20th Nov - German coalition snafus

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EUROPE

El-Erian: How to Build on Europe’s Economic Recovery – BB

To be lasting, the improvement needs to be followed by structural changes.

  GERMANY GOVERNMENT

Europe Faces a Hamstrung Germany as Merkel's Coalition Bid Fails – BB

‘Diminished’ chancellor can’t offer stability for time being * Europe’s dominant country contemplates domestic stalemate

Merkel’s Attempt to Form a New German Government Collapses – BB

Euro falls as Free Democrats walk out of coalition talks * German chancellor to stay in place as new election looms

Here's Initial Market Analysts' Take on Merkel's Talks Failure – BB

European election uncertainty has been consistent worry * Jury ‘still out’ until European traders offer their take

Germany: Political uncertainty goes in overtime – Nordea

After the breakdown of the coalition talks, new elections look like the most plausible scenario and the outcome is open. The short-term economic impact will likely be small, but could increase the longer the uncertainty remains in place.

Germany's Political Crisis Is No Tragedy – BB

All the options facing Angela Merkel are uncomfortable, but every path leads to an acceptable compromise

German coalition talks have failed – what now? – Open Europe

German politics: the Jamaica party is over – Danske Bank

Merkel Tries to Salvage Fourth Term After Coalition Talks Fail – BB

Steinmeier urges new negotiations after coalition talks fail * ‘Caretaker chancellor’ faces minority rule, fresh election

Euro slips as German coalition talks fail, heightens uncertainty – Reuters

Angela’s political headaches – ABN AMRO

The Jamaica-coalition talks have failed, immigration seen as the main breaking point

German Politics: What's Next? – Marc Chandler

Coalition government, minority government, or new elections

Merkel Says She Prefers New Elections Over Minority Government – BB

The FDP has left the centre – A Fistful of Euros

Euro Shrugs Off German Impasse as Stocks Struggle: Markets Wrap – BB

German DAX falls with peers; dollar steady as Treasuries gain * Bitcoin climbs above $8,000 for first time; oil holds gain

Failed Merkel Talks a Hiccup, Not Dealbreaker for Europe Stocks – BB

Euro, DAX Recover All Losses; SocGen: "Is Strong Government Overrated?" – ZH

UNITED STATES

Tax cuts are coming but will be watered down – Danske Bank

Editorial: Converging on Tax-Reform Nonsense – BB

MARKETS / OTHER

As Calm Ends for Japan Stocks, Investors Brace for More Disorder – BB

‘Volatility feels like it’ll get bigger’: JPMorgan’s Shigemi * Foreigners turn net sellers of Japan equity futures last week

Deutsche Bank: Something 'very unusual' is happening in markets – BI

The Russian Banker Who Knew Too Much – BB

Alexei Kulikov was charged with looting a small Moscow bank. But his trial turned into a window on the shadowy—and seemingly uncontrollable—world of money laundering in Putin’s Russia.

  CHINA

China’s Shadow Bank Clampdown Hits Stock Market – BB

China Watch – Growth is slowing, not collapsing – ABN AMRO

October data point to resumption of gradual slowdown in economic growth as property market corrects, and the credit impulse and fiscal support fade * We expect alternative growth measures to drop moderately as well * Record sales on Singles Day illustrative for rise of China’s new economy * Imports growth still at high levels, but moderation expected in 2018 * Higher inflation and targeted tightening drive rise in bond yields

China takes more steps to fight financial risks – Danske Bank

REGULARS

FirstFT Daily Briefing – FT

Mugabe clings to power, German coalition talks fail, coffee-powered transport

WSJ City – WSJ

German Coalition Talks Collapse, Economic and Equity Trends Diverge

“Best of the web” daily charts – Lukas Daalder

Danske Daily – Danske Bank

Eye-Opener – Nordea

No Jamaica for Merkel, EUR under pressure, risk appetite weaker * Yellen and Draghi to speak later this week * How much will European PMI’s fall? * Weaker EUR at technical support

Daily Market Comment – Marc Chandler

German Political Impasse Roils Euro...Briefly

Brussels Playbook – Politico

German coalition talks collapse — EU agency vote showdown — Brexit’s Irish brake

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

US Open – ZH

What German Political Turmoil? Global Markets BTFD, Don't Look Back

Frontrunning – ZH

FINNISH

Aamukatsaus – Nordea

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