China’s Trade Dominance Dealt a Blow After US Gains – Financial Times

Analysts are tentatively calling it “peak China”. The country’s position as the leading global exporter for the past two decades has been dealt a blow after it lost ground to the US in the first six months of this year.

UK Election Keeps Investors on Edge – Wall Street Journal

The pound has edged higher and U.K. stocks have rebounded, but many investors are treading carefully.

An Inflexible Brussels is Damaging its Own Interests Over Brexit – Financial Times

The EU has seen legal constraints where there are in fact only political choices.

Argentina´s President-Elect Tells IMF He Has Sustainable Plan to Repay Debt – Reuters

Argentina’s president-elect, Alberto Fernandez, has a “sustainable” plan to meet creditor obligations as well as maintain growth, he told the International Monetary Fund´s managing director Kristalina Georgieva, his office said.

Hong Kong’s Next Flashpoint: The First Vote Since Unrest Began – Bloomberg

Even as Hong Kong grapples with a violent university siege that has captivated the world, things could potentially get even worse this weekend if the government scraps the first city-wide exercise of democracy since the unrest began in June.

Japan’s Exports Post Worst Fall in Three Years – Reuters

Japan’s exports tumbled at their quickest pace in three years in October, threatening to tip the trade-reliant economy into recession as weakening demand from United States and China darkened the outlook.

Abe’s Record-Setting Tenure Leaves Japan Asking What’s Next – Bloomberg Businessweek

The country’s seven-year stretch of economic growth may be coming to an end, imperiling the longest-serving prime minister’s legacy.

Fed Minutes Seen Reinforcing Message of Rates on Prolonged Hold – Bloomberg

Federal Reserve Chairman Jerome Powell and his colleagues have been especially chatty since cutting interest rates last month, yet a record of that meeting may still shed light on the strength of conviction among officials that monetary policy is probably poised for a long pause.

Bank of Canada Warns Global Stress Could Affect Domestic Economy – Wall Street Journal

Policy makers need to be prepared for the possibility that global financial stress could spill into Canada despite the domestic economy’s overall resilience, the Bank of Canada’s Senior Deputy Governor Carolyn Wilkins said.

Regulatory News

FIA Voices Concern Over Proposed Swaps Clearing Rules – Profit & Loss

The Futures Industry Association has issued a letter expressing concern that proposed cross-border clearing house rules do not create a comprehensive framework to facilitate access to foreign cleared markets by US customers.

Westpac Accused of 23 Million Money-Laundering Breaches – Bloomberg

Westpac Banking Corp. has been accused of the biggest breach of money-laundering and terrorism financing laws in Australian history.

Ice Swap Rate Adds RFQ Data; Adopts Sonia – Risk

Industry backs overhaul of term swap rate to curb non-publication and hasten Libor switch.

Eurozone Bailout Fund Reform that Crushes Italy is Not ‘Feasible’ – Reuters

A reform of the European Stability Mechanism that crushes Italy is not “feasible”, Foreign Minister Luigi Di Maio told daily Corriere della Sera on Wednesday.

Profane Chats Proof of Forex Rigging Conspiracy, Jury Hears – Law360

A Manhattan jury is set to begin deliberating bid-rigging charges against former JPMorgan forex trader Akshay Aiyer after federal prosecutors and Aiyer’s defense team clashed Tuesday over whether sometimes-crude chats prove the defendant schemed to short-change clients.

Crypto News

Fidelity Wins Bitcoin Trading and Custody Licence in New York – Financial Times

Decision boosts fund manager’s efforts to woo institutional investors into crypto assets.

Grayscale Files Form to Become First Bitcoin Fund to Report to SEC – Coin Telegraph

Publicly traded Bitcoin fund Grayscale Bitcoin Trust  filed Form 10 with the United States Securities and Exchange Commission to become the first crypto fund to report to regulator.

FinCEN: Stablecoin Issuers are Money Transmitters, No Matter What – Coin Desk

The US Financial Crimes Enforcement Network views all stablecoins as falling under their remit to protect “money transmission services, Director Kenneth Blanco said.

RBC Refutes Rumours it is to Launch Crypto Exchange – Coin Telegraph

The Royal Bank of Canada, the largest bank in Canada with $499 billion in assets under management, will not launch its own digital currency trading platform, contrary to previously published news.

Company News

FIA Delivers Execution Source Code to CME Globex – Profit & Loss

FIA and FIA Tech have announced the successful implementation of execution source codes at CME Group. 

Fed Approves Merger Between BB&T, SunTrust Banks – Reuters

The US Federal Reserve has approved a merger between BB&T Corp and SunTrust Banks Inc, sealing the biggest tie-up of banks since the 2007-2009 global financial crisis.

Goldman, State Street Amass Losing Trading Days in Q3 – Risk

Systemic US banks incurred more loss-making trading days in Q3 than Q2 2019, with Goldman Sachs and State Street the worst performers.

Two Sigma Hedge Fund Gives Investors Access to its Software – For a Price – Financial News

Two Sigma, a New York-based investment manager that oversees more than $60 billion, recently began selling its software programme Venn, which analyses client positions and help guide them to better risk management strategies, to the public.

Market Savvy

US Services Data Suggests Upward Revision to Third-Quarter GDP – Reuters

US economic growth for the third quarter is likely to be revised higher after data on Tuesday showed stronger consumer spending than initially estimated, according to JPMorgan.

Emerging Markets Have Monetary Firepower to Drive World Economy – Bloomberg

Emerging-economy central banks from India to Brazil still enjoy the firepower to shore up the global economy as their peers from developed markets take to the sidelines.

There’s Something Fishy About the Norwegian Krone – Financial Times

The Norwegian krone last month hit a record intraday low of 10.31 per euro, sliding further than at the height of the global financial crisis. But explanations for this weakness are proving slippery to grasp.

Trade War May be the Final Blow that will Sink the Indebted World Economy – South China Morning Post

Global debt is growing faster than the global economy, which is simply not sustainable and as the US-China trade war drags on, major economies that are reliant on the global supply chain are running just to stay in the same place.

Inside the PBOC’s Struggle to Balance China’s Growth and Debt – Bloomberg

Deep in the government compound in Beijing, China’s State Council was in session, debating a complicated proposal to help struggling domestic companies.

Brazil Real Dips Toward Record Low, but FX Intervention Alarm Barely Rings – Reuters

Brazil’s real may be sliding toward an all-time low against the U.S. dollar, but the central bank appears in no rush to intervene to slow or even reverse the fall.