European Briefing - Friday 01.11
Headlines
  • US House Secures Votes To Pass President Trump Impeachment Rules
  • China Caixin Manufacturing PMI Hits Highest In Almost Three Years
  • US Jobs Report Expected To Show Weaker Hiring, Strike Impact
  • Trump Warns PM Johnson Brexit Deal Makes US Trade Deal Hard
  • US Treasury Plans To Scale Back Corporate Tax Avoidance Rules
  • US Imposes New Iran Sanctions On Construction But Waives Others
  • White House Picks Thomas Storch As New Senior Trade Adviser
  • Minouche Shafik Stands As Government's Bank Of England Choice
  • UK Conservative Rebel Sandbach Joins Lib Dems Ahead Of Election
  • Dollar On Backfoot Ahead Of Payrolls Data, Trade War Doubts
  • Amgen To Take $2.7 Billion Stake In BeiGene For China Growth
  • Qantas Grounds Three Cracked Boeing 737 Jets In New Fault
Commentary
General Motors Strike Looms Over US October Job Growth

US job growth likely slowed sharply in October, weighed down by a strike at General Motors, while the unemployment rate is expected to tick up from near a 50-year low of 3.5%.

 

The 40-day strike by members of the United Auto Workers union, which came as hiring was already slowing, could make it difficult to get a clear pulse on the labour market and clues on the health of consumers, the economy’s engine.

 

The Labour Department’s closely watched monthly employment report on Friday will follow data this week showing a further slowdown in economic growth in the third quarter as a trade tensions-induced slump in business investment deepened. (RTRS – Continue Reading)

Trump’s Presidency On Treacherous New Ground After House Vote

Donald Trump’s presidency stands on its most treacherous ground after the House voted Thursday to approve and proceed with its impeachment inquiry.

 

The resolution, passed on a largely party-line 232-196 vote, does not just lay out a road map for the public phase of the inquiry. It sends a clear signal that a vote to impeach Trump, and a trial in the Senate, is all but inevitable.

 

Trump becomes just the fourth president to be subject to a formal impeachment effort. Two of them, Bill Clinton and Andrew Johnson, were impeached in the House but weren’t convicted in the Senate. Richard Nixon, facing certain conviction, resigned before the House could vote to approve articles of impeachment. (BBG – Continue Reading)

Minouche Shafik Stands As Government's Bank Of England Choice

The Bank of England may see its first female governor in over 300 years if the current government remains in power after the general election in December.

 

The BBC understands that Egyptian-born Dame Minouche Shafik is the current government's favoured candidate to succeed Mark Carney when his term ends in January of next year.

 

However, the government feels it would be inappropriate to name a successor to one of the most important economic posts in the UK before the results of the election on 12 December. A change of government in December would see a change in chancellor - the person who recommends the choice of governor. (BBC – Continue Reading)

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