2nd Jan - Weakness of USD and European equities

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EUROPE

The terrible price of austerity – Frances Coppola

Yes, there was a hyperinflation in 1923, which may have helped radicalize German politics. But the proximate factor in Hitler's rise to power was the great deflation of the 1930s, brought on by a disastrous attempt to stay on gold.

UNITED STATES

No, Trump’s Tax Windfall Won’t All Be Blown on S&P 500 Buybacks – BB

Analysts have boosted their capex forecasts to a two-year high * High capex stocks have beat those focusing on buybacks in 2017

Trump Tax Reform Blew Up The Treasury Market – ZH

  MARKETS / OTHER

Citi: 'What If?..." – ZH

Idiosyncratic risk is returning to credit? * European corporates get more aggressive? * Global growth & commodity prices disappoint? * Inflation accelerates as output gaps close? * US yield curve inverts? * Central bank tapering really is a non-event? * Market doesn’t like the choice of ECB successor?"

Citi's "What If?" Scenarios: Part 2 – ZH

Market falls out of “amore” with BTPs? * Catalonia declares independence (and means it)? * Meaningful EU reforms actually happen? * UK leaves the EU without a deal? * Brexit is called off? * Corbyn becomes PM? * US tax reform fails?

BofA: Beware A Violent Unwind In The Most Crowded Trades – ZH

How to put on the steepener – Kevin Muir

Five Years of Abenomics: The Good, the Bad and the Sluggish – BB

FX weekly: Paging Dr Pangloss – Nordea

The outlook for 2018 looks benign according to almost everyone, but this ecstatic sentiment will probably not last forever. How should you position going in to 2018 in this euphoric market?

  2017/2018

Six Market Charts to Watch for Hints on Next Year's Big Moves – BB

Federal Reserve, stock valuations, tax themes carry over * Investor should eye stock sectors, volatility, inflation

Everything You Need to Know About Global Markets in 2018 – BB

Don’t let 2017 fool you: next year is full of headwinds * Get ready for EM elections, bitcoin surprises and a new Fed

The Year Everything Went Up: Markets in 18 Charts – WSJ

El-Erian: Markets Benefited From What Didn't Happen in 2017 – BB

Nine expected events didn't materialize, leading to a banner year

  MIFID

Who Wins, Who Loses From MiFID II Shakeup? – BB

Editorial: Europe’s MiFID II Challenge to U.S. Finance – BB

The new rules are proving tough to implement, but they'll give Europe an edge in the end.

No Idea What MiFID Stands For? Here's What You Need to Know – BB

New financial law comes into force on Jan. 3 across Europe * Covers everything from trade reporting to research costs

 

REGULARS

WSJ City – WSJ

Can the Market Run Continue in 2018? Trump Raises Pressure on Iran

“Best of the web” daily charts – Lukas Daalder

Eye-Opener – Nordea

Big start to the year as EUR/USD trades above 1.20 again * German inflation surprised positively

Daily Market Comment – Marc Chandler

Dollar Slump Accelerates

Brussels Playbook – Politico

The year ahead — Mogherini on Iran — A subsidy-free Flemish farmer

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

FINNISH

Jan von Gerich: Vaaniiko taantuma jo USA:n taloutta? – Nordea

Noususuhdanteen pitkä kesto ja tuottokäyrän loiveneminen ovat lisänneet keskustelua USA:n talouden ajautumisesta taantumaan. Toistaiseksi suuremmat taantumapelot ovat kuitenkin aiheettomia. Taantuman todennäköisyys tänä vuonna on alle 10%.