Asia

With the US closed for Memorial Day and UK markets offline due to a bank holiday, overnight volumes have been weaker than normal on little newsflow. The main story remains the stronger USD following Yellen's hawkish Friday speech, which not only led to the lowest Yuan fixing since February 2011...

... but pushed the USDJPY almost as high as 111.50 overnight before paring gains, however it was enough to send the Nikkei 1.4% higher.

We have tracked the problems of recently junked Noble Group - Asia's largest commodity trader - extensively over the past year (see "Noble Group’s Kurtosis Awakening Moment For The Commodity Markets", "Junk Isn't Very Noble: Asia's Largest Commodity Trader Responds To Moody's Downgrade", "Noble Group’s Cliffhanger", "Noble Group’s "Collateral Margin Call", "Noble Group's "Margin Call" Part II: The Enron Moment").

Authored by Paul Craig Roberts,

As Our Past Wars Are Glorified This Memorial Day Weekend, Give Some Thought To Our Prospects Against The Russians And Chinese In World War III

Submitted by Soeren Kern via The Gatestone Institute,

• The new law applies only to legitimate asylum seekers, not to the hundreds of thousands of economic migrants from Africa, Asia and the Middle East who have entered Germany illegally by posing as asylum seekers.

As Our Past Wars Are Glorified This Memorial Day Weekend, Give Some Thought To Our Prospects Against The Russians And Chinese In World War III

Paul Craig Roberts