Asia

Three US nuclear-powered Nimitz-class aircraft carriers representing nearly $30 billion of advanced military hardware put on show of force in the Western Pacific Ocean over the weekend, the first time three of the 100,000-ton behemoths have sailed together in a decade. Amidst heightened tensions with North Korea the USS Ronald Reagan, USS Nimitz, and the USS Theodore Roosevelt are currently engaged in a four day war games exercise which will link up with allies Japan and South Korea, who are also participating. 

S&P futures gave up early gains and were trading down -0.2%, as Donald Trump completes his first Asian tour and as pressure mounts on U.K. Prime Minister Theresa May, sending the pound plunging. European stocks fell, tracking many Asian shares as the Nikkei plunge accelerated.

• Trump Declares New World-Trade Order (WSJ)
• Trump brings tough trade message in vision for Asia (Reuters)
• Trump Offers Trade to Asian Nations But Only If They Play Fair (BBG)
• Flynn Probed Over Alleged Plan to Send Back Turkish Cleric (WSJ)
• GOP’s Dueling Tax Overhauls Struggle to Pass a Key Red Ink Test (BBG)
• Trump's CNN attacks may hobble legal case to block AT&T-Time Warner deal (Reuters)
• Bigger Than Black Friday, Alibaba’s ‘Singles Day’ Faces Fatigue in China (WSJ)

That was quick.

Yesterday's Japan flash-crash inspired selling continues for a second day, with global equities - and bonds - sliding early Friday on concerns U.S. tax reform - and corporate tax cuts - will be delayed after Senate Republicans unveiled a plan that differed significantly from the House of Representatives’ version. After suffering their biggest plunge in 4 months on Thursday, European stocks failed to find a bid along with Asian stocks, while U.S.