Список проголосовавших за комментарий " European Summary<p><strong>European Government Bonds Rally as Pound Drops on Hard Brexit Fear</strong></p><ul><li>European sovereign debt is trading higher this morning with the largest gains coming in the eurozone periphery. Eurozone unemployment was unchanged at 9.8% in November but remains much lower than its 12.2% high in late 2013. The unemployment rate got as low as 7.1% before the Great Recession so there should be a lot more slack in the eurozone labor market before the European Central Bank needs to take its foot off of the accelerator. Reports last week of a surprisingly large jump in the consumer price index have raised discussion on the issue of ECB asset purchases and prompted more warnings from inflation hawks that the ECB should be withdrawing monetary accommodation rather than adding it. Members of the ECB Governing Council are not flinching, however, and point to lots of excess capacity and core inflation that remains stuck below 1%. The Governing Council meets next on January 19</li><li>U.K. Prime Minister Theresa May said over the weekend that the U.K. would seek a «new relationship» for Britain outside of the European Union in its upcoming negotiations, set to begin at the end of March. Most traders and investors interpreted her speech to mean that May's Tory government would prioritize control of immigration over maintaining access to the EU's single market. The pound traded to a 10-week low against the dollar overnight and an eight-week low against the euro<br/> <ul><li>This morning, however, Theresa May denied that her government is committed to a so-called «hard Brexit» in which the UK loses access to the single market. It appears that she is resigned to losing the economic benefits of EU membership in favor of controlling immigration but believes that she can support the pound by denying that this isn't the case</li></ul></li><li><strong>European Economic Data:</strong><br/> <ul><li>Eurozone unemployment was steady at 9.8% in November, as expected<br/> <ul><li>The eurozone's Sentix Investor Confidence gauge rose more than expected to 18.2 for January from 10.0 in December</li></ul></li><li>Germany's trade surplus widened for than expected in November to EUR21.7 bln from EUR20.6 bln in October</li><li>Italy's unemployment rate rose to 11.9% in November, missing estimates for a decline from October's 11.8% UE rate</li><li>Swiss retail sales increased by 0.9% y/y in November, beating forecasts and reversing October's 0.7% slide</li><li>The U.K.'s Halifax House Price Index rose 1.7% m/m in December (6.5% y/y), beating both economists' estimates and November's 0.6% growth</li></ul></li><li><strong>Yield Check:</strong><br/> <ul><li>France, 10-yr OAT: -4 bps to 0.79%</li><li>Germany, 10-yr Bund: -3 bps to 0.27%</li><li>Greece, 10-yr note: -1 bp to 6.76%</li><li>Italy, 10-yr BTP: -7 bps to 1.89%</li><li>Portugal, 10-yr PGB: -10 bps to 3.93%</li><li>Spain, 10-yr ODE: -7 bps to 1.46%</li><li>U.K., 10-yr Gilt: -6 bps to 1.41%</li></ul></li></ul>"