2nd Oct - Continuation of quarter-end euphoria

Quote of the day:

The inability to easily buy a hedge is precisely why it stands a much better chance of being the real risk you should be worried about.

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EUROPE

Riksbank: Ingves 4ever  - Nordea

Austrian elections: All good things come in fours – ING

BOE to exit emergency mode, but series of rate hikes unlikely – ING

  SPAIN

Catalonia’s Dark Days Ahead – Wolf Street

Catalans Signal They May Declare Independence Within a Week – BB

Spain Can Blame Only Itself for Catalonia's Resistance – BB

Spanish Yields Spike As EU Washes Its Hands Of Catalonia – ZH

Catalan leader calls for international mediation in Madrid stand-off – Reuters

EU urges Spain to talk to Catalans, condemns violence – Reuters

Spain Vows to Double Down on Catalonia Opposition – BB

Spain: How to lose an election without even running – Nordea

  EUROPEAN CENTRAL BANK

Parsing the ECB’s next move – BlackRock

ECB Wants to Weed Out Smaller Banks to Cut Competition – Wolf Street

Acceleration in Euro-area core inflation took a pause – Nordea

Subdued euro inflation requires great ECB balancing act – ING

UNITED STATES

  FEDERAL RESERVE
Strong wages more important than hurricane depressed jobs data – ING

Fed Knows It's Too Risky to Curb Market Bubbles by Hiking Rates – BB

Fed Poised To Downplay Weak Data – Tim Duy

The Fed is going to make interest rate risk great again (sort of) – FT

Fed Eyes Rates as Asset-Price Tool in Break With Hands-Off Past – BB

Trump interviews four for Fed chair job, to decide in two-three weeks – Reuters

Trump Talks to Cohn, Yellen, Warsh and Powell for Fed Chair – BB

Trump Ramps Up Fed Chair Search With Decision Due Within Weeks – BB

  TAX PLAN
Trump’s tax battle still has a long way to go – ING

Cohn Says Repatriation Tax Rate Will Be in ‘10-Percent Range’ – BB

Trump Plan Aims New Foreign Tax at Multinational Companes – BB

Three Important Points About the Republican Tax Plan – BB

OTHER

  MARKETS
The Kindest Quarter Arrives for a Stock Market That Nothing Can Rattle – BB

Eric Peters On Tipping Points – ZH

Deutsche Bank’s Kocic explains a market in which "shocks no longer shock" – ZH

Hedge funds are 'dancing on the rim of a volcano' – BI

Buy the breakout? – Cam Hui

Emerging Markets Briefer: At a crossroads – mind the risks – Danske Bank

Dalio’s Holy Grail of Investing – Macro Ops

Can markets withstand the removal of QE? – Deutsche Bank

What If High Stock Values Revert to Normal Levels? – BB

Macro Monday: RBA meets Nonfarm payrolls and final PMIs – TF

China: Mixed PMI - moderate slowdown ahead – Danske Bank

Japanese Election Update – Marc Chandler

  FOR FUN
The Massive Hedge Fund Betting on AI – BB

Initially wary of the technology, Man Group was soon persuaded by the returns from algorithm-centric funds.

The Coming Software Apocalypse – The Atlantic

A small group of programmers wants to change how we code—before catastrophe strikes.

3D printing could cut world trade by a quarter in little over forty years – ING

How to Play the Electric Car Hysteria – BB

Buying firms that supply the auto industry could be a good way to get in on the action.

Noah Smith: Debt Keeps Rising and Nothing Bad Happens – BB

REGULARS

Morning Report APAC – TF

While a number of markets were closed in Asia the ASX and Nikkei were up in early trade. Meanwhile Japan’s big manufacturers showed they were the most confident about the business outlook in a decade in the September quarter.

FirstFT Daily Briefing – FT

Spain in turmoil, murder in Las Vegas, America’s trickle-down illusion

WSJ City – WSJ

Catalonia Vote Pressures Euro and Spanish Stocks, Monarch Airlines Goes Bust

“Best of the web” daily charts – Lukas Daalder

Danske Daily – Danske Bank

Eye-Opener – Nordea

Catalan uncertainty, strong Japanese data, another term for Ingves * PMIs and US employment report ahead * Political tension likely to put upward pressure on Spanish yields * NOK and SEK weaker on disappointing numbers

Morning Markets – TF

Catalan voters defied heavy-handed Spanish pushback to cast over two million ballots which the regional government claims support independence by more than a 9-to-1 margin. The result is weighing on the euro this morning as Madrid measures its response to this existential threat

Daily Market Comment – Marc Chandler

Dollar Upbeat to Start Fourth Quarter

Brussels Playbook – Politico

Crisis in Catalonia — German coalition talks latest — May’s maximum danger moment

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

US Open – ZH

Spanish Stocks, Bonds, Euro Sink After Catalan Referendum Fiasco; S&P Futures Rise

Frontrunning – ZH

FINNISH

Aamukatsaus – Nordea

Joko palkat nousevat? - tällä viikolla päähuomio USA:n työmarkkinaraportissa * Tänään saadaan USA:n teollisuuden luottamusindeksi * Katalonian kansanäänestys painaa euroa

Jan Hurri: Kuka keikuttaa eniten: nationalistit, populistit vai ”Euroopan” yhdistäjät? – IS

Euroalueen talousmyräkkä on jo hellittänyt, mutta EU:n poliittiset riskit ovat yhä suuria. Venettä keikuttavat eri maissa kapinoivat nationalistit ja populistit – mutta ehkä vielä enemmän ”Eurooppaa” yhdistävät haaveilijat, Taloussanomien erikoistoimittaja Jan Hurri kirjoittaa.