10th Oct - Catalan "V"-day in markets

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EUROPE

GERMANY
Wolfgang Schäuble remains blind to his policy failures – FT

The outgoing German finance minister continues to promote bad ideas, writes Alan Beattie

Schaeuble Leaves, But His Ideas Are Here to Stay – BB

Schäuble’s recommendations for the euro zone reveal the limits of fiscal integration.

Schäuble’s “Non-paper for paving the way towards a Stability Union – Corriere

  SPAIN

Catalans' Day of Reckoning as Parliament Weighs Independence – BB
Catalan Separatists Face Their Moment of Truth – BB

Spain Readies Forces Able to Seize Catalan Leader Today – BB

Five Charts Show Spanish Stock Pain Ahead of Key Catalan Speech – BB

Catalonia nears possible independence proclamation despite Madrid's warnings – Reuters

  EUROPEAN CENTRAL BANK

EU parliament head raps Draghi over bad loan guidelines – Reuters

France hardens stance against higher bank capital requirements – FT

Demand for ECB money spikes in tense week for Spain's future – Reuters

ECB QE scenarios – ABN AMRO

UNITED STATES

Fed Minutes May Underline Depth of Backing for December Hike – BB

New Fed Chair—Change or Continuity? – Pictet

IMF Sounds Caution on U.S. Tax Reform: Don't Raise the Deficit – BB

Trump Says He’ll Adjust His Tax Plan in the Next Few Weeks – BB

OTHER

Last Bastion for Stock Bulls is Fading Fast – BB

Record-high stock prices and a subpar earnings season to collide * Bond yields close to bear trendline * Turkish lira scares yield compressors * OPEC’s bark has lost its bite

Growth Trend Is No Longer a Friend to Bond-Market Investors – BB
BofAML sees risk of rise in global term premiums, yields * Bonds are finally set to catch up with rising global growth

Shiller’s Ratio Flunks at Predicting Stock Performance – BB

Equities are still the place to invest, assuming investors can handle the greater volatility compared with bonds.

REGULARS

Morning Report APAC – TF

Asian markets were up in early trade with South Korean stocks rising on increased optimism about upcoming earnings announcements.

FirstFT Daily Briefing – FT

Climate change rollback, wine country wildfires, Russia revelations dog Facebook

WSJ City – WSJ

Rising Prices Boost U.K. Retail Sales, False Prophet of Long-Term Investing

“Best of the web” daily charts – Lukas Daalder

Danske Daily – Danske Bank

Eye-Opener – Nordea

CPI prints in focus in Norway * German manufacturing in good shape * Broad yield declines and low volatility * GBP rebounds on May’s hint of potential cabinet reshuffle

Morning Markets – TF

The US dollar is broadly (if mildly) lower this Tuesday morning in the wake of the Columbus Day holiday as investors seek direction in what is a data-starved week.

Daily Market Comment – Marc Chandler

Dollar Pullback Extended

Brussels Playbook – Politico

Goodbye Wolfgang — Catalan countdown — Soros and ‘Satan’

Five Things You Need to Know to Start Your Day – BB

US Open – ZH

European Stocks On Edge Ahead Of Catalan Independence Call, S&P Futures Rise

Frontrunning – ZH

FINNISH

Aamukatsaus – Nordea

Vienti vetää, kuinka kasvaa tuotanto? * Tänään saadaan Suomesta teollisuuden uudet tilaukset ja teollisuustuotanto * Tulossa inflaatiolukuja Norjasta ja Tanskasta * Saksan teollisuustuotannon kasvu oli vahvaa elokuussa