Greece

Kushner Role In White House Suddenly Unclear; May "Return To Private Life"

According to a pair of weekend reports from the WaPo and NYT, Kushner's fate in the White House is suddenly in question, and he has told friends that "he and his wife have made no long-term commitment to remain by Mr. Trump’s side, saying they would review every six months whether to return to private life in New York."

China Downgrade Forgotten As Asia Closes Higher, Futures Flat Ahead Of Fed Minutes

Not even last night's Moody's credit downgrade of China - the first since 1989 - could dent the global stock rally which has pushed global stock prices to all time highs. After initially sliding, regional stocks and emerging Asian currencies pared early losses following the unexpected downgrade of China, taking their cue from the "sudden reversal" of the Shanghai Composite Index, which some speculated saw the latest intervention of the "national team."

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."