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The White Cliffs of Dover

| Posted by: Paul Donovan | Tags: Paul Donovan

  • Twitter, so far, has remained silent on who US President-elect Trump will nominate as the treasury secretary (or indeed the secretary of state). A Trump adviser said there is no rush, but markets would like to know. The nominations signal how much of presidential candidate Trump is likely to translate into President Trump.
  • UK PM May promised "no cliff edge" for the UK exit from the EU. The markets seized on this gratefully; in today's world, any hint of normality is over-played by investors. However, May cannot promise "no cliff" – 27 other EU countries decide how precipitous the plunge will be.
  • UK borrowing costs are due, and are not normally a focus other than the fact that there is a mini-budget this week. The threat to migration is a threat to future tax revenue for the UK (migrants being net fiscal contributors).
  • The Richmond Fed opinion poll of US regional business sentiment is due, and will be overlooked by markets. The November Eurozone consumer confidence opinion poll may attract investor attention as domestic demand is a focus. The data comes with all the accuracy and precision an opinion poll can offer.