20th Oct - Again a bit higher volatility

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EUROPE

Madrid Doubles Down as Catalans Prepare to Declare New State – BB

Rajoy’s officials finalizing plans to take control of region * Separatists consider declaration of independence this month

High noon for the ECB, Draghi at the QE Corral – Reuters

UNITED STATES

U.S. Senate Adopts Budget, Giving Momentum to Trump's Tax-Cut Plans – BB

Plan would allow quick passage in House after Senate approval * Pact includes compromises on defense spending, entitlements

Tax Plan Takes a Big Step Forward, But What Comes Next Won’t Be Easy – BB

Array of amendment votes reveals challenges ahead for Congress * Deficit and middle-class concerns top list of thorny issues

How the Fed Chair Candidates Could Mess With the Market – WSJ

The bond market isn’t likely to treat all Federal Reserve chair candidates equally

The Only Fed Rule Is That There Are No Fed Rules – BB

Monetary policy is too much of a political balancing act to burden it with a strict template

OTHER

BOJ's next challenge: unwinding Kuroda's legacy stimulus – Reuters

President Xi reveals grand plans for China – Pictet

Trading Firms Fear Mutiny on MiFID Rule Demanding Passport Data – BB

MiFID II forces investors to submit personal data in trades * Data demand risks clash between exchanges, funds, regulators

REGULARS

FirstFT Daily Briefing – FT

Brexit hot water, wooing Amazon, the meaning of the F-word

WSJ City – WSJ

U.S. Budget Plan Lifts Dollar, EU Leaders Rebuff May

“Best of the web” daily charts – Lukas Daalder

Danske Daily – Danske Bank

Eye-Opener – Nordea

Sterling remains under pressure; election weekend coming up * Elections in Japan and Czech Republic during the weekend * Weak scandi currencies * Catalonia to make renewed impact in EUR markets?

Morning Markets – TF

The US dollar climbed higher after a difficult Thursday session on the back of news that the US Senate had moved to protect its $1.5 billion tax cut package from interference by Democrats. US and then Asian shares traded broadly higher as well after recovering from a sudden bout of risk-off Thursday.

Daily Market Comment – Marc Chandler

Tax Prospects Lift Rates and Dollar Ahead of Weekend

Brussels Playbook – Politico

Brexit breakfast — Spain to seize Catalan control — Germany’s new digital divide

Five Things You Need to Know to Start Your Day – BB

Powell or Taylor? * Tax plan boost * Elections in Japan , Czech, Slovenia * Markets rise * Merkel to the rescue

US Open – ZH

Stocks Hit New Record Highs, Dollar Jumps On Senate Vote; Japan Has Longest Winning Streak In History

Frontrunning – ZH

FINNISH

Aamukatsaus – Nordea

Inflaatio kurittaa brittikuluttajaa * Viikonlopun aikana vaalit Japanissa ja Tšekin tasavallassa * Emme usko Riksbankin koronnostoon * Punta heikkeni kautta linjan