- The EU echoed to a familiar sound last night – the sound of a can being kicked down the road. The latest plan is that the EU will be cut off from the UK on a Thursday (Halloween), possibly earlier.
- The ECB press conference had a dovish accent (because the accent was ECB President Draghi’s). The view was that Europe’s economy is performing as expected.
- US Federal Reserve minutes showed that patience does not signal the next US rate move is a cut.
- The IMF warned of the dangers of undermining Fed independence.
- Trade taxes are a worry for the Fed. US Treasury Secretary Mnuchin was signalling that an enforcement mechanism is close to being agreed with China to cover any potential trade deal.
- Chinese consumer prices rose – this is due to sick pigs (again), raising pork prices. European final consumer price data is due, but is not a market focus.
- US producer prices signal pricing power. With rising costs and the profit share of the economy falling a little recently, this is market relevant.
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[Reuters] Growth woes douse rally in Asian shares, dollar slips
[CNBC] China’s consumer inflation driven to 5-month high as pork prices rise
[Reuters] China producer inflation picks up for first time in 9 months, eases deflation worries
[Reuters] EU gives May till October for Brexit, seeking clarity
[Bloomberg] China’s Property Market Is Feeling the Stimulus Effect
[Bloomberg] China Consumer Inflation Surge Seen as Unlikely to Shift PBOC
[Bloomberg] Kuroda Foe Says Japan Will Prove Modern Monetary Theory a Mistake
[Reuters] N.Korea’s Kim says must deliver ‘blow’ to those imposing sanctions: KCNA
[AP] China’s spreading influence in Eastern Europe worries West
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