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Today’s news headlines:
‘Trump says he’ll give up power if Electoral College backs Biden’. Fielding questions from reporters for the first time since his election defeat, Donald Trump confirmed that he would relinquish control if the Electoral College affirms Joe Biden’s win. Trump intimated that he is unlikely to formally accept defeat and rehashed his greatest hits, including baseless allegations of fraud and calling some Republicans an ‘enemy of the people’. Biden has won or is leading in states totalling 306 electoral college votes and is expected to be confirmed President in January. (Bloomberg)
‘UK and EU ready to restart Brexit talks roiled by coronavirus’. Negotiators from both sides are expected to resume face-to-face talks this weekend, after Michel Barnier updates diplomats from 27 EU member nations on the state of the negotiations. Barnier is also likely to brief fishing ministers from coastal states, as the topic of fishing rights continues to hinder prospects of an eventual deal. With the UK set to leave the EU’s single market by the end of the year, both sides are fast running out of time to compromise on the last few sticking points. (Bloomberg)
Today's events, rates, and data
Asian stocks edged higher overnight, but UK and US equity index futures are poised for a small pullback in today’s session. Investors are assessing lofty valuations against the backdrop of rising pandemic cases in Europe and the US. Oil retreated overnight and US Treasury yields fell. The US Dollar edged lower despite thin holiday-affected trade volumes.
German Import Prices: 0.3% vs 0.3% previously
French Consumer Spending: 3.7% vs -5.1% previously
French Prelim CPI: 0.2% vs 0.0% previously
French Prelim GDP: 18.7% vs 18.2% previously
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