The Day Today 26 January 2017

* CIO of Norway SWF: “It is a continuous challenge to source the liquidity both on the fixed income side and on the equities side… Also on the cash management side, the repo market is getting more challenging liquidity-wise as well. So being able to execute efficiently is my main concern … We see there is less liquidity out there. It is more costly to do the trades”
* UK car output 17yr high but investment drops by 33%
* Italian Court Boosts Renzi’s Push for Early Elections
* Trump expected to block entry to US for anyone from Syria, Sudan, Somalia, Iraq, Iran, Libya and Yemen
* Ryan: We will replace Obamacare, cut taxes and fund Wall by August
* Mexico President may scrap Jan 31 Trump meeting over Wall executive order
* Trump wants “at least a 40 percent overall decrease” in US funding to certain international groups, eg the UN
* China Industrial Profits Increase at Slowest Pace in a Year – inflation bites
* China Said to Require Banks to Curb New Loans in Q1
* NZ Inflation Back on Track After 2-Year Undershoot
* ECB Paper: It’s not secular stagnation but “Adverse cyclical factors played a more crucial role in explaining the missing inflation”, so QE works and the Phillips Curve is not dead

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