France

Euro Surges As Trump Fears Slam Dollar; Futures Poised For New Records

In a replica of Monday's early trading, European shares are down, this time led by health-care stocks even as the Euro surges above 1.1050, the highest level since the US election. Asian equities rose, while S&P futures were unchanged although we expect the ramp to kick in any second, and take the NASDAQ to another all time high. Meanwhile, the US dollar weakened for a fifth day.

A Confused Trader Discusses The VIX And Markets With His Taxi Driver

"I took the opportunity to unburden myself of my current concerns on markets. I explained my fears about the low level of the VIX and the complacency that seems to dominate market thinking. I fretted how financial asset prices keep head remorselessly higher with no rhyme or reason.... He politely listened. Nodded his head."

JPMorgan: It's Time To Start Shorting Europe Again

"we argued that the market will keep grinding higher in the very short term, given bears’ ongoing capitulation and the return of inflows into Eurozone. We think this support is now close to being spent. We advise to tactically cut directional exposure to stocks and even lay on outright shorts, in addition to having recently reduced portfolio beta." - JPM

Frontrunning: May 15

  • Oil Jumps Over Output Deal (BBG), Saudi Arabia, Russia Favor Extending Oil Cuts Through Next March (BBG)
  • Trump Doctrine Confounds G-7 as Ministers Kick Can to Sicily (BBG)
  • Senate GOP’s agenda is at a moment of reckoning with unpredictable Trump (WaPo)
  • White House Races to Fill FBI Job (WSJ)
  • Former Trump Employees Say He Taped Phone Conversations (WSJ)
  • Monday morning blues as 'WannaCry' hits at workweek's start (AP)

Bank of China ATMs Go Dark As Ransomware Attack Cripples China

As a result of the WannaCry global malware attack, not only have Chinese ATMs been taken offline, but Chinese traffic police, immigration authorities and various public security bureaus and schools have suspended normal work until the malware threat is resolved.

Markets All Too Quiet Ahead Of Inflation, Retail Sales Data

Asian stocks and S&P futures are both feeling the weather this morning, while European stocks are little changed as traders have decided to hold back until today's key US CPI and retail sales data is released in under two hours.