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Focus On Whether Barnier Briefs COREPER II Tomorrow, And Tone Of Briefing
MNI BRIEF: OECD Q3 GDP Up Sharply But Below Pre-Pandemic Level
Strong Q3 recovery in OECD area, but still gaps between now and pre-Covid levels
POLICY
MNI INSIGHT: New BOJ Facility Could Push Overnight Rate Higher
The BOJ's latest facility could eventually impact monetary policy
MNI EXCLUSIVE: Debate On Fed Standing Repo Facility To Return
Dealers' capacity to provide more liquidity under stress in focus after March market disruptions
MNI EXCLUSIVE: More SOEs May Default As China Targets Zombies
A missed payment by an AAA-rated government-owned Chinese coal company has rattled bond markets, but more defaults may come.
DATA
MNI DATA IMPACT: Canadian October Inflation +0.7% YOY
Unexpected acceleration in prices still leaves it well below BOC 2% target
MNI DATA IMPACT: UK October CPI Lifted By Clothing Costs
Inflation below target for the 15th straight month despite CPI rising to highest level since July
MNI REALITY CHECK: Canada Consumers In Second Wave Slowdown
Inflation and retail sales slowing on lower demand for travel services and autos.
POLITICAL RISK
BBC-'Caution From UK Side' On FTA Talks w/EU
BBC's Laura Kuenssberg follows up on earlier tweet about Michel Barnier's cancelled meeting: "Caution from UK side - 'Both sides are negotiating more intensively than before, but significant differences remain. We may not get there."
Focus On Whether Barnier Briefs COREPER II Tomorrow, And Tone Of Briefing
Following on from the 1057GMT bullet regarding the BBC's Laura Kuenssberg's tweet on the cancellation of Michel Barnier's Tuesday briefing to EU representatives, there is no word yet confirming or ruling out Barnier talking to tomorrow's weekly COREPER II meeting of member state ambassadors to the EU.
- Takes place every week at 0800CET (0700GMT). Not just to discuss Brexit, is used to prepare work of European Council.
- Should Barnier talk to the group there will be intense interest. Any sign of a deal to be taken positively, while Barnier's usual comments about differences on fisheries, level-playing-field, governance would be seen in a negative light that negotiations have not progressed.
BBC-'Barnier Cancels Tuesday Briefing', No Word On Friday Talks
BBC's Laura Kuenssberg tweets: "Barnier has cancelled briefings to EU side - planned for Tues night and then Weds lunchtime - only a hint, but perhaps a good sign that negotiators are churning through the obstacles to a deal, working not briefing!"
- Note this refers to meetings scheduled for next week, not the meeting supposedly scheduled with member state ambassadors to the EU due to take place on Friday at 0700GMT.
- The cancellation could mean several things:
- That Barnier is keen to continue negotiating with the UK side and cannot spare the time to brief MS representatives;
- That a deal is in the offing and could be presented sooner than Tuesday (Monday 23rd has been put forward as a crucial day to reach a deal to ensure ratification by year-end)
- That a negotiations have not progressed and there is likely to be little to update MS' on on Tuesday.