Authored by Pepe Escobar via The Asia Times,
So in the end the West was saved by the election of Emmanuel Macron as President of France: relief in Brussels, a buoyant eurozone, rallies in Asian markets.
That was always a no-brainer. After all, Macron was endorsed by the EU, Goddess of the Market, and Barack Obama. And he was fully backed by the French ruling class.
This was a referendum on the EU – and the EU, in its current set-up, won.
With the French election now finally in the rearview mirror, this week's focus is on global inflation releases, with the spotlight falling on the US and China, as well as retail sales in the US. We also have BoE and RBNZ rates meetings. In other data we note industrial production in the Eurozone, UK and Norway along with US retail sales and Fed speakers.
Key developed market events
Authored by James Holbrooks via TheAntiMedia.org,
“It was easy enough to spot my cheerleader: She was the only person shouting in a crowd of quiet, curious, shy supporters. Her visage dug with deep wrinkles, but she was full of energy and smiles. When I saw her, I merged to the right and gave her a high-five. When I did, a group of women started to cheer me, (‘Bali! Bali!’), and a bunch of kids ran toward me to get their own high-fives. The ice was broken.”
Authored by Paul Atwood via The Strategic Culture Foundation,
A few months ago I received a message from a professor at the Khomeini Institute for Education and Research in Tehran, Iran, informing me that my 2010 book “War and Empire: The American Way of Life” (London, Pluto Press) had been translated into Farsi. He requested that I write an Introduction for Iranian readers. What follows is that Introduction. Two years ago the Xinhua Peoples’ Press in Beijing, China also published a translation in Mandarin.
In all the drama surrounding the French elections, few noticed the PBOC's announcement that China’s FX reserves rose for the third straight month in April, increasing by $20.45 billion to $3.03 trillion, more than the $11 billion expected and the single biggest monthly increase in three years going back to April 2014, on the back of a weaker dollar and increasingly more draconian capital controls on outflows.