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GLOBAL RISK

The Sovereignty that Really Matters The preference of some countries to isolate themselves within their borders is anachronistic and self-defeating, but it would be a serious mistake for others, fearing contagion, to respond by imposing strict isolation. Even in states that have succumbed to reductionist discourses, much of the population has not. -Project Syndicate

EUROPE RISK

NATO Grapples with Serious Organizational Shortcomings In a secret report, NATO warns that it may not be prepared to confront a hypothetical Russian attack. Senior military officers would like to see a return to the command structures used by the alliance during the Cold War. -Der Spiegel

Where Europe went wrong A timely warning for both sides of the Atlantic -Politico.eu

“Today, the dream of European unity has begun to wither away, and the future stability of the Continent is clouded in uncertainty”

Sorry, Czechs, Your Country Isn't a Business, Market populism hasn't worked in the U.S., Italy or elsewhere. You just can't run governments like companies. -Bloomberg View

RUSSIA RISK

US NATO ambassador to press Russia on Zapad troop numbers NATO ambassadors are set to meet their Russian counterpart to discuss a range of issues, including joint Russian-Belarusian war games. Western estimates say troop involvement was much higher than the Kremlin reported. -DW

Russia vetoes UN resolution to find out who carried out chemical weapons attacks in Syria Mandate for investigation by the UN and the Organisation for the Prohibition of Chemical Weapons due to expire in November -The Independent

Putin Spins a Tale of Russian Humiliation His message is directed at countries in the developing world. It's an offer to back them if they buck U.S. dominance. -Bloomberg 

MIDDLE EAST RISK

Here's How to Pull Turkey Back From the Brink Erdogan gets more authoritarian, and closer to Russia and Iran, every day. But kicking him out of NATO would make things worse. -Bloomberg View

Saudi Crown Prince Mohammed bin Salman pledges more 'moderate' kingdom He is set to be the next king of Saudi Arabia. But his reform efforts and vow to "eradicate" Islamic extremism may spark the wrath of the country's ultraconservative clerics. -DW

AFRICA RISK

Kenya election: Last-minute court bid to block poll -BBC

Kenya: Uncertainty over election fuels fears of clashes The lead-up to Kenya's repeat presidential election has been fraught with tension. As the country's Supreme Court meets to decide whether the vote will go ahead, observers say they fear a new outbreak of violence. -DW

EMEA || GLOBAL MARKETS IMPACT + OPPORTUNITY

GLOBAL BUSINESS

Facebook dealt setback by EU court adviser in privacy dispute Facebook was dealt a setback on Tuesday when an adviser to the top European Union court said any data protection authority in the bloc had the power to take action against it for breaching privacy laws. -Reuters

U.K. Parliament Asks: Did Russia Try to Sway Brexit Vote? Parliament is asking Facebook, Twitter and other internet companies for information about Russian efforts to use social media to influence the British vote to leave the European Union, expanding on several parallel American congressional investigations around the election of President Trump. -NYT

A Golden Handshake Worth 80 Million Euros In the Airbus corruption scandal, CEO Airbus has pointed the finger at a Paris-based sales division. But according to information obtained by DER SPIEGEL, he authorized an 80-million-euro severance package for the former head of that division, Jean-Paul Gut. -Der Spiegel 

Why Walmart's Grocery Business Won't Get Destroyed by Its New European Rivals Investors may be afraid of the German competitors' U.S. push, but Walmart has beaten their price-cutting prowess while focusing on e-commerce and delivery. -The Independent

France dials back on digital tax plans after US meetings Following a trip to Washington, Bruno Le Maire and other EU officials change their tune on going after Silicon Valley tech companies. -Politico.eu

Executives spooked as hopes for early Brexit transition deal fade -Reuters

Renzi’s risky cat fight with the Bank of Italy By questioning the reappointment of top central banker, former prime minister tries to shift blame for the country’s banking crisis -Politico.eu

Draft Senate Iran legislation sets tough new U.S. terms for deal -Reuters

GLOBAL MACRO

ECB WATCH>> Euro-Zone Tapering Is a Delicate Task The European Central Bank has to scale back quantitative easing without spooking investors.

Sterling skids on uncertainty over BoE rate outlook The British pound skidded towards a two-week low against a stronger dollar on Tuesday, pressured by growing uncertainty over whether the Bank of England will raise interest rates next week for the first time in over a decade. -Reuters

Spain investment to drop on Catalan secession Catalonians want to become independent from the rest of Spain, and that has a lot to do with national pride. But it’s also because of the region's economic power. Many Catolonians complain that the north is subsidizing the south. -DW

Spanish Bonds Are Worryingly Calm on Catalonia -Bloomberg