Today's Headlines

Bloomberg:

• China May Be Set for a Shock Fall in Foreign-Exchange Reserves. Brace yourself. Beijing was embroiled in a spate of frenzied dollar-selling last month as capital outflows and a depreciating yuan saw foreign-exchange reserves tumble by $80 billion, resuming 2015's sharp declines in the country's monetary war chest after a period of relative stability between February and September this year. 
• European Shares Close Unchanged After Worst Losing Run Since ’14. (video) European stocks suffered a late selloff but still manged to halt their longest losing streak in two years amid some better-than-expected earnings from the region’s banks, and as a U.K. ruling sparked optimism the nation’s split from the European Union won’t be as harsh as feared. The Stoxx Europe 600 Index closed virtually unchanged. The equity gauge earlier rose as much as 0.8 percent after judges decided the U.K. has to hold a vote in Parliament before starting the two-year countdown to Brexit, a decision that the government said it will appeal. Shares pared gains after data showed orders for U.S. business equipment fell in September by the most in seven months, and service industries expanded less than projected.
• Prepare for the North Sea Oil Flood. Oil producers in the North Sea, home to one of the world’s key crude-price benchmarks, are poised to ship the most crude in more than four years. The surge takes place just as OPEC tries to contain a global surplus with coordinated output cuts. Shipments of North Sea grades will increase 10 percent month-on-month to about 2.16 million barrels a day in December, according to data compiled by Bloomberg. If all the cargoes load as planned it would mark the most crude oil shipments from the region since May 2012. The increase just from September, when there was field maintenance, would be almost 360,000 barrels a day. The surge poses yet another challenge to the Organization of Petroleum Exporting Countries as it seeks to curb production to steady markets in a world with plenty of oil. 
• Kurds Reveal Oil Data as Iraq Output Row Threatens OPEC Deal. Iraq’s Kurds say their oil production in September was 290,000 barrels a day lower than the federal government’s figures for the semi-autonomous region, as OPEC’s second-biggest member tries to resolve accounting differences with the producer group over its output. Iraq’s central government says its crude oil output is several hundred thousand barrels a day higher than market analysts and the Organization of Petroleum Exporting Countries acknowledge. It published a rare breakdown of its September production data this week to support its figures. The disagreement over the figures, which would determine the size of any cuts by OPEC members, threatens to derail talks to limit the group’s output.
• Trump Gives Betting Markets That Brexit Feeling.

Wall Street Journal:

• China Slowdown Deepens Looming Pension Crisis. Shortfall most threatens struggling industrial areas, where retirees’ hopes are dimming.

Fox News:

• Sources: 99 percent chance foreign intel agencies breached Clinton server. (video)

CNBC:

• 'Fool's' monetary policy helped create Donald Trump, says ex-Fed president Fisher. Unconventional monetary policy that has squeezed the middle class helps explain Donald Trump's improbable political journey, according to former Dallas Fed President Richard Fisher. Looking at the current political situation causes Fisher to "weep for my country," the ex-central bank official said last week in a speech to the Urban Land Institute's fall conference.
• DOJ examining role of over 12 generic drug makers; Charges to be filed by year end: Report.

Zero Hedge:

• The FBI's White Collar Crime Unit Is Probing The Clinton Foundation.
• A Warning About Market Liquidity From Interactive Brokers.
• Equity Derivatives Flash Brexit-Like "Panic Signal". (graph)
• China Prepares To Impose Curbs, "Capital Controls" On Bitcoin.
• Secret Recordings Fueled Mutinous FBI Investigation of Clintons Despite DOJ Orders To "Stand Down".
• More Collusion With Donna Brazile Revealed As Hillary Campaign Sought Advice On Prepared Debate Answers.
• WTI Plunges Back To $44 Handle As CS Warns Of Contango "Big Red Flag". (graph)
• US Factory Orders Rise YoY For First Time In 2 Years, But Down 17% From Highs. (graph)
• US Services Economy Slips From August Spike: "Employment Growth Remains Weakest In 3 Years".
• Podesta Files Part 27: Wikileaks Releases Another 1,100 Emails, Total Is Now 44,218.
• Initial Jobless Claims Jump Most Since May To 3-Month Highs. (graph)
• US Productivity Prints Consecutive YoY Declines For First Time In 23 Years. (graph)
• More Signs Of The "Strong US Consumer" Emerge As Auto Repossessions Soar. (graph)
• BOE Keeps Rates Unchanged, Drops Guidance To Further Rate Cuts, GBP Jumps.

Business Insider:

• Report: FBI had secret recordings of suspect talking about alleged deals Clintons made.
• Elon Musk thinks we need a 'popular uprising' against the fossil fuel industry.
• One hedge fund laid out why the market feels so dangerous right now.
• The drug pricing debate is starting to hurt the entire pharmaceutical industry.
• Traders are seeing a big red flag for oil.

China Business News:

• China GDP Growth May Slow to 6.6% in 4Q, Researcher Says. GDP growth may slow due to property controls, citing Zhu Baoliang, researcher at State Information Center backed by NDRC.