Greece

Europe's Blinkered Leaders: Shielding Themselves From Reality Again

When the G7 heads of state arrive in Taormina, Sicily, for the G7 meeting on May 26, they will find themselves in an embellished, picture-postcard version of European reality. Italy, the host of the G7 meeting, has announced that it will close all harbors on the island to ships that arrive with migrants ( mainly from Libya) for the duration of the two-day meeting.

S&P Futs Near All Time High On Strong Euro Data; Oil Drops On Trump's SPR Sale Plans

S&P futures rose alongside European stocks as Asian shares posted modest declines. The euro set a new six-month high and European bourses rose as PMI data from Germany and France signaled that the ECB will have to tighten soon as Europe's recovery remains on track, with the German Ifo business confidence printing at the highest level on record, and hinting at a GDP print in the 5% range.

Frontrunning: May 23

  • Children Among 22 Dead in Bomb Attack During U.K. Campaign (BBG)
  • 'Please retweet': Parents go online to find their children (Reuters)
  • Stars from Manchester and beyond express shock at bomb attack (Reuters)
  • Trump’s Budget Seeks Cuts to Taxes, Social Programs (WSJ)
  • Trump Proposes Selling Off Half the U.S. Strategic Oil Reserve (BBG)

Key Events In The Coming Week: FOMC Minutes, GDP, BOC, OPEC And More

The key economic releases this week are the durable goods report and Q1 GDP revision on Friday. The minutes of the May FOMC statement will be released on Wednesday at 2PM. In addition, there are several scheduled speaking engagements by Fed officials this week

Meanwhile... In Greece

You know it's bad when the police are rioting against the new austerity measures assigned from Brussels...

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."

Caught On Video In Greece: Golden Dawn MP Attacks New Democracy Group Leader

An unprecedented incident took place in the Greek Parliament earlier on Monday. At least one Golden Dawn MP verbally and physically attacked the leader of the parliamentary group of New Democracy. The incident occurred in front of cameras as the debate carried out at the economic parliamentary committee on the new austerity package is being transmitted live.