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GEOPOLITICAL RISK + GLOBAL MARKETS

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GLOBAL RISK

Europe’s Battle on Four Fronts Last year’s "multi-crisis" in the EU – including Brexit, refugees, “illiberal democracy” in Hungary and Poland, and the still-unresolved euro crisis – has produced a convergence of opportunities. With Germany's election over, European leaders no longer have an excuse for inaction while they wait for voters’ next rebuff. -Project Syndicate

EUROPE RISK

The European Parliament is back. Well, sort of. Some MEPs are concerned their light schedules undermine efforts to get the Parliament to be taken seriously. -Politico.eu

Far-right AfD enters German parliament: What it means for German politics The far-right AfD will be the third-largest party in the Bundestag. This will have no immediate effect on policy per se, but will alter the political tone. In a nutshell: things are about to get a lot nastier. -DW

French Parliament Advances a Sweeping Counterterrorism Bill The legislation, approved by a wide margin in the lower house of the French Parliament, codifies measures like search and seizure and house arrest without judicial review — steps once considered exceptional — and effectively institutionalizes a trade-off between security and personal liberty. -NYT

Catalonia to move to declare independence from Spain on Monday -Reuters

Spanish king slams ‘disloyal’ Catalan breakaway leaders The monarch accused regional officials of dividing Catalan society. -Politico.eu

Theresa May struggles to sell vision of the 'British Dream' Theresa May was beset with coughing fits and interupted by a protest at her party's annual conference. She attempted to sell her position as a free market enthusiast but also a compassionate leader. -DW

Boris Johnson Takes Center Stage in U.K. Leadership Shadow Play -NYT

RUSSIA RISK

U.S. Army unprepared to deal with Russia in Europe A self-assessment by the 173rd Airborne Brigade is called ‘a real eye-opener’ to how some critical capabilities to deter Russia have eroded. -Politico.eu

Russian-bought Facebook ads 'seen by 10 million in US' -BBC

MIDDLE EAST RISK

Iran and Qatar discuss boosting ties in first Doha meeting since boycott began Iranian Foreign Minister Zarif and Qatari Emir Al Thani also addressed how to ease tension amid Gulf states. However, the meeting could fuel Saudi Arabia's criticism that Tehran and Doha are already too cozy. -DW

EMEA || GLOBAL MARKETS IMPACT + OPPORTUNITY

GLOBAL BUSINESS

EU orders Amazon to repay $295 million in Luxembourg back taxes -Reuters

Bezos Gets a Chance to Woo Macron The European Commission has hit Amazon.com Inc. with a 250 million-euro ($294 million) bill over what it deems to be illegal tax breaks from Luxembourg. It's the latest signal from Brussels that it has Big Tech in its sights, following a record 13 billion-euro swoop on Apple Inc. -Bloomberg

EU takes Ireland to court for not claiming Apple tax windfall The European Commission said on Wednesday it was taking Ireland to the European Court of Justice for its failure to recover up to 13 billion euros ($15.3 billion) of tax due from Apple Inc (AAPL.O), a move labeled as “regrettable” by Dublin. -Reuters

Uber and TfL plan more talks after meeting fails to resolve London row Ride-hailing firm says it is ‘determined to make things right’ in London as CEO Dara Khosrowshahi leads bid to regain license -The Guardian

GLOBAL MACRO

The U.K. Could Lose a $79 Billion Market After Brexit But how well the U.K. market performs depends on whether data can continue to flow freely between Britain and the EU. The U.K. is in the process of updating its data protection laws so that they are broadly equivalent to the new European regulations that take effect in 2018. This should allow data to continue to flow smoothly in the immediate wake of Brexit. -Bloomberg

Turkish inflation again accelerates in September The annual inflation rate in Turkey rose for the second month in a row and is now over 11 percent, well above the government's 5-percent target. President Recep Tayyip Erdogan blames high interest rates. -DW

Saudi central bank paints rosy picture of economy Top Saudi central bank officials painted a highly positive picture of the economy at a rare news conference on Wednesday, saying growth was likely to strengthen and they were not worried by deflation. -Reuters