CBB back next week

The timing of the worst ice storm in decades was especially inconvenient.  We lost our electricity for eight days, which makes one better appreciate the simple things in life.  I was hoping to write this week, but there simply wasn’t time to get everything done.  Back next week.  Merry Christmas and Happy Holidays to everyone.  doug

Friday Afternoon Links

[Bloomberg] Treasuries Rise With U.S. Stocks Before Holiday: Markets Wrap

[WSJ] China’s Securities Regulator Signals Greater Oversight of Asset Managers, Brokerages

[Politico] Trump challenges the world order

[FT] Monte dei Paschi bailout comes under fire in Berlin

Friday's News Links

[Reuters] Banks lift global stocks, dollar holds near 14-year peak

[Reuters] Asia stocks pressured by Wall Street, dollar holds below 14-year peak

[Bloomberg] Sales of New U.S. Homes Rise to Second-Fastest Pace Since 2008

[Bloomberg] Monte Paschi’s Fatal Sin Brings Nationalization for Oldest Bank

[Bloomberg] Monte Paschi Rescue Pushes EU Bank-Failure Rules to the Brink

[UK Guardian] Italian cabinet gives green light to Monte dei Paschi di Siena bailout

[CNBC] Trade concerns bubbling up, as Wall Street winds down for holidays

[CNBC] The most important thing from Carl Icahn's 40-minute CNBC interview

[Bloomberg] President Xi Open to Growth in China Falling Below 6.5%

[Bloomberg] China's Stalling Bond Engine Creates a Policy Dilemma

[Bloomberg] Canada’s Economy Shrinks on Worst Factory Output Since 2013

[Bloomberg] Deutsche Bank, Credit Suisse Settle U.S. Subprime Probes

[Reuters] How Deutsche's big bet on Wall Street turned toxic

[Dave Collum] 2016 Year in Review

[Reuters] Chinese media alarmed at Trump trade adviser, warn of U.S. showdown

[NYT] Deutsche Bank to Settle Mortgage Inquiry for $7.2 Billion

[NYT, Stewart] Hedge Fund Math: Heads We Win, Tails You Lose

[WSJ] Italy Sets Up Fund to Help Troubled Banks

[FT] Beijing fires trade warning after Trump appoints China hawk

Thursday's News Links

[Bloomberg] Dollar Resumes Trump-Fed Rally, Bonds Fall on Data: Markets Wrap

[Reuters] Asian shares slip in holiday-thinned trade, focus turns to U.S. data

[Bloomberg] U.S. Economic Growth Revised Up to 3.5% Pace in Third Quarter

[Bloomberg] U.S. Mortgage Rates Jump to More Than 2-Year High After Fed Hike

[Bloomberg] The VIX Is at a Two-Year Low, But Volatility Trading Is Surging

[Bloomberg] Xi Again Pledges to Curb Speculation in China Property Market

[Reuters] China's Xi calls for wide-ranging measures to regulate hot property market

[CNBC] BMPS fails to pull off last-ditch rescue plan; state bailout on the way?

[Dow Jones] Mexican Inflation Gathers Speed in December

[WSJ] Donald Trump’s New Appointments Shake Up Trade, Regulation

Wednesday Evening Links

[Bloomberg] U.S. Stocks Decline as Oil Slips With Dollar: Markets Wrap

[CNBC] Trump picks China hawk Peter Navarro for new trade post

[CNBC] Trump to name Icahn as special adviser on regulatory overhaul, will help to select SEC head

[Reuters] Exclusive: Investors shun Italian bank Monte Paschi's share offer - sources

[CNBC] Bad loans, bad growth, bad politics: Things are tough for European banks

[NYT] Investors Worry as Financial Picture of Italy’s Oldest Bank Deteriorates

Wednesday's News Links

[Bloomberg] Dow Flirts With 20,000 as Oil Gains, Dollar Slips: Markets Wrap

[Bloomberg] Paschi Falls to Record as Investors Balk, Liquidity Dries Up

[Bloomberg] Asian Equities Gain as Dow Hits Record, Oil Climbs: Markets Wrap

[Reuters] U.S. existing home sales rise to near 10-year high

[Reuters] Italy lawmakers approve 20 billion euro plan to prop up banks

[Reuters] Spanish banks face $4.2 billion hit from European court's loan ruling

[Bloomberg] Yuan Bears Strike as Capital Outflows Override PBOC Support

[Bloomberg] Fed Blurs Intentions as Dots Drift Away From Economic Forecasts

[Reuters] U.S. mortgage activity edges up even as rates head higher

[Bloomberg] Italy Bank Rescue Won’t Fill $54 Billion Hole on Their Books

[Reuters] Modi losing friends as anger grows over Indian cash crackdown

[FT] Monte dei Paschi di Siena poised for state bailout

[WSJ] China’s Bond Warning

[WSJ] Percentage of Young Americans Living With Parents Rises to 75-Year High

[Reuters] Kremlin says almost all communication channels with U.S. are frozen: RIA

Tuesday Evening Links

[Bloomberg] U.S. Stocks, Dollar Rise in Sign of Resilience: Markets Wrap

[Bloomberg] IMF Doubles Down on Lagarde as Trump Aims to Upend World Order

[CNBC] CEOs, who are supposed to love Trump, are dumping stock during the postelection rally

Tuesday's News Links

[Bloomberg] Stocks Climb as Markets Show Resilience; Bonds Drop With Gold

[Bloomberg] China Sovereign Bonds Slump as Wealth Curbs Seen Hitting Demand

[Bloomberg] Asian Shares Fall on Europe Turmoil; Yen Weakens After BOJ Move

[Bloomberg] Japan's Central Bank Keeps Policy Unchanged, Upgrades Economic Outlook

[Bloomberg] Saving Italy’s Banks Means Missing Public Debt Target Once Again

[Bloomberg] Global Bond Investors Now Losing Most Sleep Over Rising Populism

[Bloomberg] Goldman Says Bonds, not Stocks, Have Properly Priced In Trumponomics

[NYT/CNBC] Trump’s Treasury Pick Moves in Secretive Hedge Fund Circles

[FT] Italy seeks up to €20bn to prop up fragile lenders

[FT] 2016’s biggest one-day market wobbles

[WSJ] Companies Face Delays Getting Cash Out of China

[WSJ] China Throws Out South China Sea Rule Book

[FT] China’s ‘airpocalypse’ hits half a billion people

Monday's News Links

[Bloomberg] U.S. Stocks Fluctuate as Yen, Treasuries Strengthen With Gold

[CNBC] Russian ambassador to Turkey dies after being shot in Turkish capital

[Bloomberg] China H Shares Drop to Four-Week Low as Builders, Insurers Fall

[Bloomberg] Oil Extends Advance Above $52 as Libyan Output Comeback Stalls

[Reuters] Global corporate defaults hit 150 for 2016, most since financial crisis

[Reuters] Dispute could sink Italian bank Monte Paschi's rescue plan

[Reuters] Goldman Warns China Outflows Rising in Both Yuan Payments, Forex

[Bloomberg] China Home-Price Growth Slows as Property Curbs Dent Demand

[Bloomberg] Decision-Day Guide: Kuroda View on Yields in Focus as BOJ Meets

[Bloomberg] IMF Head Christine Lagarde Convicted in French Negligence Trial

[Bloomberg] As Trump Tweets, China Quietly Weighs Options to Retaliate

[Bloomberg] Four Years of Living Dangerously: CEOs Brace for the Trump Era

[Bloomberg] China Must Curb Speculation Amid Bubble, Top Official Says

[WSJ] Companies Face Delays Getting Cash Out of China

[WSJ] Bond Selloff Shows Risks of China’s Efforts to Restrain Credit

[FT] China’s bull market in bonds on borrowed time

[FT] Key HK renminbi lending rate stuck at exactly 10% for second straight day

[FT] Investors betting on more US-Japan divergence

[WSJ] ECB’s New Dilemma: Neediest Nations Receive Less Stimulus

[FT] How David Cameron lost his battle for Britain

Sunday's News Links

[Bloomberg] Dollar Bets Rise; Crude Extends Drone Gain as U.S. Futures Climb

[Bloomberg] Ukraine’s No. 1 Bank to Be Nationalized as Tycoons’ Rescue Fails

[FT/CNBC] Wall St economists doubtful Fed will deliver on rate rises

[Reuters] As yuan weakens, Chinese rush to open foreign currency accounts

[Bloomberg] Gone in 60 Seconds: Chinese Snap Up Dollar Funds as Yuan Tanks

[WSJ] Rising Rates Ripple Through Mortgage Market

[WSJ] ‘Great Rotation’ Fund Flows Accelerate

Friday's News Links

[Bloomberg] Dollar Hits Speed Bump in Fed-Driven Rally; Bonds Stem Declines

[Reuters] Asia stocks tepid, dollar near 14-year peak on Fed rally

[Bloomberg] China Bonds Set for Worst Week Since 2009 as Fed Adds to Stress

[Reuters] Regulator tells China bond market makers to keep trading despite liquidity crunch - sources

[Bloomberg] Draghi Said to Warn EU That Rising Global Rates Pose Crisis Risk

[Bloomberg] Turks Seek Gold More Than Liras in Response to Erdogan’s Call

[Bloomberg] China Plans Prudent, Neutral Monetary Policy for Next Year

[CNBC] Dr Doom Marc Faber: Trump trade war will hurt US more than China

[Reuters] China holds first live-fire drills with aircraft carrier, warships

Thursday's News Links

[Bloomberg] Dollar Climbs to Strongest Since 2003 on Fed Path; Bonds Drop

[Bloomberg] China’s 10-Year Sovereign Bond Yield Surges by Most on Record

[Reuters] Asia stocks, currencies wobble as Fed flags more hikes

[Bloomberg] Consumer Prices in U.S. Increase for Fourth Consecutive Month

[Bloomberg] R.I.P. Bond Bull Market as Charts Say Last Gasps Have Been Taken

[Bloomberg] It's Turning Into a Really Bad Week for China’s Markets

[Bloomberg] China’s Record Bull Run in Bonds Is Giving Way to a Market Rout

[Reuters] Italy ready to recapitalise ailing banks with 15 billion euros: sources

[Reuters] Targeting U.S. automaker signals possible China retaliation over Trump talk

[Bloomberg] Hong Kong Property Shares Turn Toxic as Mortgage Costs Spike

[Reuters] Chinese ambassador to U.S.: Sovereignty not a 'bargaining chip'

[FT] EM currencies drop by most in a month after Fed decision

[WSJ] Janet Yellen and Donald Trump Are on the Same Page, for Now

Wednesday Afternoon Links

[Bloomberg] Here Are Some of the Markets Making Big Moves After the Fed Announcement

[MarketWatch] Emerging-market currencies slump after Fed decision

[Bloomberg] Fed Raises Rates, Boosts Outlook for Borrowing Costs in 2017

[Reuters] Dovish tilt at Fed next year could meet hawkish Trump picks

[Reuters] U.S. IPOs set to rebound after dismal 2016

[Bloomberg] Shadow Banking in China Appears to Have Made a Roaring Comeback

Wednesday's News Links

[Bloomberg] Stocks Fall, Bonds Rise as Caution Prevails Before Fed Meeting

[Bloomberg] Asian Stocks, Dollar Steady as Fed Day Arrives; Crude Retreats

[Reuters] Countdown to first Fed hike in a year under way, but focus shifting to 2017

[Bloomberg] Yellen Outlook Blurred by Trump Fiscal Plans: Decision-Day Guide

[CNBC] Federal Reserve set to raise interest rates

[Reuters] U.S. retail sales slow in November; producer prices increase

[Bloomberg] China Credit Expands Most Since March on Robust Mortgage Lending

[Bloomberg] Yield Stress Tests Find Emerging Markets Have Most to Lose: S&P

[Bloomberg] Finance Titans Face Off Over $5 Trillion London Gold Market

[CNBC] As global populism rises, so does fear among corporate elite: Survey

[Reuters] China central bank advisers rally behind beleaguered yuan as Trump threat looms

[Reuters] China says damage to 'one China' principle would impact peace

[Reuters] Too big to fail: China maps out its Trump strategy

[Reuters] Exclusive: China installs weapons systems on artificial islands - U.S. think tank

[WSJ] Anxious Mutual-Fund Industry Holds ‘Seismic Shift Senior Leadership Forum’

[FT] Russian spies adopt new tactics to battle old enemy

Tuesday Evening Links

[Bloomberg] Asian Futures Tip More Gains as Fed Day Dawns With Dollar Steady

[Reuters] Wall St. rallies to record; Dow nears 20,000

[Bloomberg] Oil Closes at 17-Month High as OPEC Cut Seen Balancing Market

[Reuters] Stock, bond markets could see sharp declines: U.S. financial watchdog

[Bloomberg] How Chinese Capital Controls Could Rattle the Asian Bond Market

[CNBC] Trump's tough talk on Taiwan threatens China more deeply than you think

[NYT] A Trump Economic Boom? The Fed May Stand in the Way

[FT] Trump’s plans threatened by strong dollar conundrum

[FT] Suppressed rates ‘threaten price shock for markets’

Tuesday's News Links

[Bloomberg] Stocks Rally as Italian Banks Lift Europe, Yen Falls Before Fed

[Reuters] Asian shares, dollar wobble as investors brace for Fed outcome

[Bloomberg] China Stocks Drop as Dollar Stalls on Fed Countdown, PBOC Watch

[Bloomberg] China Home Sales Rose 16% in November at Slowest Pace This Year

[Bloomberg] SNB to Savor Christmas Quiet Before Year of Europe Suspense

[Bloomberg] Toxic Mix Brewing for Ailing Lira as Turkey Economy Shrinks

[Reuters] Trump's tough trade talk makes U.S. firms fear China retribution

[CNBC] US households now have over $16,000 in credit card debt

[WSJ] Buoyant Markets Pose New Challenge for the Fed

[WSJ] Greece Heads Toward New Crisis in Debt Saga as Support for Tsipras Slumps

Monday Evening Links

[Bloomberg] Asian Stocks Drop With Dollar Amid Fed Countdown as Bonds Rally

[Reuters] Oil hits highest since mid-2015 as global producers agree to cut

[Reuters] Tech, bank shares slip after recent gains; health outperforms

[Dow Jones] U.S. Budget Deficit Totaled $136.65 Billion in November

[Bloomberg] Hong Kong’s Squeezed Money Market Sends a Sell Signal on Stocks

[CNBC] Fiorina, reportedly considered for national intelligence director, calls China 'most important adversary'

[Reuters] After Trump's win, China and Mexico move to deepen ties

[NPR] After Four Mostly Quiet Decades, One China Policy Is Thrust Into Spotlight

[FT] Turbulence and paralysis: the year ahead in US-China ties

Monday's News Links

[Bloomberg] Crude Soars as Output Deal Weighs on Bonds; China Shares Tumble

[Bloomberg] China’s Stocks, Bonds, Yuan Slump in Unison on Liquidity Concern

[Reuters] China stocks tumble the most in 6 months as regulator slaps curbs on insurers

[Bloomberg] Treasury 10-Year Yield Tops 2.5% Amid Global Bond Selloff

[Reuters] Italy hurries to form new government as banking crisis looms

[Bloomberg] Dim Sum Bond Issuers Facing a 'Great Wall' of Refinancing Are Thinking About Dollar-Denominated Debt

[Bloomberg] Trump says U.S. not necessarily bound by 'one China' policy

[Reuters] China warns Trump against ignoring its Taiwan interests

[Reuters] China’s Red Line Has Asia Braced for Lose-Lose Battle With Trump

[Reuters] Fed turns to Trump agenda with rate hike nearly in the bag

[Reuters] After explosive growth, bond ETFs brace for the next big test

[WSJ] The Volatility Paradox: Calm Markets but Soaring ‘Fear Gauge’ Trading

[FT] Vanguard founder calls for politicians to re-examine ETFs

[WSJ] Exchange-Traded ‘Zombies’ Stalk the Markets

[WSJ] For the Bank of Japan, a Tightening Squeeze

[WSJ] Inside India’s Unprecedented Assault on Cash

[FT, Munchau] Italy poses a huge threat to the euro and union

[FT] China backlash over Donald Trump comments on Taiwan

[WSJ] Central Bankers’ Zeal for the ‘Natural Rate’ Draws Skeptics

[NYT] Small Investors Join China’s Tycoons in Sending Money Abroad

[WSJ] Beijing Concerned by Trump Questioning ‘One China’ Policy on Taiwan

[Reuters] Japan protests against China's allegations of dangerous conduct by fighter jets

Sunday Evening Links

[CNBC] Asian markets higher; Nikkei up 1%, ASX and Kospi up 0.3%

[Bloomberg] Oil Surges as Saudis Eye Deeper Cuts While Non-OPEC Joins Deal

[Reuters] Monte dei Paschi to press ahead with last-ditch private capital increase

[Bloomberg] Italy’s Next PM Might Not Keep the Job Very Long

[NYT] Trump Suggests Using Bedrock China Policy as Bargaining Chip

Sunday's News Links

[Bloomberg] Italy’s Gentiloni Heads for Prime Minister Job After Renzi Quits

[CNBC] Dollar debt issuance soars as central banks take a back seat: BIS report

[Reuters] Shrinking FX market could pose stability risk: BIS

[Bloomberg] OPEC Doomed to Repeat History

[FT] China: Renminbi stalls on road to being a global currency

[FT] Large investors pull $350bn from active equity funds