EUROPE
After Angela: the
race to succeed Merkel – FT
The
choice of a new leader will determine whether the Christian Democrats want to
be a truly conservative party
How Estonia became
centre of Danske money-laundering scandal – FT
Head
of country’s regulator does not pull any punches as he criticises Danish bank
Italian
banks stock up on government bonds – FT
Largest
increase in BTP holdings since early days of sell-off reinforces ‘doom
loop’ fears
Monetary developments
won’t stop ECB from ending QE soon – ING
Broad
money growth accelerated in October, while loan growth remained at cruising
speed. Comfortable enough for the ECB to stop its net asset purchases in
January. However, a slowdown in 2019 might put TLTROs back on the agenda
When central banks go green – FT
UNITED STATES
Untaxing times for
US corporates
– Pictet
US
corporates are delivering strong profits and this robust profit picture is
further enhanced by a sharp drop in the corporate tax burden.
FEDERAL RESERVE
Trump steps up Fed
criticism ahead of Powell speech – FT
Public
attacks by US president have been joined by closed-door manoeuvring
Powell's ‘Just
Below’ Comment Seen as Suggesting Fewer Hikes – BB
Fed
chief said in October rates were ‘long way’ from neutral * Treasuries, stocks
rally as investors see less chance of hikes
SocGen: Powell
Corrected "A Rookie Mistake" But Nothing Has Changed – ZH
Powell’s Message
Wasn’t Necessarily About Rates – BB
But
by emphasizing the long-term effects of Fed policy, he made the case for a
pause in hikes.
Market Prices Just
One 2019 Fed Hike After Powell Remarks – BB
'Powell Put'
Sparks Buying-Panic, Dovish Dollar Dump – ZH
Front running
Fed-Day’s Eve –
FT
Fed's Powell, in
apparent dovish shift, says rates near neutral – Reuters
OTHER
Why Dollar Bears
Shouldn't Expect Much From A Powell 'Pause' Signal – ZH
Nomura Shows
"The Moment Everything Broke" – ZH
In
the beginning of October, sliding risk assets, sharply tighter financial
conditions, US inflation expectations via 10Y Breakevens collapsing, first
cracks in long/short hedge fund performance, CTA trend index snapped, beta
market neutral funds broke down and risk-parity stopped working as the
correlation between stocks and bonds inverted.
REGULARS
EU
Open Rundown
– RANsquawk
Brussels
Edition Daily
– BB
Brussels
Briefing –
FT
Russia's seizure of Ukrainian ships is a
geopolitical headache that comes as the EU is deep in the morass of Brexit
Eco
Day Europe –
BB
Brexit Back Down, Trump-Xi Dinner, Italy's
Budget * Credit Suisse is planning to make Madrid its post-Brexit hub * EU
discussing sanctions on Russia, though no action likely yet
FirstFT
Daily Briefing
– FT
WSJ
Daily Economics
– WSJ
U.S.-China Summit On Tap, Trump Threatens
GM
Danske
Daily
– Danske
Bank
All eyes on Fed Chairman Powell's speech
tonight
Daily
Market Comment
– Marc Chandler
Brussels
Playbook
– Politico
Romanian brain drain — Bad loans, good
numbers — Macron takes another hit
Five
Things You Need to Know to Start Your Day – BB
Eco
Day US
– BB
Mnuchin's Fed Question, Brexit Impact,
Trade Fallout * Treasury Secretary said to ask about option that avoids hikes *
U.K. GDP Would suffer 10.7% hit in worst case no-deal Brexit
US
Open
– ZH
US Futures Jump On Fresh Hopes For China
Trade Deal, Dovish Powell Speech
Aamukatsaus – Nordea
G20-kokoukseen
on ladattu liian suuria odotuksia, julkaisimme analyysin tulevasta kokouksesta
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