Boosted by these Chinese figures, Futures tied to the Dow Jones Industrial Average is up 0.3%. The new data shows that industrial production in China bounced back in 2019, although economic growth slowed to 6.1% last year, the lowest in 29 years, but this largely in line with market expectations. U.S. stock market indices seem unstoppable, with new records signed last night. The S&P 500, for example, broke the symbolic 3300-point barrier at the end of the session. In Europe, gains are more measured, even though the start of the year is rather positive. The Stoxx Europe 600 gauge advanced by 0.9%.

Everyone is using his or her explanation to analyze the insolent shape of the stock markets. This week, more than the signing of the China/US trade deal, it is the results of the major US banks that are being hailed by investors. It must be said that apart from a few rare hiccups, their performances are impressive. It must also be said that Donald Trump has helped them a little by lightening their taxation. In two years, the "Big Six" have saved $32 billion by seeing its average effective tax rate drop from 30% to less than 18%, according to Bloomberg's calculations.

The White House is deploying a policy of tax relief and deregulation at home. This is one of the pillars of the longevity of the current expansionary economic cycle. Will the rest of the U.S. economy keep pace with the banks? Elements of an answer next week with a flurry of quarterly results.

On the agenda today, we have UK Retail Sales, the latest December European inflation reading, followed by the US Housing Starts & Building, Industrial Production & Capacity Utilization and the University of Michigan Consumer Confidence Index and JOLTS Employment Study.