Is a name emerging?

Daily update

US President Trump indicated that a nominee for Chair of the Federal Reserve has been selected (though without giving a name). Senate confirmation is assumed by the markets, as none of the supposed candidates are so radical as to merit independent Senate action. Fed members have been showing increased independence in policy votes, however, which may blunt the impact of the Fed Chair on policy direction.
South Korean November exports were stronger than expected, led by strength in chip exports. This is great for South Korea, but does not read through to global trade so clearly (as the demand is specific to the frantic enthusiasm about artificial intelligence). Exports to the US continued to weaken, but some of this are the distorted patterns of trade related to the timing of trade tariffs.
Switzerland rejected an additional wealth tax in this weekend’s referendum. The outcome was widely expected, but the vote does highlight the fact that the global combination of higher government debt levels and record private wealth levels is likely to keep wealth in political focus.
Assorted business sentiment polls are due, of very limited interest. UK October consumer credit data is more interesting—the substance UK consumers has tended to outperform the spin around the economy.