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EUROPE
Austria will maintain border controls
‘indefinitely’ – Politico
A
return to Schenghen borders is not ‘justifiable,’ says interior minister.
Aussie immigration architect: Europe ‘just
making up excuses’ – Politico
‘If Europe can’t control
its borders, organize its finances or deter Russia, what good is it?’
Macroeconomic stabilization, monetary-fiscal
interactions, and Europe’s monetary union – ECB
Conditions necessary for
the euro area to have an effective stabilization policy – common nondefaultable
debt and ability to orderly restructure national debt
UNITED STATES
DECEMBER
JOBS REPORT
The Numbers – WSJ
Jobs Rise Only 156K, But
Average Hourly Earnings Jump – ZH
156,000 Jobs, 4.7%
Unemployment Rate – Bill
McBride
Record 95.1 Million
People Were Not In The Labor Force – ZH
US Jobs Details Better
than the Headline – Marc
Chandler
Job growth slows, but
wages rebound strongly – Reuters
Payrolls Rise 156,000 as
Wages Increase Most Since 2009 – BB
REGULARS
Danske Daily
– Danske
Bank
Eye-Opener
– Nordea
US jobs report in the spotlight
today * Repo normalization hits short dated bonds, long dated French govies
well received * USD weaker on ADP, while waiting for NFP
Morning Markets
– TF
European equity markets are expected
to open narrowly mixed today as traders await key US unemployment data. FX
markets meanwhile remain transfixed and unnerved by China's ongoing
manipulation of its currency as they wonder what to expect next.
Dollar Consolidates Losses, Peso
Firms while Yuan Reverses
Daily Press Summary
– Open
Europe
Brussels Playbook
– Politico
10 things you need to know before the opening bell – BI
US Open – ZH
US Futures Flat Ahead Of December
Payrolls; Dollar Rebounds
Frontrunning
– ZH
FX Update
– TF
The broad USD weakness was clearly
at least partly a result of collateral damage from China’s record intervention
in the offshore yuan market. With pressure from that direction fading and the
key data of the week today it’s do-or-die for the near term for USD bulls.