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Monday, November 7, 2016

Frontrunning: November 7

  • FBI boost for Hillary as tight race hits final day (Reuters)
  • Risk plays roar back as Clinton's prospects brighten (Reuters)
  • Stocks, Dollar Rally After FBI Finds No New Evidence to Charge Clinton (WSJ)
  • Don’t Worry When the Stock Market Goes Crazy After Election (BBG)
  • Republicans, Democrats vie for control of Congress on Tuesday (Reuters)
  • The Bond Market Is at an Epic Turning Point (BBG)
  • China Ousts Finance Minister in Surprise Reshuffle (WSJ)
  • Swedish prosecutor says Assange interview set for November 14 (Reuters)
  • Pimco’s Strategy for Life After Gross: Go Beyond ‘Bonds and Burgers’ (WSJ)
  • Tesco Bank Halts Web Trades as Money Taken From 20,000 Accounts (BBG)
  • New Discovery Broadens VW Emissions-Cheating Crisis (WSJ)
  • China Flexes Legal Muscle to Quash Hong Kong Independence Calls (BBG)
  • China Weighs Giving Wall Street Investment Banks Greater Mainland Access (WSJ)
  • Islamic State deploys car bombs in new Syria battle (Reuters)
  • Philadelphia transit strike to end before election day (Reuters)
  • EU reconsiders financial market access rules (FT)
  • Thousands march through Moscow for WW2 parade anniversary (Reuters)
  • Hong Kong lawmakers barred by Beijing from office (BBC)


Overnight Media Digest


- Beijing is considering allowing Wall Street firms to run their own investment banking businesses on the mainland, a long-awaited step that would give them more access to China's hard-to-crack domestic market.

- Regulators in California recently discovered software installed on some of Volkswagen AG's Audi models that appears to have allowed the cars to cheat carbon-dioxide emissions testing standards.

- Federal Bureau of Investigation Director James Comey said no new evidence has been found to warrant charges against Hillary Clinton in the investigation stemming from her use of a private email server while in government

- U.S.-backed Kurdish and Arab forces in Syria began a long-anticipated offensive against the Islamic State-controlled city of Raqqa, an operation timed to leverage a similar push in Iraq to crush the extremist group.

- With days before the election, Democrat Hillary Clinton has several apparent paths to the White House, while Republican Donald Trump must sweep battleground states and seize at least one Democratic-leaning state.

- The Department of Commerce is expected to launch a formal investigation Monday into whether Chinese steel companies are shipping steel through Vietnam to avoid U.S. import tariffs.

- New details have emerged about warnings issued by a National Aeronautics and Space Administration advisory panel regarding potential fueling hazards on SpaceX's future manned rockets.

- Regional airlines that feed the nation's biggest carriers are boosting starting wages to fight a pilot shortage, hoping to encourage aspiring aviators to endure what has become lengthier training.

- China's top legislative body effectively barred two Hong Kong politicians from taking office as local lawmakers in a decision that overrides Hong Kong's legal authority.

- Prime Minister Matteo Renzi had broad support for overhauling Italy's constitution, but the pro-reform consensus has collapsed ahead of the Dec. 4 referendum.



German prosecutors have expanded the German market manipulation probe to include Volkswagen AG's chairman of the carmaker's supervisory board, Hans Dieter Potsch.

Aviva Plc plans to more than treble its investments in infrastructure to 14 billion euros over the next five years as it seeks to boost its returns.

Prime minister Theresa May warned that if the government was forced to get parliament's mandate for triggering Article - 50, Britain would end up with a worse deal.

Brussels is reconsidering how it grants EU market access to overseas financial firms, casting doubt over the use of the bloc's "equivalence" arrangements as a fallback option for the City of London after Brexit.



- The investigation into emissions fraud at Volkswagen reached the very top of the company on Sunday after the carmaker said that the chairman of the supervisory board, Hans Dieter Pötsch, is suspected by German prosecutors of violating securities laws.

- The FBI director, James Comey, told Congress on Sunday that he had seen no evidence in a recently discovered trove of emails to change his conclusion that Hillary Clinton should face no charges over her handling of classified information.

- Against a backdrop of rising political acrimony, Theresa May, the British prime minister, warned critics on Sunday not to thwart her timetable for withdrawal from the European Union.

- Dentsu Inc, Japan's largest advertising agency, said its offices were raided by the Labor Ministry on Monday.




** Workers at Ford Motor Co of Canada Ltd have approved a new contract with the company, wrapping up 2016 contract negotiations between Unifor and the Canadian units of the Detroit Three automakers.

** The U.S. election is almost certain to be the sole fixation of the financial world this week. Everything else is secondary to Tuesday's vote - the culmination of a bitter marathon of an election campaign.

** Prime Minister Justin Trudeau is expected to roll out a new environmental protection regime for British Columbia's coast as early as Monday. It is his answer to the province's demand for a "world leading marine spill response" plan, which is currently the biggest sticking point in gaining the British Columbia government's approval for new heavy-oil pipelines.


** In about 10 days, the second multibillion-dollar equity offering this year by TransCanada Corp is set to close. The C$3.2 billion ($2.39 billion) financing - the sale of 54.75 million shares at C$58.50 plus an option to sell another 5.475 million shares at the same price, which runs until mid December - was announced this week.



The Times

German prosecutors have widened their investigation of the Volkswagen emissions scandal to include the company's new chairman.

Manufacturers are scaling back investment plans as the sector struggles against a "double whammy" of weak demand and political uncertainty.

The Guardian

Business leaders have urged the government to tackle the housing shortage by expanding the rental sector and creating incentives for older homeowners to vacate large properties.

Birds Eye fish fingers and Walkers crisps are asking supermarkets for price rises of up to 12 percent, in the latest standoff between household brands and retailers over the dramatic fall in the value of the pound.

The Telegraph

The investigation into Volkswagen's "dieselgate" emissions scandal has widened with German investigators now looking into the role of Hans Dieter Poetsch, chairman of the company's supervisory board.

Home loan broker London & Country Mortgages has shrugged off Brexit worries and decided to pursue a float that could be worth up to 300 million pounds.

Sky News

Tesco Bank has frozen the bank cards of thousands of customers after a suspected attempted fraud. Some customers tweeted that hundreds of pounds had disappeared from their accounts, with one saying the problems meant she would be "unable to feed my kids in school tomorrow".

Theresa May has fired a warning shot across Parliament's bows over Brexit as she heads off on a trade mission to India.

The Independent

Tesco Bank has been forced to block some customers' cards after thousands appeared to have been targeted by hackers.


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