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EUROPE
Daniel Gros: Can the EU Survive Populism? – Project
Syndicate
National politicians
sometimes succumb to popular pressure, adopting the rhetoric – and even the
program – of their populist adversaries. But the EU can do no such thing,
without effectively hastening its own demise.
Intellectual Origins of Monetary Union and Way Forward – Jussi Lindgren
Marine Le Pen rows back
from hard eurozone exit proposals – FT
Le Pen calls for return
to ECU-style currency after ‘Frexit’ – Politico
A Hard Brexit Looms
Large With Resignation of U.K. Envoy to EU – BB
EUROPEAN
CENTRAL BANK
Five Reasons the ECB
Will Not Announce QE Tapering in 2017 – Danske
Bank
Economists react to surge in eurozone inflation – FT
Euro area annual
inflation up to 1.1% - Eurostat
Euro area inflation
rises at fastest pace since September 2013 – Pictet
Highest inflation in 3
Years, but underlying price pressure weak – Danske
Bank
Why It's Too Soon for
Draghi to Celebrate the Return of Inflation – BB
Tim Worstall: Inflation
Up - But Not Enough For ECB To Stop Acting – Forbes
UNITED STATES
Upcoming changes to the
Fed – ABN
AMRO
FED
MINUTES
Minutes to Give Few Rate Clues as Fiscal Puzzle Clouds Fed View – BB
Minutes to Give Few Rate Clues as Fiscal Puzzle Clouds Fed View – BB
December meeting minutes
– FED
Fed policymakers agree Trump fiscal boost poses inflation risk – Reuters
Fed policymakers agree Trump fiscal boost poses inflation risk – Reuters
Fed Officials Endorse
Gradual Rate Hikes – BB
Inside the Fed’s
December Meeting: The Annotated Minutes – BB
OTHER
Eight centuries of bond
market reversals – Bank Underground
Venetians, Volcker and Value-at-Risk:
Reading news in the age of Trump? Think like a spy. – Reuters
REGULARS
Danske Daily
– Danske
Bank
Eye-Opener
– Nordea
Strong markets; stronger PMIs;
higher inflation * Highest German inflation since mid-2013 * Yields jump higher
on long dated supply expectations * Positive market sentiment strengthens USD –
EURUSD below 1.04 intraday
Morning Markets
– TF
Japanese equities surged in their
first day of trading for the year helped by the weaker yen and upbeat sentiment
driven by resurgent US manufacturing. The benchmark Nikkei 225 jumped 2.5%.
Equity investor sentiment was positive in China as well with the Shanghai
Composite up 0.7%.
Euro wrap-up
– Daiwa
Daily Market Comment
– Marc
Chandler
Consolidation in Capital Markets
Daily Press Summary
– Open
Europe
Brussels Playbook
– Politico
Five Things You Need to Know to Start Your Day – BB
Euro inflation, growth * Yuan
protection * Fed minutes * Markets mixed * Harder Brexit
10 things you need to know before the opening bell – BI
US Open – ZH
Risk On: 2017 Stock Rally Continues
As Global Inflation Accelerates
Frontrunning
– ZH
FX Update
– TF
Yesterday’s new highs in the US
dollar were swiftly rejected but not in overwhelming fashion. Is this merely a
sign of caution ahead of Friday’s US jobs report or a sign that the USD rally
is faltering?
FINNISH
Aamukatsaus – Nordea
Inflaatiokehityksessä uusi vaihde päälle * Euroalueen
inflaation odotetaan yllättävän positiivisesti Saksan hyvien lukujen jälkeen *
Öljyn hinta kävi korkeimmalla tasollaan 18 kuukauteen * Ison-Britannian
teollisuuden ostopäällikköindeksi nousi korkeimmalle tasolleen sitten kesäkuun
2014