Authored by Nourial Roubini via MarketWatch.com,
With Emmanuel Macron’s defeat of the right-wing populist Marine Le Pen in the French presidential election, the European Union and the euro have dodged a bullet. But geopolitical risks are continuing to proliferate.
"Iron ore doesn't have good fundamentals," warns one analyst as while the crackdown on leverage in Chinese capital markets (which has tightened liquidity everywhere) is the immediate catalyst, "supply-side pressure is huge as ever, and mills are still seeking to draw down inventories."
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.”