Europe

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.

British education group, and the world's largest education company, Pearson PLC lost a quarter of its market cap in an instant this morning after it issued a dire warning about the state of the textbook business, cut profit forecast, and warned of an "unprecedented" decline in its North American business. It also put its stake in the iconic Penguin Random House book business for sale in a bid to raise cash, not long after selling the Financial Times to the Nikkei.