Asia

After 51 consecutive months, the dead CAT spell is finally over.

Vice President Mike Pence has cut short the final leg of his Asia trip to return back to Washington, where the Trump administration faces a critical week on tax reform and a funding plan to keep the government running, Reuters reported overnight. Pence, who has been traveling in Asia to reassure allies and partners about President Donald Trump's commitment to the region, had originally planned to spend two nights in Honoluluat the end of a trip that took him to South Korea, Japan, Indonesia and Australia.

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: