According to some, it all started with Mario Draghi, who back in 2012 said that the ECB would prevent the collapse of the Eurozone "whatever it takes." By saying that, he effectively took the impetus away from Europe's politicians to engage in any real structural reform and promote difficult policy changes, and well, here we are five years later with a "populist" wave sweeping across Europe which is now ex the UK.
In a speech at the World Economic Forum in Davos, Switzerland, Joe Biden took aim at president-elect Trump and Russian president Putin in what is likely his final public appearance as US vice-president.
The speech was long on scaremongery and war rhetoric and short on 'fact', as The Wall Street Journal reports, Mr. Biden said cooperation between the U.S. and Europe formed “the bedrock of the success the world enjoyed in the second half of the 20th century."
While Deutsche Bank shareholders have certainly seen some recent relief following last year's stock acrobatics which sent the the largest German lender crashing to all time lows last fall, the bank's employees have far less to look forward to.
First, it was a report by the NY post, according to which Deutsche Bank may hold back on giving out bonuses to as many as 90% of bankers and traders, noting that only the top 10% of revenue generators may get a bonus for 2016, and even that would be paid out over the next five years, according to a source briefed on internal discussions.
European shares decline led by a plunge in Pearson shares, S&P futures were modestly in the green as Asian and EM stocks gained. The dollar rebounded against most major currencies after retreating 1.3% on Tuesday to the lowest in a month following Trump's "strong dollar" comments and halted a seven-day drop against the yen.
Via The Daily Bell
Donald Trump is committed to globalisation. Davos told Elite in Europe and US have misunderstood trade stance says Anthony Scaramucci … A senior member of Donald Trump’s team insisted that the president-elect was committed to globalisation, open trade and Nato, despite recent comments that unsettled America’s allies. -FT
Donald Trump either misunderstand what globalism is, or he’s not being accurate about the procedure.