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Tuesday, October 25

24th Oct - Bull continues, good PMIs





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EUROPE
Europe's Banks Think They're Incredibly Safe – View / BB

Get ready for MerkexitPolitico
A Schäuble chancellorship should be one of Europe’s biggest worries.

Finland: Seeking balance – Nordea

  UNITED KINGDOM
Charles Wyplosz: EU Perspectives on Brexitvox
With Britain’s exit from the EU edging ever closer, so too are the negotiations. So far the focus has been on the future position of the UK. Now the time comes for the remaining 27 member states to understand the implications for them, and to establish a strategy for the EU. This new eBook aims at contributing to the extraordinary challenges that lie ahead. [summary]

UK banks fear public, politicians set against them on Brexit – Reuters
Brits Start to Count the Cost of Brexit – View / BB
Wolfgang Münchau: Britain and Europe share an interest in an amicable split – FT
Carney’s BOE Future Gives Investors More Brexit Uncertainty – BB

  OCTOBER FLASH PMI
France Composite PMI – Markit
Germany Composite PMI – Markit
Eurozone Composite PMI – Markit
Germany Regains Momentum as Manufacturing Powers Growth – BB
Euro zone business growth buoyant, prices rise: PMIs – Reuters
Strong PMIs, but the ECB will still extend QE – Danske Bank
PMIs: Everything up in October – Nordea

UNITED STATES
Sliding Corporate Profits Are a Darkening Cloud for U.S. Workers BB
Companies may tighten belts as wages further erode margins * Weaker job market would slow household spending and growth
Goldman Cuts S&P500 Earnings Forecasts For The Next Three YearsZH

US Manufacturing PMI Rises To Highest In 12 MonthsZH


OTHER
The rise of the angry voter, chartedFT

From signal to noise: 7 tips for interpreting macroeonomic data Milken Institute

Macro Monday: USD strength on the backburnerTF
USD strength looks to be on the backburner which could be good for emerging markets and yield-oriented FX as well as commodities in general. Meanwhile G3 yields have been making higher lows over the last few weeks.


REGULARS
Danske DailyDanske Bank

Eye-OpenerNordea
Busy week ahead. German Bund in very narrow trade range. Portugal kept its investment grade - still ECB eligible. EUR/USD declined to below 1.09.

Morning MarketsTF
Dollar's pushing back against all its peers and that turns the spotlight on a raft of Federal Reserve speakers over the next 48 hours that will surely offer more evidence that December is the moment for that much-mooted interest-rate hike.

Daily Market CommentMarc Chandler
Dollar Begins Mostly Slightly Lower, and Risk is On to Start the Week

Daily Market CommentMacro Man

Daily Press SummaryOpen Europe
Schulz “optimistic” on CETA but Canada laments “the end and the failure of the discussions” * BBA boss warns banks may start moving out of UK early next year if uncertainty over post-Brexit trading arrangements continues * The Netherlands refuses to commit to Ukrainian cooperation treaty * Spain’s political deadlock draws to an end as Socialists decide to allow centre-right minority government

Brussels PlaybookPolitico
CETA, CETA EU eater — Meet ‘dirty Brexit’

US OpenZH
Global Stocks Jump On Mega Merger Monday, Buoyed By Earnings, PMIs, Politics

FrontrunningZH


FINNISH
AamukatsausNordea
Riksbank keventää edelleen * Euroalueen inflaatio-odotukset pysyneet matalina * Portugal sai pitää vanhan luottoluokituksensa * Edessä talousdatan täyteinen viikko