United Kingdom

• Oil up after U.S. crude stocks drop, still close to 11-year lows (Reuters)
• Global Stocks Rally; Mining, Metals Shares Lead Gains (WSJ)
• OPEC Sees Demand for Its Crude Oil Falling for Rest of Decade (BBG)
• The Trouble With Sovereign-Wealth Funds (WSJ)
• U.S. Calls for 256% Tariff on Imports of Steel From China (BBG)
• Iraqi troops expected to drive ISIS from Ramadi in days (Reuters)
• The Distressed-Debt Trades That Obliterated Bonus Checks in 2015 (BBG)
• China to Extend Yuan’s Trading Hours, Widening Currency’s Appeal (WSJ)

Heading into the Fed's first "dovish" rate hike in nearly a decade, the consensus was two-fold: as a result of relentless telegraphing of the Fed's intentions, the hike is priced in, and it will be a "dovish" hike, with the Fed lowering its forecast for the number of hikes over the next year.

The NATO master plan for northern Syria in the next few weeks and months essentially features US, UK and Turkey fighter jets, with the French still in the balance (are we de facto collaborating with the Russians, or is it just posture?) This is being sold to global public opinion as a "coalition" effort -- with Russia barely mentioned.

While this may well be the most important week for capital markets in the past 9 years, when the Fed is widely expected to hike rates on Wednesday, precisely 7 years to the day since it cut rates to zero, the week sets off with a quiet start today with just the Euro area industrial production reading due out this morning and nothing expected out of the US this afternoon.

British Diplomat Alastair Crooke Supports PCR’s Position

“Moscow seems to be offered a choice between backing the ‘hegemon’ or preparing for war”

Read more:

http://sputniknews.com/politics/20151213/1031684785/us-russia-cold-war-isis.html

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