For those just getting to their desks, here is a summary of what you missed in the overnight session, courtesy of JPM's Adam Crisafulli
After the best quarter for US stocks since 2015, global equities have started off Q2 on the right foot, despite caution about the upcoming meeting between President Trump and China's Xi Jinping later this week, and Fed Minutes which are expected to be more hawkish than the FOMC statement.
In an interview with the Financial Times coming less than a week ahead of his meeting with China's president Xi Jinping in Mar A Lago (Xi, however, will not be staying at Trump's "Winter palace" as the SCMP reports) Donald Trump has warned the US "will take unilateral action to eliminate the nuclear threat from North Korea unless China increases pressure on the regime in Pyongyang."
For the 11th week in a row, the number of US oil rigs rose (up 10 to 662 - the highest since September 2015). US Crude production continues to track the lagged rig count, pouring more cold water on OPEC's production cut party.
The rig count grows, tracking the lagged oil price in a self-defeating cycle...
And crude production appears to have plenty more room to run...
And don't forget, as Nick Cunningham detailed, there are thousands of drilled shale wells are sitting idle, unfracked and uncompleted.