Elevenses 15th January 2020

– BOE’s Saunders expects “a more protracted period of sluggish growth” than the “relatively benign scenario” painted by the BOE forecasts and wants a “relatively prompt and aggressive response”
– German 2019 growth slowest rate in six years, GDP 0.6%, as exporters face trade headwinds
– UK inflation slowed to the lowest rate in more than three years as CPI dropped to 1.3% from 1.5% in the previous two months
– IAG files complaint to EU over Flybe rescue being a possible state aid breach
– Target reports disappointing sales over the holidays, toys and electronics the culprits
– BlackRock beats estimates, strongest ever year of inflows
– BAML revenue slips but EPS higher on buybacks and bond trading
– Mixed for UK house builders: Persimmon struggles, Vistry expects record profits

Equities mostly flat. Odds of a January BOE rate cut now up to 60%. Phase One US/China Deal due to be signed at 4:30pm, before that it’s US PPI and Empire State Manufacturing Index. Overnight Australia releases Home Loans data.

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