NEWS TICKER October 20th: InterContinental Hotels, which operates brands such as Holiday Inn and Crowne Plaza, reported a steady set of third quarter figures today. Overall revenue per room was up 2.3% with Europe showing good growth while the performance in the Americas remained moderate. China is a bright spot with revenues on the mainland up 9%. “These were solid rather than spectacular figures from the company, with growth in the key American market still rather lacklustre. While the company remains confident of meeting full-year expectations and is building up its exposure to the fast-growing boutique hotel sector terrorist attacks, political unrest and an economic slowdown in some markets are clearly causing a drag on growth. We believe the shares are no better than a ‘hold' and our preferred stock in this sector is PPHE Hotel Group,” notes Ian Forrest, investment research analyst at the Share Centre today -- European financial market regulator ESMA has published (on its website), the latest compliance table, detailing which jurisdictions have adopted guidelines on the calibration of circuit breakers and publication of trading halts under MiFID II -- The dollar firmed up in European trading early this morning. As well yields on US Treasuries moved higher on the back optimism that the Trump administration would likely achieve tax reform. With a 51-49 majority, the Senate approved late on Thursday a budget blueprint for the 2018 fiscal year envisioning a $1.5trn in additional federal deficit over the next decade to accommodate proposed US tax cuts. After gaining Senate approval, the House and Senate is now expected reach a consensus on a common version of the budget resolution before it can be sent to the US President for signing. Once a resolution has been agreed, discussions on a detailed legislation for the reform of the tax code will follow expecting an agreement between the Senate and the House on tax reform legislation by late 2007/early 201 -- Moody’s will review its rating on Spain’s and Italy’s sovereign debt later today -- Hermes Investment Management, says it has been appointed to manage a $400m Global High Yield credit investment mandate by Första AP-Fonden (AP1), one of five buffer funds in the Swedish national income pension scheme. The mandate, says Hermes, was driven by a desire to improve the geographical diversification of high yield exposure -