Italy

Crushed Vol Boosts Dollar, Commodities; Futures Flat

Asian stocks declined, while European stocks rose to the highest since 2015, led by a rebound in commodities and basic resource stocks. U.S. stock-index futures were little changed at 2,395 - just shy of all time highs - as investors focused on corporate earnings after the French election, while the VIX hovered near its lowest level since 1993.

Macron Victory Leads To "Risk Macr-Off" In Europe, Poor China Trade Data Doesn't Help

It was supposed to be Risk Macr-ON after Emmanuel Macron's avalanche victory in Sunday's French presidential elections; instead as some banks cautioned and as we showed early in the overnight session, the market reaction has been the opposite with the victory fully priced in and especially in the European currencies and stocks, as well as S&P futures, we have seen a modest episode of Risk Macr-Off.

War And Empire: The American Way Of Life

What the majority of Americans are conditioned to think they know about their past (and that of many other peoples) is myth, and too often, sheer illusion. Misdirection and manipulation about proclaimed threats from abroad since 1945 has led directly into wars and unjust armed interventions and coups in many other nations. The results are always tragic on a colossal scale.

Why Charles Gave Expects "Total Mayhem" In France Even If Macron Is Elected

"If Macron is elected, as I already said, I'm not sure it's not going to be a triumphant election. So I'm not sure they will have that much legitimacy at first. And second thing is that just after, we have the election for the French Parliament. And then it's going to be a total mayhem." - Charles Gave

Sell Euros - It's That Time Of Year Again

"The Euro has a strong seasonality pattern to decline in the month of May. Right now with Macron exuberance filling the air, the Euro is bid. Yet I am not optimistic that the current Euro rally will accelerate. I suspect it was merely a short covering rally on news that Le Pen did not sweep into power."

Frontrunning: May 5

  • A kinder, gentler Trump for third healthcare try (Reuters)
  • Senate Moves Obamacare Repeal to Slow Lane After House Squeaker (Bloomberg)
  • 14 Players to Watch in Senate Health-Care Overhaul (WSJ)
  • Futures flat ahead of jobs report; IBM drops (Reuters)
  • Oil Stems Losses in Volatile Trading (WSJ)

Oil Fireworks Unsettle Global Markets Ahead Of Payrolls Report

With all eyes on crude, following last night's mini flash crash which sent WTI lower by 3% from just above $45 to under $43 in under 10 minutes, equity markets, generally quiet overnight, have taken on a secondary importance ahead of today's key risk event, the April payrolls report. In global equities, Asian and European stocks are lower, while S&P futures are little changed.