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EUROPE
View: Fillon Conjures a New European Pragmatism – BB
Multi-Speed Inflation Poses an ECB Dilemma – BB
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
UNITED
KINGDOM
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
UNITED STATES
Inside the Mind of Mnuchin – BB
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 2017 – BB
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 Plan – NYT
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
OTHER
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 Think – BB
Noah Smith: Market
Liquidity Is Great, Until It Isn't – BB
How Not to Get Fired
with Smart Beta Investing – Research Affiliates
Morning Report APAC
– TF
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.
FirstFT – FT
Trade pact exit opens door to China, Africa’s democratic aspirations and the man trying to kill dark matter
Trade pact exit opens door to China, Africa’s democratic aspirations and the man trying to kill dark matter
Danske Daily
– Danske
Bank
Eye-Opener
– Nordea
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 Floor
– TF
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-up
– Daiwa
Daily Market Comment
– Marc
Chandler
UK Supreme Court Requires May to
Submit Bill on Brexit to Westminster Parliament
Daily Press Summary
– Open
Europe
Brussels Playbook
– Politico
Five Things You Need to Know to Start Your Day – BB
UK ruling * Dollar warning * Euro
area growth * Markets rise
10 things you need to know before the opening bell – BI
US Open – ZH
US Futures, Oil Flat As Greenback
Rises Despite Mnuchin's "Strong Dollar" Warning
Frontrunning
– ZH
FX Update
– TF
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.
FINNISH
Aamukatsaus – Nordea
Hyvästi TPP - mitä seuraavaksi? * Italian
perustuslakituomioistuin aikoo ottaa maan vaalilain käsittelyyn * Odotamme
Turkin keskuspankin nostavan repokorkoa * Britanniassa korkein oikeus antaa
tuomionsa EU-eroprosessin käynnistämisestä