Courtesy of Tyler Durden
- Democracy’s Rich Pageant (The Awl)
- Democratic power at risk (Reuters)
- US Federal Reserve’s latest bubble threatens mayhem: The prospect of more quantitative easing (QE) is driving government bond yields to levels that price in a depression (Telegraph)
- Fed easing may mean 20 percent dollar drop: Gross (Reuters)
- US Shifts G20 Currency Focus To Trade Deficits (FT)
- Robert Rubin dares to show his face with an FT oped: How America can withstand the headwinds (FT) – here’s how, go back in time, and make sure Robert Rubin was never in position of power. Does that work?
- Lessons From a Lost Decade (Hussman)
- China’s Hu Jintao Says Country’s Yuan Policy Is Responsible, Figaro Says (Bloomberg)
- Ireland May Have One Month to Stave Off Bailout: Euro Credit (BusinessWeek)
- Merkel: Private Creditors Must Share Losses In Future Crises (Market News)
- IMF speeds gold sales amid soaring prices (FT)
- China’s Dollar Borrowing Costs Tumble on Ratings Outlook (Bloomberg)
- Europe’s attempt to quickly make every insolvent bank TBTF continues: BBVA launches €5bn rights issue, seeks joint control of Turkey’s Garanti Bank (FT)
- Australia, India Raise Rates to Slow Inflation Before Fed Move (Bloomberg)
- BP ups spill cost to $40 billion, profits beat forecast (Reuters)
- If the Irish Budget fails to convince markets of our financial independence the game is truly up, writes Colm McCarthy (Independent, h/t JAFO)
- China Lets HKMA Buy Yuan Assets, Diversify Reserves (Bloomberg)
- Apple has 95 percent of tablet market: Strategy Analytics (Reuters)
- ECB Smacdown: Junker v Weber (El Pais, h/t JAFO)
- GM seeks to raise $10bn in landmark IPO (FT)
Economic Highlights:
- Australia RBA Cash Target 4.75% – higher than expected. Consensus 4.5%. Previous 4.5%.
- Japan Monetary Base 6.4% y/y. Previous 5.8% y/y.
- Euro-Zone PMI Manufacturing for October 54.6 – higher than expected.Consensus 54.1. Previous 54.1.
- Germany PMI Manufacturing for October 56.6 – higher than expected.Consensus 56.1. Previous 56.1.
- Italy PMI Manufacturing for October 53.0 – higher than expected.Consensus 52.8. Previous 52.6.
- Spain PMI Manufacturing for October 51.2. Previous 49.6.
- UK PMI Construction for October 51.6 – lower than expected. Consensus 53.0. Previous 53.8.