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Tuesday, October 18

18th Oct - Higher inflation readings

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There's a Reason Italy's Losing to Spain in the Recovery StakesBB

Euro 'house of cards' to collapse, warns ECB prophetThe Telegraph
ECB is becoming dangerously over-extended and the whole euro project is unworkable in its current form, the founding architect of the monetary union Otmar Issing has warned.

Results of the October 2016 euro area bank lending survey – ECB
Euro zone banks to tighten access to corporate lending: ECB survey – Reuters
Credit conditions improve in the euro area – Pictet
Draghi’s QE History Lesson Is That Flexibility Can Backfire – BB
Draghi Seen Embracing More Before Less QE as Inflation Edges Up – BB
Euro Watch – No underlying inflationary pressures – ABN AMRO

U.K. Inflation Rate Surges to Highest in Almost Two Years – BB
Carney to Ignore Inflation Jump as November Rate Cut Seen – BB

Fed’s Fischer Warns of Risk to Running Too High-Pressure Economy – BB
Are Yellen and Fischer Really Worlds Apart? – Tim Duy
Yellen and Fischer Still Singing from the Same Song Book – Marc Chandler

U.S. rates expected to rise in December, but lackluster growth looks likelyReuters

Core CPI Above 2% For 11th Straight Month As Cost Of Living Surges – ZH
CPI increased 0.3% in September – Bill McBride
Rising gasoline, rents push U.S. inflation higher in September – Reuters
Consumer Prices in U.S. Rise at Fastest Pace in Five Months – BB

IMF Annual Meeting Special Danske Bank
Emerging markets set to be main driver of global growth

Yellen to economists: aggregate supply-demand thing might need a rethinkFT

Central Bankers Rejoice: There Are Signs That Inflation Is Actually ArrivingBB

Great Graphic: Consumer Inflation: US, UK, EMUMarc Chandler

Danske DailyDanske Bank

Fed close to targets, RBA sees reasonable prospects, USD on the retreat * US and UK CPI today, Chinese GDP tomorrow * USD on the retreat after reaching a 7-month high * Down-under currencies faring well

Morning MarketsTF
The US dollar is broadly lower as Tuesday's European trading session begins on what is likely to be profit-taking and position adjustment in the wake of last week's strong gains. One noteworthy exception is the renminbi which has weakened to a six-year low.

Euro wrap-upDaiwa

Daily Market Comment Marc Chandler
Dollar Slips Broadly but not Deeply

Daily Market CommentMacro Man

Daily Press SummaryOpen Europe
EU-Canada trade deal hangs in balance as Belgian region holds out for greater social and environmental protection * US envoy calls for certainty on UK-EU status before opening trade talks * Steel industry seeks EU protection from Chinese dumping * Paris and Frankfurt look to attract the financial sector post-Brexit * Spanish Foreign Minister: If Brits insist on limiting free movement of people, a Canada-style deal is the only solution * Attorney General says Article 50 would be “irrevocable” once triggered * Former ECB Chief Economist: “The house of cards will collapse”

Brussels PlaybookPolitico
CETA saga — Europe’s refugee time bomb — EU money troubles

Global Stocks Rebound As Fed Fears Ease, Dollar Falls From 7 Month High

From the FloorTF
Netflix hit it out of the park overnight for a stellar third quarter that bulldozed its way past expectations but there is still much to be concerned about as it embarks on a $6 billion spend on new content in 2017.

Iso-Britannian inflaatio kiihtyy * USA:n teollisuustuotanto vahvistui hieman syyskuussa * EKP julkaisee pankkien luotonantoa koskevan kyselyn * Dollari vahvana

Holmström, rahamarkkinat ja rahoituskriisitRoger Wessman