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Thursday, October 27

27th Oct - Good UK GDP

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The danger of Germany's current account surplusesvox
The October 2016 expert survey of the Centre for Macroeconomics (CFM) and CEPR invited views from a panel of macroeconomists based across Europe on Germany’s trade surplus, its impact on the Eurozone economy, and the appropriate response of German fiscal policy. More than two-thirds of the respondents agree with the proposition that German current account surpluses are a threat to the Eurozone economy. A slightly smaller majority believe that the German government ought to increase public investment in response to the surpluses. 

Belgium Agrees Deal to Back EU-Canada Trade PactBB
Belgium reached a deal with the country’s regional parliaments to approve a trade agreement between the European Union and Canada, ending a deadlock that has delayed the accord’s signature.

Deutsche Bank: Unexpected Q3 profit, but market yawns, asks for moreZH

Report on financial structuresECB
Press releaseECB 

UK still resilient to Brexit vote –
British economy defies fears of immediate Brexit growth hit – Reuters
U.K. Growth Shows an Economy Resilient to Brexit – BB
Banks Likely to Lose Passporting With Brexit, Official Says –
Round 1 to Brexiteers as UK economy passes early test – Politico
Brexit: The view from Rome – Open Europe

5 Things to Watch in the Third-Quarter GDP ReportWSJ

Satyajit Das: The World Is Out of WeaponsView / BB
Governments and central banks have very few weapons left -- and have probably lost any chance they once had of averting a prolonged stagnation.

Goldman’s Multifactor Robots: A Post-Human Guide to Investing
ETFs combining multiple investment themes are next big thing * Billed as a core holding, will investors buy and hold?

Curse of Asia Witching Hour Haunts Traders After Pound CrashBB
Traders grow wary of leaving automatic stop-losses in place * Banks pulling back from dealing expose market’s frailties

Bonds Slump Deepens on Shifting Policy Outlook; Commodities RiseBB
Gilts lead bonds lower after U.K. GDP exceeds estimates * Norwegian krone gains as Norges Bank keeps key rate unchanged

More on the return of advanced economy inflationFT

Keeping the Internet Free Might Get Very ExpensiveView / BB

Danske DailyDanske Bank

Eye-Opener Nordea
More Riksbank easing today; no drama from Norges Bank; and yields are rising * Riksbank surprise today * Long yields keep rising despite lower oil prices * Central bank “fight” – NOK vs SEK today

Morning MarketsTF
Asian stocks fell widely on Thursday though shares in Korean electronics giant Samsung rose despite a plunge in third-quarter earnings as the group vowed to overcome its Galaxy Note 7 flaming-phone disaster and deliver "solid growth" in profits next year. Bonds fell in a global selloff.

Euro wrap-upDaiwa

Daily Market Comment Marc Chandler
Rising Yields Continue to be the Main Driver

Daily Market CommentMacro Man
Schlemiel, schimazel

Daily Press SummaryOpen Europe

Brussels PlaybookPolitico

US Futures Rebound, Global Stocks Dip As Bond Yields, Dollar Hits 9 Month High


Inflaatiolle vauhtia Riksan kyydissä? * USA:n lokakuun palvelusektorin ostopäällikköindeksi yllätti positiivisesti * Norjan keskuspankki pitää korot ennallaan * Ruotsin kruunun odotetaan heikkenevän