Leonid Bershidsky:
No, France and Germany Haven’t Fallen Out – BB
Despite
the appearance of a rift, Macron and Merkel have reached a compromise on the
controversial Nord Stream 2 gas pipeline.
Emmanuel Macron Is
Happy to Fight With Italy – BB
The
French president is trying to use the spat to take back the initiative from the
gilets jaunes and get his economic reforms back on track.
OTHER
Sovereign Bonds
since Waterloo
– CEPR
As
in equity markets, the returns on external sovereign bonds have been
sufficiently high to compensate for risk. Real ex-post returns averaged 7%
annually across two centuries, including default episodes, major wars, and
global crises. This represents an excess return of around 4% above US or UK
government bonds, which is comparable to stocks and outperforms corporate
bonds.
John Authers: Bonds
Faced Their Waterloo and Came Out Winners – BB
History
shows that in the world of sovereign debt, you’re better off betting on the
serial defaulters.
Global Factor
Premiums
– SSRN
John Authers: Eternal
Market Patience Offers Eternal Rewards – BB
Crunching
200 years of stock, bond, currency and commodity data reveals some shocking
results.
REGULARS
Five Things to
Start Your Day Asia
– BB
Eco Day Asia – BB
One
Fed Hike, Europe Goes Bad to Worse, Trade Deal Risk * Malpass says World Bank
should keep promise to cut China loans * Is American capitalism broken? Here
are seven possible fixes
EU Open Rundown – RANsquawk
FirstFT Daily
Briefing –
FT
Brussels Briefing – FT
Trade
war end zone - The US commerce department is due to issue a report declaring
whether it believes automotive imports constitute a threat to US national
security
Brussels Edition – BB
Brussels Playbook – Politico
Meet
Germany’s new boss — Italy vs. France — Competition heats up
Danske Daily – Danske
Bank
Gloomy
EU growth expectations weigh on market sentiment
Eco Day Europe – BB
Finland's
Free Money, Europe Stumbles, Fed Followers * Economists see only one more rate
hike by the Fed Reserve * Australia’s central bank cuts growth and inflation
forecasts
Daily Market
Comment –
Marc
Chandler
Five Things to
Start Your Day US
– BB
US Open Rundown – RANsquawk
US Open – ZH
Rally
Ends: Global Stocks Break 6-Week Winning Streak; Iron Ore Soars
Eco Day US – BB
Powell's
Clues, Year of the Dove, Shifting BOE Outlook * Powell planted hint to U-turn
with 2017 inflation pledge * Dovish Bank of England has economists scaling back
hike views
FINNISH
Aamukatsaus: Suomi hiipuu – Nordea
Suomesta julkaistaan tänään teollisuustuotannon
volyymi-indeksi joulukuulta | Euroopan komissio leikkasi euroalueen
kasvuennusteitaan, kauppasotahuolet palasivat jälleen | Venäjän keskuspankki
kokousvuorossa tänään