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EUROPE
Survey shows economists predict ECB will extend QE in December * Tapering
of bond-buying plan may start in second half of 2017
While we expect no concrete action at this week’s policy meeting, we
believe extension of QE is coming and bond scarcity issues will be addressed.
CRISIS COUNTRIES
Portugal may avoid
ratings downgrade, but medium-term risks remain – Pictet
DBRS issues an update of its rating for Portugal on Friday, 21 October.
Court case involves the PM’s party, millions of euros and a man nicknamed
Don Vito.
Ministers pass measures for 2017 in effort to support growth * Corporate
tax Ires cut to 24 percent from 27.5 percent
UNITED KINGDOM
Edited version of September 27 lecture
Six Reasons to Be Wary of Brexit Optimism – View / BB
In an effort to free Britain to do more and better deals, the Brexiters
may well have slowed it down.
Not a good idea to signal the dismantling of longstanding economic and
financial tenets without simultaneously proposing a comprehensive and credible
alternative.
The current fall in sterling is entirely due to Brexit. And the current
account deficit is likely to close because of the effect of Brexit on trade and
investment.
UK’s financial services sector after Brexit – Open Europe
The value of the EU financial services ‘passport’ and what alternative
arrangements the UK should pursue as part of the upcoming Brexit talks with the
EU-27.
Carney defended central bank independence at event on Friday * Governor
to decide this year how long to stay at BOE
U.K. premier to attend first EU summit in Brussels Oct. 20-21 * Prime
minister’s modus operandi scrutinized for clues
BANKS
Paris
fears its banks will be disproportionately hit by new European rules for
failing banks
DBK Said to Explore Shrinking U.S. Operations – BB
DBK considering changes to U.S. strategy: sources – Reuters
DBK's options to solve capital dilemma seen to be limited – Reuters
UNITED STATES
Industrial Production Back to ‘Anemic’ – Analysts React – WSJ
Is this Why US Industrial Companies Don’t Invest? – Wolf
Street
OTHER
This is the end of interventionism, not capitalism * Trickle-down wealth
failed to trickle *BoJ has finally acknowledged that QE doesn't work * Japan is
readying for helicopter money * US to hit recession and Europe and EM will
follow
A Few Thoughts on Canada
– Marc
Chandler
Wall Street general counsels have met for roughly two decades * Lawyers
discussed banding together against plaintiffs’ lawyers
REGULARS
Overshooting inflation, bond
sell-off continues, USD gains * ECB and final US presidential debate on the
agenda. Euro-area bonds to trade without direction until Draghi. Yellen likes
to run it hot.
Dollar's muscle flexing has
propelled EURUSD into sub-1.10 territory as the greenback reacts to somewhat
mixed signals out of the Federal Reserve over the weekend including a tilt back
towards the dove camp from chair Janet Yellen.
Euro wrap-up
– Daiwa
Dollar Starts Week Narrowly Mixed,
while Bonds and Stocks Retreat
Monday blues
Poll: Voters think Government should
prioritise trade over immigration * UK government considers continuing EU
budget payments post-Brexit
Montenegro election drama — Renzi,
the Trudeau of Italy?
Global Stocks Slide, Futures
Pressured As Bond Yields Jump To Highest Since June
Today's trade opened with the USD
gaining ground on a deepening consensus surrounding a December rate hike from
the Fed with the consequent USDJPY rally perhaps pointing to a related one in
Japanese stocks.
FINNISH
USA:ssa julkaistaan syyskuun teollisuustuotannon luvut * USA:n
vähittäismyynti kasvoi syyskuussa vahvimmin kolmeen kuukauteen * Yellen piti
puheen perjantai-iltana * Markkinoiden huomio EKP:ssa