German industrial orders rose in October
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European equity markets gain up to 0.5% in uneventful trading with Spain and Italy outperforming (+1.5%) supporting by a rebounding financial sector (apart from BMPS). US stock opened marginally lower.
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German industrial orders rose in October at their fastest pace in more than two years (4.9% M/M vs 0.6% M/M forecast), suggesting the industrial sector will prop up growth in Europe's largest economy in the coming months. Eurostat confirmed EMU Q3 GDP at 0.3% Q/Q. Household and public sector spending supported euro zone growth as the impact of foreign trade turned negative.
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Italy is preparing a state bailout for Monte dei Paschi di Siena as the bank's hopes of being saved by private funding fade following Prime Minister Matteo Renzi's decision to quit, sources close to the matter said.
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Italian interior minister Alfano, head of a small centre‐right party that is a crucial part of Renzi's ruling position forecasts that there will be early elections in February.
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Bernard Cazeneuve has been appointed as France's prime minister after Manuel Valls resigned, triggering a government reshuffle less than five months before presidential elections. The move follows Mr Valls' decision to compete for the centre‐left presidential nomination in a primary contest in January.
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UK chancellor Philip Hammond has slammed plans by the EU to force overseas banks to set up holding companies in Europe as protectionist, saying the measures had been proposed without prior consultation.
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Negotiations over the UK's exit from the EU need to be wrapped up within an 18‐month period (by October 2018), with the U.K. leaving the bloc by March 2019, European Commission's chief Brexit negotiator Barnier said.
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Chancellor Angela Merkel has for the first time called for a burka ban in Germany, in a clear hardening of her approach to integrating Muslims following intense criticism of her refugee policy under which over a million mainly Muslim asylum seekers have arrived in the country since early last year.
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