9th Nov - Big red day on US taxes, junk bonds

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EUROPE

The euro is not a punishment system - FT

For better and for worse, maintaining political autonomy within the currency union is not complicated.

Credit misallocation during the European financial crisis – BIS

Undercapitalised banks were less likely to cut credit to zombie firms. Credit misallocation increased the failure rate of healthy firms and lowered the failure rate of zombie firms.

  EUROPEAN CENTRAL BANK

Italy's Shrinking Safety Net – BB

Draghi's ammunition to support Italy before the election is less than we thought – ZH

ECB Economic Bulletin, Issue 7 / 2017 – ECB

The recalibration of the ECB’s asset purchase programme – ECB

UNITED STATE

  TAX PLAN
How to Break Out of Our Long National Tax Nightmare – BB

Revised House GOP Tax Bill Calls for Higher Repatriation Rates – BB

GS: 65% Chance Of Tax Reform Passing; Expects These Changes – ZH

Stocks Tumble: Senate Tax Plan To Delay Corporate Tax Cut Until 2019 – ZH

Full Text And Summary Of The Amended House GOP Tax Bill – ZH

Details Of 'Simplified' Senate Tax Bill Start To Leak – ZH

MARKETS / OTHER

Japan Plunge As Nikkei Tumbles 850 Points Before Recovering Losses – ZH

The Daily Prophet: Equities Are Quickly Running Out of Momentum – BB

Traders Jump Into FANG Futures on First Day – WSJ

Saudi Billionaires Look to Move Funds to Escape Asset Freeze – BB

Saudi King May Relinquish Throne To Crown Prince Within 48 Hours: Reports – ZH

  JUNK BONDS

Junk Bonds To 3-Month Lows, Longest Curve Flattening Streak In 6 Years – ZH

Rotation from junk to investment grade – ZH

Flat U.S. Yield Curve Is All About Momentum and Algos – BB

Are High-Yield Bonds the Canary in the Coal Mine? – WSJ

High-Yield Funds Go Bananas as Junk-Bond Rout Worsens – BB

  

REGULARS 

FirstFT Daily Briefing – FT

Trump challenges Xi on trade, how China uses Facebook, power desks

WSJ City – WSJ

UBS Reshuffles Investment Bank, U.K. Housing Market Stutters

“Best of the web” daily charts – Lukas Daalder

Danske Daily – Danske Bank

Eye-Opener – Nordea

Peripherals lead yield-rise breaking bull-run since Draghi * USD broadly weakens ahead of Senate tax bill release * Riksbank minutes today

Morning Markets – TF

Shares fluctuated wildly in Tokyo today. First they soared to their highest level in 26 years thanks to the weak yen and upbeat sentiment on the re-election of Prime Minister Shinzo Abe. Then they took a tumble on Xi Jinping's comments on boosting China's trade with the US. Xi and Trump signed trade deals worth billions today.

Brussels Playbook – Politico

Power ladies — Glyphodrama — Ukraine’s euro-ambitions

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

US Open – ZH

Global Markets Stumble, Spooked By Japanese Stock Fireworks

Frontrunning – ZH

FINNISH

Aamukatsaus – Nordea

Riksbankin pöytäkirja julkistetaan | Meksikon keskuspankki kokoustaa | Kiinan inflaatio kiihtyi lokakuussa

Maltalla toimiva Nemea Bank yritettiin pelastaa Suomen rikkaimman rahoilla – Seura

Maltalla toimiva suomalaispankki Nemea Bank joutui rahavaikeuksiin. Pelastajaksi – ja lopulta koko potin korjaajaksi – ilmaantui Suomen rikkain mies.

Suomessa syytä pelätä korkojen nousua muita enemmän – Nordea

Korkojen nousu yllättää usein. Näin käynee tälläkin kertaa, mutta ei vielä muutamaan vuoteen. Suomen asuntovelalliset ovat erityisen alttiita korkojen nousulle, sillä Suomessa vaihtuvakorkoisten asuntolainojen osuus on euromaiden korkein.