EUROPE
The gains from
economic integration: The EU has still a long way to go – voxeu
Populists
in Europe are contesting the perceived benefits of economic integration between
countries. This column uses data on trade frictions to estimate the long-run
impact of trade frictions on GDP if countries in Europe were to be more or less
integrated. Negative between-country impacts, such as from Brexit or an EU
collapse, imply a GDP reduction of between 1-3%. The potential trade benefits
of a 'United States of Europe', on the other hand, may be an order of magnitude
greater for its members.
MACRO DATA
Industrial
producer prices down by 0.3% in euro area – Eurostat
Euro
area annual inflation down to 1.6% – Eurostat
Eurozone
inflation continues slide on lower oil prices – ING
Euro-area
inflation: No drama – Nordea
Eurozone
PMI Plunges To Four Year Lows – ZH
Euro wrap-up – Daiwa
Downside
surprise to flash CPI sets tone for the New Year * Services end year on a
particularly weak note * PMIs suggest GDP growth well below the ECB’s
projection
UNITED STATES
FEDERAL RESERVE
Fed
will be patient, sensitive to risks in markets: Powell – Reuters
Powell
"Listening Carefully To Markets", Sends Stocks Soaring – ZH
Powell’s
Tune Changed as Markets Melted Down – BB
Instant
View: Powell pledges patience; says won't quit if Trump asks – Reuters
Gavyn
Davies: Powell indicates the rate pause – FT
Powell
downplays economic concerns after jobs report – FT
DECEMBER JOBS
Payrolls Soar By 312K As Wages Jump Most Since 2009 – ZH
Payrolls Soar By 312K As Wages Jump Most Since 2009 – ZH
"Yuuge"
Jobs Sends Stocks, Dollar Higher As Rate Cut Odds Slide – ZH
Strong
in every respect – Daiwa
Payrolls
Rise 312,000, Wages Accelerate in Jobs Blowout – BB
Upbeat
employment report underscores U.S. economic strength – Reuters
REGULARS
EU Open Rundown – RANsquawk
Danske Daily – Danske
Bank
Daily Market
Comment
– Marc
Chandler
Brussels Playbook – Politico
Solidarity
blues — Theresa May’s last-chance saloon — Verhofstadt cuts loose
Five Things You
Need to Know to Start Your Day – BB
US Open – ZH
Global
Stocks Surge On Renewed Trade Optimism, Chinese RRR Cut
US Open Rundown – RANsquawk
FINNISH
USA:n teollisuuden luottamus tippui ryminällä alas
joulukuussa | Tänään julkaistaan uudet euroalueen inflaatioluvut, lisäksi
USA:sta saadaan joulukuun työmarkkinaraportti | USA:n korot olivat reippaassa
laskussa