New York Times (David E. Sanger and Eric Schmitt): “Russian submarines and spy ships are aggressively operating near the vital undersea cables that carry almost all global Internet communications, raising concerns among some American military and intelligence officials that the Russians might be planning to attack those lines in times of tension or conflict. The issue goes beyond old worries during the Cold War that the Russians would tap into the cables — a task American intelligence agencies also mastered decades ago. The alarm today is deeper: The ultimate Russian hack on the United States could involve severing the fiber-optic cables at some of their hardest-to-access locations to halt the instant communications on which the West’s governments, economies and citizens have grown dependent.”

[Bloomberg] China’s Slide Toward Debt-Deflation Trap Needs 5-Year Plan Fix

[Bloomberg] Down $4 Trillion, China Faithful Buy Stocks That Hurt Them Most

[Bloomberg] Dubai Stocks Fall to 2-Month Low as Saudi Downgrade Jolts Gulf

[Bloomberg] China’s Official Factory Gauge Shows Contraction Continues

[Reuters] China official October factory, services surveys show economy still wobbly

[Reuters] As Swedish Central Bank Fights Deflation, Housing Bubble Worries Mount

[Bloomberg] German Coalition Leaders to Meet Again Thursday on Refugees

[Bloomberg] Erdogan’s Party Sweeps Back to Power in Turkey With Surprise Win

[Reuters] Divided Turkey votes in snap election, security fears loom large

[WSJ] China Conducted Military Drills in Past Week

Wall Street Journal (Theo Francis and Kate Linebaugh): “Quarterly profits and revenue at big American companies are poised to decline for the first time since the recession, as some industrial firms warn of a pullback in spending. From railroads to manufacturers to energy producers, businesses say they are facing a protracted slowdown in production, sales and employment that will spill into next year. Some of them say they are already experiencing a downturn. ‘The industrial environment’s in a recession. I don’t care what anybody says,’ Daniel Florness, chief financial officer of Fastenal Co., told investors… Caterpillar Inc. last week reduced its profit forecast, citing weak demand for its heavy equipment, and 3M Co., whose products range from kitchen sponges to adhesives used in automobiles, said it would lay off 1,500 employees, or 1.7% of its total, as sales growth sagged for a wide range of wares. The weakness is overshadowing pockets of growth in sectors such as aerospace and technology.”