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EUROPE
No 'plan B' for ECB despite still low inflation:
Praet – Reuters
The euro area in 2016: unfinished business – Europp
The lack of political
appetite for cooperative solutions implies that we are heading this year for
sovereign default(s) where public finances are in distress and economic growth
remains weak.
Re-run elections loom in Spain – Open
Europe
Little progress is made
in forming new government
MIGRANT
CRISIS
Why the EU’s refugee
relocation policy is a flop – Politico
Germany demands tougher
EU action on refugees by spring – Politico
Refugees won’t plug
German labor gap – Politico
Brothers Making Millions
Off the Refugee Crisis in Scandinavia - BB
UNITED STATES
US Labour Market Monitor – Danske
Bank
Wage inflation likely to
have picked up further in December
No End to S&P 500 Slide Seen in Cyclical
Equity Woes – BB
2016's bad start may be
set to continue for some time
FOMC
MINUTES
FOMC Dec15-16 Minutes – FED
Some FOMC Members Saw
December Rate Rise as ‘Close Call’ – BB
Minutes Show Hike
Decision Was "A Close Call", Feared Market Reaction – ZH
Fed Minutes Show
Officials’ Concern About Low Inflation – WSJ
OTHER
Ratings Review Schedule
for 2016 – WSJ
The 'Big Short' Gets It
Right – View
/ BB
Ben Bernanke: What did
you do in the currency war, Daddy? – Brookings
Ben Bernanke: How does
Fed policy affect global financial stability? – Brookings
REGULARS
Morning MoneyBeat
Asia
– WSJ
U.S.
Stocks Arrest the Slide
Morning MoneyBeat
US
– WSJ
What
the Fed Minutes Could Reveal on Tightening
Danske Daily – Danske
Bank
Euro rates update – Nordea
Eye-Opener – Nordea
China
worries * Risk-off mood continues * FOMC minutes today * German yields still
falling * JPY with more gains
Morning Markets – TF
Beijing's
drastic intervention into its mainland equity markets may have shored up the
Shanghai Composite but the broader Asian session remained determinedly
flat-to-slightly-red.
Daily FX Comment –
Marc Chandler
Global Daily – The
ECB’s target is close to 2%…apparently – ABN
AMRO
Eurozone
inflation remains stuck close to zero, while core inflation shows little sign
of an uptrend * Inflation expectations have continued to drop reflecting
diminishing confidence in the ECB’s price stability goal * We think the rising
risk of a continued undershoot of the inflation target over the medium term
will eventually trigger further ECB stimulus
Daily Shot – TF
The
isolated regime of North Korea's Kim Jong-un claimed to have tested a hydrogen
bomb yesterday and while the veracity of the boast remains uncertain markets –
and the KRW in particular – retreated on the news.
Daily Press
Summary –
Open
Europe
Cameron
confirms cabinet will be given free rein to campaign for either side in EU
referendum *
EU
to hold emergency Schengen talks as over a million asylum seekers reached
Germany last year * Eurozone inflation stable at 0.2% in December * Corbyn
sacks shadow Europe Minister as part of cabinet reshuffle * European Commission
to investigate whether UK Government guarantees to Drax power plant break EU
state aid rules * European Commission seeks greater powers to police car
emissions * New row between Italy and EU Commission as only Italian member of
Juncker’s cabinet quits
Brussels Playbook – Politico
Farage
farrago — Juncker team turmoil — Peter Spiegel to depart
US Open – ZH
The
Carnage Returns: Stocks Tumble After Sharp Chinese Devaluation; Brent At 2004
Lows; Gold Surges
Frontrunning – ZH
FX Update – TF
A
wobbly Asian session featuring North Korean h-bomb claims and more bad news out
of China and further aggressive yuan weakening has the markets off to another
wobbly start today a day with a heavy US event-risk calendar.
From the Floor – TF
Internationally
isolated North Korea's announcement it had tested a hydrogen nuclear device
added a new layer of geopolitical risk worries to already jittery markets
driving up the Japanese yen and lifting core bonds while denting other Asian
currencies. But the market impact was expected to be short-lived.
FINNISH
Irlannin talouden toipuminen – faktaa ja fiktiota – Tyhmyri
Jan Hurri: Kiinalainen hyvä uutinen: kasvu hidastuu – TalSa
Kiinan pörssivuosi alkoi romahduksella, joka johtui
muista syistä kuin talouspeloista. Toki maan talousnäkymätkin ovat heikentyneet
mutta eivät romahdusmaisesti eivätkä yhtäkkiä. Sitä paitsi Kiinan talouskasvun
hidastuminen on hyvä eikä huono uutinen.
Risto Murto: Keskuspankki
on myös sotakassa – euromailla vahva riippuvuus toisistaan – Verkkouutiset
Pakolaiskriisi myllertää
Euroopassa uudella vaihteella – Suomen
Uutiset