Germany

Washington And Berlin On A Collision Course

Trump and Chancellor Angela Merkel will definitely be on a collision course at the G-20, with Merkel emphasizing discussions on climate change, refugees and no trade protectionism, much to Trump’s disgust. The Russia sanctions bill just adds to the unholy mess. Expect a lot of fireworks “celebrating” those bilaterals in Hamburg.

Watch Live: "Hamburg Is A Warzone" - Militant G-20 Anarchists Riot, Clash With Police, Burn Cars, Smash Stores:

Violent protests continued in Hamburg for the second day as the G20 summit kicked off in the city. According to local press, at least 159 police officers have been wounded in clashes. For the second day, police had to resort to water cannon to disperse protesters while dozens of were set on fire in the suburb of Altona, where stores were vandalized and banks were burned.

Polish President Slams "Fake News" His Wife Snubbed Trump

Taking a page out of the Trump playbook, Poland's President Andrzej Duda slammed as "fake news" reports that his wife snubbed President Trump for a handshake during Trump's visit to Poland on Thursday. In a tweet on Thursday evening, Duda confirmed that both he and his wife shook hands with the president, and urged his followers to "fight fake news" together.

Bond Rout Fades With Futures Flat Ahead Of Payrolls; Pound, Yen, Oil Tumble

S&P futures are little changed following yesterday's rout even as Asian and European markets continued selling; the pound slid on poor factory data, the yen tumbled after the BOJ intervened to stabilize the JGB bond market, precious metals flash crashed early in the session, while the selloff in oil accelerated despite yesterday's massive inventory draw, although at least yesterday's sharp bond tantrum has stabilized.

The Three Hidden Subplots Of The G20 Hamburg Summit

"The Group of Twenty, known as G20, is an unaccountable and powerful organization that is the closest thing on earth to a true world government... Financial risk, anti-globalism, immigration, and threats from terrorism will be on full display at this next G20 leaders’ summit. There will also be three key sub-plots happening off the main stage to watch closely."

Is Radical Islam Horrifying The West Into Paralysis?

"We are utopian technophiles who now believe in Mark Zuckerberg's brave new world where no one should ever suffer and everyone should be happy and peaceful all the time. That is an exorbitant dream. For a short time we can afford it, as with Angela Merkel and Europe's migrant crisis. Unfortunately, that fantasy will not last. The conflicts at our gates, together with our aversion to making hard choices, will exact a far higher price."

Russia & India More Confident In Trump Than Merkel At G-20

When it comes to leadership at the G20, most countries are casting their eyes towards Angela Merkel.  That pattern is repeated across the board, though Russia and India are notable exceptions with majorites in both nations having more faith in Trump's global leadership.

U.S. Trade Balance Improves In May As Deficit With China, Europe Shrinks

Coming in largely as expected, the U.S. monthly international trade deficit decreased in May 2017 from an unrevised $47.6 billion in April (revised) to $46.5 billion in May, fractionaly worse than consensus expectations of $46.3 billion, as exports increased and imports decreased.

Live: Trump Delivers Speech To People Of Poland

As part of his trip to Poland, Donald Trump is delivering a speech in Krasinski Square, scene of a Polish uprising against the Nazis in 1944. In the speech the president will reprise his message that nations need to safeguard their borders or risk terrorist attack.

Global Bond Rout Sends S&P Futures, European Stocks Sliding

S&P futures are sliding this morning, down 0.4% and tracking the accelerating decline in European and Asian stocks, driven by a move higher in global interest rates, which started with Japanese 10Y yields rising to 0.1% for the first time since February, but mostly Bund yields which spiked after tripping stops, and jumped as high as 0.53% for the first time since early 2016.