29th Jan - Quiet

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EUROPE

Hans-Werner Sinn: The Road to a European Transfer Union – Project Syndicate

In the decade since the 2008 global financial crisis and the subsequent euro crisis, European policymakers have consistently relied on Northern European countries to foot the bill for the rest of the eurozone. But what will happen in the coming decades when Northern baby boomers retire and the coffers run dry?

Jan von Gerich: Italy - Splitting the vote – Nordea

Italian elections will illustrate a country divided. Getting Italy on board in building a tighter Euro area will be difficult, while disagreements over the course ahead are huge. Markets will worry, but the worst fears are unlikely to materialise.

Contingent liabilities and non-performing loans in the EU states – Eurostat

  EUROPEAN CENTRAL BANK
Euro Area Growth Strong But Inflation Weak – BB

Data this week should confirm strongest GDP growth in a decade *Inflation rate seen as lowest in a year, well below ECB goal

Knot Says QE Program Must End ‘As Soon As Possible’ – BB

Program has done what could be expected of it, Knot says * Central bank inching toward unwinding unprecedented stimulus

ECB Officials Said To Assume QE Ends With Short Taper, Euro Slides – ZH

UNITED STATES

Trump in Davos, as Our Columnists See It – BB

"Trump wants globalization to be a competition. He's sure the U.S. will win, and what's good for the U.S., he says, is good for the world."

Trump Moving On to Infrastructure Push – BB

Immigration and foreign policy agendas likely to be discussed * President said to seek bipartisan tone after year of conflict

Trump to Call for Bipartisan Approach in Divided Washington – WSJ

President’s first State of the Union address will come at a time of considerable rancor on Capitol Hill

How Companies Are Spending Their Tax Reform Windfall – ZH

  FEDERAL RESERVE

El-Erian: The 6 Things to Watch in This Week's Fed Meeting – BB

Policy makers are likely to reinforce the expectation of three hikes this year.

Fed to drop hints about its increased optimism – Pictet

MARKETS / OTHER

Much Is Jammed Into 1 Week: Bond Traders Brace For Rollercoaster Week – ZH

Goldman: "Expect A Market Correction In The Coming Months" – ZH

Making Sense Of The Mnuchin-Trump Currency War Confusion – ZH

If Currency Wars Have Indeed Started, This Is What Comes Next – ZH

Timothy A Duy: Don't Bet Against the Fed’s Rate Forecast – BB

The central bank is likely to stick to three hikes in 2018.

US dollar – up then down? – Kevin Muir

Perspectives Special Edition 2018 – Pictet

2017 was an exceptional vintage for risk assets that will be hard for 2018 to repeat. But the environment could become increasingly favourable for active management as challenges rise and volatility increases.

This is the Way Facebook Ends (And Maybe Apple and Google) – Rick Bookstaber

Regulatory backlash, self-destructive business model, social norms,

How Misfit Geeks and English Majors Transformed Wall Street – NYMAG

In the 1980s, a quiet hedge fund located above a Marxist bookstore launched a revolution that would change finance (and give us Amazon).

How many punches should Chuck Norris be allowed to throw? – Scott Sumner

REGULARS

FirstFT Daily Briefing – FT

EU tensions, HNA’s crunch, quantum leaps

WSJ City – WSJ

Indecision Stalls Aramco’s IPO, Trump Fires Trade Barb at the EU

“Best of the web” daily charts – Lukas Daalder

Danske Daily – Danske Bank

Daily Market Comment – Marc Chandler

A Brief Word

Brussels Playbook – Politico

Babiš does Brussels — Cognac for Juncker — Pittella jumps ship

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

https://www.bloomberg.com/authors/ARIYqLnEHrg/lorcan-roche-kelly

US Open – ZH

Treasury Yields Are Blowing Out, Slowing Dollar Plunge

Frontrunning – ZH

FINNISH

Aamukatsaus – Nordea

Tänään julkaistaan USA:n yksityisen kulutuksen hinnat | Fed kokoustaa keskiviikkona | Euroalueen inflaatio on vuorossa keskiviikkona

Aamukatsaus – Danske Bank

Valtioiden hallittu velkajärjestely esillä EMUn kehittämiskeskusteluissa – Euro ja Talous

Asiantuntijaryhmä ehdottaa euroalueen rahoitusjärjestelmän arkkitehtuuria muutettavaksi niin, että jäsenvaltion hallittu velkajärjestely olisi mahdollinen.