The market continues to gingerly ignore the accelerating currency devaluation in China, where the yuan is headed for a record eight weeks of declines. Italian bond yields spike ahead of an important meeting and payrolls are on deck.
"A lot of people like to think that the SHTF is some distant thing that probably won’t ever happen. But, in reality, it happens every single day, someplace in the world. Riots have occurred all over the world recently, stranding travelers, destroying property, and causing serious injuries and death."
Mexico has just elected its first leftist president in decades, with Andrés Manuel López Obrador (or AMLO) winning in a landslide and a near majority, or 49% of the vote according to early exit polls, and all his opponents promptly conceding defeat.
For much of the overnight session, the market's attention was focused on North Korea's amicable reaction to Trump's cancellation of the June 12 summit, generating a build up of risk-on sentiment. Then things started to go south...
ConocoPhillips has started to confiscate assets belonging to Venezuela's state-owned, solvency-challenged PDVSA as part of its unilateral enforcement of the $2 billion arbitration award. The big loser here? China.
What started off as a sea of red, with S&P futures tumbling as much as -25 points ahead of the European open, has managed to rebound notable and stabilize, with most Asian and European markets now green.
After the US Treasury Department released satellite images purporting to show Chinese ships transferring oil to a North Korea-flagged vessel in blatant violation of UN Security Council sanctions, the US is pressing for 10 ships, several of them Chinese, to be added to the list of entities banned by the UN.