Europe

Down The Memory Hole Goes The Truth

In the latest shot across the bow by Italy in Europe's latest refugee crisis, BBC and AP report that the Italian Coast Guard has impounded a German NGO migrant rescue boat and is questioning its crew on the isle of Lampedusa, amid a growing dispute over Italy's code of conduct for handling migrants at sea. Lampedusa is a tiny Italian island near North Africa which has struggled to house boatloads of migrants in recent years.

• Trump close to decision on addressing Chinese trade practices (Reuters); White House Weighs Trade Measures Against China (WSJ)
• Republicans Pivot to Tax Cuts Amid Frustration at Lack of Detail (BBG)
• Russian losses in Syria jump in 2017, estimates show (Reuters)
• Market Paradox: Firms Get Punished for Posting Earnings (WSJ)
• OPEC’s ‘Catch-22’: How to Unwind Its Deal to Cut Oil Output (WSJ)
• Trump’s CEO Brain Trust Hasn’t Done Much (BBG)
• How the World’s Biggest Buyout Deal Crashed and Burned (BBG)

Nasdaq 100 futures jumped 0.8% after Apple surged to record highs following a strong beat and optimistic projections ahead of the launch of the company's new batch of iPhones. Eminis are little changed, up 0.1% to 2,475, trailing Asian markets, while European stocks and crude oil fall.

Authored by Chris Whalen via The Institutional Risk Analyst,

“While the US and the UK have been mired in political chaos this year, the EU has enjoyed improved economic conditions and some political windfalls. The question now is whether this good news will inspire long-needed EU and eurozone reforms, or merely fuel complacency – and thus set the stage for another crisis down the road.”

 

Philippe Legrain, Project Syndicate