Headlines discussed at LNWM’s Monday morning briefing:

— Energy ETFs experienced record-high inflows in December even as oil prices fell 22%.

— U.S. Dollar ended 2014 up ~13% against other major currencies on expectations of higher interest rates.

— Foreign investment in Japanese stocks fell more than 90% in 2014 from 2013 levels.

— Brazil aims to bolster finances in part by reducing pension and jobless benefits, saving $6.7b/year.

— Chinese manufacturing fell to its lowest level in 18 months, suggesting central bank will continue easing.

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