general election

“Bigger Systemic Risk” Now Than 2008 - Bank of England

An angry Italy summoned Austria's ambassador after the government in Vienna announced it was ready to re-introduce border controls and deploy troops and armored vehicles along the border to block any migrant influx out of Italy. Austrian Defence Minister Hans Peter Doskozil told Kronen Zeitung daily that troops could go to the Brenner Pass and that four Pandur armoured personnel carriers had been sent to the Tyrol region with 750 troops were on standby.

On Sunday Japanese PM Shinzo Abe’s Liberal Democratic Party suffered what Reuters called a "historic defeat" in the Tokyo assembly election, and "plunged into a crisis" after losing to an upstart outfit in an vote that is seen as a harbinger for Japan's national elections, and signaling trouble ahead for the premier who has suffered from slumping support after a series of political scandals.

• Global Bonds Sell Off, Sparking Fears of Further ‘Taper Tantrum’ (WSJ)
• Facing revolt on healthcare, GOP senators delay vote (Reuters)
• Global businesses dig out from latest cyber attack (Reuters)
• Companies Work to Contain Fallout From Cyberattack (WSJ)
• Cyber attack hits property arm of French bank BNP Paribas (Reuters)
• Obama Choked on Russia Long Before the 2016 Election (BBG)
• The EU May Need to Introduce a Bloc-Wide Tax After Brexit (BBG)
• iPhone Anniversary Edition Gives Analysts Pre-Party Jitters (WSJ)

Two weeks after the first, and biggest, European bank bail-in took place under the relatively new European bank resolution mechanism, the EBRD, when Spain's Banco Popular wiped out the holders of its most risky securities, including equity and AT bonds, and then selling what was left of the bank to Santander for €1 - a process that took place without a glitch -  Italy may have just killed any hope of a European banking union, when the bailout of two small banks made a "mockery" of Europe's new regulation.