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Wednesday, October 4

4th Oct - Good PMIs and new ATHs

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The EU Is Pulling Its Punches Against Tech Giants – BB

Italian Businesses Don't Need a Cheap Lira After All – BB
Italy: the (ir)relevance of economic theory for leaving the euro – Prime Economics

ECB tells banks to set aside more cash on bad loans – Reuters
Central banks' credibility problem – Frances Coppola
Europe's Bond Markets Are Only Getting Uglier – BB

Catalonia To Declare Independence From Spain On Monday – ZH
Spain's economy minister: Catalan bank clients, business have nothing to fear – Reuters
Why Catalonia Will Fail Where Crimea Succeeded – BB
Spain’s on Edge Over Catalonia’s Rebellion — So Are Investors – BB
Spanish Stocks Slammed To 7-Month Lows As Credit Risk Spikes – ZH

Tillerson Says He’s Not Quitting After Report He Called Trump a ‘Moron’ – BB
S&P, Nasdaq reverse to hit fresh highs on Tillerson comments – Reuters
EU cash grab is a huge boost to Trump's tax-reform effort – CNBC

Trump Aides Deliver Shortlist of Fed Candidates – BB
Who will be the next Fed chair? – Nordea

Companies Add Fewest U.S. Workers in Nearly a Year, ADP Says – BB
Employment Grows At Slowest Pace In 11 Months As Small Business Slumps – ZH
U.S. private sector adds 135,000 jobs in September: ADP – Reuters
U.S. service sector growth hits fastest in 12 years: ISM – Reuters

One Of The Biggest Sovereign Wealth Funds About To Become A Seller – ZH
True danger is the belief that treasuries offer a hedge versus risk assets – Kevin Muir
PBOC aims to stave off potential liquidity shock – Pictet
October Perspectives: Deceptive Calm – Pictet

ETF Product Development: Past, Present, and Future – Alpha Architect
Australia’s numbers mask serious flaws in the country's economic model – BB

Morning Report APACTF
Dairy auction prices have hit a six-month low dragging the NZ dollar lower. There's been plenty of movement in other agricultural commodities as well including cocoa and Arabica coffee.

FirstFT Daily BriefingFT
Catalan tensions rise, Uber board breakthrough, trouble in Japan’s sushi sector

Tesco Resumes Dividend, City’s Lord Mayor Urges Quick Transition Deal

“Best of the web” daily chartsLukas Daalder

Danske Daily Danske Bank

Equities higher, yields mixed, FX skittish * Norwegian house prices and Euro-area PMIs today * UST yields fall as Powell reported as favourite for Fed chair, Bund yield higher but on low volumes * FX markets skittish as Fed chair decision closing in – dovish Powell reported as favored

Morning MarketsTF
Equities are firm the dollar is down oil prices are still slipping and US president Donald Trump and Britain's Boris Johnson are stealing headlines with yet another series of gaffes.

Daily Market Comment Marc Chandler
Consolidative Tone in FX Continues

Brussels PlaybookPolitico
Catalan crisis worsens — Gloomy Conservatives — Commission tax plans

Five Things You Need to Know to Start Your DayBB

Spanish Stocks Tumble On Growing Catalan Crisis; Dollar Weakens As China Jumps


USA:ssa luottamus huipussaan * Markkinoilla odotetaan euroalueen ostopäällikköindeksien pysyneen vahvoilla tasoilla * Myrskytuhoilla ei vaikutusta USA:n palvelusektorin syyskuun luottamusindeksiin * Venäjältä saadaan syyskuun lopulliset inflaatiotiedot.

Jan von Gerich: EU murrospisteessäNordea
EU ei ole talouskasvumielessä yltänyt lähimainkaan potentiaaliinsa. Britannian lähtiessä on korkea aika siirtää huomiota kriisien torjumisesta paremmin toimivaan talousunioniin. Suomella pitää olla aktiivinen rooli tässä keskustelussa.