Will China become more nationalistic as growth slows? Europe doomed by tribalism between the North and South? Russia at grave risk from the drop in oil prices? All are major risks, making the US and UK look safe by comparison, Ambrose Evans-Pritchard contends.

The UK is said to be considering joining the euro, the head of the EU Commission says.

The Indian terror attacks late last week could increase risk aversion in early trade on Monday. Tensions between nuclear-armed India and Pakistan are on the rise amid suspicion the attacks were organized and supplied from Pakistani soil.

This could be the early test Joe Biden warned about, even before Obama takes office.

Look for an early offer in EUR/JPY. US equity markets will be the focus later in the session after they posted their first five day winning streak since November 2007. Fells more like 1967…

Japanese automakers are being hit at home as well as abroad as the global economic crisis crimps consumer spending. The NIkkei reports that sales could fall to the lowest full-year totals since 1974.

Also on the Nikkei homepage, support for PM Aso’s government has tumbled in recent months, now at 31%.

Consumers may be cautious but they are still consuming. Black Friday sales were up 3% over last year. The trick will be to see if sales were just pulled forward from later in the season or if they will maintain their unexpected strength.

The Bank of England will cut rates another 100 bp this week to match all-time lows at 2% to try and avert derflationary expectations, David Smith reports.

In a sign of consumer desperation amid a bleak economy, the annual rite of retailing known as Black Friday turned chaotic and even deadly, as predawn shoppers scrambled for holiday bargains.

Thankfully, eight long years of failed Bush shopping policy is nearing an end…

Canada’s Conservative-led minority government could fall as the opposition parties angle to preserve subsidies to political parties that have been cut out of the budget. PM Harper is standing his ground on the subsidy issue while the opposition parties try and form a government. The last thing Canadians want is another general election. They risk becoming Italy du Nord.

$10 bln US in fiscal stimulus is on the way in Oz as the global slowdown rapidly cools the Aussie economy and risks a dip into recession.

Doom and gloom on the High Street is a staple of UK journalism, but here is the latest dispatch on the subject from the Telegraph.

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