What Happens Next In Italy: Here Is Goldman's Take

While the market overcame its initial scare following yesterday's counter-establishment Italian referendum vote, and European stocks proceeded soar in the overnight session by the most since Trump's presidential victory, what happens next in Italy is largely unknown. What follows are Goldman's snap thoughts on the Italian next steps.

Key Events In The Coming Weeks: Italy Aftermath, ECB, ISM, Consumer Confidence

The key economic releases this week are ISM non-manufacturing on Monday and University of Michigan consumer sentiment index on Friday. Away from the US economic calendar, initially focus will be on the Italian referendum result, which appears to have been mostly digested by the market as bullish. It will then shift quickly to a critical ECB meeting.

Frontrunning: December 5

  • Italy Sinks Into Political Limbo as Defeat Sweeps Renzi Away (BBG)
  • Investors Shrug Off Italy Referendum Result (WSJ); Markets Rise After Italy Turns Down Referendum (BBG)
  • Italy’s ‘No’ Poses Trouble for Eurozone (WSJ)
  • Oil tops $55 for first time in 16 months as OPEC deal fuels buying (Reuters)
  • Merkel regrets Renzi resignation but will work with new Italy government (Reuters)

Japan Prime Minister Abe To Visit Pearl Harbor, A First For A Japanese Leader

In another sign that conventional diplomatic protocol is changing on a daily basis, on Monday Japanese Prime Minister Shinzo Abe said he would visit Hawaii on Dec. 26 and 27 for his final summit meeting with outgoing U.S. President Barack Obama. Abe will be the first incumbent Japanese Prime Minister to visit Pearl Harbor after Tokyo launched a surprise attack on the U.S. naval base in December 1941.

European Stocks Soar, US Futures, Euro Jump After Failed Italian Referendum

Another miraculous overnight recovery has eliminated all the bearish aftertaste from the failed Italian referendum. As Guillermo Sampere of MPPM EK put it: "After Brexit, it took three days for markets to shake it off, with Trump it took three hours, with Italy it took three minutes.The fast money, who expected markets to fall further with this outcome, are now covering their positions."

Fake News And War Party Lies

American policitians claim the “propaganda and disinformation threat” against America is real, and we must “counter and combat it.” Yet it is often our own allies, like the Brits, and our own leaders who mislead and lie us into unnecessary wars.

Is The US Government Behind The Fake News Media Attacks On President-Elect Trump?

If this bill becomes law, it can be used to discredit and destroy truthtellers as agents of foreign intelligence. In other words, the message is: if you dispute our lies you are a foreign agent and subject to arrest or elimination. This is the state of democracy in America today. More than any other country, the United States needs to be liberated.

"Pizzagate" Explodes After Man Arrested In Comet Restaurant Shooting

Pizzagate took a turn for the even more bizarre on Sunday, as a man with an assault rifle walked into Comet Ping Pong to "self-investigate" the Baltimore, Maryland, pizza parlor that internet conspiracy theorists say is at the center of an international child sex ring run by prominent Democrats. 28-year-old Edgar Maddison Welch, of Salisbury, N.C., reportedly fired the rifle at least once inside the restaurant but no one was injured.

Don't Want A Muslim Registry? Abolish The Census

If you are concerned that the US government could - under a Trump or any future administration - round up any group of Americans and immigrants based solely on their religion or another particular characteristic, tackling the inquisitiveness of the US Census Bureau would be a great first step, helping to trim the government’s power and ensure the privacy and Fourth Amendment rights of all individuals are being properly protected.