FURTHER FURTHER READING
- How complex systems fail.
-The Republicans are getting blamed for the US shutdown.
- Josh Brown explains why Twitter's IPO won't repeat the mistakes of Facebook's.
- More on payment prioritisation, from Brad Plumer.
- Tyler Cowen on a new immigration paper, and whether open-border advocates are good for the cause of immigration liberalisation.
- Ballmer as Dr Evil, Gates as Austin Powers. On video. Hey, why not.
- Megan McArdle on Asia's economies.
FT EVENING ROUND-UP
Markets edgy as US shutdown continues: "Global stocks and the dollar started the week on a soft note as the lack of progress in resolving the US budget crisis made for another nervous session. On Wall Street, the S&P 500 equity index fell 0.9 per cent, while the CBOE Vix volatility index – Wall Street's "fear gauge" – rose to levels not seen since June. Across the Atlantic, the FTSE Eurofirst 300 index fell 0.2 per cent to its lowest close in four weeks. The Nikkei 225 in Tokyo reversed an early rise to end 1.2 per cent weaker at a one-month low as the mood of risk aversion in the markets bolstered demand for the yen. Indeed, the dollar was down 0.6 per cent against the Japanese currency and below the Y97 in late New York trading. " (Financial Times)
China and Japan warn US on default: "China and Japan ratcheted up pressure on the US to avoid an unprecedented US default on its debt as Democrats and Republicans continued their stand-off over the budget in the second week of a US government shutdown." (Financial Times)
Penalties planned for banks receiving ECB aid: "EU regulators overseeing next year's long-awaited stress tests of the region's banks are preparing to penalise any lender that remains reliant on the European Central Bank's landmark cheap funding scheme." (Financial Times)
