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EUROPE
EU strikes deal on
handing break-up powers to bank supervisors – FT
The draft would ban such banks from proprietary trading — making
financial bets using their own money — and in some cases require them to prove
to supervisors that their investment banking activities did not pose a threat
to financial stability. If the supervisor is not convinced, the bank would
either be required to split off its trading arm or face a significant increase
in its capital requirements.
The recent victory of the conservative Law and Justice party in Poland
confirms a recent trend in Europe: the rise of illiberal state capitalism, led
by populist right-wing authoritarians. Failure to act decisively now will lead
to the eventual failure of the EU and the rise of dystopian nationalist
regimes.
Cameron Sees EU Reform
Drive Gaining Momentum After Nordic Push – BB
Negotiations with EU are set to gain momentum as he received the
conditional support of like-minded Nordic leaders in his push to improve the
bloc’s single market and cut red tape.
Philip Stephens: If
Angela Merkel is ousted, Europe will unravel – FT
Merkel’s government claims deportations will rise “significantly.”
The ECB's options and whether it would have any significant impact.
Goldman Why The ECB's
Monetary Policy Has Been A Failure – ZH
Turkey: another
election, another inconclusive outcome? – Danske
Bank
UNITED STATES
Q3 GDP
BEA: Real GDP increased at 1.5% Annualized Rate in Q3 – Bill McBride
Economic Growth in U.S. Cools as Companies Rein In Inventories – BB
Inventories hurt U.S. third-quarter GDP, domestic demand strong – Reuters
Economy grows an anemic 1.5 percent in third quarter – WaPo
Languid GDP Report Feeds Into No-Hike Scenario – WSJ
U.S. Third-Quarter GDP – At A Glance – WSJ
Economists React: ‘Growth Should Pick Up’ – WSJ
Q3 GDP Misses Expectations On Sliding Inventories – ZH
Q3 GDP: Investment – Bill McBride
GDP Release: “The Ship is Slowly Sinking” – Marcus
Nunes
OTHER
We expect the BoJ to
expand the monetary easing programme tomorrow as half of the market analysts
do. Disappointing inflation and GDP growth are the main reasons. Without more
monetary easing, the Abenomics will likely appear as a failure and put the plan
of reviving Japanese economy at risk.
J. Bradford DeLong: The Tragedy of Ben Bernanke – Project
Syndicate
Bernanke’s new memoir is
the story of a man who may have been the best-prepared person in the world for
the job he was given, but who soon found himself outmatched by its challenges,
quickly falling behind the curve and never quite managing to catch up.
REGULARS
U.S. Stocks Surge After Fed Holds
Steady on Rates
Hawish Fed, Corporate Earnings Weigh
Third-Quarter GDP in the Spotlight
After Fed Meeting
Fed leaves door open for December
rate hike…which will likely depend on US data, financial conditions and EM
risks * Our base case remains for a 2016 rate hike, but chances of an earlier
move have increased
Markets caught off guard as Fed kept
December door open * Dollar stronger vs all G10 currencies * Fed, data boost
likelihood of BOJ staying put
Dollar-denominated
assets rallied strongly and broadly last night in a forceful welcome to renewed
hopes that the US Federal Reserve will soon increase interest rates for the
first time since 1986.
US Trade Representative
warns against expectations of individual UK trade deal post-Brexit * Berlin and
Vienna trade barbs as Germany extends "temporary" border controls * “Reform
of EU lawmaking is now at least as important as any one-off repatriation of
powers” * French Central Bank Governor: ECB asset purchase programme “is a
long-distance run, not a sprint” * Greek government to submit new raft of
measures to parliament in bid to unblock bailout cash * Front National leader
suspected of letting fellow MEPs vote in her place while absent from parliament
* EU member states grant carmakers more leeway on emissions * MEPS reject
Commission compromise on GMO opt-outs * German Vice Chancellor announces
top-job ambitions
Daily Shot – TF
Yesterday, the Fed made
clear that a December hike should not be discounted. Market reaction was, if
anything, complacent.
Fortress Europe —
Business without borders
Futures Fade As Hawkish
Fed Deemed Not So Bullish After All
Despite the USD strength on the back
of the FOMC meeting, the market remains sceptical that the US economy will
improve sufficiently ahead of the December FOMC meeting to signal a hike. This
magnifies the importance of the next batch of incoming US data. Tonight the
focus shifts to the Bank of Japan.
The rather hawkish FOMC
statement yesterday impacted all markets given the indications on a rate hike,
but incoming data will be decisive.
FINNISH
Globaalin
talouden epävarmuus ei enää huoleta Fediä - jenkkikorot nousivat ja dollari vahvistui
* Riksbank laskee vielä korkoakin * Japanin keskuspankki ilmoittaa
osto-ohjelman laajentamisesta