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Friday, January 4

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

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.

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

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

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

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

Global Stocks Surge On Renewed Trade Optimism, Chinese RRR Cut

US Open RundownRANsquawk

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