Europe

• Trump heads back out on road for 'thank you' tour (AP)
• For Europe’s Unity, 2017 Will Be a Year of Reckoning (WSJ)
• Oil dips as OPEC, Russian output rises ahead of production cut (Reuters)
• The Pessimist's Guide to 2017 (BBG)
• Donald Trump’s Message Sparks Anger in China (WSJ)
• Brazil’s Reform Plan in Disarray After Senate Chief Removed (BBG)
• China urges U.S. to block transit by Taiwan president (Reuters)
• Wooed by Trump, Taiwan Trembles (WSJ)
• SoftBank’s Son Said to Plan Meeting With Trump in New York (BBG)

Update: it appears that early elections are indeed coming to Italy, which could be another major calendar event for Italy, and one which would have far more significant consequences for the political make up of the country should M5S win as many expect. From Reuters:

ITALY INTERIOR MINISTER, SPEAKING AFTER CONVERSATION WITH RENZI, SEES NEW ELECTIONS LIKELY IN FEBRUARY - CORRIERE DELLA SERA 

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On Sunday night, when we commented on the results of the Italian referendum, we said that while the Italian political limbo may or may not be an issue in the near term, a bigger problem for Italy will be the fate of Monte Paschi, whose 3rd bailout was likely doomed to failure after the failed referendum, which could unleash contagion upon the Italian banking sector at a very precarious time for Italy and Europe.

European and Asian markets rose, while U.S. index futures were little changed, with the Dow Jones Industrial Average pushing for yet another record, as traders digested the Italian referendum news, await the ECB's Thursday announcement and reflect in a notably quieter overnight session.  Oil slipped from a 16-month high after 4 straight days of gains, as doubts emerged about how OPEC will implement the first supply curbs in eight years. European bonds gained with stocks.

"Everybody cut loose".. but be prepared to pay for it in Europe. As Martin Armstrong notes, if you dance in a bar in Brussels, you must pay a tax!

The patrons of Bonnefooi, a cafe in the center of Brussels, last week received a visit from a City inspector.

The inspector asked them to pay the “tax dance.” Yes you read correctly. Brussels has a “dancing tax” written in the 50´s and as the government needs money, they have “revitalized” this tax since 2014.