🛑 All capital dies; the accounts merely argue about the date. The argument is called depreciation, and in most years nobody attends it. unstableequilibria.substack.…

🛑 HOUTHIS SAY THEY REPELLED ADVANCE BY SAUDI-BACKED FORCES BAB EL-MANDEB STRAIT

🛑 HOUTHIS SAY THEY LAUNCHED BALLISTIC MISSILES AND HEAVY WEAPONS TOWARDS ADVANCING FORCES

🛑 QATAR EXTENDS FORCE MAJEURE ON LNG CARGOES TO ITALY'S EDISON UNTIL END-DECEMBER

🛑 No

🛑 IRAN'S NAVY SAYS 'OFFENDING' OIL TANKER CAUGHT FIRE AFTER HITTING MINES EAST OF THE STRAIT OF HORMUZ - STATE MEDIA

Les chinois n'ont aucun sense de l'humour...

🛑 Putin said Russia needs to consider ending the ongoing conflicts and lifting sanctions.

🛑 Saudi Arabia taps Singapore for crude storage to outmanoeuvre shipping disruptions 🛑 Saudi Aramco plans to store up to 9m barrels of crude oil in Singapore’s Jurong Rock Caverns from next year’s second half 🛑 The facility will act as a buffer for the Southeast Asian region in times of disruption, ensuring continued flows 🛑 Aramco will have more optionality in prioritising crude oil allocations, with smaller-sized tankers seeing some benefits

🛑🇨🇳🇺🇸 PBOC vice governor and SAFE head Zhu Hexin meets Peterson Institute delegation 🛑🇨🇳🇺🇸 PBOC vice governor and State Administration of Foreign Exchange (SAFE) head Zhu Hexin met visiting Peterson Institute for International Economics president Adam Posen, former De Nederlandsche Bank governor Klaas Knot and former Bank of Korea governor Lee Chang-yong to discuss the international economic and financial outlook; SAFE deputy governors Li Hongyan and Li Bin attended.

🛑 "you don't need to be an economist to see his mistake" because taxpayer fear dictates behavior. Even if a future recurring tax never materializes, if billionaires leave California today out of fear that it will, the state permanently loses their future income and business tax revenue. Consequently, the billionaires' defensive migration is entirely rational, and Zucman's modeling ignores the foundational psychological reality of how wealth reacts to shifting policy landscapes.

🛑 Gabriel Zucman and California's not-so-irrational billionaires 🛑 You don't need to be an economist to see the mistake of Proposition 40's leading evangelist. washingtonpost.com/opinions/…

🛑 Fitch expects Hungary could adopt the euro as early as 2032.

🛑 FINLAND'S PRESIDENT STUBB AND NORWAY'S PRIME MINISTER STOERE HELD A PHONE CALL WITH PRESIDENT PUTIN

🛑🇨🇵 French November Baseload Power €211.45 / MWh

🛑 ECB bank lending survey: net 27% of banks reported a decline in housing loan demand; lending standards unchanged.

🛑🇩🇪🇨🇵 Le spread

🛑 Egypt parliament approves military support for Saudi; could deploy forces overseas for first time in 35 years

🛑🇨🇵 French consumer confidence falls to lowest since 2013 after unrest 🛑🇨🇵 France’s consumer confidence index dropped 5 points to 80 in October, the lowest reading since 2013, Insee said. The figure missed the Bloomberg median of 85 and was below all surveyed economists’ forecasts. Households reported growing concern about their finances, living standards and unemployment; inflation expectations rose, with a larger share of households expecting prices to increase over the next 12 months. Insee noted the data may understate the full effect of recent unrest: the survey cutoff was Oct. 19 and most responses were collected early in the three‑week field period. The decline follows a period of bond‑market selling and protests that escalated into riots. The index has remained below its long‑run mean of 100 for five years amid persistent inflation and political and budgetary instability.