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European leaders provide leadership shock

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  • The EU leaders' summit, in a possibly unprecedented move, provided some leadership by agreeing a compromise with the European parliament over banking union. The deal is less bad than the last set of proposals, and just has to be passed before the parliament is dissolved.
  • More EU and US sanctions have been applied against Russian individuals, though as yet there is nothing in a broader economic sense. Russia's retaliation included banning US Vice-President Biden from travelling to Russia. There is no word yet on whether US Vice-President Biden is upset by this.
  • Four US Federal Reserve speakers crowd the calendar today, and with the market having reacted with a certain degree of vigour to comments from Fed Chair Yellen this week, the remarks are likely to be something of a focus.
  • European consumer sentiment is due, and likely to be negative (though there has been a tendency for sentiment data to surprise positively). UK CBI distributive trades data is due, and France holds local elections over the course of the weekend.
Listen to the  audio version of this briefing.