Markets: Asian markets rose on the prospect that US lawmakers will strike a deal to lift the nation's borrowing limit and avoid a potential debt default by the world's largest economy... Markets in Singapore, Indonesia, Malaysia and India were shut for national holidays. Senate closes in on deal to reopen US government: The deal, which had yet to be finalised, would raise the debt ceiling until early February, reopen the government until January and include a mechanism to force lawmakers into longer-term budget discussions. But there were still doubts about whether an agreement would pass in the House of Representatives, where conservatives have insisted that any deal include further spending limits. Clearing firms gird for Treasury default: "Citigroup and State Street have been discussing ways in which they might impose limits on clients" use of short-term U.S. Treasury bills due in the coming weeks as collateral, according to people familiar with the matter." Citi has started telling some clients it would "rather not" take Treasurys maturing Oct. 24 or Oct. 31 as collateral while State has "been discussing" which Treasury bills it may restrict as collateral. Currency probe looks at former RBS trader: "Richard Usher, currently J.P. Morgan Chase's London-based head of spot trading for Group of 10 currencies in [EMEA], took part in the chat sessions with top traders from various financial institutions when he was an employee of RBS, these people said. The group of traders in the chat rooms was known by various monikers including "The Bandits" Club," and "The Cartel," the people said." UK opens doors to Chinese banks with special terms for lenders: Osborne is expected to offer the prospect of special terms to China's state-owned banks as part of his "personal mission" to make London a significant Chinese offshore banking centre. Rulings dent London's reputation as libel hub for rich and powerful: A High Court judge dismissed a libel lawsuit brought by a Russian former policeman against Bill Browder, the UK-based fund manager who successfully lobbied for the US Magnitsky Act which imposed sanctions on Russians allegedly involved in the death in custody of Sergei Magnitsky, a lawyer. The judge ruled the case should have been brought in Russia rather than England, as the former policeman Pavel Karpov's connection with Britain was "exiguous." David Cameron to urge Brussels on pace of market reform: A 55-page report, by his business task force identifying ways to cut EU red tape, will be presented to the UK cabinet by the business leaders on Tuesday. Recommendations include scrapping requirements for businesses in low-risk sectors from keeping health and safety records. A clear answer is unlikely to emerge before next Sunday. China's foreign-exchange reserves rose last quarter by the most in more than two years... Reserves were a record $3.66 trillion at the end of September, the People's Bank of China said yesterday in Beijing, up from $3.5 trillion in June. The median projection was $3.52 trillion in a Bloomberg News survey of seven economists. Tech-related precious metals, Rhodium, ruthenium and iridium, tumble: The price slide for all three in recent months points to weaker demand from the high-tech industries that use them. Rio Tinto produced a record amount of iron ore, usually its most profitable business, in the third quarter after pressing ahead with a controversial expansion of its huge operation in Western Australia's Pilbara region. Rio said it mined 53.5mn tonnes of iron ore, which was in line with analyst expectations. Reliance Industries, owner of the world's biggest refinery complex, reported the slowest profit growth in four quarters after refining margins declined. Net income rose 1.5 percent to 54.9 billion rupees ($894 million), or 17 rupees a share, in the three months ended Sept. 30, from 54.1 billion rupees, or 16.70 rupees, a year earlier, according to a stock exchange filing yesterday. (Bloomberg) (Financial Times) Brazil's Batista signed a definitive agreement to sell a majority stake in another of his key assets: "Mining company MMX Mineração e Metálicos, which is controlled by Mr. Batista, said Monday that Abu Dhabi's Mubadala Development Co... and Dutch investment fund Trafigura Group have agreed to pay $400 million to buy a majority stake in a port in Itaguaí, in the south of Rio de Janeiro state." The European Commission warned Italy to seek its approval before pressing ahead with a proposed €300m capital increase for Alitalia involving the country's state-owned postal services group. The "sharing economy" undermines workers" rights (Financial Times) How Credit Suisse underwent painful bond surgery -and survived (Reuters) "Why should Japan take its own underpants off?" asked a parliamentarian from rural Toyama prefecture about, we hope, the TPP (Financial Times) Starting a "Japanese granny watch" to learn what we can about Japan's trajectory (Financial Times) Citizen Kejriwal (WSJ) Soap Opera: Amazon moves in with P&G (WSJ) The potash war continues: now with extraditions (Financial Times) Asian markets Nikkei 225 up +33.42 (+0.23%) at 14,438 Topix up +1.45 (+0.12%) at 1,199 Hang Seng up +133.52 (+0.58%) at 23,352 US markets S&P 500 up +6.94 (+0.41%) at 1,710 DJIA up +64.15 (+0.42%) at 15,301 Nasdaq up +23.40 (+0.62%) at 3,815 European markets Eurofirst 300 up +1.62 (+0.13%) at 1,252 FTSE100 up +20.46 (+0.32%) at 6,508 CAC 40 up +2.98 (+0.07%) at 4,223 Dax down -1.02 (-0.01%) at 8,724 Currencies €/$ 1.36 (1.36) $/¥ 98.45 (98.56) £/$ 1.60 (1.60) Commodities ($) Brent Crude (ICE) down -0.15 at 110.89 Light Crude (Nymex) down -0.24 at 102.17 100 Oz Gold (Comex) down -5.90 at 1,271 Copper (Comex) unchanged 0.00 at 3.30 10-year government bond yields (%) US 2.71% UK 2.81% Germany 1.87% CDS (closing levels) Markit iTraxx SovX Western Europe -2.54bps at 75.34bp Markit iTraxx Europe -0.75bps at 92.27bp Markit iTraxx Xover -2.53bps at 369.17bp