The European Investment Bank will stop loaning to fossil fuel projects at the end of 2021 to fight climate change. "We will launch the most ambitious climate investment strategy of any public financial institution anywhere," President Werner Hoyer says.

The European Commission is seeking legal action against the UK for breaching its EU Treaty obligations by failing to nominate a representative to the new commission that is to be formally seated on Dec. 1. The British government responded that "pre-election guidance states the UK should not normally make nominations for international appointments during this period."

German Finance Minister Olaf Scholz is optimistic the EU can reach an in-principle agreement on a banking union this year. "The time of the new presidency and the new commission of the European Union is the time to get all the necessary agreements and to start with the work on that question," Scholz says.

The European economy has dodged a recession but remains in below-average growth, European Central Bank Vice President Luis de Guindos says. De Guindos urges governments to step up fiscal measures to support growth.

The main Spanish stock index has fallen 2.3% this week as investors worry about the possible impact of a Socialist-Podemos coalition government on the nation's finances and the banking sector. "Podemos is a radical left party that's not well known by investors, and that has triggered fears about what ... a coalition government with the Socialists would do in terms of economic policies [and] public spending," Natixis economist Jesus Castillo says.

Alibaba will proceed with a secondary listing worth $13 billion in Hong Kong, despite political unrest in the city. The stock offering could generate more than $13 billion if overallocation options are exercised.

Firms acknowledge the EU's revised Markets in Financial Instruments Directive has improved transparency and has benefited investors, but they say the industry has experienced negative consequences. MiFID II has caused a pendulum swing to asset users from providers, but "the pendulum should swing back towards the centre following increased reviews and regulatory adjustments", says Douglas Aronstein, head of North American execution sales at Kepler Cheuvreux.

The People's Bank of China has responded to tightening liquidity in the interbank market by injecting 200 billion yuan through a medium-term lending facility. This is the central bank's second injection this month.

UBS is developing a platform that uses natural-language processing and other machine learning to support its know-your-customer and anti-money laundering activities.

A review of markets and indexes worldwide by technical analyst Guy Cerundolo, CMT, reveals a picture of general good health heading into winter. He notes the S&P 500 is well above support and on track for further highs, the S&P 400 mid-cap index is breaking upward, momentum is improving for the Rusell 2000, Korea's Kospi index has breached a two-year channel and, while Germany's DAX index is stuttering, long opportunities could emerge from a pullback.