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EUROPE
EUROPEAN
CENTRAL BANK
ECB preview: Intermission – Nordea
Minutes on the ECB
December meeting confirmed the ECB is not close to scaling bond purchases
further and thus did not give reasons to change our ECB expectations. Looking
to next week’s meeting, risks are tilted towards a hawkish market reaction.
ECB preview: still dovish despite better data – Danske Bank
We do not expect a
hawkish stance from the ECB, although the latest economic survey indicators
have strengthened further and inf lation has risen above 1.0% for the first
time in three years.
Draghi’s Inflation Upturn Reopens Divergences
Across Region – BB
Consumer prices rising
at the fastest annual pace since 2013 * Impact on consumers depends on wage
bargaining power
European Elections Test ECB President Mario
Draghi – WSJ
Politicians in Germany,
France, Italy and the Netherlands—which all face general elections this
year—have recently stepped up attacks on ECB
ECB Stimulus Disagreements Signal Vigorous
Debates Ahead – BB
Germany's Schaeuble urges ECB to start unwinding
stimulus this year – Reuters
UNITED STATES
Yellen Sees No Serious Short-Term Obstacles for
U.S. Economy – BB
Says inflation “pretty
close” to Fed’s 2 percent target, doesn’t want to see banking regulations
rolled back
Stephen Pope: Perplexed over presidential policy – TF
Small businesses hoping
president Trump will address their needs * Scarcely a shred of detail has been
offered as to economic policy * Theoretical model shows Trump will rely on the
Fed
The Reversal in the
Trump Trade Isn’t Hitting Inflation Expectations – WSJ
BofA 'Icarus' Trade:
"A Wobble Then A Melt-Up... Followed By A Melt-Down" – ZH
Fed ‘may be in better position’ to reduce
balance sheet, Bullard says – MarketWatch
NUMBERS
U.S. Retail Sales Picked Up in December on Motor Vehicle Demand – BB
Here come retail sales
... – BI
Retail Sales increased
0.6% in December – Bill
McBride
Core Retail Sales Growth Weakest In Almost 3 Years – ZH
Core Retail Sales Growth Weakest In Almost 3 Years – ZH
Retail Sales: December
Growth Improvement – dshort
Strong auto demand buoys
retail sales, producer prices up – Reuters
Core PPI Comes Hotter Than Expected – ZH
Core PPI Comes Hotter Than Expected – ZH
December Producer Price
Index: Final Demand Increased 0.3% - dshort
Consumer Confidence
Disappoints As Trump Hope Dips – ZH
BofA Revenue Misses
Estimates as Bond Trading Ebbs at Year-End – BB
Bank of America profits
surge on cost cuts, trading gains – Reuters
BofA Misses Revenues,
EPS Beats On Accelerated Expense Reductions – ZH
JPMorgan results trump
estimates as election stimulates trading – Reuters
JPM Earnings Jump On
Slashed Expenses – ZH
Wells Fargo reports
fifth straight decline in profit – Reuters
OTHER
Davos Wonders If It’s
Part of the Problem – BB
Did the global elite’s devotion to borderless capitalism sow the seeds of
a populist backlash?
The sterling 'flash event' of 7 October 2016 – BIS
GBP flash crash had no single driver, no data to suggest market abuse – Reuters
China Credit Growth Exceeds Estimates as Lending Remains Robust – BB
PBOC Said to Boost Yuan Curbs as Banks Told to Balance Flows – BB
China’s Exports Remain Tepid as Trump Trade Challenge Looms – BB
REGULARS
Danske Daily
– Danske
Bank
Eye-Opener
– Nordea
Swedish inflation just below target;
US retail sales today; Falling Chinese exports * Most important today: US
retail sales * USD profit-taking continued * Trump’s news conference set the
tone for bonds yesterday
Morning Markets
– TF
European equities are likely to open
mildly softer on the back of a narrowly mixed Asian session and a weaker Wall
Street on Thursday. But trading may be thin on the last day of what has been a
nervous and cautious week in which sentiment was blighted by worries about the
Trump presidency which in turn sent the US dollar sharply lower.
Daily Market Comment
– Marc
Chandler
Corrective Forces Persist
Daily Press Summary
– Open
Europe
Brussels Playbook
– Politico
Five Things You Need to Know to Start Your Day – BB
Fiat defends itself * PBOC balancing
act * Yellen bullish? * Markets rise * Big data day
10 things you need to know before the opening bell – BI
Futures Rise On Friday 13th Ahead Of
Deluge Of Bank Earnings; Dollar Continues To Decline
FX Update
– TF
The last days of 2016 and first
couple of weeks of this year have felt like one long Friday the 13th for
currency traders as exchange rates have reversed against former trends or
churned viciously both ways especially in the case of EURUSD. Next week the
action is likely to remain intense as May will speak on Brexit Draghi will
speak at Thursday’s ECB meeting and Donald Trump will speak as President on Friday.
FINNISH
Aamukatsaus – Nordea
Markkinat
heräävät Trump-humusta * Odotamme USA:n vähittäismyynnin palanneen joulukuussa
vahvalle kasvu-uralle * Yellen toiveikas Yhdysvaltain talouden kehittymisestä *
Ruotsin joulukuun inflaatio ylitti odotukset