Frontrunning: July 21

  • Euro surge to two-year high prompts stocks pause (Reuters)
  • Short Sellers Give Up as Stocks Run to New Records (WSJ)
  • U.S. toughens stance on foreign deals in blow to China's buying spree (Reuters)
  • Trump team seeks to control, block Mueller’s Russia investigation (WaPo)
  • Trump Would Set Off a Chain Reaction by Trying to Fire Mueller (BBG)

Trump Legal Shake Up: Kasowitz Out As Personal Attorney, Corrallo Resigns

There's been a shakeup in President Trump's legal team. According to CBS News White House correspondent Major Garrett, Marc Kasowitz is out as Mr. Trump's personal attorney, while Kasowitz's spokesman, Mark Corallo - who has had a rocky relationship with Trump in the past - has resigned.

Euro Surges To 2-Year High In "Bipolar" Draghi Reaction; Futures Flat

"Draghi tried to talk the Euro down, even going so far as to suggest that ECB’s quantitative easing could be increased and prolonged," said Swissquote Bank's Yann Quelenn. "But the currency markets were not buying Draghi’s line, and neither are we. Available bonds are too scarce, and turn to a taper is too clear to disguise."

The Worst Ideological Enemy Of The US Is Now Europe

"Americans, therefore, would do well to understand that for the time being the "Cultural Left" is so deeply entrenched in Western Europe and the EU, that their worst ideological enemy is not the Middle East or Russia: it is Europe."

Visualizing The Countries Suffering Most From Low Oil Prices

As Warren Buffet says, “Only when the tide goes out do you discover who’s been swimming naked.” And in 2014, when oil prices crashed and burned, the tide was gone – and it was shown that too many countries were relying on frothy oil revenues to balance out their trade deficits.

Analysis: Advantages And Disadvantages Of US Seaborne Laser Weapon System

To believe what the media say - the US has made a great stride ahead to acquire a super-weapon, giving it a critical advantage over any potential enemy in the world. No doubt, the ongoing tests testify to the fact that the US Navy has achieved some progress, but there are limitations and shortcomings...

Washington's "Good Terrorists, Bad Terrorists" Policy In The Middle East

"...More to the point, raising funds for proxy wars from the Gulf Arab States allows the Western executives the freedom to evade congressional scrutiny; and the benefit of buying weapons from the unregulated arms’ markets of the Eastern Europe is that such weapons cannot be traced back to the Western capitals; and using jihadist proxies to achieve strategic objectives has the advantage of taking the plea of “plausible deniability” if the strategy backfires, which it often does."