France

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.

Europe, US Futures Slip Despite Brent Bouncing Back To $51

Asian stocks rise lifted by commodity names; European equites trade mostly lower but with little in the way of conviction or firm direction while the Italian banking index is at the highest level in a year following domestic earnings; S&P index futures are modestly in the red after the cash market closed at a record high Wednesday and investors prepared for earnings from retailers.