22nd - Happy Holidays!

The holidays start here. Expect the next update sometime around next week. Unless something happens. It usually does.

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EUROPE

View: Berlin Attack Exposes Europe's Deportation Problem – BB

 

Germany Outlook 2017: Solid, despite diminished tailwinds – Deutsche Bank

Economic Bulletin, Issue 8 / 2016 – ECB

Eurosystem staff macroeconomic projections for the euro area countries – ECB

OTHER

Bonds: Even a stopped clock is right twice a day – Nordea

Consensus forecasts have overestimated the level of German yields in each of the past 9 years, and mostly got also the direction wrong. Once again, expectations are for a rise in yields in 2017. Is it another illusion?

REGULARS

Danske Daily – Danske Bank

Eye-Opener – Nordea

More Riksbank QE, but probably the last for now * Rates in consolidation mode as ECB QE goes on holiday * SEK is back

Morning Markets – TF

Thinning volumes and a failure by Dow Jones to take out the 20000 mark kept markets subdued in Asia overnight as holiday mode starts to sweep through the globe.

 

Daily Market Comment – Marc Chandler

Mixed Dollar amid Light News as Investors Move to Sidelines

Daily Press Summary – Open Europe

Brussels Playbook – Politico

10 things you need to know before the opening bell – BI

US Open – ZH

Global Stocks Decline As Trading Volumes Collapse Ahead Of Monte Paschi Nationalization

Frontrunning – ZH

FX Update – TF

The US dollar looks like it will try to close the year on a quiet note with today’s PCE inflation the final US data point of note until the first week of the New Year. Elsewhere the SEK has caught fire as the market reassesses the currency’s level after this week’s events.

FINNISH

Aamukatsaus – Nordea

Jatkaako Fedin ykkösmittari nousuaan? * Ruotsin keskuspankki jätti ohjauskoron odotusten mukaisesti ennalleen * Tanskan BKT:n kasvun odotetaan hidastuneen marraskuussa * Ruotsin kruunu vahvistui Riksbankin kokouksen jäljiltä