Here
are the links to the weekly roundups, reviews and also previews of the
beginning week.
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LAST WEEK
Precious Metals Pounded As Bitcoin Soars
To Best Week Since 2013
Funds
Experience Positive Net Flows for the Fifth Consecutive Week
NEXT WEEK
US: Self-reinforcing curve inversion
worries? The US treasury curve has flattened significantly this year.
Historically such a flattening has been a good leading indicator of recessions.
The signal has become less reliable but the question remains whether it will
end up influencing confidence about the outlook.
Fed,
ECB, BoE and Norges Bank meetings will take centre stage in a week that will be
loaded with interesting event and key figures, including US and Swedish CPI,
Euro-area flash PMIs and not to forget the EU / Euro Summit.
A
very busy central bank week ahead, with Fed, ECB, BoE and Norges Bank meetings
coming up. We expect only the Fed to change its policy rate, hiking the target range
to 1.25-1.50%. Inflation data from the US, UK, Japan, Denmark, Sweden and Norway.
We expect EU leaders to say that the UK and EU can start discussing the future
relationship at next week’s EU summit. Focus remains on US tax reform and
whether the Republicans are able to pass it already before Christmas.
We expect the global expansion to continue
lending support to profits and risk assets * We do not project a bond bear
market, though. Rather we look for more US curve flattening * Credit spreads
are set to narrow further on a search for yield and low default rates * In the
FX space, we look for a weaker USD and a stronger GBP and NOK in 2018.
US:
Yellen’s swan song - The Fed Will Kick Off A Rush Of Global Central Bank
Decisions
LatAm:
Still Divergent Central Banks? * Canada: Buy, Sell Or Hold? * Asia: Informing
Key Regional Debates * Europe: Divine Apocalypse Averted
High-Yield
Borrowing May Slow Following 2017’s Boom
Various
statisticians revising capex etc higher * Industrial output and trade generally
stronger, except in Germany * Brexit moves to the next phase
SPX,
NYSE and DJIA made new all-time highs this week. This augurs well for the
months ahead.
Dollar
Posted Advancing Week Ahead of the Last Big Week of the Year
Weekly Macro
Comment
– Marc
Chandler
FOMC
and ECB Highlight Central Banks' Last Meetings of the Year
FX Weekly:
The year-end liquidity shrink – Nordea
Basis
swaps augur further USD upside – especially on infrastructure or super-core
talk, but Scandi currencies could prove to be decent buys ahead of Q1. While we
like the JPY we remain negative on the commodity currencies.