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Good morning. Vaccine trials are set to resume, Brexit talks are back on, and a top U.S. intelligence official warned of Iran meddling in the election. Here's what's moving markets.

A Death in Brazil

News late yesterday about the death of a volunteer in AstraZeneca Plc's vaccine trial in Brazil sent the pharma giant's U.S.-listed shares lower, before people familiar with the matter said that the deceased man had not received a Covid-19 trial vaccine. Astra and Oxford University's trial in Brazil continues, while their U.S. trial, which has been on hold for more than a month, is expected to restart this week. Astra's studies were halted globally in September when a U.K. participant became ill, but have resumed in the U.K., Brazil, South Africa and India in recent weeks. While temporary pauses in vaccine studies are common, the company has faced pressure to disclose more information about the U.K. episode. Peer Johnson & Johnson's U.S. trial is also expected to restart as soon as this week, according to U.S. authorities. 

Back On

The U.K. and the European Union will resume talks over a post-Brexit trade deal, less than a week after Boris Johnson suspended the discussions, amid growing signs an accord is in sight. Negotiators will arrive in London today to begin intensive talks, Britain's chief negotiator David Frost tweeted. The aim is to reach an agreement by the middle of November, according to officials. While EU figures described Johnson's decision to walk away last Friday as a theatrical gesture, they viewed it as a necessary step for him to be able to sell a compromise to euro-skeptics at home. His latest return to the table put the pound on course for its largest daily gain since March. True to its inverse relationship with sterling, the FTSE 100 stock benchmark declined

Sinister Emails

A top U.S. intelligence official warned that Iran and Russia are attempting to interfere with the presidential election, with Iran already spreading false information to American voters. Director of National Intelligence John Ratcliffe -- a loyal ally of President Donald Trump --  said Iran intended to harm Trump's re-election effort, accusing the country of sending spoofed emails designed to intimidate voters, incite social unrest and damage the president. Iranian officials rejected the accusations. One of the emails, reviewed by the cyber research firm Proofpoint, said "you will vote for Trump on Election Day or we will come after you. Change your party affiliation to Republican to let us know you received our message and will comply." 

Opioid Settlement

Purdue Pharma LP will plead guilty to three felonies and pay $8.3 billion to settle federal probes of how it marketed OxyContin, the highly addictive painkiller blamed for helping spark the U.S. opioid epidemic. The agreement calls for Purdue's owners, members of the billionaire Sackler family, to make an immediate $225 million payment to the government and for the company to pay $250 million after its bankruptcy is concluded, the U.S. Department of Justice said Wednesday. The remaining amount owed by Purdue will be counted toward the company's payout to its creditors, court records show.

Coming Up…

Today is the busiest day of Europe's third-quarter earnings season by total market cap of companies scheduled to report. STMicroelectronics NV is already out the gate, forecasting better fourth-quarter sales than analysts had expected. Biomerieux, Thales SA and BE Semiconductor Industries NV also beat expectations. Up next, Hermes International and Unilever NV will post sales updates. The U.K. earnings rush promises updates from analytics firm RELX Plc and miner Anglo American Plc. Once markets are closed, make-up titan L'Oreal, Gucci parent Kering and posh ski jacket maker Moncler SpA are due to report. Late at night, the U.S. presidential candidates are facing each other for the second time on the debating stage.

What We've Been Reading

This is what's caught our eye over the past 24 hours. 

And finally, here's what Cormac Mullen is interested in this morning

At first glance, bets on a reflating global economy seem to be front and center in markets. The copper price has jumped to a more than two-year high, the yuan is close behind it and 10-year Treasury yields are back above 0.80%. But that still is a modest enough rise for the global bond benchmark, and moves in longer dated yields are also relatively subdued. A look at the copper-gold ratio -- a good gauge of sentiment on the global economy which closely tracks U.S. 10-year yields -- suggests they should be even higher. Part of the reason they are not is likely that the climb in copper is heavily supply driven, with strikes in Chile increasing concerns over widening disruptions. And of course looming in the background is the potential for yield curve control from the Federal Reserve, which will come more into focus if the latest coronavirus spike begins to weigh on the economic rebound. Treasury yields can climb higher -- expect the 1% level to feature prominently in upcoming market commentary. But the real question is likely how high they will rise before the Fed shows up and smacks them back down again.

Cormac Mullen is a cross-asset reporter and editor for Bloomberg News in Tokyo.

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