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Thursday, December 7

7th Dec - Rally on good news





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EUROPE
Schulz’s ‘United States of Europe’ Proposal Unites Everyone Against Him – BB
Martin Schulz accused of ‘radicalism’ with 1925 party point * German Left leader calls Schulz language ‘otherworldly’

SPD’s Martin Schulz wants United States of Europe by 2025 – Politico
‘Those who are against it will simply leave the EU,’ party chief tells conference.


Germany's SPD Backs Talks in Signal of Possible CoalitionBB
Majority of SPD delegates voted in favor of resolution * No details on what form an alliance with Merkel would take

Future-proof migration management – European Commission

Leonid Bershidsky: Russia Takes a Step Toward the Post-Putin Era
BB
The president has made Russia a geopolitical disruptor without a coherent domestic policy. That's not sustainable.

  “COMPLETING” EMU
Commission sets out roadmap for deepening EMU –
European Commission
Commission wants more centralised eurozone by 2019euobserver
EU exec proposes deeper euro zone integration to unite EU – Reuters

  EUROPEAN CENTRAL BANK
Potential for ECB Surprise Boosts Euro's AppealBB
While the dollar could strengthen on expectations of more U.S. economic growth and tighter monetary policy, the euro zone is approaching escape velocity.

Eonia Spike Puts Spotlight Back on Unsecured BenchmarksBB
Euro Overnight Index Average surged last week on light volume * Regulators need more robust replacements, says BofA’s Cabana


UNITED STATES
Yield Curve Spikes As Trump To Unveil Infrastructure PlanZH
Trump to Release Infrastructure Plan in January, Official SaysBB

House Passes Two-Week Spending Bill to Avoid Shutdown This WeekBB
Measure goes to Senate for a vote before Friday night * Trump meets with congressional leaders from both parties

  NOVEMBER PAYROLLS
5 Things to Watch in the November Jobs Report – WSJ
Goldman: November Payrolls Preview – Bill McBride
November Employment Preview – Tim Duy


  MARKETS / OTHER
The Great Credit Party Is Almost Over, Societe Generale SaysBB
Credit may underperform government debt by 1% point: SocGen * China property, U.S. tech sector potential flashpoints

The Risk If Central Banks Get Trigger Happy in 2018
BB
The Fed could respond to continuing growth by squeezing in at least one extra rate hike. And keep an eye on inflation pressures from China.

One Of Bank of America's "Guaranteed Bear Market" Indicators Just TriggeredZH
The three-month earnings estimate revision ratio fell for the fourth consecutive month

Commodities Crumble Again as China Alarm Bells Sink MetalsBB
Nickel hit hardest by commodities selloff in past month * Worries over China’s cooling property market is hurting metals

Momentum Leaves Other Factor Strategies In The Dust This YearJames Picerno

Inverted Yield Curve in 2018 Is Taking Over Wall Street OutlooksBB
Survey of bond strategists reveals calls for more flattening * BMO, FTN, Janney and Mizuho see spread below zero next year

Must-Reads of 2017: From Finance to ExtinctionBB
Fama's efficient markets. Dalio's principles. A global wipeout.


REGULARS
FirstFT Daily BriefingFT
Brexit deal hopes fade, Ping An’s HSBC buy, why we should stop having children

WSJ CityWSJ
Bitcoin Surges Despite Heist, IMF Warns on China Bank Risks, Ladbrokes Surges on GVC Offer

“Best of the web” daily chartsLukas Daalder

Danske DailyDanske Bank

Eye-OpenerNordea
Waiting for payrolls; equity sell-off, yields lower and USD stronger * The day before the day * Broad declines in yields in core countries * Weaker GBP as markets await some agreement to be reached

Daily Market Comment Marc Chandler
Equities and Oil Stabilize

Brussels PlaybookPolitico
POLITICO 28 — Selmayr vs. Serafin — Polish PM faces ax

Five Things You Need to Know to Start Your DayBB

US Open ZH
China Commodity Carnage Continued Overnight As Brexit Fears & Bitcoin Cheers Dominate

FrontrunningZH


FINNISH
AamukatsausNordea
Maailman matalimmat korot Suomessa? * Tänään julkaistaan tiedot Kiinan valuuttavarannoista *  Tulossa ei ole merkittäviä datajulkistuksia * Ruotsin kruunu heikkeni euroa vastaan

Saksan demarijohtaja: EU:sta liittovaltio 2025 mennessä, vastustelijat ulos EU:staYLE
Martin Schulz kannattaa voimakkaasti EU:n tiivistämistä. Tämän linjan hän haluaa pitää myös mahdollisesti alkavissa hallitusneuvotteluissa.

EU-komissio julkisti massiivisen suunnitelman rahaliiton uudistamiseksiHS
Jotkut komission ehdotuksista ovat Suomen hallituksen ja virkamieskunnan näkökulmasta huonoja, kehityskelvottomia ja jopa vahingollisia.

Komissio haluaa paikata suhdannekuoppia EU-rahallaYLE
Talousvaltaa keskitettäisiin uudelle superkomissaarille, odotettu rahaliiton syventämispaketti perustaisi Euroopalle oman valuuttarahaston IMF:n tyyliin.

Jutta Urpilainen: Euroopan tutkittava amerikkalaista federalismia Demokraatti