North Korea

Frontrunning: May 26

  • Trump's first G7 expected to be 'challenging' (Reuters); Trump Saves Worst for Last on Foreign Trip (BBG)
  • Trump Blasts German Carmakers' U.S. Sales and Threatens Barriers (BBG)
  • Trump directly scolds NATO allies, says they owe 'massive' sums (Reuters)
  • Trump Likely to Maintain Obama’s Russia Sanctions (WSJ)
  • Juncker says Trump was not aggressive on German trade surplus (Reuters)

The Trump Collapse Scapegoat Narrative Has Now Been Launched

"I have been warning since long before the election that Trump’s presidency would be the perfect vehicle for central banks and international financiers to divert blame for the economic crisis that would inevitably explode once the Fed moved firmly into interest rate hikes. Every indication since my initial prediction shows that this is the case. The media was building the foundation of the narrative from the moment Trump won the election."

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.

South Korea Military Fires "Warning Shots" At Unidentified Object Flying From The North

The South Korean fired warning shots Tuesday at an "unidentified object" flying across the heavily fortified border from North Korea Tuesday afternoon according to the Joint Chiefs of Staff. The military detected the object traversing the Military Demarcation Line (MDL) southward in the Chorwon area in the eastern province of Gangwon at around 4 pm.

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)

Frontrunning: May 22

  • Trump Arrives in Israel, May Show His Cards on the Peace Process (BBG)
  • Taxes, Budget Are Focus for White House Despite Probes (WSJ)
  • Paul Manafort’s Lucrative Ukraine Years Are Central to the Russia Probe (BBG)
  • Ford set to fire CEO Mark Fields as shares founder (Reuters)
  • Producers Set to Extend Cuts as Rally Stalls: OPEC Reality Check (BBG)

Asia Jumps, Europe Stutters As Political Rumblings Return; Oil Nears $51

Global stocks were mixed to start the week, with Asian stocks higher, European stocks initially advancing then fading gains, while S&P futures are little changed after the biggest weekly drop since April (which for those keeping record was -0.4%). European shares, the euro and the pound all stumbled on Monday as rumblings in Spain, Britain and Brussels reminded investors that the region still has plenty of political uncertainty left in the tank.

North Korea Launches Another Ballistic Missile

North Korea launched a ballistic missile Sunday afternoon which flew more than 500 kilometers, only one week after conducting its latest, successful ballistic missile test last Sunday, South Korea's military announced. The missile was launched at 0759 GMT from a location near Pukchang, 60 km northeast of the capital Pyongyang.