Good morning,

Markets are called to open higher this morning. The yen fell against all 16 major peers after Japan’s exports trailed estimates. Asian equities and European stock-index futures rose as investors weighed the timing of a reduction in Federal Reserve stimulus. Silver led gains in precious metals.

The Bank of Japan will continue pumping cash into the economy to spur inflation, Governor Haruhiko Kuroda said today, after data showed exports increased less than forecast last month. The Fed won’t taper bond purchases until March because the government shutdown slowed fourth-quarter growth, according to a Bloomberg survey. Existing U.S. home sales fell last month, a separate survey showed before a private report today.


• Draghi Challenges EU Bank-Aid Rules Requiring Forced Losses

• Banks Face Risk-Model Clampdown in Basel Trading-Book Review

• EDF set to announce an agreement to build two reactors in U.K. with Chinese investors, Areva

• EU Races for Bank-Law Deal to Avert Post-Election Quagmire

• Axa Hopes to Make More Acquisitions in Asia, CEO Says

• Airbus Targets 25% Market Share in Japan in 2020, Bregier Says

• Commerzbank Plans to Cut Management Posts: WirtschaftsWoche

• Asian Stocks Advance as Yen Weakens on Japan Exports

• London Home Prices Rise ‘Unsustainable’ 10% on Foreign Demand

• Merkel Moves Closer to Grand Coalition as SPD Approves Talks

• Ramsay Unit in Exclusive Talks to Acquire French Hospital Group

• Juncker’s Party Wins Luxembourg Elections While Losing Seats

• Cyprus Bailout Terms Create Space for New Lenders: Ancoria

• Broadbent Says BOE to Raise Rates Only After Recovery Is Secure

• Euro Calm Lures Investors Shaken by U.S. Disruptions

• ECB Men-Only Club Threatened as Draghi Sifts Bank Chief Resumes

EARNINGS All times CET, estimates where available:

• Philips (PHIA NA) 7am, 3Q adj. EPS est. EU0.33, sales est. EU5.76b

• SAP (SAP GR) 7am, 3Q non-IFRS op. profit est. EU1.32b

• Akzo Nobel (AKZA NA) 7am, 3Q op. profit est. EU294m, rev. est. EU3.76b

• Informa (INF LN) 8am, 3Q sales, IMS

• Eramet (ERA FP) 7am, 3Q sales

• Mobistar (MOBB BB) 7am, 3Q

• Senior (SNR LN) 8am, 3Q IMS

• SVG Capital (SVI LN) 8am, 3Q

Good day and happy trading!

Kristian Camenzuli