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Deutsche Bank mistakenly paid out $US6 billion to a hedge fund client. The error was made earlier this year as a result of a “fat finger”trade, according to the Financial Times. The sum was repaid to the bank the next day.
Russia’s economy is shrinking fast. The country’s economy shrank 4.3% in the third quarter this year, the government said Monday, as a recession caused by low oil prices and Western sanctions over Ukraine continued to take its toll.
Spain is set to investigate Volkswagen. Spain’s public prosecutor has asked the country’s High Court to investigate German carmaker Volkswagen and the scandal surrounding its rigging of diesel emissions tests, according to a court document seen by Reuters.
German producer price data is coming at 7 a.m. UK time (2 a.m. ET). The producer price index (PPI) measures price changes in primary markets. It fell 1.7% last month and the consensus is for a 1.8% fall this time around.
Moscow summoned the French ambassador over an incident with an aircraft. A French military jet was involved in a dangerous incident with an aircraft carrying the speaker of the lower house of the Russian parliament, Russia’s foreign ministry said on Monday. It said the French jet came dangerously close to the aircraft carrying speaker Sergei Naryshkin as it flew to Switzerland.
EU current account data is coming at 9 a.m. UK time (4 a.m. ET). The August current account, released by the European Central Bank, shows the net flows of goods, services and capital. In July, the EU ran a €33 billion ($US37 billion) current account surplus.
Lufthansa is trying to end a pay dispute. The German airline said it had offered cabin crew additional retirement benefits if they worked beyond the age of 55 as well as wage increases.
A top US Fed official said rates should rise in the “near future.” The U.S. economy has good momentum, and should increase interest rates soon despite strong headwinds from overseas that are holding down inflation, San Francisco Fed President John Williams said.
Anti-immigrant senitment is growing in Germany. Thousands of people massed in Dresden to mark the first anniversary of the anti-migrant movement PEGIDA. Almost as many came out in counter-protest. PEGIDA supporters gathered in downtown Dresden, the birthplace of the movement, chanting “resistance, resistance!”
Canada has a new prime minister for the first time in almost 10 years. Liberal Party leader Justin Trudeau came out a clear winner in elections held on Monday, defeating Stephen Harper. He has promised to stimulate the economy with tax reductions for the middle class and increased taxes for the top 1%.
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