EUROPE
Germany, France
Push for 0.2% Tax on European Stock Trades – BB
Market-making
activities would be exempt under the joint plan * A portion of revenue from the
tax would be shared among states
Leonid Bershidsky: The EU Faces Its Make-or-Break Moment on Taxes – BB
The
bloc will decide whether to limit the smaller member states’ ability to set
their own levies to attract companies.
The ECB’s
performance during the crisis – voxeu
The
ECB’s actions in the wake of the Global Crisis have been described as hesitant,
relative to other central banks. Based on analysis of financial markets'
response to the ECB's interventions during the euro crisis, this column argues
that central bank interventions are effective if they clearly signal a
commitment to reinvigorating the economy and if they address the source rather
than the symptom of financial stress. The ECB did not follow these principles,
limiting its ability to improve financial market sentiment.
SLOWDOWN
Euro-area outlook: Bruised and battered but not out – Nordea
Euro-area outlook: Bruised and battered but not out – Nordea
The
Euro-area economic outlook has quickly turned dimmer and the first half of 2019
is unlikely to show much improvement. The economy is likely to pick up some
momentum in the latter half of 2019, allowing the ECB to hike rates in December
2019.
Eurozone
industrial production plummets in November – ING
A
decline in production shatters hopes of a bounce back in growth after an
already weak Q3, as fears of a technical recession in some large Eurozone
economies are mounting
Euro-Area
Production Slump Adds to Gloom for Economic Outlook – BB
Industrial
output falls more than expected in November * Decline was broad-based across
Germany, France, Italy & Spain
ECB's Nowotny
Urges Caution on Rate Increases as Growth Slows – BB
Austrian
central banker comments in Der Standard interview * Nowotny says developments
in German economy key for outlook
Editorial: Germany’s
Economy Could Soon Need a Boost – BB
If
the slowdown persists, Berlin’s fiscal conservatives might have to think the
unthinkable.
UNITED STATES
El-Erian: Why the
Fed and Markets Don’t Agree on Interest-Rate Prospects – BB
Despite
strong U.S. jobs data, investors expect the central bank to stop hiking this
year and cut in 2020 and 2021.
What U.S.
Government Shutdown Means for Economic Data – BB
OTHER
The World’s
Biggest Economies Are Moving Deeper Into a Slowdown – BB
OECD
gauge adds to worries after numbers from Germany, China * Central bankers have
taken note of mounting global risks
China's exports
shrink most in two years, raising risks to global economy – Reuters
Trump Has Secret Allies in China – BB
Private-sector
Chinese businesses are key to growth, and they happen to share many of the same
complaints as the U.S.
The public cost of
excess private debt
– voxeu
Since
the financial crisis researchers have extensively explored the dangers of
excessive public debt, but excessive private debt has received less attention.
This column documents a common form of indirect private sector bailout that
goes largely unnoticed. Whenever households and firms are caught in a debt
overhang and need to deleverage, governments come to the rescue through a
countercyclical rise in public debt. This indirect substitution takes place
even in the absence of a crisis.
REGULARS
EU Open Rundown – RANsquawk
FirstFT Daily
Briefing
– FT
Brussels Briefing – FT
The
argument in Athens threatens to add an obstacle for those in the EU who want to
embrace their western Balkan neighbours as the Brits depart
Brussels Edition – BB
Brussels Playbook – Politico
Gdańsk
mayor critical — Brexit week — Weber vs. Barnier
Danske Daily – Danske
Bank
Daily Market
Comment
– Marc
Chandler
Dismal
Chinese Trade Data Sets Tone
Five Things You
Need to Know to Start Your Day – BB
US Open Rundown – RANsquawk
US Open – ZH
Futures
Tumble Following Dismal Chinese Trade Data
Daily Economy – WSJ
Government
Stays Shut, China Rattles Markets
FINNISH
Aamukatsaus – Nordea
Brexit-sopimuksesta äänestetään tiistaina Iso-Britannian
parlamentissa | Kiinan vienti supistui yllättäen joulukuussa | Tänään
julkaistaan Ruotsin inflaatioluvut, loppuviikolla tulossa myös Britannian ja
Japanin inflaatioluvut