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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.
 
 
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