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Friday, November 24

24th Nov - Good German Ifo, not great US PMI





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EUROPE
Euro area wrap-up – Daiwa
Euro area flash PMIs suggest strong growth towards year-end * Robust momentum in Germany and France

The eurozone economic boom – ABN AMRO
Eurozone PMIs sharply higher * ECB View: Meeting account shows large majority favoured open-ended programme * Euro Credit: Outlook for corporate spreads still positive

The Changing Face of the Corporate Bond Market – WSJ
European Commission to launch public consultation on ways to improve market functioning

Sweden's Housing Market May Be Facing a 10% Slump, S&P Warns – BB

  GERMANY
Germany's SPD Decides to Accept Negotiations With Merkel – BB
Social Democrats weigh full coalition or limited support * Chancellor’s fourth term and German stability hang in balance

Germany: Strong Ifo numbers and a possible way out of the political deadlock – Nordea
Business expectations improved in November, despite the political deadlock. Things are also moving on the political side. Some form of a grand coalition (formal or informal) now looks more likely than new elections.

SPD Ready To Negotiate With Merkel To End Political Deadlock – ZH
Germany’s SPD ready for talks with Merkel to break deadlock – FT
Business Climate Index Continues Record Run – CESIFO
German Business Optimism Climbs to Record as Economy Booms – BB
Ifo hits new high, businesses ‘party almost as if there were no tomorrow’ – FT


UNITED STATES
The GOP Tax Plan Is Entering Its Make-or-Break Week – BB
Concerns over business income and deficit effects top agenda * Senate leaders plan to hold a floor vote as early as Thursday

Flash US Composite PMI – Markit
US PMIs Tumble To 4-Month Lows, Signal Just 2% GDP Growth – ZH


MARKETS / OTHER
Just 10 Companies Account For 33% Of All Market Gains Since Trump's Election – ZH



REGULARS
FirstFT Daily Briefing – FT
Ireland’s crisis, HSBC loses banking veteran, return of Christmas catalogues

WSJ City – WSJ
U.K. Confidence Slides, Meagre Reward For Brexit Concessions, Uber CEO Knew of Hack For Months

“Best of the web” daily charts – Lukas Daalder

Danske Daily – Danske Bank

Eye-Opener – Nordea
Ifo survey: political uncertainty to dampen excitement? * EUR 5s30s keep flattening * EUR/USD higher on solid PMIs

Daily Market Comment – Marc Chandler
Euro Continues to Push Higher

Brussels Playbook – Politico
Germany’s political gut-check — EU’s Eastern Partnership summit — May and Juncker’s date night

Five Things You Need to Know to Start Your Day – BB

US Open – ZH
S&P Futures Hit Record High As European Euphoria Takes Over Forgotten China Rout

Frontrunning – ZH


FINNISH
Aamukatsaus – Nordea
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