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.