Today's Headlines

Bloomberg:

• Analysts’ Perfect Stock Plunges as China Property Risks Grow. For a perfect stock, China Resources Land Ltd. is taking a beating. Shares of the property developer have plummeted 17 percent from this year’s high on Sept. 9, the fastest pace on the city’s benchmark equity gauge. All 33 analysts tracked by Bloomberg have a buy rating on the company, giving a consensus score of 5 out of 5. That’s the highest of any constituent of the Hang Seng Index. While Mizuho Securities Asia Ltd. says the company’s earnings outlook remains buoyant, investor sentiment toward the Hong Kong-based developer and its peers has soured as China rolls out measures to cool the nation’s real estate market. Barings Asset Management (Asia) Ltd. says the shares, which are valued at $17 billion, will probably extend their rout. “This is a very volatile sector,” said Khiem Do, Hong Kong-based head of multi-asset strategy at Barings, which oversees $275 billion globally. If history is any guide, “the correction could continue and could be quite severe,” he said.
• Shearing: Emerging Market One-Off Growth Factors Are Done. (video)
• Europe Stocks Fall Amid Investor Anxiety Over Earnings, Stimulus. (video) European stocks retreated for a second day amid investor concern about corporate earnings and the implications of an expected tightening of U.S. monetary policy. Ericsson AB dragged technology shares to the worst performance on the Stoxx Europe 600 Index, tumbling 20 percent, the most in nine years, after reporting a slump in third-quarter sales and profitability. Finnish peer Nokia Oyj dropped 5.1 percent. Glencore Plc led commodity producers to the biggest gains on the European equity benchmark as metals prices climbed. The Stoxx 600 fell 0.5 percent to 338.56 at the close of trading.
• OPEC Faces Half-Million-Barrel Dispute With Members on Cuts. (video) The scale of the internal differences OPEC must resolve before securing a deal to cut supply was revealed Wednesday as the group’s latest output estimates showed a half-million-barrel difference of opinion over how much two key members are pumping. Venezuela and Iraq’s own figures on how much crude they produced in September were 565,000 barrels a day higher than estimates compiled by the Organization of Petroleum Exporting Countries from so-called secondary sources. The two nations are disputing the data, which could determine the production target for each country when caps on members’ output are decided next month.
• Libya’s Oil Production Set to Reach Three-Year High by December. Libya’s oil production is set to reach a three-year high by December as fields restart and ports reopen after five years of armed conflict crippled sales. Output is now 540,000 barrels a day and will reach 900,000 barrels by the end of the year, Libya’s National Oil Corp. Chairman Mustafa Sanalla said Wednesday in Istanbul. That would be the highest production since June 2013, according to data compiled by Bloomberg.
• Greatest Skeptics of Coal Surge May Be the Miners Themselves. Surging coal prices have been a surprise blessing for mining companies this year. Few of them seem to believe it will last. The rally has been driven by Chinese policy changes that curbed production rather than any pickup in demand. That means producers who sought to survive a downturn by shuttering mines aren’t yet ready to buy into it. Coking coal, used to make steel, has almost tripled this year while thermal, used to generate electricity, is up 56 percent. The biggest miners such as BHP Billiton Ltd. and Teck Resources Ltd. remain cautious on how long the rally will last. While Glencore Plc this week said it plans to restart a small mine, exports will be unchanged.
• Inside the Fed’s September Minutes: The Annotated Meeting.
• Clinton’s Tax Plan Seen Costing 697,000 Jobs Amid Lower Wages. Hillary Clinton’s proposed tax increases on people with high incomes and on businesses would constrain economic growth, leading to lower wages and about 697,000 fewer jobs. The Democratic presidential nominee’s tax plan, which includes proposals to raise taxes on multimillionaires and impose a “financial risk fee” on banks, would change economic behavior enough to reduce U.S. gross domestic product by 2.6 percent over the long run, according to a study prepared by the Washington-based Tax Foundation. In that slightly smaller economy, wages would be 2.1 percent lower, the report said.

Wall Street Journal:

• Germany’s Banking Problem Is Bigger Than Deutsche Bank. Too many banks are fighting in the same space, while political and legislative hurdles make consolidation difficult.

CNBC:

• Fed minutes: Hawks worry that delay in rate hike could cause recession. Federal Reserve officials who favor hiking interest rates worry that waiting too long could send the country into recession. At an unusually divisive Federal Open Market Committee meeting in September, hawkish members said history holds a worrisome lesson for a central bank that has kept a historically accommodative monetary policy in place for the past eight years.
• Major mall operator to close 72 shopping centers on Thanksgiving.
• Samsung will lose, but not to Apple(AAPL): Experts. (video)

Zero Hedge:

• "We Just Got A Tip" - Email Leak Reveals More Collusion Between State Department And Hillary Campaign.
• EU Exit "Only Way Out" From Greece's "Occupying Force" Of Refugees.
• Stocks Slide As ECB Hints At Delaying Additional Asset-Buying Decision. (graph)
• Wikileaks Releases Another 673 Podesta Emails In Part 5 Of Data Dump.
• Consumer Spending Deteriorates In September; BofA Finds No iPhone 7-Linked Sales Jump. (graph)
• Germany To Cut Off Welfare Benefits For EU Citizens.
• Kuroda Defends BOJ Credibility, Mocks Fed And IMF Economists.
• Yellen Will Not Be Pleased: Job Openings Miss Most On Record, Tumble To 2015 Levels. (graph)
• Political Risk Strikes US Equities. (graph)
• Even More OPEC Confusion: Unclear Who Cuts First, If Anyone, As Production Hits New Record High. (graph)
• British Bond Bloodbath Despite 'Softening' Brexit Sterling Bounce. (graph)
• Deutsche Bank(DB) Sells Another $1.5 Billion In Debt At Junk Bond Terms.

Business Insider:

• Why Mercedes plans to let its self-driving cars kill pedestrians in dicey situations.
• President Obama: We'll be debating unconditional free money 'over the next 10 or 20 years'.
• RED ALERT — Get ready for a 'severe fall' in the stock market, HSBC says.

Caixin:

• China Jan.-Sept. Railway Cargo Volume Falls -6.3% on Year. Railway cargo volume fell to 1.92b tons in Jan.-Sept., citing China Railway Corp.