What’s happened over Christmas then?

1) Trump got Tweet-happy again, taking credit for the rally in stock markets and the surge in the Consumer Confidence index:
The world was gloomy before I won – there was no hope. Now the market is up nearly 10% and Christmas spending is over a trillion dollars!’
‘the U.S. Consumer Confidence Index for December surged nearly four points to 113.7. The highest level in more than 15 years! Thanks Donald!’

Let’s see how he responds if/when the data turns down – and what happens when he realises Twitter is a two-way conversation. We already had a flavour of that when the criticisms from a woman on 4th December went viral

Danielle Muscato — who describes herself as an atheist, civil rights activist, musician and trans woman — immediately launched into Trump via tweet replies, attacking the president-elect for tweeting about frivolities instead of focusing on the lives of the Americans he now represents. “You are the president-elect,” she tweeted. “Pick your f—ing battles man. You are embarrassing yourself.” In all, her tweets were liked more than 200,000 times.

 

2) Tokyo core inflation fell at its fastest rate in 4 years

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3) Deutsche Bank will pay only half of its original fine
Funny how that panicky $14bn number ended up as only 7… politics once again wins the day

4) Lloyds Bank will set up a European arm if it loses single market access

In conclusion:
– Trump is still at his most dangerous right now because he feels at his most powerful right now. He’s breaking with traditions right, left and centre: criticising the UN vote against Israeli settlement building; appointing an anti-China guy to his new National Trade Council; calling up Taiwan. But he was elected on a platform to break tradition, wasn’t he?
– Brexit means Brexit in the sense that companies are already making new plans: money moves faster than politics
– But politics is messing with the valuation of companies (Deutsche must be delighted that 14bn was bandied around before 7 was settled upon)
– And no doubt will pile pressure on the central banks even as they’re powerless to respond (poor Japan)

And that’s before we have even said our sad goodbyes to Rick Parfitt, Richard Adams, George Michael and Carrie Fisher. As Carrie once said, “please don’t make me go back out there again”…. enjoy the sherry and mince pies while you can!!

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