Policy in Japan, politics in Europe
- The Bank of Japan left the amount of quantitative policy unchanged, with a few operational tweaks as to what bonds are purchased. Inflation (headline or core) is of course still nowhere near the 2% level.
- The European Leader' Summit concludes (as in "finishes", not as in "comes to a meaningful conclusion about anything"). The UK position is probably what matters most to markets, but that does not matter much at the moment.
- The US produces a couple of minor business sentiment data points today, which markets are unlikely to react to.
- This is the final morning call of 2015. Normal service resumes 4 January 2016. On behalf of the UBS economics team, have as prosperous a 2016 as circumstances will allow. To those who have tuned in this year, thank you for listening.