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Wednesday, January 2

2nd Jan - Quiet




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EUROPE
Nordic Banks Chart Pack Danske Bank
Spreads, yields and relative value
 
Sweden PMI down to the lowest level since early 2016Nordea

Mifid II has thrown up several unintended consequencesFT
New rules have put a strain on relationships between analysts and fund managers


UNITED STATES
What to expect from the December US jobs report
ING
Employment growth is slowing, but this is more to do with a lack of available workers rather than a drop in demand. The implication is wages will keep rising, supporting confidence and spending

Noah Smith: Yield Curve Tells the Fed to Hold on RatesBB
If this keeps up, a key recession warning indicator soon will be flashing red.,


OTHER
China: PMIs show shrinking domestic demand ING
The Caixin PMI (like the official PMI), fell below 50 in December, which means manufacturing activities are contracting. Even more eye-catching was that "new orders" in both PMIs fell from expansion in November to contraction in December. This confirms our view that the economy is weak and that stimulus needs to arrive quickly.

China Leads Slump in Asia Factories as Trade War Cools DemandBB
Global export growth tipped to slow further through 2019 * Manufacturing oriented economies in Asia already feeling pain

Martin Wolf: The future might not belong to ChinaFT
Replicating the success of other high-growth economies is about to become far harder

Alternative Risk Premia: Crisis or Opportunity?Research Associates

FX weekly: Top 4 FX/MM trades for Q1-2019Nordea
The US debt ceiling will likely be an important part of Q1 price action in markets, as the structural USD liquidity tide will turn temporarily. We consequently like to be short USD versus a basket of currencies, while we like HUF and NOK.

Major themes set to shape markets in 2019 FT
From gloomy bonds to a renminbi wild card, our pick of the key issues for the coming year


REGULARS
WSJ Daily EconomicsWSJ
China Stumbles; Shutdown’s Rising Cost

Danske DailyDanske Bank

Brussels PlaybookPolitico
Presidencies past and present — Socialist troubles — The art of messaging

Five Things You Need to Know to Start Your DayBB

US Open ZH
Global Market Bloodbath Returns As Futures Tumble, Asia Suffers Worst Start To Year Since 2016

US Open RundownRANsquawk

AamukatsausNordea
Tänään saadaan teollisuuden ostopäällikköindeksejä useista maista | Kiinan teollisuuden näkymät painuivat negatiivisiksi | Loppuviikolla tulossa USA:n teollisuuden ostopäällikköindeksi sekä euroalueen inflaatioluvut