Singer's Elliott says U.S. Growth optimism un-warrented
as Data 'Cooked' - (www.bloomberg.com) Paul
Singer’s Elliott Management Corp. said optimism on U.S. growth is misguided as
economic data understate inflation and overstate growth, and central bank
policies of the past six years aren’t sustainable. The market turmoil in the
first half of October may be a “coming attractions” for the next real crash
that could turn into a “deep financial crisis” if investors lose confidence in
the effectiveness of monetary stimulus, Elliott wrote in a third-quarter letter
to investors, a copy of which was obtained by Bloomberg
News.
Spain
Moves Military Assets Into Catalonia Ahead Of Weekend's 'Illegal' Secession
Vote - (www.zerohedge.com) "Everything
is all set for Nov. 9," says a senior Catalan regional government official
as the region prepares to defy both the central government and the
country's highest court and proceed with a much-disputed weekend vote on
whether to secede from Spain. And while the Spanish government has not
specified what legal consequences Catalan leaders, poll workers or voters might
face Sunday, when they go to vote, The LA Times reports that Madrid has reportedly readied
thousands of Civil Guard police officers to travel to Catalonia this weekend if
needed. As Libertat repots,the presence of military convoys on the roads in
Catalonia, specifically Pizarro has been steady throughout the day.
Ukraine
Truce Teeters as Kerry, Merkel Warn on Sanctions - (www.bloomberg.com) Ukraine’s two-month-old truce is in peril amid
new fighting as insurgents raised doubts about a cease-fire and the U.S. and Germany sounded warnings that Russia risked more
sanctions over the conflict. A move by Ukrainian President Petro Poroshenko to
revoke the special status of the rebel-held areas will scuttle the truce struck
in Minsk, the breakaway regions said in a joint statement today. German Chancellor Angela Merkel
urged the European Union to consider more sanctions, while U.S. Secretary of
State John Kerry warned “pressure will increase” if the Sept. 5 agreement isn’t
implemented
Saudi
Stocks, Currency Tumble As Aramco Pipeline Explodes; ISIS Sabotage Concerns - (www.zerohedge.com) It
appears Saudi markets are back in play. As Bloomberg's Richard Breslow noted
this morning, Riyal forwards have jerked notably higher (implying weakness
expected) and the Tadawul All Share Index has dropped 7% in the last 2 days after
the killing of Shi'ites by unknown parties and now news that a pipeline has
exploded. As Breslow warns, "if that indeed signifies the spread of
Islamic State into Saudi Arabia, it would be the first time they crossed Saudi
borders. That would be a big deal and a major escalation of problems over
in that part of the world, far beyond what it would do to capital markets."
BOJ’s
Surprise Showers Wealth on Japan’s Top Billionaires - (www.bloomberg.com) The Bank of Japan’sunexpected stimulus
has already made the country’s richest even wealthier, adding more than $3
billion to the four top billionaires’ net worth. Fast Retailing Co. (9983) Chairman Tadashi
Yanai,
Japan’s richest person, saw his fortune grow by about $2 billion in the three
trading days since the central bank’s Oct. 31 announcement that sparked a
plunge in the yen and a rally in stocks. While billionaires such as Yanai
gained, the central bank’s unprecedented asset purchases to support economic
growth have yet to show evidence of spreading beyond Japan’s wealthiest people
and corporations.
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