15th Dec - Tax plan fears, but now hope

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EUROPE

Ferdinando Giugliano: The Euro Zone Needs More Than a New Roadmap – BB

It will take European capitals, not plans from Brussels, to reform monetary union.

Leonid Bershidsky: Europe Is Not Ready for the Next Migration Surge – BB

The refugee crisis is subsiding. The political crisis is still going strong.

  BANKS

Editorial: Basel III Is Too Kind to Europe's Banks – BB

The new standards for capital have been watered down to win over the EU.

Sony Kapoor: Europe's Sovereign-Bank 'Doom Loop' Can't Be Broken – BB

The European Union's effort to break the link between banks and government debt may make things worse.

  EUROPEAN CENTRAL BANK

Europe's Central Bank Faces Decision Time in 2018 – BB

Next summer Mario Draghi will need to decide whether to end quantitative easing ... and what to do next.

ECB review - Christmas mood leaves QE exit decisions for 2018 – Danske Bank

Despite a stronger growth and inflation outlook, the ECB delivered a fairly balanced policy message, without further hints about a shift towards a more 'holistic' view on inflation and the economy. We expect discussions about QE exit and policy normalisation to gain prominence in the spring of 2018.

UNITED STATES

Several Republican Senators Press for Late Changes in Tax Bill – WSJ

Michael Bloomberg: This Tax Bill Is a Trillion-Dollar Blunder – BB

Congress and President Trump put politics ahead of smart reform.

The FBI’s Trump ‘Insurance’ – WSJ

WSJ Exposes The Real Election Meddling... At The FBI – ZH

  MARKETS / OTHER

JPMorgan Sees S&P 500 Hitting 3,000, Warns on Tech Stocks – BB

World's Biggest Pension Fund Says AI Will Replace Asset Managers – BB

GPIF’s Mizuno: Google, Amazon could become largest managers * Traditional managers need to update business models, he says

REGULARS

FirstFT Daily Briefing – FT

Disney-Fox $66bn deal, Hugo Boss’s conundrum, #MeToo engulfs Congress

WSJ City – WSJ

E.U. Set to Move to Stage Two of Brexit Talks, Airbus’s Top Brass to Exit Amid Turmoil

“Best of the web” daily charts – Lukas Daalder

Danske Daily – Danske Bank

Eye-Opener – Nordea

ECB in hibernation; Watch the 3M xCcy basis * Swedish house price plunge unlikely to continue * NOK strengthens on rate path revision * EUR-USD xCcy 3m basis widens further

Daily Market Comment – Marc Chandler

Premium for Dollar-Funding is not Helping Greenback Very Much

Brussels Playbook – Politico

Summit wrap — Lobbying bonanza — Austrian coalition talks

FINNISH

Aamukatsaus – Nordea

Venäjän keskuspankki jatkaa laskujaan * EKP itsevarmana * Ruotsin asuntojen hintojen lasku takanapäin * Markkinoilla hiljaista eilen