Today's Headlines

Bloomberg:

• Europe the Most Globalized at a Time Globalization Is a Dirty Word. The Netherlands and Germany score high and have elections coming up. Globalization has become a dirty word, blamed by restive voters for much that has gone wrong in the world. So with a string of key elections next year, Europe should take heed as it tops the list of the most open economies. The DHL Global Connectedness Index shows that when it comes to market-driven, cross-national flows of goods, services and investments it is Europe that leads the way. Eight out of the top ten countries in the ranking are European.
• German Authorities Target Radical Islamists in Nationwide Raids. German authorities conducted nationwide raids early Tuesday against a radical Islamist movement after the Interior Ministry banned the Salafist organization, accusing it of radicalizing youths. About 190 searches and seizures were conducted in the early hours in 10 German states, from North Rhine-Westphalia in the west to the capital Berlin in the east. The ban focuses on a group known as DWR, a German acronym for "The True Religion," which held events in inner cities to distribute translations of the Koran to youths.
• European Stocks Rise as Waning Trump Effect Flips Industry Moves. Bond-proxy sectors including utilities and real estate shares advanced as a global debt selloff spurred by bets on economic growth abated. Energy shares rebounded from their lowest level since September after OPEC nations were said to be working toward securing a deal that would stabilize prices. Commodity producers, which had rallied in the days following the vote outcome, were the biggest losers. “It’s still difficult to draw any firm conclusions about a long-term directional bias of stock sectors after the Trump election,” said Michael Hewson, a market analyst at CMC Markets in London. “There have certainly been benefits in the aftermath for certain sectors like construction and financials, but volatility will persist. European equities as a whole really have not done that much.” The Stoxx Europe 600 Index added 0.3 percent at the close, erasing a slide of as much as 0.3 percent.
  
• Copper Slides With Iron Ore as Post-Trump Surge Seen Excessive. Iron ore slid the most since May and tin and copper led declines on the London Metal Exchange. Metals had surged to multi-year highs following Donald Trump’s surprise U.S. election win as he pledged to boost infrastructure spending. That sent the 14-day relative-strength index for the LME’s metals gauge to as high as 87 last week, well above the 70 level signaling to some traders that prices may have risen too far, too fast. Iron ore with 62 percent content in Qingdao fell 6.5 percent to $72.68 a metric ton, according to Metal Bulletin Ltd. The SGX AsiaClear iron ore contract for December settlement sank as much as 11 percent to $67.62 a ton.
• Fed’s Tarullo Says It’s Time to Talk Hikes to Avoid Overheating. (video)
• Hedge-Fund Love Affair Is Ending for U.S. Pensions, Endowments. Unhappy with mediocre results and high fees, pensions in states like Illinois, New York and Rhode Island are slashing their allocations to hedge funds. More than one in four endowments and foundations, from colleges to museums to hospitals, are doing the same or considering it, according to a survey by consultant NEPC. Many are demanding lower fees and better terms to stick around, and usually getting it.

Wall Street Journal:

• China’s Debt Plan Feels Like Bad Case of Déjà Vu. Pricing of local debt roughly in line with sovereign debt implies investors see little reason to take Beijing’s tough stance seriously.

MarketWatch.com:

• Fed’s Fischer says ‘flash’ market events may happen more often.

Fox News:

• Ryan nominated for 2nd term as speaker, as Pelosi rule faces potential challenge. (video)

CNBC:

• United(UAL) to restrict low-fare flyers to one carry-on bag. (video)
• Now, it's the Democrats facing a civil war.

Zero Hedge:

• Who's Behind The Portland Riots? 60% Of Arrested Anti-Trump Protesters Were From Out Of State, Didn't Vote.
• Ray Dalio: This Is What Donald Trump's Presidency Will Look Like.
• "Is The Market Wrong?": Financial Conditions Are Tightening At An Alarming Pace. (graph)
• Oil Surges To 'Algiers' Lows After Obama Statement & Well-Timed OPEC Headline. (graph)
• Chicago And Boston Join Cali In Refusing Assistance To Trump's Deportation Efforts.
• European Temper Tantrumps: "A World Is Collapsing Before Our Eyes".
• The VIX Is Dead: According To The BIS, This Is The New "Fear Indicator".
• Banks Skid On "Cheap" Treasuries Bid As Chinese Currency Collapse Continues. (graph)
• Retail Sales Spike To 2 Year Highs As Departmnent Store Sales Continue Collapse. (graph)
• Empire Fed Rebounds But Employment Indicators Tumble, Optimism Declines. (graph)
• Import Prices Decline For Record 27th Month As China Exports Most Deflation In 6 Years. (graph)

Business Insider:

• Boko Haram has devastated Nigeria, and now 75,000 children could die in the next few months.

Financial Times:

• Saudi Arabia warns Trump on blocking oil imports. Kingdom’s energy minister says move would risk damaging the US economy.

The Telegraph:

• Trump's 'Keynesian stimulus' threatens to reignite dormant eurozone crisis.