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Tuesday, December 4

4th Dec - ...and the rally is gone




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EUROPE
If Europe Can Tax Google, So Can Everybody Else – BB
France and Germany have agreed a levy on big tech. The breakthrough this represents for EU rules paves the way for an OECD accord on tax.


OTHER
China Has a Secret Weapon in the Race to Dominate Electric Cars – BB
Over the past two years, cobalt has emerged as one of the hottest commodities of the electric-vehicle revolution. The silvery-blue metal, an important component in lithium-ion batteries, has more than doubled in price, making carmakers and tech giants fret about securing their future needs.

The Big Picture: No recession yet – Danske Bank
The global economy is slowing but will not enter a recession yet * A trade agreement between China and the US is likely in mid-2019 * Central banks will proceed cautiously with monetary tightening * Political risks will continue to dominate headlines but the economic impact likely to be limited


REGULARS
EU Open Rundown – RANsquawk

Brussels Edition Daily – BB

Brussels Briefing – FT

Eco Day Europe – BB
Weidmann's ECB Message, Macron Hemmed In, Fed's Worry * Italy’s budget deficit blues; Trump’s talk of trade deals * Mistaken assumptions in 2018 and what to watch next year

FirstFT Daily Briefing – FT

WSJ Daily Economics – WSJ

Danske Daily – Danske Bank

Daily Market Comment – Marc Chandler
Stock Rally Arrested, but Bond and Oil Advance Continues, leaving Dollar in a Lurch

Brussels Playbook – Politico
Who’ll shape Europe in 2019 — Selmayrgate exclusive — Macron’s mission impossible

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

Eco Day US – BB
U.S. Inflation, China’s Trade Silence, Carney on Brexit * Macron reverses fuel-tax hike after yellow vest protests * Euro area reaches deal on joint budget plan, new bond rules

US Open – ZH
Stocks Slides As Trade Hopium Turns Into Hangover; Curve Inversion Accelerates

US Open Rundown – RANsquawk

Aamukatsaus – Nordea
Tänään Britannian parlamentti alkaa käsitellä Brexit-sopimusta | USA:n teollisuuden ostopäällikköindeksi nousi reippaasti, Turkin inflaatio hiipui | Kiinan juan vahvistui USA:n ja Kiinan väliaikaisen sovun myötä, öljyn hinta nousi reippaasti