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Wednesday, October 18

18th Oct - New highs, but quiet

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Euro area: Catalonia will strike againNordea
Another deadline looms in the Catalan issue, and the situation is fast moving towards an escalation. No easy solutions are ahead, the chance of further violence cannot be excluded and market worries are set to increase in the coming days.

ECB Preview: Ready to scale back QE
Danske Bank
We expect ECB to extend QE by nine months, 30bn /month, and then end QE in Q4/18

ECB preview: slower, longer, stronger - Pictet
Recent ECB communication has been remarkably consistent in signalling a ‘slower for longer’ QE extension into 2018.

Mario Draghi: Structural Reforms in the Euro AreaECB

The BoJ’s ETF purchases mark a major shift for Japanese equity marketPictet
Although it has made no major monetary policy announcement since September 2016, the Bank of Japan (BoJ) has actually been tapering its government bond purchases ever since.

Central bankers have one job and they don’t know how to do itFT

Robots are coming for these Wall Street jobsBB
Banks and investment funds have been tinkering for years, prompting anxiety for employees. Now, firms are rolling out machine-learning software to suggest bets, set prices and craft hedges. The tools will relieve staff of routine tasks and offer an edge to those who stay. But one day, machines may not need much help.

Trend-Following: A Deep Dive Into A Unique Risk Premium Alpha Architect
Plugging trend-following strategies into your mean-variance frontier optimizer ain’t gonna work. One needs to think outside the box and consider the tails. How does my portfolio work in extreme scenarios? Are my assets short volatility or long volatility? Most mean-variance-optimized portfolios pool a bunch of “uncorrelated” stuff in a bucket without realizing they are heavily short volatility. To the extent the world muddles along — A-okay — to the extent things get nutty…You’re dead. Trend-following strategies present an opportunity to be long volatility and provide unique portfolio diversification.

The 7 Key Takeaways From Xi Jinping's Vision For "A New Era" In China ZH

FirstFT Daily BriefingFT
China party congress, Rio Tinto fraud charges and Black Monday risk

Trump Close to Naming Fed Chief, Aramco IPO ‘On Track’, SEC Sues Rio Tinto, Execs

“Best of the web” daily chartsLukas Daalder

Danske DailyDanske Bank

Chinese Party Congress starts * UK yields decline on dovish BoE comments * EUR/USD retracts further due to strong USD

Morning MarketsTF
Market focus will be fixed on China today and the 19th National Communist Party Congress which will likely dominate sentiment in the week ahead. Elsewhere European equities are expected to open slightly firmer while bonds may gain from speculation of a slower pace of QE exit by the ECB.

Daily Market CommentMarc Chandler
Central Bank Chiefs and Currencies

Brussels PlaybookPolitico
Council countdown and clampdown — Vigil for Daphne — Commission terror and data plans

Five Things You Need to Know to Start Your DayBB

Dow Futures Over 23,000: Dollar, Global Stocks Jump As China Congress Begins

Kauaskantoinen puoluekokous alkaa Kiinassa * USA:n lyhyiden ja pitkien korkojen ero kaventuu * Poliittinen epävarmuus lisääntyy Tšekeissä, mutta emme odota Tšekin korunan juuri kärsivän * Euroalueen syyskuun inflaatio oli 1,5 prosenttia ja pohjainflaatio 1,1 prosenttia