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EUROPE
EU and Italy
strike budget agreement to avoid fines – FT
Italian
bonds rally after Rome agrees to delay spending measures to narrow deficit
Italy: No request
(yet) for Excessive Deficit Procedure from the EU Commission – ING
The
agreement between the Italian government and the EU Commission was made
possible by more realistic growth forecasts from the Italian side and a sharp
cut in the planned structural balance increase from 0.8% of GDP to zero
EU plans to soften
no-deal Brexit — but not by much – FT
Commission
seeks to avoid worst cliff edges but proposals fall short of Brexiter hopes
Core euro
sovereign bonds 2019 outlook – Pictet
EU investigates
huge hack of its diplomatic cables – FT
Chinese
group alleged to be behind years-long cyber attack
Hacked European
Cables Reveal a World of Anxiety About Trump, Russia and Iran – NYT
Not
to snub the president, but because the economy requires it.
How the December
Statement Changed From November – WSJ
Powell Follows the
Data, Not the Market –
WSJ
'Not Dovish
Enough' Rate-Hike: Cuts Outlook And Future Hikes By One – ZH
Wall Street Reacts:
"I Think People Are Scared" – ZH
Sharp stock market
sell-off on Fed rate rise – FT
US
equity investors deliver worst response since 1994 as central bank makes fourth
move for the year
Fed Watch: Fewer
hikes ahead
– Nordea
The
Fed hiked rates by 25bp today and projects two more rate hikes in 2019 and one
more rate hike in 2020. The Fed funds rate is now at the lower end of a broad
range of neutral and Chair Powell underscored the Fed’s data dependence going
forward.
‘Most Important
Thing Is the Dots’: Wall Street Reacts to Rate Hikes – BB
FOMC review – Danske
Bank
Fed
to markets: "Just a couple of more hikes"
The Fed hikes, but
a slowdown is coming
– ING
A
fourth 25bp hike for 2018, but with growth headwinds intensifying and market
tensions rising the Federal Reserve will tread a more cautious path in 2019
OTHER
2019 US-China
trade outlook: major challenges remain – Pictet
Following
the Trump-Xi dinner on 1 December, there are signs of goodwill on both sides,
leaving the impression that a ‘mini deal’ is possible before the 1 March 2019
deadline set by the US.
Easing trade
tensions will send metal prices higher – ABN
AMRO
In
this publication: 2018 was a turbulent year for industrial metals markets.
Prices will remain heavily influenced by US economic policies in the short
term. Base metals prices will rise as soon as trade tensions ease significantly.
We expect lower steel prices due to weak demand and sufficient supply.
Sufficient supply steel making raw materials puts pressure on prices.
REGULARS
EU
Open Rundown
– RANsquawk
Brussels
Edition Daily –
BB
Brussels
Briefing
– FT
Italy and the EU say that a deal is in the
offing, and are emphasising the collegiate atmosphere of recent talks
Eco
Day Europe
– BB
BOE's Empty Desks, Mnuchin Interview,
RBA's Sydney Woes * U.S. and China plan trade war talks for January, Mnuchin
says * Fear of fear itself has now become a growing economic risk
FirstFT
Daily Briefing –
FT
WSJ
Daily Economics
– WSJ
Danske
Daily
– Danske
Bank
Daily
Market Comment
– Marc
Chandler
The Fed's Paws may Still Unsettle
Investors
Brussels
Playbook
– Politico
New EU Cablegate — Peeking over the Brexit
cliff edge — Trump’s ambassador strikes back
Five
Things You Need to Know to Start Your Day – BB
US
Open –
ZH
Futures Rise Ahead Of Fed; Europe Jumps On
Italy Budget Deal
US
Open Rundown
– RANsquawk
Aamukatsaus
–
Nordea
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