The head of the euro zone banking watchdog said today she had no concern about how EU bank failure rules had been applied in the public rescue of Italy's Banca Monte dei Paschi di Siena. Reported by RTE.ie 51 minutes ago.

· Russia likely main topic in Trump's first news conference since election (Reuters)
· Russia Denies Report It Has Compromising Material on Trump (BBG)
· For Russia, U.S. election meddling claims strip Trump win of luster (Reuters)
· Obama Urges Unity in Farewell Speech (WSJ)
· 1930s-like Demographic Pressures Holding Back U.S. Economy (BBG)
· Chinese bomber flies around contested Spratlys in show of force: U.S. official (Reuters)
· Tillerson to Call Russia a ‘Danger’ in Confirmation Hearing (BBG)
· Kelly Distances Himself From Trump Over Border Wall, Russia (BBG)
· Justice Department Hasn’t Found Evidence to Bring Antitrust Case Against Airlines (WSJ)
· In China, Insurers Sell Risky Products to Fund Risky Investments (WSJ)
· Uber signs deal with Dubai regulator after pricing rows (Reuters)
· Why the Lira’s in Trouble: 2017’s Worst Performer in Charts (BBG)
· Northern Ireland will still have say in Brexit preparations: PM May (Reuters)
· Suddenly, Home Sale Agreements Are Falling Apart Across the U.S. (BBG)
· A Pileup in U.S. Motor Vehicle Inventories (WSJ)
· Relatives' U.S. bribery case rains on ex-U.N. chief's homecoming (Reuters)
· ‘Chicken Tax’ Surfaces in Talk of Auto Tariffs (WSJ)
· Trump Tax Cut Could Add $8.2 Billion to Reynolds Price Tag (BBG)
· Italy’s New Prime Minister in Intensive Care After Surgery (WSJ)
· Lebanese Leader Reaches Out to Saudi Arabia in Search of Aid (WSJ)
· From Brexit to Trump, Polarization Heightens Risk, WEF Says (BBG)

 

*Overnight media Digest*

WSJ

- Volkswagen AG is expected to agree to plead guilty to criminal wrongdoing and pay a $4.3 billion penalty to resolve a U.S. Justice Department probe of its diesel-emissions cheating. http://on.wsj.com/2iZN3Wf

- Wal Mart Stores Inc is preparing to cut nearly 1,000 corporate jobs before the end of the month, according to an executive familiar with the situation as the company shifts its focus to e-commerce. http://on.wsj.com/2iZEYk9

- Alibaba Group Holding Ltd said it would take China's Intime Retail Group Co Ltd private in a $2.6 billion deal in a bid to extend its online dominance into -physical stores. http://on.wsj.com/2iZNHD9

- Valeant Pharmaceuticals International Inc reached deals to sell $2.1 billion in assets, the struggling drug maker's biggest moves yet to refocus around its consumer offerings and pare its heavy debt load. http://on.wsj.com/2iZSYKR

 

FT

Volkswagen AG said on Tuesday it has negotiated a $4.3 billion draft settlement with U.S. regulators to resolve its diesel emissions troubles and plans to plead guilty to criminal misconduct.

Britain's Financial Reporting Council is asking the government for greater oversight powers to tackle corporate governance issues in its annual report published on Wednesday on corporate culture against what it called a "backdrop of falling public trust in business."

Income inequality in Britain narrowed in the 2015-16 financial year as poorer families got help from low inflation and retirees gained from generous pensions, but many people of working age lost out, official data showed on Tuesday.

Chinese investors spent four times as much on acquisitions in the European Union last year as European companies did in China, according to a report by research firm Rhodium Group.

Italian police arrested two siblings on Tuesday for hacking into the emails of European Central Bank President Mario Draghi, former prime minister Matteo Renzi and thousands of others.

 

NYT

- Volkswagen AG is on the verge of pleading guilty to criminal charges and paying $4.3 billion in fines, in a deal that would resolve a federal criminal investigation into its cheating on vehicle emissions tests, the automaker said on Tuesday. http://nyti.ms/2jtdNNH

- The publisher of The Daily Mirror, a left-wing British tabloid, said on Tuesday it was in early-stage talks to acquire a minority stake in a new company that would include assets of the Northern & Shell Media Group, which publishes two rival right-wing tabloids, The Daily Express and The Daily Star. http://nyti.ms/2j64abm

- Alibaba Group Holding Ltd is pushing further into the very sector that it helped to disrupt with a $2.6 billion bid for Intime Retail Group Co Ltd, a department store and mall operator in China. Alibaba, a Chinese e-commerce behemoth, already owned 28 percent of Intime, which is listed in Hong Kong, and made an offer with Shen Guo Jun, the founder of the department store chain, to take the company private. http://nyti.ms/2j66u27

- Mark Zuckerberg and Priscilla Chan have hired a top political operative to lead the next phase of their philanthropic work at the Chan Zuckerberg Initiative, the limited liability company they set up in 2015 to conduct charitable efforts. David Plouffe, who managed Barack Obama's 2008 presidential campaign and is chief adviser and a board member at Uber, is leaving the ride-hailing company to join the Chan Zuckerberg Initiative as president of policy and advocacy. http://nyti.ms/2jtfiLE

- John Carlin, who was the Justice Department's top national security lawyer, has moved to the law firm Morrison & Foerster to lead its global risk and crisis management practice, the firm announced on Tuesday. http://nyti.ms/2iDPU6a

 

Canada

THE GLOBE AND MAIL

** Canada's vast network of bank branches will shrink in 2017, with dozens of locations closing as institutions cut costs and invest billions in technology as more customers migrate online. https://tgam.ca/2iF5uOY

** The National Energy Board of Canada has officially appointed three new members to a panel that will restart the stalled review of the proposed Energy East pipeline. The new three-member panel will be headed by Don Ferguson, a former senior civil servant in New Brunswick. https://tgam.ca/2jzkP7P

NATIONAL POST

** An eventual increase in Canadian interest rates is not expected to lead to a spike in mortgage book losses for Canada's banks, Royal Bank of Canada Chief Executive Dave McKay told investors on Tuesday. http://bit.ly/2ifruPc

** Canadian Securities Administrators are calling for public input on a proposal to prohibit embedded commissions and trailer fees in investment funds, the strongest indication in a years-long process that an outright ban is on the table. http://bit.ly/2ift2ZP

 

Britain

The Times

* Labour leader Jeremy Corbyn has called for a maximum wage to be imposed on Britain's highest earners as he tries to relaunch his leadership. http://bit.ly/2jsaI0m

* A tourist tax on hotels to help pay for local services is being considered by Bath council, which is lobbying the government to allow local authorities to introduce the charge. http://bit.ly/2jAYeYn

The Guardian

* Theresa May is facing questions about her financial interests after it emerged she set up a blind trust arrangement when she became prime minister. http://bit.ly/2j5t4b7

* UK's ambassador to France has said his embassy will not be forging links with far-right French presidential candidate Marine Le Pen because the UK government has a policy of not engaging with her party, the Front National. http://bit.ly/2j5t0Ik

The Telegraph

* A former editor of the News of the World, David Montgomery, has emerged as the potential buyer of the Daily Express and Daily Star newspapers, in a complicated deal with their current owner Richard Desmond that could also see Trinity Mirror take a minority stake. http://bit.ly/2iCGcRC

* Britain's Post Office is to close and seek franchise partners for 37 of its Crown branches, threatening 290 jobs as well as 127 financial specialist staff. http://bit.ly/2jga2vH

Sky News

* Snap Inc, the owner of messaging app Snapchat, has confirmed it will make the UK its main hub outside the United States. http://bit.ly/2idQB8s

* Fresh from his trip to the United States to meet with key members of President-elect Donald Trump's team, foreign minister Boris Johnson told members of parliament there was a "huge fund of goodwill" for the UK on Capitol Hill. http://bit.ly/2iyZUxg

The Independent

* The chief executive of the London Stock Exchange has warned that the UK's vote to leave the European Union poses a risk to the global financial system and could cost the City of London up to 10,000 jobs if the government fails to provide a clear plan for post-Brexit operations. http://ind.pn/2j0DNmE

  Reported by Zero Hedge 51 minutes ago.

Dave Lutz, the head of exchange-traded funds (ETFs) at JonesTrading, has an overview of what's happening in markets on Wednesday:

· US stock futures are little changed, with the Nasdaq adding to the closing high it hit on Tuesday. The FTSE in London is gunning for a 10th straight record high. 
· Industrial commodities are rallying. Copper is adding to a three-month high, while crude oil is higher after two days of weakness and ahead of weekly inventory data from the Department of Energy.

Here's Lutz:

Good Morning!   US Futures are marked slightly higher, with the QQQs adding to record close.   A Mixed bag in Europe, where the DAX is up 10bp as discretionary and Energy rally, but thos Fins remain under pressure of profit-taking, hitting Italy for 25bp.  In London, the FTSE going for 7,300 and a 10th consecutive day of record closes as Miners jump higher again, offsetting weakness in Discretionary.  Volumes heavy across the continent, with the DAX and FTSE trading 40% heavier than average.  Asian stock markets were broadly higher - Japan closed up 30bp as the Yen fell, China lost 80bp on concerns of heavy Chinese IPOs incoming, while Hong Kong rose for a 5^th session - Aussie climbed small on Energy shares, while India reclaims 27,000

Some Reversal in Bunds and Treasuries – they had been under pressure most of the morning, but are now leaping higher, pressing the US 10YY back under 2.37%.   The DXY is bouncing from 102 - Euro hit towards 1.05 (and holding for now) - Sterling on 10week lows – while EM FX still weak:  Lira fresh lows and Peso on record lows into the Trump Presser at 11amET.   Bitcoin off 6% as China moves further against the currency.   Industrial commods are mostly higher, with Copper adding to 3month highs as Ore has leapt 10% this week and Oil rebounding from a 2day whack into DOE inventories – headers chattering Saudi supply cuts to Asia outweighing heavier than expected US Inventory data.  Interesting that GOLD is well bid despite the DXY rip – Positioning shows the street way short that yeller metal.

Quiet Economic Calendar today – we get Bank of England Bond-Buying Operation Results at 9:50, just before UK’s NIESR GDP Estimate at 10.  DOE data for Crude hits at 10:30 (Last night’s API showed a 1.5mln build, with Gasoline stocks jumping 1.7mln – both slightly heavier than estimates).  At 11am we get the Trump Presser (1^st Since Election) – then at 1pm we get a Auction of $20 Bln 10-Year Notes (Reopening).  Small builder KBH (#13 ITB – not even in the XHB) reports after the close.   Active day in Washington, as the Senate holds 3 confirmation hearings (supposed to be 5, 2 were delayed) and moves on ACA thru Budget Process.

*SEE ALSO: GUNDLACH: Here's how we'll know the bond bull market is dead*

*DON'T MISS: Want to get ahead on Wall Street? Here's everything you need to know to land your dream job*

Join the conversation about this story »

NOW WATCH: Watch Yellen explain why the Federal Reserve decided to raise rates Reported by Business Insider 49 minutes ago.

Reported by Telegraph.co.uk 34 minutes ago.

*STOCKHOLM - January 12, 2017 Karolinska Development AB (Nasdaq Stockholm: KDEV) today announces that portfolio company OssDsign AB* *, a Swedish designer, manufacturer and distributor of next generation implants for cranial and facial reconstruction, has entered new commercial partnerships covering distribution of its products in Italy, Spain, Switzerland, Austria and The Netherlands.*

Details from the OssDsign announcement follow:

 

OssDsign's lead products - OSSDSIGN® Cranial and OSSDSIGN® Facial - are already on sale in Germany, the UK and the Nordic region, as well as selected non-European markets including Singapore and Israel. The Company is preparing for its first product launch in the US, which is anticipated during the first quarter of 2017, and is also undertaking regulatory and commercial activities in Japan.

 

OssDsign commercial strategy is focused on building sales of its innovative products through a combination of internal sales organisation and distribution partnerships.

 

Anders Lundqvist, CEO of OssDsign, said: "We are very pleased to increase our commercial footprint in Europe as we work to become the leading provider of regenerative implants for cranial and facial reconstruction. We now have experienced and well-motivated teams in place in order to execute our European strategy and bring OssDsign products closer to the surgeons and patients who will ultimately benefit from them."

 

Viktor Drvota, Chief Investment Officer at Karolinska Development, said: "These partnerships are positive news for OssDsign, as the Company continues to execute its commercial strategy and drive sales of its innovative product around the world."

 

*For further information, please contact:*

Jim Van heusden, CEO, Karolinska Development AB

Phone: +46 72 858 32 09, e-mail: jim.van.heusden@karolinskadevelopment.com

Christian Tange, CFO, Karolinska Development AB

Phone: +46 73 712 14 30, e-mail: christian.tange@karolinskadevelopment.com

David Dible/Mark Swallow/Pip Batty, Citigate Dewe Rogerson

Phone: +44 20 7638 9571; e-mail: KDev@citigatedr.co.uk

 

*TO THE EDITORS*

*About OssDsign AB*OssDsign is a Swedish medtech company dedicated to creating regenerative implants for improved healing of bone defects and deficits in skull, facial and other types of surgery. OssDsign has successfully launched its first patient specific products OSSDSIGN® Cranial and OSSDSIGN® Facial in Germany, the UK and the Nordic countries, and further global market expansion is ongoing.By combining clinical insight with proprietary material technology and patient adapted design, OssDsign supplies an expanding range of tailored solutions for cranial repair and facial bone reconstruction. OssDsign's technology is the result of collaboration between clinical researchers at the Karolinska University Hospital, Stockholm, and material science experts at the Ångström Laboratory at Uppsala University. Main investors in OssDsign are Karolinska Development, SEB Venture Capital, Fouriertransform and Almi Invest. For more information visit www.ossdsign.com

 

 

*About Karolinska Development AB*
Karolinska Development AB is an investment company focused on identifying medical innovation and investing in the creation and growth of companies developing these assets into differentiated products that will make a difference to patients' lives and provide an attractive return on investment.

 

Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.

 

Karolinska Development has established a portfolio of 12 companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.

 

The Company is led by a team including investment professionals with strong venture capital backgrounds, experienced company builders and entrepreneurs, with access to a strong global network. For more information, please visit  www.karolinskadevelopment.com
OssDsign Partnership
--------------------This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Karolinska Development AB (publ) via GlobeNewswire

HUG#2070726 Reported by GlobeNewswire 7 hours ago.

DNS Made Easy, the industry leader for speed and reliability, and Constellix will add five million dollars worth of expansions to their network during Q1 2017.

Reston, VA (PRWEB) January 12, 2017

Tiggee subsidiaries DNS Made Easy and Constellix have announced plans to expand their respective networks during Q1 2017 with five million dollars in expansions. Over the next few weeks, DNS Made Easy network engineers will be increasing redundancy across multiple points of presence (POP) in their European and North American regions.

“We have been able to deliver our high uptime and industry leading speeds year after year because we invest over 90% of our revenue back into our network,” says President of DNS Made Easy and Constellix Steven Job.

In light of recent attacks of managed DNS providers and many large domains, DNS Made Easy has decided to invest in increasing redundancy across POP’s in critical areas that experience large volumes of traffic. The DNS Made Easy network is made up of 16 geographically unique POP’s across their IP Anycast + network. By increasing redundancy in these high traffic areas, the DNS Made Easy network will be able to withstand greater attacks, while still providing optimal service to clients all over the world.

Constellix, Tiggee’s newest subsidiary, will be adding new nodes in four locations, which will improve monitoring accuracy and routing granularity in both Europe and North America. The following new nodes will join the existing two dozen:· Dallas, TX (2nd Location)
· Milan, Italy
· Paris, France
· Frankfurt, Germany

The Constellix network was architected from the ground up based on user requests from its predecessor DNS Made Easy. Through the company’s beta period and launch in production, the team has continued to encourage user suggested features and future monitoring node locations. The next wave of expansions will feature locations requested from beta users in the last few months:· Italy
· Romania
· 3 locations in South America
· South Africa

About DNS Made Easy
DNS Made Easy is a world leader in providing global IP Anycast enterprise DNS services. Originally launched in 2002, DNS Made Easy’s services have grown to manage hundreds of thousands of customer domains receiving more than 40 billion queries per day. Today, DNS Made Easy builds on a proud history of uptime and is the preferred DNS hosting choice for most major brands, especially companies that compare price and performance of enterprise IP Anycast alternatives.

About Constellix
Constellix and the industry leader in providing IP Anycast enterprise DNS services. Constellix is an Internet Traffic Optimization Services (ITOS) company and trailblazer in next-generation traffic management solutions. The Constellix GeoDNS platform offers the most powerful and precise DNS query management, engineered for the cloud. The platform is fully integrated with Constellix Sonar, which offers a range of advanced monitoring features and intelligent analytics tools. Reported by PRWeb 6 hours ago.

AdamsTech schedules major installation of die board laser at one of Ohio’s longest standing die manufacturers, Artistic Die Manufacturing.

Cincinnati, Ohio (PRWEB) January 12, 2017

Today AdamsTech announced another installation of a Penta die board laser scheduled for the Artistic Die Manufacturing headquarters. This install comes as one of three major laser projects they have orchestrated in the past few months. After careful consideration of the best available lasers on the market, Artistic Die chose the LTF-1713 Penta Laser from AdamsTech as the most viable upgrade to their existing die shop operations.

According to John Wiley, the AdamsTech die making Product Manager for North America, “Anyone who has purchased and installed an industrial laser knows how complex and time consuming a project like this can be. Our reputation as a turn-key provider is one of the secrets to our success in this industry. By eliminating the headaches and driving the details for our customers, AdamsTech makes the process of acquiring this technology simple and smart with some of the best laser equipment on the market.”

Penta has been in business for decades and sells thousands of laser systems a year around the world into many different industries. The LTF die board laser was designed specifically for the diemaker and is capable of cutting a variety of materials. In addition to its versatility and excellent dimensional accuracy required for the die industry, the laser system boasts a small footprint, enabling diemakers to make a big impact with the LTFs smaller, more efficient layout.

While Penta is based in Italy, they have chosen AdamsTech as their die board laser distributor in the Americas because of their expertise with lasers and their strong reputation of having the very best service and support infrastructure in the industry. Their Boulder, CO headquarters is home to their equipment showroom, comprehensive parts inventory, and a staff of dedicated service technicians, enabling quick turnaround when attention is needed. With additional technicians based in regional service offices in New York, Missouri, and California, their coverage extends across all four North American time zones.

Committed to their Latin American customers as well, AdamsTech has a service office and showroom in Mexico City. They have fully-trained Latin service technicians based in Mexico City, Ecuador, and Brazil who facilitate support for their Central and South American customers.

More information on AdamsTech can be found at http://www.adamstech.com or by calling 303-798-7110.

About AdamsTech

AdamsTech sells, supports and services automated machines for the steel rule die making and die cutting industry. Their equipment includes SDS EasyBender automated steel rule benders, Penta die board laser systems, and Delta routers, rubber cutters, and sample makers. AdamsTech is a full-service, turn-key supplier of innovative solutions dedicated to helping their customers maximize the productivity, quality, and profitability of their die making operations Reported by PRWeb 6 hours ago.

Visitors Up 2% Over Last Year; Smart-tech Products Remain Popular

HONG KONG, Jan 12, 2017 - (ACN Newswire) - Gathering some 3,300 global exhibitors, the HKTDC Hong Kong Toys & Games Fair, HKTDC Hong Kong Baby Products Fair, Hong Kong International Stationery Fair and HKTDC Hong Kong International Licensing Show - attracted a total of close to 120,000 buyers, up two per cent over last year. The Toys & Games Fair, Baby Products Fair and Stationery Fair concluded today, while the Licensing Show closed yesterday.

Watch our fair video here https://youtu.be/tNOkTSmAePg

More than 46,000 buyers visited the Toys & Games Fair; the Baby Products Fair attracted over 30,000 buyers; the Stationery Fair welcomed close to 21,000 buyers; and over 21,000 visitors came to the Licensing Show.

HKTDC Acting Executive Director Benjamin Chau said the four concurrent fairs at the Hong Kong Convention and Exhibition Centre attracted a record number of exhibitors and welcomed more global buyers, creating a vibrant atmosphere at the venue. "For the Toys & Games Fair, Baby Products Fair and Stationery Fair, the number of buyers from mature markets such as the United States, Canada, Japan and Korea recorded growth, while those from Belgium, Spain and Taiwan recorded a double-digit percentage increase. Meanwhile, buyers from emerging markets including Indonesia, the Philippines, Vietnam, Israel and Iran also recorded a double-digit percentage increase, and there is steady growth in the number of buyers from the Chinese mainland."

Mr Chau also said that in response to buyers sourcing in smaller lots, the hktdc.com Small Orders zone returned to the Toys & Games Fair and Baby Products Fair featuring more than 120 showcases with around 1,200 products for buyers to place orders of between five and 1,000 pieces. More than 6,500 buyers visited the zone and over 12,000 business connections were generated during the four days.

High-tech products and smart living trend

A wide range of innovative products was showcased at the Toys & Games Fair, Baby Products Fair and Stationery Fair to meet the sourcing needs of buyers. The Toys & Games Fair featured the Smart-Tech Toys zone, which showcased various toys and games applying innovative technologies, such as the increasingly popular augmented reality (AR) and virtual reality (VR) technologies as well as products operated via mobile apps.

Bartosz Machonski, President of Malis from Poland, said the company imports four to five containers of toys every month for their customers, who are mostly hypermarkets and retailers. During the fair, he found some innovative smart toys such as toys that incorporate smart devices, 3D pens and DIY paper houses. He was considering placing an initial order of between 200 and 2,000 pieces per item.

Local exhibitor Global Manufacturing Partners (Holdings) Limited specialises in smart toys. During the Toys & Games Fair, they launched a new smart breed game that combines interactive and AR elements. Linda Cheung, Senior Operation Manager of the company, said that the new product had attracted the attention of many buyers including those from the Chinese mainland, India, Japan and Korea.

In response to the increasing demand for STEM toys, this year's Toys & Games Fair introduced a new STEM Toys Products Display to help visitors check out the latest educational toys designed to strengthen the learning of science, technology, engineering and mathematics. Growing Fun, a Singapore retailer and distributor, has four retail shops in Singapore. Ng Kee Guan, Managing Director of the company, has visited the Toys & Games Fair for three years. This year, with the help of the HKTDC's business matching service, he found seven potential suppliers of educational and construction toys from the Chinese mainland, Europe and Hong Kong. He expects to place a first order of at least US$100,000.

Over at the Baby Products Fair, the Baby Tech zone drew a lot of interest from visitors. Hong Kong exhibitor Binatone Electronics International Ltd is the official licensee of Motorola Mobility products and is launching a Smart Nursery series this year. Joey Cheung, the company's Sales Director - Asia Pacific, said that the fair attracts a lot of quality buyers every year and is a great place to promote new products and enhance relationships with customers worldwide. He added that they had met with customers from Japan, Sweden, Russia, the Middle East and Southeast Asia. They also expanded their business relationship with a Japanese buyer whom they first met at last year's fair.

Exhibitors exploring new market

Hong Kong exhibitor Eastcolight (Hong Kong) Ltd. has joined the Toys & Games Fair for many years. This year they exhibited a smart galaxy tracker telescope. Johnny Sze, Director and Vice General Manager of the company, said that they connected with buyers from the US, Russia, India and Southeast Asia. He expects orders received from the US at this year's fair to increase 10 per cent compared to last year.

Specialising in quality cots, strollers and highchairs made in Italy, Pali S.p.A. from Italy joined the Baby Products Fair for the first time. The company's Research & Development Manager, Claudio Biferali, said that they had concluded five orders with new buyers from Japan, Taiwan, Singapore, Lebanon and the Chinese mainland, each involving one container of products. He believes this is a "very good start". The company will exhibit again next year and consider taking up a bigger booth to attract more buyers and expand their markets.

Exhibiting at the Stationery Fair, Bosser International Co Ltd from Taiwan provides paper trimmers and paper cutters, with its major markets being in Europe. They aimed to expand to Asia by exhibiting at the show. Company representative, Michael Wu, said that they had met importers from over 20 countries and regions and received a number of orders on the first two days of the show, amounting to a total of around US$100,000. They would be joining the fair again next year, he said.

Diversified events explore virtual toy opportunities and market trends

During the fair period, a series of events were organised to build industry connections and exchange insights into the toys and games market. At the seminar "The New Epoch of Virtual Toys", industry experts spoke about opportunities offered by VR and AR technologies. Ned Ward, Head of Sales and Marketing of VR Entertainment Ltd., thought that the increased immersiveness of AR and VR brought about a "double wow effect" for games and toys. He said the increasing variety of themes including fishing, baseball, racing, and joystick control will make these high-tech products more attractive to consumers. Other speakers at the seminar included Christopher Byrne, EVP Content Director of TTPM and Gary Man, Founder of Hedgehog Design.

Under the theme "Grasp the Chance: What's New in the Market and Our Industry?", the Hong Kong Toys Industry Conference 2017 featured a number of international experts from Euromonitor, Hong Kong Toys Council, JD Worldwide and Alpha Group, who explored the market trends and opportunities around the world, especially those related to the Chinese mainland.

Fair: HKTDC Hong Kong Toys & Games Fair
Edition: 43rd
No. of Exhibitors: Over 2,100 from 42 countries and regions
No. of Buyers: More than 46,000 from 126 countries and regions
Fair websites: www.hktdc.com/hktoyfair

Fair: HKTDC Hong Kong Baby Products Fair
Edition: 8th
No. of Exhibitors: Close to 540 from 27 countries and regions
No. of Buyers: Over 30,000 from 118 countries and regions
Fair websites: www.hktdc.com/hkbabyfair

Fair: Hong Kong International Stationery Fair
Edition: 17th
No. of Exhibitors: Over 250 from 18 countries and regions
No. of Buyers: Close to 21,000 from 114 countries and regions
Fair websites: www.hkstationeryfair.com

Photo download: http://bit.ly/2j9ZgcP

To view press releases in Chinese, please visit http://mediaroom.hktdc.com/tc

About HKTDC

Established in 1966, the Hong Kong Trade Development Council (HKTDC) is a statutory body dedicated to creating opportunities for Hong Kong's businesses. With more than 40 offices globally, including 13 on the Chinese mainland, the HKTDC promotes Hong Kong as a platform for doing business with China, Asia and the world. With 50 years of experience, the HKTDC organises international exhibitions, conferences and business missions to provide companies, particularly SMEs, with business opportunities on the mainland and in international markets, while providing information via trade publications, research reports and digital channels including the media room. For more information, please visit: www.hktdc.com/aboutus. Follow us on Google+, Twitter @hktdc, LinkedIn.

Google+: https://plus.google.com/+hktdc
Twitter: http://www.twitter.com/hktdc
LinkedIn: http://www.linkedin.com/company/hong-kong-trade-development-council
Contact:
HKTDC
Communication and Public Affairs Department
Joe Kainz
Tel: +852 2584 4216
Email: joe.kainz@hktdc.orgCopyright 2017 ACN Newswire. All rights reserved. www.acnnewswire.com Reported by ACN Newswire 48 minutes ago.

LOS ANGELES--(BUSINESS WIRE)--Studio71 announced that France’s TF1 Group and Italy’s Mediaset have become minority shareholders in the company with a combined investment of EUR 53 million at a valuation of EUR 400 million. Reported by Business Wire 6 hours ago.

Everton have failed with a bid for Atalanta midfielder Franck Kessie amid interest from Chelsea, according to reports in Italy. Gianlucadimarzio.com are reporting that the Toffees had a £15m bid rejected for the Ivory Coast international as Ronald Koeman looked to steal a march on their Premier League rivals Chelsea. The same article states that […]

The post Chelsea face Premier League competition for Atalanta midfielder – report appeared first on The Sport Review. Reported by The Sport Review 6 hours ago.

Liverpool are chasing Juventus midfielder Francesco Cassata in the January transfer window, according to reports in Italy. Gianlucadimazio.com are reporting that Jurgen Klopp has identified the on-loan Ascoli midfielder as a potential target as the Liverpool manager looks to bolster his options at the Premier League title challengers. Cassata has scored one goal in 19 […]

The post Liverpool identify Juventus midfielder as January target – report appeared first on The Sport Review. Reported by The Sport Review 5 hours ago.

AMSTERDAM--(BUSINESS WIRE)--#BearingPoint--Management and technology consultancy BearingPoint is entering an accelerated growth path to its target of €1 billion in revenue by 2020. Having established presences in China, the Czech Republic, Italy, Portugal, Romania, Singapore, the UAE and the US over the last three years, BearingPoint has reorganized its regional structure and appointed three new regional leaders to ensure sustainable growth and agility; it will also have a greater focus on innovation and glob Reported by Business Wire 5 hours ago.

As soon as I met British war photographer Guy Martin, my view of fashion here at Pitti Uomo changed. There is something incredibly powerful, a spark alive in those who report from the front lines, and combined with the natural kindness photographers possess, Martin immediately dissolved all my natural defenses. Not to mention that when I started to see the menswear fashion arena through his eyes, I realized that it too is a war zone of sorts, a battle for who can make the world more stylish, and conquer the most fashionista hearts. More on Martin a bit later, but first things first. Starting from the kickoff show of the day for me, the Concept Korea event.

*Concept Korea: Bmuet(te) and Ordinary People, and kimchi wings.*

As soon as the Bmuet(te) men, and women, started to walk down the worn-out cobblestones runway of the Dogana in Florence, I felt like Neo had found his Darcy-like counterpart, in a next installment of the Matrix set in Victorian England. I loved the black to grey to white color palette, and once my eyes stopped concentrating on the endless cool details -- like Elizabethan-style collars, strings hanging from shirts like those worn by Orthodox Jews and those gorgeous flat lens sunglasses -- I realized the full cinematic impact of the collection. To say that I loved the womenswear influences used for menswear here would be an understatement. Extra-long sleeves, Victorian rounded shoulders and even skirts for men were all phenomenal, especially because each look could be -- and at times was -- worn by women too. I think Bryung-mun Seo and Ji-na Um are my new fashion idols.

Ordinary People by Hyeong-cheol Jang also required a period of adjustment on my part, once his more colorful-dressed models started sliding down the runway. After viewing so much black and white, the studded black palazzo pants in velvet and poet shirt in what Benjamin Moore calls "Corlsbud Canyon" orange needed a deep breath from yours truly. But heeding the advice of the beautiful Andie MacDowell, who made us all breathe during a recent interview in Dubai, I found myself inhaling and exhaling deeply, only to discover that Ordinary People had some of the same themes I'd loved so much in the previous brand. Black velvet suits with cropped tight trousers, pearl studded sweaters and even a bright varnish green leather jacket could all be unisex. And although I'll skip the Ed Snowden look sported by some of the male models, I may just become a new Ordinary People customer too. Plus, you gotta love the name, of my favorite film growing up, directed by Robert Redford!

Class act alert: The Concept Korea presentation ended with a wonderful snack of kimchi wings and Korean sushi, to be washed down with a special cocktail, framed by a slice of pineapple.

*Guy Martin and the impossibility of living down one's incredible act of resilience.*

When I interviewed photojournalist Guy Martin, I tried to avoid bringing up the 2011 deadly attack which resulted in Tim Hetherington's and Chris Hondros' death, and left Martin seriously injured and in the care of Libyan doctors. But although when meeting Martin today one could never imagine what the young photographer has been through, there is a depth to his persona, a wonderfully refreshing calm about him that points to the kind of person who has survived a great deal. It's impossible, I think, to separate the man from the photojournalist, and that photojournalist, who went through so much and still manages to entertain a conversation with a man at a party who wants to talk selling Swedish underwear to Saudi customers. Yes, I witnessed Martin kindly engage as one business owner tried to pick his brain -- as a photographer who has worked extensively in the Middle East -- for enticing customers from Saudi Arabia to his brand.

But meeting Martin also made me look at fashion differently, particularly the shows. We stand in lines outside in the cold for up to an hour, awaiting to be let into this magical world where in five minutes we watch a presentation and then it's all gone. Armies of fashionistas pose with serious, at times threatening faces while photographers capture their looks, and models reach the "front lines" of photographers at the end of the catwalk eager to shoot the perfect shot of them. Shoot, front lines, armies of fashionistas, the lingo doesn't stray far from war terms you see.

But much more on Martin and his project with Pitti Immagine, through a collaboration with nineteensixtyeight, in a full interview to follow next week.

*Stefano Ricci: A timeless designer presents his perfectly classic line inside an iconic fashion room.*

Perhaps it was the gods of fashion that allowed me to view Stefano Ricci's presentation for a select few lucky members of the press, inside the iconic Sala Bianca of Palazzo Pitti. Or maybe it was a great combination of professional publicists who managed to squeeze me in and find me a seat in the front row of this spectacle of beauty, style and ageless class. Whatever the cause, I felt like I experienced fashion history in the making. The Sala Bianca of Palazzo Pitti is where the Made in Italy brand started, back in 1952. And the setting hasn't be utilized for fashion shows since 1982. So it was only natural that a legendary menswear brand from Florence should re-christen the venue so important for Italian fashion, on their own 45th Anniversary celebration.

Adding to the magic of the day, I went to watch the Stefano Ricci runway show with Guy Martin and knowing he was in the photographers' pit made me look at the event through different eyes. In fact, I took this shot of one of the little boys who showed along with the adults, and saw him in all his vulnerability as he walked away from the clicks of the cameras. A bit shaken for the wear yet still incredibly professional for his age.

The collection was of course phenomenal. Full of what men really want to wear, to the office, on an evening out, to a gala, and even on their days off -- Stefano Ricci represents iconic Italian style. And the fact that real men, some with grey hair and all possessing their own individual style and gait, showed the clothes only made the experience more wonderful. Oh, and someone said the room was decorated with 30,000 white roses, lining walls and nestled in giant vases. Thirty thousand, wrap your head around that!

*PS by Paul Smith, because a man needs to be able to wear a suit while riding a bike!*

The PS by Paul Smith presentation saw us all walking through a pink neon lit doorway crowned by the designer's famous initial. Quintessential Paul Smith of course. But once inside, what awaited the fashion crowds were street wearable clothing pieces, like light reflecting windbreakers and suits that could be worn by everyday working guys, who ride their bikes to the office and don't want to worry about looking like the male equivalent of Bridget Jones at her worst upon arrival.

Smith is smart, as he is kind, and he knows his customer whom I believe likes to look good, but also be practical. Details have always been the best the designer has to offer, from his quintessentially colorful suit linings to the way his hems are stitched and this collection of active wear, for lack of a better term, is no exception. Plus, the dancers, acrobats and all around cool guys showing off the line made me yearn to go dancing.

*Innocence and fragility by Chabaud, a classic scent.*

Between shows, I felt like I needed a moment of zen. And I always find the best relaxation in scents. So I visited the Hi Beauty section of the Pitti Uomo fair, inside the Fortezza da Basso and headed for a stand I'd briefly stopped by the day before. Sophie Chabaud is the "nose" of Chabaud, a Maison de parfum from Montpellier and she kindly showed me around the line. I found respite in their "Innocente Fragilité", a white flower scent made of a blend of jasmine, orange blossom and gardenia. OK, time to get back to work now.

Most images courtesy of Pitti Immagine, used with permission.

-- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website. Reported by Huffington Post 4 hours ago.

Would you like to see Gloucester stick with a winning side or rotate the squad when they travel to Treviso in the European Challenge Cup on Saturday? The Cherry and Whites thumped local rivals Worcester 55-19 in the Premiership last Saturday and now turn their attention to Europe, where a win in Italy would take them to the brink of the quarter-finals. Read: Confirmed: Matt Kvesic to leave Gloucester for Premiership rivals The likes of Willi Heinz, Mariano Galarza and James Hook could come... Reported by Gloucester Citizen 3 hours ago.

Gloucester return to European action on Saturday when they travel to Italy to face Benetton Treviso in the Challenge Cup. Defence coach Jonny Bell will be speaking to the media today as we begin the build-up to the game and you can follow it in our live blog below: Reported by Gloucester Citizen 3 hours ago.

Serie A giants Inter Milan seem to have ambitious plans for the summer transfer window, according to Il Corriere dello Sport. The Nerazzurri have seen their financial situation improve considerably following the arrival of Suning Group and they have already secured the signature of Roberto Gagliardini, one of Italy’s hottest prospects. According to Il Corriere […] Reported by SoccerNews.com 3 hours ago.

ROME (dpa-AFX) - Italy's industrial production increased for the second successive month in November, figures from the statistical office Istat showed Thursday.Industrial production climbed a seas... Reported by FinanzNachrichten.de 3 hours ago.

Cardinal Amato says the next biggest producers of Causes are Spain, Poland and Brazil Reported by Catholic Herald 3 hours ago.

Risk assets declined across the globe, with European, Asian shares and S&P 500 futures all falling, while the dollar slumped against most currencies after a news conference by President-elect Donald Trump disappointed investors with limited details of his economic-stimulus plans, and the Trumpflation/reflation trade was said to be unwinding.

"The risk was always that a president like Trump would end up upsetting that consensus (of faster U.S. growth, stronger dollar) view by introducing more political uncertainty," said asset manager GAM's head of multi-asset portfolios Larry Hatheway.

The biggest mover, and perhaps the key driver of risk since the election, was the dollar which tumbled as much as 0.8%, falling below its 50DMA for the first time since the election, and back to where it was during the December 14 Fed rate hike announcement, while Treasuries gained alongside commodities, as Donald Trump’s press conference sent a wake-up call to the market about exalted expectations for fiscal stimulus in the U.S.

"Overall, investors are wary ahead of Trump's inauguration – a case of buy the talk (Trumpflation), but sell the news," analysts at Societe Generale said in a note.

However while negative for the US, that Trump did not mention possible tariffs against Chinese exports, was a relief for Asian share markets that have feared the outbreak of a global trade war.

The lack of detail about a potential stimulus also put safety plays such as bonds and gold back in favor, cooling bets that have built in recent months on significantly higher global inflation and series of U.S. interest rate hikes. It was enough to send the dollar tumbling back below 114 yen for the first time in five weeks and brought some welcome relief to Brexit-bruised sterling and Turkey's lira, which has been badly beaten up this year. The USD/JPY broke below the prior session low of 114.25 to reach its weakest level in a month as broad assets position adjustments after recent rally continues to lower the pair’s range, said Satoshi Okagawa, senior global market analyst at Sumitomo Mitsui Banking Corp. in Singapore. Eventually the pair slid as low as 113.77 shortly after the European open before rebounding to just above 114.

The euro was back at $1.0650 for the first time in a month, shaky sterling climbed above $1.22 and Sweden's crown hit a four-month high and cracked its 200-day moving average against the euro after pacy inflation data. It was also bliss for bond markets that have been in reverse since Trump's election fuel led bets on higher U.S. interest rates that tend to set the bar for global borrowing costs.

Gold spiked on the weak dollar, rising above $1,200 since November 23, and at the 38.2% Fibonacci of the Trump-Led slide.

With all eyes on the dollar, the U.S. currency slumped against most major and the 10-year Treasury yield touched the lowest since November as Trump’s first press conference since his election victory gave no details on policy.

European stocks headed for their lowest close since the end of 2016 and drugmakers across the globe sold off. Turkey’s currency climbed for the first time in six days as the nation’s central bank tightened lira liquidity. Gold advanced to a seven-week high and industrial metals rallied.  The Stoxx Europe 600 Index lost 0.5 percent and the FTSE 100 fell 0.2 percent, halting a record streak of gains.     Health-care shares headed for their biggest drop since November, deepening losses that began late yesterday.

As Bloomberg, and virtually everyone else has pointed out many times already, *Trump’s press conference left investors with few specifics on the timing and scope of planned policies from infrastructure spending to trade pacts. *Since his victory, the dollar and global equities have rallied, while bonds sold off, on bets inflation would pick up with growth. Health-care stocks were pressured Thursday as Trump said he’d force the pharmaceutical industry to bid for government business in the world’s largest drug market.

“Markets are disappointed by a lack of detail around the much touted stimulus plans,” said Michael McCarthy, Sydney-based chief market strategist at CMC Markets Plc. “There is a growing fear that recent positive moves are based on bombast, and could unravel very quickly.”

*"The news conference was a far cry from the market friendly, pro-growth "presidential" comments that Trump delivered at his acceptance speech," wrote analysts at Westpac, adding it left a "veritable laundry list" of questions unanswered.*

Futures on the S&P 500 Index fell 0.3 percent. The underlying gauge increased 0.3 percent on Wednesday, staging an afternoon rally and recouping losses of as much as 0.4 percent. 

In rates, the benchmark 10-year Treasury yield fell five basis points to 2.32 percent, *touching the lowest level since Nov. 30. *German 10-year yields dropped three basis points to 0.29 percent, while those in the U.K. slid five basis points to 1.29 percent.

*Bulletin Headline Summary from RanSquawk*

· European equities trade in the red, albeit modestly so as Europe continues to digest the fallout from Trump's press conference
· Some sweeping moves in the USD this morning, and all spurred by the lack of substance in yesterday's press conference by president elect Trump
· Looking ahead, highlights include ECB meeting minutes, US import and export prices, Fed's Yellen, Bullard and Kaplan

*Market Snapshot*

· S&P 500 futures down 0.3% to 2264
· Stoxx 600 down 0.2% to 364
· FTSE 100 down 0.2% to 7273
· DAX down 0.5% to 11582
· German 10Yr yield down 1bp to 0.32%
· Italian 10Yr yield up 1bp to 1.88%
· Spanish 10Yr yield up less than 1bp to 1.42%
· S&P GSCI Index up 0.8% to 398
· Nikkei 225 down 1.2% to 19135
· Hang Seng down 0.5% to 22829
· Shanghai Composite down 0.6% to 3119
· S&P/ASX 200 down less than 0.1% to 5767
· US 10-yr yield down 5bps to 2.32%
· Dollar Index down 0.62% to 101.15
· WTI Crude futures up 0.6% to $52.55
· Brent Futures up 0.9% to $55.58
· Gold spot up 1% to $1,204
· Silver spot up 1.2% to $16.93

*Top News*

· Obamacare Repeal Effort Clears First Big Hurdle in U.S. Senate: the U.S. Senate took the first step toward repealing Obamacare in a razor-thin vote early Thursday
· U.S. Said to Prepare WTO Complaint Against China on Aluminum: case focusing on loans said to be unveiled as soon as Thursday; global glut of aluminum threatening remaining U.S. capacity
· Alphabet Says It Shut Down Titan Drone Internet Project: similar project pursued by Facebook has also faced setback
· Blackstone Said to Vie With Warburg, Chinese Group for GLP: Blackstone considering offer for GLP, potentially pitting it against Warburg Pincus and a separate Chinese group
· J&J, Actelion Said to Reach Tentative Agreement on Price: discussions now said to focus on valuing separated R&D unit; companies could reach a final deal as soon as this month
· VW Officials Destroyed Files, E-Mails as Diesel Scheme Unraveled: co. pleads guilty, 5 more charged in emissions cheat
· Tillerson Says China Can’t Have Access to South China Sea Isles: U.S. Secretary of State nominee says China must be denied access to artificial islands built in disputed water
· U.S. Intelligence Chief Tells Trump He’s Dismayed by Leaks: Clapper said leak likely didn’t originate from spy agencies
· HSBC to Pay $45 Million to Settle Euribor Price-Fixing Case
· Floor & Decor Said to Revive IPO With >$1b Valuation: Reuters
· Jawbone Said to Be Looking for Funds After Fitbit Approach: FT
· CVC Capital Said in Advanced Talks to Buy MSC Software: Reuters
· Apax Partners Sells 48% Stake in GlobalLogic For $1.5b: ET

*Looking at regional markets, we start in Asia where stock markets traded lower *across the board to shrug off the positive lead from Wall Street as Trump's press conference led USD lower and as the surge in oil markets lifted the energy names. Nikkei 225 (-1.2%) underperformed on a firmer JPY as USD/JPY broke below 115.00, while comments in the US session from Trump criticising the healthcare sector led the pharmaceutical sector lower by around 3%. ASX 200 (-0.1%) pared early gains despite higher commodity prices, as a second day of double digit loss for Bellamy's and near 2% declined in the health care sector weighed the index. In China, Shanghai Comp (-0.6%) and Hang Seng (-0.4%) were lower amid a lack of news-flow and yet another reserved liquidity operation by the PBoC. 10yr JGBs traded marginally higher amid the risk averse tone in the region, while the curve flattened amid outperformance in the long end.

Top Asian NEws

· China Credit Growth Exceeds Estimates as Lending Remains Robust: aggregate financing was 1.63 trillion yuan in December; Broad M2 money supply increased by 11.3% percent, PBOC says
· Macau Casinos Lead Declines in Hong Kong Amid Revenue Concerns: Casino stocks dragged Hong Kong’s benchmark equity index lower by the most in three weeks
· Pimco Says China’s Next Big Shock May Be a Yuan Free Float: It would lead to a knee-jerk tumble, exacerbating capital outflows and sending shockwaves through global markets

*All of the major European bourses trade in the red this morning *with many analysts stating that President elect Trumps failure to mention any fiscal spending plans could be the main reason for the subdued sentiment. In company specific news, Tesco (-2.3%) shares are trading soft after broad sector strength earlier in the week. Elsewhere, Healthcare shares have been hit this morning after Trump stated that healthcare companies should be allowed to get away with charging extortionate prices. Luxury names have been trading well with Burberry (+1.3%) trading higher in sympathy with Richemont (7.6%) who reported a strong set of earnings pre-market. In Fixed income markets, Bunds opened higher in tandem with their US counterparts performance overnight, although prices have pulled away from best levels as markets take the opportunity to book profits. Elsewhere, supply from Europe has come in the form of Italian BTPs and a UK 2025 Gilt auction with UK paper relatively unfazed by a firm b/c of 2.52 and small yield tail.

Top European News

· German Economic Growth Accelerated in 2016 on Domestic Spending: German economic growth accelerated more than analysts forecast in 2016 to its fastest pace in 5 years
· Richemont Reports Unexpected Sales Gain as Watches Improve: 3Q sales +5% after falling 12% in 1H; better own-store watch sales good sign for wholesale: analysts
· Swatch Gains; Positive Read-Across from Richemont, Short Squeeze
· European Broadcasters Hook Up in Web Push as Viewers Move Online: Mediaset, TF1 invest in ProSiebenSat.1’s Studio71 unit
· UBI Climbs After Offering 1 Euro to Buy 3 Rescued Small Banks; UBI plans to raise as much as EU400m through a rights offer to purchase three “good banks” at a symbolic price
· Tesco Falls as Sales Growth Fails to Satisfy Investors; investor hopes had been raised by Wm Morrison Supermarkets’ results earlier in week

*In currencies, *there have been some sweeping moves in the USD this morning, and all spurred by the lack of substance in yesterday's press conference by president elect Trump. This is all the talk at the moment, so there is everything to suggest that this may continue to a modest degree, with USD dip buyers likely to limit and significant moves from current pullback levels. USD/JPY has taken out 114.00, but still looks vulnerable to a deeper correction which sees the potential for 113.00 base on the charts. Support from here stretches down to 111.45-50 before we can start talking of a reversal. This is very much the case in EUR/USD, where sellers have come in around 1.0650-60, but the risk for a move to 1.0700-1.0800 remains as rising EU inflation raises the prospect on greater consideration of (ECB) tapering. GBP has also benefitted from the turn in the USD as we have seen 1.2300 tipped in Cable this morning. Brexit related fears will keep a lid on any major recoveries — especially against the USD — as yield differentials also dictate. EUR/GBP price action will also reflect a clearer picture, but sentiment USD based for now. USD/CAD is now threatening a move on 1.3000 on the downside, with Oil prices having held up well over the last 24 hours. The Bloomberg Dollar Spot Index, a gauge of the greenback against 10 major peers, fell 0.8 percent at 10:01 a.m. London time. It’s flat since the Fed’s rate decision on Dec. 14. 

*In commodities*, the big mover in the commodity complex is Gold, taking out USD 1,200 as the USD was hit hard during president elect Trump's ineffective press conference yesterday. Resistance levels here into the mid USD1200's worth noting as USD dip buyers likely. Oil prices have performed well in the last 24 hours, and indeed over last night's key events. WTI above USD50.00 looks comfortable for now. Base metals mixed, but stable despite the lack of focus on infrastructure spending in the US. Anticipated China demand supports Copper which added 2.2% to $5,842 a metric ton, the highest in a month after Indonesia confirmed a halt to concentrate exports. Zinc rose 2.1 percent and nickel gained 1.5 percent.  U.S. natural gas rose 3% to $3.32 per million British thermal units as a Bloomberg survey showed inventories probably fell by 141 billion cubic feet last week. U.K. natural gas rose 1.3 percent to 56.70 pence a therm, a fourth day of gains amid forecasts for cold weather.

*Looking at today’s calendar, *in the US the data docket contains the import price index reading for last month, last week’s initial jobless claims and the December monthly budget statement. Away from the data we’ll get the latest ECB minutes from last month’s policy meeting as well as a number of Fed speakers including Harker, Evans and Lockhart at 8.30am GMT, Bullard at 1.15pm and Kaplan at 1.45pm.

* * *

*US Event Calendar*

· 8:30am: Import Price Index MoM, Dec., est. 0.7% (prior -0.3%)
· 8:30am: Initial Jobless Claims, Jan. 7, est. 255k (prior 235k)
· 8:30am: Fed’s Harker Speaks in Malvern, Pennsylvania
· 8:30am: Fed’s Evans and Lockhart Take Part in Panel in Naples, Florida
· 9:45am: Bloomberg Consumer Comfort, Jan. 8 (prior 45.5)
· 10am: Freddie Mac mortgage rates
· 10:30am: EIA natural-gas storage change
· 12pm: Monthly World Agriculture Supply and Demand Estimates
· 1:15pm: Fed’s Bullard Speaks in New York on U.S. Outlook
· 1:45pm: Fed’s Kaplan Speaks at Dallas Regional Chamber Event
· 2pm: Monthly Budget Statement, Dec., est. -$26.0b (prior - $136.7b)

*Government Calendar*

· 9:30am: Senate Armed Services Cmte hearing on nomination of retired Gen. James Mattis for defense secretary
· 10am: Senate Banking, Housing and Urban Affairs Cmte hearing on nomination of Ben Carson for HUD secretary
· 10am: Senate Foreign Relations Cmte second hearing on nomination of former Exxon Mobil CEO Rex Tillerson for sec. of state
· 10am: Senate Intelligence Cmte hearing nomination of Mike Pompeo for CIA director
· 2pm: House Armed Services Cmte holds mark up of waiver measure

*DB's Jim Reid concludes the overnight wrap*

Morning from Zurich. I listened to President-elect Trump's press conference on Bloomberg radio yesterday while on the tarmac waiting to take off from Oslo to Copenhagen. I must admit that whilst there was nothing much of substance for financial markets to take from it there's no doubting it was compelling stuff and it was one of the rare times I really didn't want a flight to take off and lose signal. I've never known anything like it from an incoming or sitting leader anywhere in the world. For a start you don't often have cheering and clapping at a press conference which came from a contingent of Mr Trump's  supporters at the event. We also had a fierce exchange between the future President and a CNN reporter who was refused a question due to his organisation's reporting of Trump's alleged relationship with Russia.

We also learnt that Mr Trump turned down $2 billion last week from a Dubai developer and also a discussion over his trip to Russia to work on Miss Universe. Not the everyday stuff of governmental press conferences but when you see some of the bland stage managed versions around the world who is to say it's the wrong approach.

There was also a very brief mention of a “major border tax on companies leaving the US” and that Obamacare will be repealed and replaced “almost simultaneously” but overall markets were disappointed at the lack of substance around policy in particular. This was most apparent in FX where the US Dollar index finished the day -0.23% (and is down another -0.22% this morning) but was actually down as much as -1.62% from the intraday high at one stage. Over in rates 10y Treasury yields were down close to 5bps at one point, touching an intraday low in yield of 2.327%, before paring that move late into the close to finish more or less unchanged around 2.373%. Meanwhile equity markets posted modest gains but in reality were propped up by the +2.81% rebound for WTI Oil – despite some bearish inventory data - which helped the energy sector to outperform. Indeed the S&P 500 closed +0.28% and the Dow +0.50% but healthcare names took a bit of hit with Trump critical of drug pricing and saying that the industry needs “more competitive drug bidding” and that its currently “getting away with murder”. The Nasdaq Biotech index tumbled -2.96% as a result and had its worst day since October 11th.

Elsewhere Gold (+0.31%) notched up yet another gain however base metals generally eased off following the recent strong run. The European session had been a bit of a sideshow prior to Trump but markets still generally closed a touch firmer with the Stoxx 600 finishing +0.23%. The FTSE 100 (+0.21%) also notched up another gain and in doing so marked the first time the index has ever closed higher for 12 days in a row. That also coincided with Sterling at one stage touching a new 3-month low of $1.2039, before bouncing back into the close. The latest leg lower came as Governor Carney spoke and warned that Brexit could “amplify” four other dangers to the UK economy including the current account deficit, further weakness in Sterling, mounting consumer credit and a weaker commercial property market. On a related note, Scotland’s Nicola Sturgeon was dealt a bit of a blow yesterday after senior Norwegian politicians argued that it would be impossible for Scotland to move to a ‘Norway-style’ model for staying in the single market while also remaining part of the UK.

This morning in Asia it’s been another mixed start for markets. Most notable has been the decline for Japanese equities with the Nikkei (-1.26%) and Topix (-1.22%) tumbling with the healthcare sector and particularly those names with revenue exposure in the US notably underperforming following Trump’s comments about the sector. The Yen has also rallied about 2% since Trump spoke, which is also weighing. Meanwhile the Hang Seng (-0.33%) is also weaker, while the Shanghai Comp (+0.20%) and Kospi (+0.12%) are posting modest gains. The ASX is little changed.

Moving on. Yesterday we published our first Euro HY strategy monthly of the year. Since we published our 2017 Credit Outlook in late November we have seen some fairly impressive moves for EUR HY credit  spreads. At this time we have no intention of changing our FY spread forecasts but given the strength of these moves we assess the implications for potential returns in 2017. At the time of the outlook our spread and default rate forecasts indicated that, whilst low, both excess and total returns should still be positive for 2017. Unsurprisingly given the positive performance in December and at the start of January we are now at a starting point where returns are likely to be negative for the coming year. Around -0.4% in terms of excess returns and -1.3% in total returns. We continue to think the intra-year range could be large for spreads and think there will be a better entry point into EUR HY than current levels even if this is not immediate. Please email Nick.Burns@db.com if you haven't received it.

Also yesterday we published a Credit Bite "Moody's Default Rates Tracker" (https://goo.gl/gCc5pU) detailing the agencies' latest 12-month-trailing high-yield default rates and their forecasts for the next 12 months. The default rate was 2.08% in Europe, 5.65% in the US and 4.41% globally. The baseline forecast for the next 12 months is 2.1% for Europe, 3.8% for the US and 3% globally

In our 2017 Outlook, we forecast 2.5% for Europe (https://goo.gl/BkHYrJ) and our US colleagues predict 5% for the US having revised down their earlier 7.25% forecast (https://goo.gl/3tWmf4). This is broadly in line with Moody’s view of a continued benign default environment in Europe and peaking of US defaults in the course of the year, although our US colleagues remain more cautious. Before we wrap up, in terms of the economic data yesterday the only releases of note came from the UK. Both industrial production (+2.1% mom vs. +1.0% expected) and manufacturing production (+1.3% mom vs. +0.5% expected) surprised to the upside, while the November trade deficit was reported as widening a little bit more than expected (to £12.2bn vs. £11.1bn expected). Carney also acknowledged yesterday that “the recent data would be consistent with a further upgrade of the forecasts” of the Bank.

Meanwhile over in Italy the Italian Constitutional Court rejected a request by the largest Italian union to force a referendum to overturn the core of the labour reform introduced by Renzi’s government in 2015, including the rejecting of the easing of redundancy rules for new hires. The ruling should come as some relief to new PM Gentiloni.

Looking at today’s calendar the only notable data due out in Europe this morning is the final revision to the December CPI report in France, Euro area industrial production in November and Germany’s first  estimate of calendar year 2016 GDP growth. Over in the US the data docket contains the import price index reading for last month, last week’s initial jobless claims and the December monthly budget statement. Away from the data we’ll get the latest ECB minutes from last month’s policy meeting as well as a number of Fed speakers including Harker, Evans and Lockhart at 1.30pm GMT, Bullard at 6.15pm GMT and Kaplan at 6.45pm GMT.

  Reported by Zero Hedge 2 hours ago.

Italy's largest bank by assets said in a statement that the latest provisions were part of a new strategy to manage soured loans that includes speeding up their collections or selling them on. Reported by SeattlePI.com 3 hours ago.