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EUROPE
Nordic Banks Chart
Pack –
Danske
Bank
Spreads,
yields and relative value
Sweden
PMI down to the lowest level since early 2016 – Nordea
Mifid II has
thrown up several unintended consequences – FT
New
rules have put a strain on relationships between analysts and fund managers
Employment
growth is slowing, but this is more to do with a lack of available workers
rather than a drop in demand. The implication is wages will keep rising,
supporting confidence and spending
Noah Smith: Yield
Curve Tells the Fed to Hold on Rates – BB
If
this keeps up, a key recession warning indicator soon will be flashing red.,
OTHER
China: PMIs show
shrinking domestic demand – ING
The
Caixin PMI (like the official PMI), fell below 50 in December, which means
manufacturing activities are contracting. Even more eye-catching was that
"new orders" in both PMIs fell from expansion in November to
contraction in December. This confirms our view that the economy is weak and
that stimulus needs to arrive quickly.
China Leads Slump
in Asia Factories as Trade War Cools Demand – BB
Global
export growth tipped to slow further through 2019 * Manufacturing oriented
economies in Asia already feeling pain
Martin Wolf: The
future might not belong to China – FT
Replicating
the success of other high-growth economies is about to become far harder
Alternative Risk
Premia: Crisis or Opportunity? – Research
Associates
FX weekly: Top 4
FX/MM trades for Q1-2019 – Nordea
The
US debt ceiling will likely be an important part of Q1 price action in markets,
as the structural USD liquidity tide will turn temporarily. We consequently
like to be short USD versus a basket of currencies, while we like HUF and NOK.
Major themes set
to shape markets in 2019 – FT
From
gloomy bonds to a renminbi wild card, our pick of the key issues for the coming
year
REGULARS
WSJ
Daily Economics
– WSJ
China Stumbles; Shutdown’s Rising Cost
Danske
Daily
– Danske
Bank
Brussels
Playbook
– Politico
Presidencies past and present — Socialist
troubles — The art of messaging
Five
Things You Need to Know to Start Your Day – BB
US
Open –
ZH
Global Market Bloodbath Returns As Futures
Tumble, Asia Suffers Worst Start To Year Since 2016
US
Open Rundown
– RANsquawk
Aamukatsaus – Nordea
Tänään saadaan
teollisuuden ostopäällikköindeksejä useista maista | Kiinan teollisuuden
näkymät painuivat negatiivisiksi | Loppuviikolla tulossa USA:n teollisuuden
ostopäällikköindeksi sekä euroalueen inflaatioluvut