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EUROPE
Paris and Berlin at odds over key plank of
eurozone reform plans –
FT
German ideas expose
differences over proposals for sovereign debt restructuring
SPAIN
Daniel Gros: Europe’s Return to Crisis? – Project Syndicate
The European Union –
which relies on the nation-state not just for the implementation of its policies,
but also for its own legitimacy – can function only as well as its member
states. And, today, those member states, including but not limited to Spain,
are severely weakened by internal strife.
Wolfgang Münchau: A Catalan breakaway would make
Brexit look like a cake walk – FT
Extricating yourself
from the EU is difficult enough, but to extricate yourself from a currency
union at the same time is an economic suicide mission
Jussi Halla-aho: Most independent states today were born ‘illegally’ – FT
Spanish Government Begins Process To Suspend Catalan Autonomy – ZH
Spain Turns Screws on Catalans With Threat of Direct Control – BB
Madrid Gives Catalonia 5
Day Ultimatum To Clarify If It Declared Independence – ZH
UNITED STATES
Five Things to Watch for
in Bank Earnings – WSJ
FEDERAL RESERVE
Fed Is Ignoring Actual Inflation Data – BB
The Key Things To Look
For In Today's FOMC Minutes – ZH
FOMC Minutes – FED
Fed split on inflation
intensified at September policy meeting: minutes – Reuters
Fed Minutes Show Support
for Next Hike Was a Close Call for Some – BB
Fed Fears Low Inflation Here To Stay But Push For Hike In 2017 – ZH
Fed Fears Low Inflation Here To Stay But Push For Hike In 2017 – ZH
OTHER
MARKETS
When Mean Reversion Fails – Pension Partners
Market can remain
overvalued or undervalued for decades, but the baseline definition of
over/under valuation can change as well.
Aaron Brown: Humans Have an Essential -- Though
Small -- Role in Markets
– BB
Until computers learn
fairness, or the human race abandons the ideal, humans are essential in the
investment process.
Focus Distinguishes Trading Professionals From
Amateurs – Brett
Steenbarger
All traders exhibit
emotional processing. The least
experienced traders exhibited the most extreme emotional reactivity.
The quiet bull market everyone is skeptical of – Kevin Muir
Japanese stocks are
pushing higher despite stronger JPY
Financial forecasts – Some headwinds – October
2017 – Nordea
Markets have largely
shrugged off the ample political risks, and risk appetite has remained
positive. While we expect the positive tone to continue for now, we see more
risks on the horizon. We update the details of our ECB call.
Deutsche Bank's Alan Ruskin: Vol: freeze or
flight? – ZH
By the end of next year,
the combined expansion of all the major central bank balance sheets will have
collapsed from a 12 month growth rate of $2 trillion per annum to zero.
OPEC
OPEC Monthly Report – OPEC
OPEC Boosts Oil Demand
Estimates, Admits Oil Prices Can't Rise Above $55 – ZH
IMF Fiscal Monitor:
Tackling Inequality, October 2017 – IMF
Financial Stability
Improves, But Rising Vulnerabilities Could Put Growth at Risk – IMF
OPEC again raises demand
forecast for its oil, points to 2018 deficit – Reuters
FUN
The Prophet of Germany’s New Right – NYT
From a tiny village in
the country’s rural east, a leading nationalist intellectual builds a vision
for the future of his movement across Europe.
The Man Who Forgot He Was a Rap Legend – GQ
T La Rock was one of the
pioneers of hip-hop. But after an attack put him in a nursing home, he had to
fight to recover his identity, starting with the fact that he’d ever been a
rapper at all.
REGULARS
FirstFT Daily Briefing – FT
Catalan independence stand-off, decoding cancer, Uber appeal deadline
WSJ City – WSJ
Spanish Stocks Up as Catalonia Backs Down, Equifax Hack Hits 15 Million
UK Customers
“Best of the web” daily
charts – Lukas Daalder
Danske Daily – Danske Bank
Eye-Opener – Nordea
New financial forecasts * Fed minutes today * No Catalonian escalation
buttressing yields
Morning Markets – TF
The greenback is back on a weak footing at the European open and sterling
is also smarting from another blast of Brexit woe. The Catalan constitutional
crisis has descended into farce but crude oil has been cheered by the outlook
to Saudi production cuts.
Daily Market Comment – Marc Chandler
China Ends Swap Lines with South Korea: A Dog That Doesn't Bark
Brussels Playbook – Politico
Catalan non-independence — Council conclusions — Electoral law vote in
Italy
Five Things You Need to
Know to Start Your Day – BB
US Open – ZH
S&P Futures Flat, Spain Rebounds, Nikkei Closes At 21 Year High
Frontrunning
– ZH
FINNISH
Aamukatsaus – Nordea
Katalonian aluejohtajan puhe oli markkinoille pieni
helpotus | Fedin pöytäkirja julkaistaan tänään | Norjan inflaatio petti
odotukset
Saksan
metallimiehet eivät tuo helpotusta EKP:lle – Nordea
EKP päättää osto-ohjelmansa supistamisesta lokakuussa,
mutta korkojen nostoon on matkaa. Inflaatiopaineita heikentää saksalaisen IG
Metallin vaatimaton palkankorotustoive, joka on hyvä pitää mielessä myös Suomen
palkkaneuvotteluissa.