Asia

Risk is definitely on this morning as European shares soar, led by French stocks and a new record high in Germany's Dax, after a "French relief rally" in which the first round of the country’s presidential elections prompted investors to bet that establishment candidate Emmanuel Macron will win a runoff vote next month, and who is seen as a 61% to 39% favorite to defeat Le Pen according to the latest just released Opinionway poll.

For those who may have missed yesterday's events, here is a quick recap from DB:

The key economic releases this week are the durable goods report on Thursday and Q1 GDP on Friday.  It iweek is the busiest week of earnings season, with 40%  of S&P 500 equity cap reporting. In addition, there are a few scheduled speaking engagements by Fed officials this week. 

Venezuela, a country with only $10 billion left in reserves to run on, is in trouble. As the currency hyperinflates to new record lows against the dollar...

James Holbrooks points out that the people are starving. The government has gone full-on authoritarian, and now desperate human beings are dying in the streets. From an Associated Press report on Friday:

A third US citizen has been arrested and remains in custody in North Korea, according to South Korean news agency Yonhap. A man, a Korean-American professor in his 50s, identified by the surname Kim, had been in North Korea for a month to discuss relief activities and was detained at Pyongyang International Airport just as he was leaving North Korea, the agency reported.

Ahead of Sunday's first round of the French election, we have previously provided several perspectives on the political and economic outcomes, including a permutation matrix of all six possible outcomes in terms of "high" vs "low market risk" (from BofA), why the market may be too complacent about a Le Pen - Melenchon result (candidate approval variance is within the polling error), and that European stocks have completely failed to price in any adverse outcome (as DB observed yesterday).