End of Day FinancialJuice Market Wrap

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HEADLINES

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  • US Personal Income (MoM) Dec: 0.30% (est 0.40%; rev prev 0.10%)
  • US Real Personal Spending (MoM) Dec: 0.30% (est 0.30%; rev prev 0.20%)
  • US PCE Core (YoY) Dec: 1.70% (est 1.70%; rev prev 1.70%)
  • EU Parl't Chief Brexit Negotiator Verhofstadt Calls Trump A Threat To EU
  • W'ton AG To Lawsuit In Fed Court Against Pres Trump Over Immigration Order
  • British PM May: Article 50 Vote Will Be A Simple Decision For MPs
  • ECB's Nowotny: Removing QE Too Early Could Hurt Growth
  • ECB Asks Several Banks How They Plan To Reduce Problematic Loans
  • ECB's Nouy: Italy Has Done Too Little On Banks' Soured Loans
  • ESM's Regling: European Bad Bank Likely To Need Public Support
  • German CPI EU Harmonized (YoY) Jan P: 1.90% (est 2.00%; prev 1.70%)
  • IMF: EU Should Provide Political Incentives To Comply With Budget Rules
  • Japan's Abenomics Mastermind Calls For Aggressive Fiscal Policy
  • WBA & Rite Aid Enter Into Amendment And Extension To Merger Agreement
  • Deutsche Bank Poised To Settle Over Russian 'Mirror Trades'
  • UniCredit Says To Miss ECB Capital Goal Ahead Of Cash Call

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COMMENTARY

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BoJ Rate Announcement Preview (Jan 2017)

The BoJ is not expected to change policy at the first meeting of 2017. Currently the bank conducts JPY 80trln bond purchases annually, targets the 10-year yield at 0.00% and the short-term policy rate is -0.10%. Conditions have seemed to turn in the BoJ’s favour in recent months, while the JPY is also depreciating which should boost inflation and exports.

Recent data releases support the BoJ's view that the economy is in the midst of a "moderate recovery trend." Manufacturing continued to pick up in December, with the Nikkei PMI improving to a 12-month high. Also, a solid pick-up in December consumer confidence-it rose to the highest in more than three years-suggests consumption remains on track to accelerate in 2017.

That effect has not materialised yet however, the most recent inflation figures showed both headline and underlying inflation weakened in December. This was attributed to the lingering effects of last year’s strengthening of the JPY lowering the price of goods. (Read More

A Guide to Why the Article 50 Bill Is a Headache for Theresa May

U.K. Prime Minister Theresa May was hoping to bypass Parliament on when and how to trigger divorce proceedings with the European Union. Then the Supreme Court set her straight. So this week lawmakers discuss for the first time a short bill giving her permission to invoke Article 50 of the EU’s Lisbon Treaty.

At stake is whether May will meet her self-imposed deadline for starting talks by March 31 and if she’ll have a free hand to negotiate as she wants.

If Parliament does reject the legislation, it could even resuscitate the specter of early elections. (BBG – Read More

Coming Up:

23:50 JN Industrial Production (Dec, P)

00:30 AU NAB Business Survey (Dec)

——– JN BoJ Decision

06:30 JN BoJ's Kuroda Holds Press Conference Following MonPol Decision

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FILES & LINKS

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DATA

GOVERNMENT & CENTRAL BANKS

FX

FIXED INCOME

COMMODITIES & ENERGY

EQUITIES

EMERGING MARKETS

 

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