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Wednesday, November 8

8th Nov - Partial recovery from yesterday

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European leaders seem to determined to remake the “global savings glut” on a massive scaleFT
Turns out that mishandling a banking crisis and then systematically annihilating the supply of local currency safe assets leads to sustained capital outflows.

EU Parliament legal service says ECB bad loan plan beyond its competenceReuters
The legal service of the European Parliament said on Wednesday that the ECB’s plan to force banks to set aside more money for new loans that turn sour goes beyond the bank’s competence, adding new criticism to the battered project.
The Eurosystem – Too opaque and costly?Bruegel
The Eurosystem gets a lot of attention from academics and the media, but they largely focus on its statutory objective of maintaining price stability. There is much less interest in its transparency and operational efficiency. We analyse these issues, and find that the Eurosystem is less transparent and operates with significantly higher costs and headcount than the US Federal Reserve System.

Europe Is Booming, Except It’s NotAlhambra

The House Tax Cut: Who Gets WhatBB

Low loan demand: a bad omen for investmentPictet

Why the flattening yield curve doesn’t worry me yetEdward Harrison

Market Voice: Volatility Hiding In Plain SightLipper Alpha

Financial forecasts – new ECB call – November 2017 Nordea
We change our ECB call: we now expect the ECB to extend QE once more and the first rate hike is not seen until Q4 2019. We postpone the EUR/USD rebound in our forecast and revise up the oil price forecast.

A calm period could be coming to an endNordea
We have revised up our oil price forecast to USD 55/barrel for 2017, USD 63/barrel for 2018 and USD 66/barrel for 2019 as the supply/demand balance has been tightening at a faster pace and geopolitical risk has increased.

It's Not ETFs That Need Testing. It's InvestorsBB
The notion that investors will be stuck in the funds in times of turmoil when the rest of the market is trading is false.

Saudi Arabia: Where Ambition and Geopolitics Align – Stratfor
Iran calls missile attack targeting Riyadh 'reaction' to Saudi aggression – Reuters
EU, U.S. affirm Lebanon support, diverging from Saudi –
White House condemns missile attacks on Saudi by Yemen's Houthis – Reuters
Gulf Stocks Lose $6.8 Billion in 72 Hours Amid Saudi Crackdown – BB
Saudi Crackdown Targets Up to $800 Billion in Assets – WSJ
Purging rivals is often bad, but now may show an impatience to reform – BB

China Warns on Debt, But Bond Buyers Shrug – BB
China Traders Take on Risk as Margin Debt Tops One Trillion Yuan – BB

FirstFT Daily BriefingFT
Wall St’s Brexit warning, Syria signs Paris accord, lunch with Vogue’s editor

Saudi Crackdown Targets $800 Billion in Assets, M&S Finance Chief to Leave, Snap Plunges
“Best of the web” daily chartsLukas Daalder

Danske DailyDanske Bank

Mr Trump goes to China * New financial forecasts, including ECB, EUR/USD and oil * Bond yields continue lower

Morning MarketsTF
What a difference a day makes in equity markets. On Tuesday stocks rallied in Tokyo Hong Kong and Sydney. But today the leading benchmark indices ran out of steam. Australia's S&P/ASX200 managed to eke out a minor gain while the Nikkei 225 and Hang Seng lost ground.

Brussels PlaybookPolitico
Car climate plan — Germany’s light greens — NATO ministerial meeting

Five Things You Need to Know to Start Your DayBB

Bank Stocks, Dollar Slide Hit By Fresh Tax Reform Doubts

Frontrunning ZH

Trump matkaa Kiinaan | Päivitimme korko- ja valuuttaennusteemme | Tälle päivälle ei ole luvassa merkittäviä datajulkistuksia

Brysselin kone: Onko Emu umpikujassaYLE
Pitääkö euromaille suunnitella mahdollisuus euro-jäsenyydestä eroamiseen? Ja onko järkevää, että EU harjoittaa talouden ohjausta vai pitäisikö talouden antaa ohjautua enemmän markkinavoimien avulla. Eli jos taloudenpito ei herätä lainottajien luottamusta, niin maan lainojen korot nousisivat ja pakottaisivat talouspolitiikan muutoksiin. Ja miten poliittinen on tällä hetkellä epäpoliittiseksi elimeksi tarkoitettu EKP? Se työntää rahaa markkinoille ja pitää lainojen korot alhaalla, mutta miksi se tekee niin ja mitä seurauksia sen toiminnalla on.