EUROPE
The euro crisis in
the mirror of the European Monetary System – voxeu
Why
was recovery from the euro area crisis delayed for a decade? The explanation
lies in the absence of credible and timely policies to backstop financial
intermediaries and sovereign debt and to thereby prevent problems in banks and
bond markets from feeding on one another. This column adds light and colour to
this analysis, contrasting recent experience with the 1992-3 crisis in the
European Monetary System, when national central banks and treasuries more
successfully provided this backstop.
Lagarde Says
Europe Faces ‘Defining Moment’ as Economy Wobbles – BB
European Banks
Jump, Euro Tumbles As ECB Hints New TLTRO Is Possible – ZH
Eurozone exports:
Sign of strength or last hurrah? – ING
Exports
fell marginally in December by 0.1% on a seasonally adjusted basis, but the
1.1% quarterly growth is encouraging. But the real question is can this
continue in the uncertain global environment?
Germany deepens
probe into Deutsche’s role in Danske arm – FT
Financial
watchdog widens remit of independent auditor at largest German lender
Spanish PM calls
snap election for April 28 – FT
Budget
rejection brings to an end the shortest administration in country’s modern
history
What will change
with the EU’s new copyright law? – FT
New
rules aim to give artists and publishers more power over internet platforms
Debt overhang,
rollover risk, and corporate investment: evidence from the European crisis – ECB
The anatomy of the
euro area interest rate swap market – ECB
UNITED STATES
US retail sales
plunge despite solid consumer backdrop – ING
There’s
no doubt about it, December’s US retail sales figures are off-the-charts bad.
But there are a few reasons to treat these numbers with caution, as we think
the strong jobs market should support a rebound over coming months
Facebook in talks
with US watchdog over privacy probe – FT
FTC
could levy multibillion-dollar fine if it decides social network broke data
consent order
Editorial: Trump’s
AI Plan Is a Good Start – BB
A
measured proposal will support crucial technology and U.S. businesses.
OTHER
US-China trade
talks end with little sign of progress – FT
Impasse
increases pressure on Trump to delay raising tariffs
REGULARS
Five Things to
Start Your Day Asia
– BB
EU Open Rundown – RANsquawk
FirstFT Daily
Briefing
– FT
Brussels Briefing – FT
Macron’s
popular touch - the French president relishes his new stock of diplomatic
ammunition to use against his nationalist enemies in Europe
Brussels Edition – BB
Brussels Playbook – Politico
Germany’s
shooting blanks — Theresa May gets used to defeat — Churchill trendy again
Danske Daily – Danske
Bank
Eco Day Europe – BB
Europe's
Defining Moment, ECB Loans, Trade Impasse * BOE rate-hike forecasts pushed out
as uncertainty rumbles on * Central bank governor tells Norway not to quit oil
age early
Daily Market
Comment
– Marc
Chandler
Equities
Stall While Greenback Remains Firm
Five Things to
Start Your Day US
– BB
US Open Rundown – RANsquawk
US Open – ZH
S&P
Futures Reverse Overnight Losses As Trade Talks Optimism Returns
Eco Day US – BB
Trade
Talks, U.S. Pay Gains, Brazil Pensions * U.S.-China talks to continue next week
in Washington, Xi says * Brazil’s bill to overhall the pension system moves to
congress
FINNISH
Aamukatsaus – Nordea
USA:n vähittäismyyntiluvut laskivat reippaasti
joulukuussa | Tänään tulossa hiljainen päivä, kauppaneuvotteluista odotetaan
uutisia | Liittovaltion sululta vältytään, Trump julistamassa kansallisen
hätätilan
Jan von Gerich: Kuva Suomen kasvun kiihtymisestä pelkkää harhaa – Nordea
Tuoreimmat arviot Suomen talouskehityksestä viime vuoden
lopulla olivat varsin positiivisia ja viittaavat jopa talouskasvun
piristymiseen. Valitettavasti nämä luvut kuvaavat varsin huonosti
todellisuutta, ja myös Suomen kasvu on hyytymässä.