Google Analytics

Friday, January 4

4th Jan - Fed's Powell talks dovish, rally ensues




EUROPE
The gains from economic integration: The EU has still a long way to govoxeu
Populists in Europe are contesting the perceived benefits of economic integration between countries. This column uses data on trade frictions to estimate the long-run impact of trade frictions on GDP if countries in Europe were to be more or less integrated. Negative between-country impacts, such as from Brexit or an EU collapse, imply a GDP reduction of between 1-3%. The potential trade benefits of a 'United States of Europe', on the other hand, may be an order of magnitude greater for its members.

  MACRO DATA
Industrial producer prices down by 0.3% in euro area – Eurostat
Euro area annual inflation down to 1.6% – Eurostat
Eurozone inflation continues slide on lower oil prices – ING
Euro-area inflation: No drama – Nordea
Eurozone PMI Plunges To Four Year Lows – ZH

Euro wrap-upDaiwa
Downside surprise to flash CPI sets tone for the New Year * Services end year on a particularly weak note * PMIs suggest GDP growth well below the ECB’s projection


UNITED STATES
  FEDERAL RESERVE
Fed will be patient, sensitive to risks in markets: Powell – Reuters
Powell "Listening Carefully To Markets", Sends Stocks Soaring – ZH
Powell’s Tune Changed as Markets Melted Down – BB
Instant View: Powell pledges patience; says won't quit if Trump asks – Reuters
Gavyn Davies: Powell indicates the rate pause – FT
Powell downplays economic concerns after jobs report – FT

  DECEMBER JOBS
Payrolls Soar By 312K As Wages Jump Most Since 2009 – ZH
"Yuuge" Jobs Sends Stocks, Dollar Higher As Rate Cut Odds Slide – ZH
Strong in every respect – Daiwa
Payrolls Rise 312,000, Wages Accelerate in Jobs Blowout – BB
Upbeat employment report underscores U.S. economic strength – Reuters


REGULARS
EU Open RundownRANsquawk

Danske Daily Danske Bank

Daily Market CommentMarc Chandler

Brussels PlaybookPolitico
Solidarity blues — Theresa May’s last-chance saloon — Verhofstadt cuts loose

Five Things You Need to Know to Start Your DayBB

US OpenZH
Global Stocks Surge On Renewed Trade Optimism, Chinese RRR Cut

US Open RundownRANsquawk


FINNISH
AamukatsausNordea
USA:n teollisuuden luottamus tippui ryminällä alas joulukuussa | Tänään julkaistaan uudet euroalueen inflaatioluvut, lisäksi USA:sta saadaan joulukuun työmarkkinaraportti | USA:n korot olivat reippaassa laskussa