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Monday, December 4

4th Dec - Calm after Friday's craziness





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EUROPE
ECB inflation gap persist in 2019 – Danske Bank

The risk premium channel and long-term growth – ECB
Eurozone labour market slack

Mark Leonard: Europe’s Crisis Starts at Home – Project Syndicate
According to conventional wisdom, the biggest threat to the European project is "illiberal" saboteurs on the periphery of the European Union who have decided not to play by the rules. But what this narrative misses is the even deeper divide within EU member states, including bastions of liberalism such as France and Germany.
 

U.S. quits talks on global migration pact over sovereignty clash – Reuters

Capital spending increasing, helped by tight labor markets – Daiwa

Trump Can't Confess to Anything in a Tweet – BB
His feed can be proof of political motivation, but not criminal activity.



UNITED STATES
  TAX BILL
Senate Passes Tax-Cut Bill in Milestone Move Toward Overhaul – BB
Republican rewrite of tax code still faces many challenges * GOP lawmakers eye final talks on bill as step to needed win

Editorial: Congress Achieves the Impossible on Tax Reform – BB
Republicans have managed to make a terrible plan worse.

Goldman Sachs on the current state of tax reform – ZH
90% chance of being passed before year is over

Congress Talks Tax Deal as Trump Signals Corporate Rate Retreat – BB
President’s remarks stir uncertainty on $200 billion in taxes * Lawmakers set to begin seeking ‘conference’ pact on Monday

What We Know About Corporate Winners and Losers in U.S. Tax Bill – BB


Here Are The Negatives In The Tax Plan, According To Wall Street – ZH




  MARKETS / OTHER
USDJPY Spikes in Asia - Erases ABC's Fake-Flynn-Fiasco Losses – ZH

Record Volume, Yield Curve, Sectors, Japan, Cash Allocation, & Seasonality – Andrew Trasher

Buying yen – a truly contrarian call – Kevin Muir

Era of Low Volatility Will Unwind Formulaically – BB
History shows an inevitable disruption.

How Not to Run a Sovereign Wealth Fund – BB
Poor governance has meant Norway's oil fund has squandered its advantages.

Andrew Lo’s evolutionary theory for the market ecosystem – BB
Adaptive Markets-theory views the market through an ecological lens, examining the players as flora and fauna of a complicated system, to help determine who's thriving, who's dying, and where asset prices will go.

Don’t worry about ‘the flattening’ (just yet) – FT
A flattening yield curve can often indicate a recession is imminent. But not always.

The new ‘Great Stability’ conundrum for the world economy – Oxford Economics
It is plausible that recent low volatility is the new and persistent norm, with economic surprises muted and downside risks in decline.


REGULARS
FirstFT Daily Briefing – FT
Brexit deadline looms, Puigdemont extradition ruling, cyborg beetles

WSJ City – WSJ
Foreign Investors Pour Into U.S. Stocks, U.K. Ups Pursuit of Saudi IPO

“Best of the web” daily charts – Lukas Daalder

Danske Daily – Danske Bank

Eye-Opener – Nordea
US tax bill optimism is back * US jobs report and Norwegian home prices this week * Three reasons why EUR/USD is not trading lower * Big moves in USD rates on Friday

Daily Market Comment – Marc Chandler
US Dollar Marked Higher After Senate Passes Tax Reform

Brussels Playbook – Politico
Brexit D-Day — Eurogroup election — Rutte shock

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

US Open – ZH
Tax Deal Sends US Futures Soaring To New All Time High; Dollar, Yields, Global Stocks Follow

Frontrunning – ZH


FINNISH
Aamukatsaus – Nordea
USA:n työmarkkinaraportti tulossa perjantaina | Norjan asuntojen hinnat julkaistaan tiistaina | Yhdysvaltain Venäjä-tutkinta heilautti markkinoita