Market movers today
We have another quiet day today in terms of data releases.The single most important event is President-elect Donald Trump's press conference in New York City, which is expected to be held at 17:00 CET (we have not been able to confirm this). Hopefully, we will get more details on what to expect from the new Trump administration, although we do not know exactly what he is going to talk about. We will listen carefully for any comments on fiscal policy, trade policy, the Homeland Investment Act 2 and border adjustment taxes.
The main event in the European markets today, given very little economic data, will be the Italian constitutional court's ruling on the labour market reforms implemented by the old PM Matteo Renzi - see also the Fixed Income section on the next page.
In terms of data releases, focus is on the UK, as industrial production and construction output data for November as well as the NIESR GDP estimate for Q4 are due out. UK PMIs have risen in recent months in line with global PMIs, suggesting that the UK economy continues to be resilient to Brexit uncertainties. It is still our view that growth will slow this year due to Brexit uncertainties and higher inflation, for more see here.
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