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The Week's Key Economic And Financial Events

In this holiday-shortened week, attention will be on the US FOMC minutes, housing data and consumer confidence. There will be GDP, PMI and inflation releases across the Euro Area as well as the latest Greek Eurogroup meeting. Look for GDP and public finances data in the UK.

The Unthinkable Just Happened In Spain

As part of the epic, multi-year criminal investigation into the doomed IPO of Spain’s frankenbank Bankia, Spain’s national court called to testify six central bankers and one financial regulator. The previously untouchable now stand accused of authorizing the public launch of Bankia in 2011 despite repeated warnings that the banking group was “unviable.”

Russia: "The New American Leaders Are Repeating Obama's Mistakes"

“I heard nothing in the speech” that was positive, Konstantin Kosachyov, who heads the Russian parliament’s foreign affairs committee, said of Pence quoted by Bloomberg. “The new American leaders have started to reproduce the negatives that accumulated under the previous administration.”

Buchanan Warns The Deep State Is Existentially Committed To Cold War II

Like a good soldier, Flynn took the bullet. But the deep state is after larger game than General Flynn. It is out to bring down President Trump and abort any move to effect the sort of rapprochement with Russia that Ronald Reagan achieved. For the deep state is deeply committed to Cold War II.

Futures, European Shares Stumble After Massively Overbought World Stocks Hit Record High

Whether it is due to overnight news that much of the recent rally may have been due to one specific fund's cover of a synthetic "short SPY" trade, or just because algo traders have gotten a case of overbought robotic vertigo, S&P futures dropped 0.2% in early Thursday trading as risk appetite fizzled and European shares dropped on concern the longest rally since July 2015 went too far, while the yen, bonds and gold advanced as the dollar fell.

The German 'Anti-Trump' That Could Beat Merkel

German politics = boring politics – in recent decades this equation has generally held true. And yet, with the new Europe we face, that perhaps is no longer the best thing for them to be. Suddenly politics in Germany has become very interesting and the race for the chancellorship looks open again.