"The news flow has moved away from street protests and back to the roots of the budget. The government isn't finding any takers for its budget proposals..." 

Who could have seen this coming?

Under the Carney Administration, you can check out any time you like, but you can never leave...

End of an era...

Winning the prize signals that the establishment ideas are the best ideas, but there are problems with this... 

This week markets will navigate the latest complex geopolitical news amid a barrage of news including the latest US inflation data, the start of earnings season with the biggest banks reporting starting tomorrow, and Fed will wrap it up by speaking on Thursday. 

"A crucial first step, but only a first step,” yet the new limit on Beijing’s hybrids still lets in almost 8 times as many as Europe imported before the EV tariffs...

Workers say they returned from the National Day break to find equipment removed, businesses abandoned, and months of wages left unpaid.

H-1B visas are supposed to give temporary access to US employment, but migrants have been using the process as a stepping stone for permanent residency...

Consumers’ estimates for inflation one-year ahead rose to a median 3.9% in September, up from 3.6% the prior month, reaching the highest level since May of 2023.

Deutsche Bank calls it "the second China shock": China's share of global car exports went from 5% in 2013 to 15% last year, now on par with the Germans.

"She said France could face default if Macron's policy continues. Le Pen also said the ECB should intervene to lower euro-area borrowing costs." 

The deeper story is indeed more complicated...

Tokyo houses millions more people than New York, with a surprisingly simple affordability formula: let people build more housing.

"Yet little of this is visible in the BEA's New Foreign Direct Investment data..." 

...most notable in the investment and production of machinery and equipment, linked in many cases to rising AI-related spend.

"the economic impact should be nearly offset by the effects of higher equity prices, narrower credit spreads, and a weaker dollar, resulting in only a 0.1pp net hit to 2026 GDP growth"

today's welcome "miss" in core PCE is likely not due to lower prices but due to spreadsheet changes and rebenchmarking. 

"Broadly speaking, very little to no manufacturing growth exists..."

It's very busy week ahead with US payrolls (Friday) and PCE (Wednesday) as the blockbuster releases. The US ISM (Thursday) will attract outsized attention given the spectacular beat on the S&P PMI last week that sent 10yr US yields +15.2bps higher on the day.