Economy * Treasury nominee responds to written questions from senators * Mnuchin says he’ll review issue of China currency manipulation

Fed Debate Over $4.5 Trillion Balance Sheet Looms in 2017BB
Calls to shrink portfolio come as economic outlook improves * Some say using balance sheet could blunt impact on dollar

Senate Democrats to Unveil $1 Trillion Infrastructure PlanNYT
Senate Democrats will unveil a $1 trillion infrastructure plan — and offer President Trump their support if he backs it.

Trump's labour summit is a move to realign US politics TF
Trump may be a Republican but he is not an ideological conservative. In fact there are many ways in which he ran to Hillary Clinton's left.

Trump Advances Keystone and Dakota Pipelines, Fulfilling Pledge BB

USD: Shake It Off – Nordea
The January correction in EUR/USD has been driven more by Europe than by the US, and needs more ammunition to continue. While we care nothing about Trump’s dollar comments, EA core inflation & Fed balance sheet policies are growing in importance.
Bonds: Shifting focus – Nordea
Gone are the days when central bank expectations were the sole driver of the bond market. While elevated policy uncertainty leaves the outlook clouded, bond yields still have some further upside potential left.
View: Markets Are Right More Often Than You ThinkBB

Noah Smith: Market Liquidity Is Great, Until It Isn't BB

How Not to Get Fired with Smart Beta Investing Research Affiliates

Morning Report APACTF
The new president signs an executive order pulling the US out of the Trans-Pacific Partnership negotiations while his Treasury Secretary nominee says an 'excessively strong dollar' could have a negative short-term effect on the economy.

Trade pact exit opens door to China, Africa’s democratic aspirations and the man trying to kill dark matter

Danske DailyDanske Bank

Trump’s trade talk lowers yields, UK SC ruling, EA PMI’s awaited * UK: Supreme Court ruling awaited * US leaves the Trans-Pacific Partnership * Will Euro-area PMIs bring more upbeat news?

Morning Markets TF
Asia-Pacific stocks were mixed with Japanese shares falling for a second consecutive day as last week's optimism gave way to jitters about the outlook in the Trump era. But Chinese shares firmed slightly and Beijing looks set to jump into the vacuum created by the US withdrawal from the Trans-Pacific Partnership with its own 16-nation trade pact proposal.

From the FloorTF
Monday saw US Treasury Secretary nominee Steven Mnuchin state that excessive USD strength could harm the economy in the near-term, with his comments sending the greenback lower versus the G3, particularly the Japanese yen.

Euro wrap-upDaiwa

Daily Market CommentMarc Chandler
UK Supreme Court Requires May to Submit Bill on Brexit to Westminster Parliament

Daily Press SummaryOpen Europe

Brussels PlaybookPolitico

Five Things You Need to Know to Start Your DayBB
UK ruling * Dollar warning * Euro area growth * Markets rise

10 things you need to know before the opening bellBI

US Futures, Oil Flat As Greenback Rises Despite Mnuchin's "Strong Dollar" Warning


FX UpdateTF
The US dollar was hit by remarks from US treasury secretary nominee Steven Mnuchin. Bond markets rallied yesterday and as usual the Japanese yen was the currency most sensitive to this development. Elsewhere GBPUSD managed to charge well above 1.2500 ahead of today’s UK supreme court decision on whether the government can proceed to Brexit without involving parliament.

Hyvästi TPP - mitä seuraavaksi? * Italian perustuslakituomioistuin aikoo ottaa maan vaalilain käsittelyyn * Odotamme Turkin keskuspankin nostavan repokorkoa * Britanniassa korkein oikeus antaa tuomionsa EU-eroprosessin käynnistämisestä