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EUROPE
Javier
Solana: In the wake of the attack on Charlie Hebdo in Paris and the thwarting of an attack in Belgium, Europe needs to understand why second- and
third-generation immigrants are susceptible to the blandishments of terrorist
organizations. The reason is simple: European citizenship has not translated
into social and economic inclusion.
RUSSIA
Russia's FX
credit rating lowered to junk – Danske
Bank
SWITZERLAND
Swiss sight
deposits surge, sign of SNB intervention – Reuters
SNB Can
Still Intervene on Franc, Danthine Tells Tages-Anzeiger – BB
Franc
Slides on SNB Comments as Europe Stock Fluctuate – BB
SNB, CHF,
ECB, and QE – John Cochrane
GREECE
Greece’s
Warning to the Rest of Europe – New
Yorker
Gideon
Rachman: Europe cannot agree to write off Greece’s debt – FT
Greece's
Political Bargaining Chips – Polemic’s
Pains
Think
Flows, Not Stocks: Greek debt is a fiction, surpluses are real – Krugman
/ NYT
Greece's
Crazy Leftists Have a Good Idea – View
/ BB
Greece Has
Chosen, but It Doesn’t Get to Decide by Itself – PIIE
The Greek
Revolt – The
Economist
New Crisis
Phase: Zero Coupon Perpetuities for Greece? – Place
du Luxembourg
Greece’s
Hard Choice: Escape or Merely Reset EU Servitude – Wolf
Street
Syriza’s
victory: transformation of Greek
political culture – Europp
/ LSE
How much
for one of those New Drachmas? – FT
Syriza and
debt talks: Estimates from a Rubenstein bargain approach – voxeu
Greece: the case against catch-all ‘structural
reform’ – FT
Post
Recession Lessons – Simon
Wren-Lewis
Schaeuble
says Tsipras can find a 'different way' if he wants – Reuters
Irish fin
min sees some leeway to ease Greek debt burden – Reuters
Anti-austerity
economist says to become Greek finance minister – Reuters
Three
Consequences of Syriza’s Victory – Brookings
EUROPEAN CENTRAL BANK
INSIGHT-How
Draghi got divided ECB to say "yes" to money-printing – Reuters
A
disturbance in the QE force – TradingFloor
Was ECB's
QE a classic "buy the rumour, sell the news"? * QE's effectiveness
rested on weak euro, but SNB is back to buying it * ECB might find it hard to
pursue a larger QE if the first attempt fails
MACRO NUMBERS
UK: Growth slowed in Q4 but recovery
remains on track – Danske
Bank
Economy
slows down as election nears, not what Osborne wanted – The
Guardian
British
growth slows, but 2014 still fastest in seven years – Reuters
U.K. Economy Ends Its Best Year Since
2007 With Waning Momentum – BB
UNITED STATES
Preview
of the January FOMC Meeting and Beyond – Marc
to Market
MACRO
NUMBERS
U.S. durable goods data signal weaker
business spending – Reuters
Consumer
Confidence Surges To Highest Since The Last Time Markets Crashed – ZH
US Services PMI Improves But New
Orders Drop To Post-Recession Low – ZH
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Bad Weather Could Complicate an Already Tough Fed Decision in March * European
Regulators Pressure Big Banks to Increase Capital * Obama Fed Nominee Landon’s
Wealth Totals Up to $41 Million * Tokyo Eases Pressure on BOJ
Daily
Macro – WSJ
For all the
noise, Greece looks to be more of the same. Meanwhile,
investors are turning their attention to this week’s Federal Reserve meeting. There
are no real expectations that it will start tightening just yet, but any hints
of a move sooner than the summer would cause ructions in the markets.
Danske
Daily – Danske
Bank
Eye-Opener – Nordea
Syriza
forms new government with right-wing populist party * Greek problems not
spilling over to other markets * EUR/USD to bounce more
Dollar
Softer, Consolidating Recent Gains – Marc
to Market
Daily
Shot – TradingFloor
According
to market reactions the risk for Grexit is lower than some had originally
thought. Meanwhile inflation expectations in Europe are increase after quantitative
easing.
US Open – ZH
Futures
Tumble On Spike Of "Strong Dollar" Earnings Disappointments And
Profit Warnings
From the
floor – TradingFloor
News are
thin today and the US markets are not on full steam due
to the harsh weather conditions. With the falling euro equities from export
oriented companies such as consumer goods should be looked at, says Saxo
equities head Peter Garnry. Despite recent gains he sees further upside
potential.
OTHER
ECB QE
not fully priced in
– TradingFloor
Kay Van-Petersen:
USDCHF could head to 1.05 in late 2015 * ECB QE programme not fully priced in
to European stocks * Peripheral indices could provide greatest upside
Macro
Chart Digest: If copper's right, we're in trouble – TradingFloor
Is copper
really right in predicting a massive economic slowdown? And will the nine-month
lead-lag cycle between market developments and developments in the real economy
hold true this time? Meanwhile, the Swiss yield curve is negative through 12-yr
maturities and China's devaluation may already have
started.
Contrarian
gauntlet thrown – FT
Nothing is
more contrarian than long Russian ruble, short Swiss franc right now…
FINNISH
Aamukatsaus – Nordea
Markkinoiden
usko EKP:n pakettiin jäi lyhyeksi | Paljon toissijaista dataa USA:sta tänään |
Syriza-puolue sopi koalitiohallituksen muodostamisesta
Kreikka
ja jatkuvat tulonsiirrot – toinen näkökulma – Tyhmyri
Syriza-puolueen talousguru suomalaisille: "Olette jo
maksaneet meille aivan liikaa" – HS
Syrizan talousguru HS:lle: Kreikalla ei ole oikeutta lainata
enää yhtään lisää – Verkkouutiset
Eduskunta kinasteli Kreikan veloista: ”Vanhanen aloitti
tukipolitiikan ja Katainen jatkoi sitä” – PS
EKP:n päätös rikkoi EU:n perussopimusta, maksukyvytön
Kreikka on valehdellut alusta asti – PS