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Wednesday, December 6

6th Dec - Quiet, mood still a bit negative

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Europe's Yield Curve May Hold Key to Markets in 2018BB
A narrowing gap between short- and long-term rate should provide a boost to risk assets and the economy.

German Social Democrats present their EU wish listOpen Europe
Another 'Grand Coalition' of Social Democrats (SPD) and Conservatives (CDU/CSU) is Germany's last chance for a majority government. The SPD has made clear that its participation would come at a high price

Europe's Central Bank Is Right to Get Tough on Bad LoansBB
Politicians should support the supervisors' efforts, not oppose them.

Yves Mersch: Challenges for euro area monetary policy in early 2018ECB

Wrangling Over Euro Reforms Kicks Off With Juncker Proposals
EU’s executive arm to present proposals for bailout fund * Plans will also look at EU fiscal rules, finance minister

Juncker tries to get ahead of France, Germany on eurozone debatePolitico
The Commission wants to help narrow differences between Paris and Berlin — while preserving its own powers.

Brussels calls for creation of European Monetary Fund FT
European Commission seeks to overhaul institutions and functions of the eurozone

Everyone's Wrong About ImpeachmentBB
It's uncharted territory in U.S. history, with little guidance from the Constitution.

El-Erian: The 2018 Outlook for Major Central BanksBB
The biggest risk to asset prices and the global economy would be if the biggest institutions reduce their monetary stimulus at the same time.

BofA: "The Behavior Of Volatility Changed Entirely In 2014”ZH
How Expensive Are Stocks?Barry Ritholtz

Chief Economist's Corner: Global recovery continues in 2018Nordea
Christmas and New Year are fast approaching and it’s time to look back on the past year and ahead to the next year. In terms of most parameters, 2017 has been a good year.

Australian Growth Misses Estimates as Household Spending Falters BB
Consumer spending shows weakest increase since end of 2008 * Gross domestic product rises 0.6% from previous quarter

FirstFT Daily BriefingFT
Trump’s Israel call, Apple’s billion-dollar windfall, Seoul’s drone-bot combat unit

Banks Face Trading Pain, US Tax Reform Could Boost Corporate Bonds

“Best of the web” daily chartsLukas Daalder

Danske DailyDanske Bank

Norwegian home prices dropped again; negative sentiment; ADP today * US 2y Treasury yields continue higher * Some USD relief

Daily Market CommentMarc Chandler
Equity Slump Continues, Lifts Bonds, Bolsters Yen

Brussels PlaybookPolitico
Eurozone reform plans — Migration deal in sight — Schulz faces the music

Asian Market Rout Goes Global On Tech, Tax And Government Shutdown Tremors