5th Dec - Italy voted 'No', markets 'Ok'

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EUROPE

Erdogan Says Turkey Faces ‘Economic Sabotage’ as Lira Plunges – BB

Far-right loses in Austria – Politico

Italy and Austria: Two votes, but only one excites Brussels – Politico

Editorial: Europe's Populists Aren't Going Away – View / BB

Europe Caught in Headlights as Populists Hinder ‘Radical’ Change – BB

Pressure from left and right risks paralyzing governments * Leaders can’t tackle fundamental cause of discontentment

  ITALY

Matteo Renzi loses Italian referendum: exit poll – Politico

Euro skids as Italy votes 'No' on reform, dollar in demand – Reuters

Euro Slides as Projections Show Italy Voted ‘No’ in Referendum – BB

Italy Sinks Into Political Limbo as Renzi Swept Away by Defeat – BB

Italy: It’s a blow – Nordea

What next for Italy after referendum? – Pictet

Goldman Sachs on what happens Next In Italy – ZH

Renzi waves ‘arrivederci’ and the sky hasn’t fallen – Open Europe

Euro Gains With Stocks as Italy Vote Absorbed in ‘Three Minutes’ – BB

  UNITED KINDOM

May's Brexit plans face British Supreme Court test – Reuters

Theresa May confident court case won’t delay Brexit – Politico

Editorial: The Least Painful Path to Brexit – View / BB

UNITED STATES

Desperately Searching For A New Strategy – Tim Duy

December Macro Update – The Fat Pitch

Employment Growth Is Decelerating

Irrational Exuberance: Alan Greenspan’s Call, 20 Years Later – WSJ

The former Fed chairman’s phrase has since transcended Wall Street, Main Street and even the best-seller list

  TRUMP

Trump risks diplomatic blowup in Asia – Politico

Gideon Rachman: Trump’s dangerous Taiwan gambit – FT

China Protests to U.S. Over Trump’s Call With Taiwan President – BB

Quicktake: Taiwan’s Tightrope – BB

Trump Taps IBM and GM Chiefs: First Sign He Gets Tech Matters – Wired

How Trump Made Domestic Cyclical Stocks Great Again – ZH

Trump Fans Seeing Reagan Economic Redux Forget Lessons of 1980s – BB

OTHER

Macro Monday: Italy scores own-goal in the Eurozone – TF
The EUR has been feeling the effects of a "no" vote this morning and this is a story which - together with the Fed and Donald Trump - will continue to run right to the end of the year and beyond. EURUSD parity as predicted several weeks ago is getting closer and closer

Markets unprepared for central bank shifts, warns Axel Weber – FT

Jump in US rates and end of eurozone QE will hurt investors, says UBS chairman

Lagarde Says Globalization Needs to Have a More Inclusive ‘Face’ – BB

New approach should focus on smaller trade deals: IMF chief * U.S. economy would benefit from infrastructure boost, she says

Aurelija Augulyte’s FX: breakout? – Nordea

Oil, the US Treasury yields, the USD... all at major break points. While oil prices has been a big driver for inflation, the core inflation/wage growth still tepid, long term trends in tact, so reversal of the recent market moves still possible.

Yen and US Yields – Marc Chandler

OFF-TOPIC

How to Hide $400 Million – NYT

When a wealthy businessman set out to divorce his wife, their fortune vanished. The quest to find it would reveal the depths of an offshore financial system bigger than the U.S. economy.

The Quiet German – The New Yorker

The astonishing rise of Angela Merkel, the most powerful woman in the world.

An Incubator for (Former) Drug Dealers – BB

“Hustlers are entrepreneurs denied opportunity.”

The Man Who Stands Between Earth and Asteroid Armageddon – BB

Because every day could be “asteroid day” for NASA’s planetary defense officer.

Psychedelic Mushrooms Relieve Cancer Patients' Anguish – BB

FDA Agrees to New Trials for Ecstasy as Relief for PTSD Patients – NYT

Rick Schwartz: What It’s Like To Be A Movie Producer – Medium

A Look Inside Wall Street's Innovation Labs – BB

REGULARS

Danske Daily – Danske Bank

Eye-Opener – Nordea

Risk is off as Euro, yields and equities go lower after the Italian referendum * ECB in focus this week * USTs and EGBs yields drop * Euro hits 20 month low versus USD

Morning Markets – TF

Italian voters rejected Senate reforms prompting Prime Minister Matteo Renzi to quit and giving Asian markets the jitters. It wasn't all bad news for Brussels however as Austrians have rejected a far right candidate's run at the presidency.

Euro wrap-up – Daiwa

Daily Market Comment – Marc Chandler

Dollar Comes Back Bid, but Still Vulnerable to Corrective Pressures

Daily Market Comment – Macro Man

Not Brexit

Daily Press Summary – Open Europe

Brussels Playbook – Politico

US Open – ZH

European Stocks Soar, US Futures, Euro Jump After Failed Italian Referendum

Frontrunning – ZH

FX Update – TF

The Italian 'No' vote at this weekend’s referendum on constitutional reforms was not a major surprise though perhaps the margin of victory was. The euro did what it was supposed to do on the result and tested the lows for the cycle near 1.0500. But what comes next?

FINNISH

Aamukatsaus – Nordea

Renzin lähtö lisää painetta EKP:lle * Odotamme EKP:n jatkavan osto-ohjelmaa torstain kokouksessa * Isossa-Britanniassa käynnistyy korkeimman oikeuden istunto brexitistä * Julkistamme torstaina päivitetyt vuoteen 2018 ulottuvat talousennusteet

Maahanmuuttopolitiikan emämunaus – J. Hankamäki

Italia ei muutu, mikä lisää riskiä muutoksesta – Nordea

Italian euroero on vielä kaukana – Roger Wessman