France

Today is quad-witching opex Friday, and according to JPM, some $1.3 trillion in S&P future will expire. Traditionally quad days are associated with a rise in volatility and a surge in volumes although in light of recent vol trends and overnight markets, today may be the most boring quad-witching in recent history: global stocks have again rebounded from yesterday's tech-driven losses as European shares rose 0.6%, wiping out the week's losses.

First the bad news: following Friday's "tech wreck" European equity markets have opened lower, with the Stoxx 600 sliding 0.9% and back under the 50DMA for the first time since December, dragged by selloff in tech shares, mirroring Asian markets as Friday’s "FAAMG" volatility in U.S. markets spreads globally, battering shares from South Korea to the Netherlands.

In his characteristically unique style, this morning Mint's Bill Blain has set his sights, and commentary, on the recent elections in the UK and France, the former of which he summarizes as a "FUBAR moment of monumental proportions" while the latter is - well, who knows, but "at least Macron has a plan."

His latest "Blain's Morning Porridge" note below:

France or the UK - A Tale of Two Cities... but mainly who is going to clear up?

Authored by Yves Manou via The Gatestone Institute,

French President Macron invited American citizens - especially those with a higher education - who are disappointed with Trump's decision to pull out of the Paris accord, to help “make our planet great again” by moving to that bastion of liberal global values, France , where they will find "a second homeland."