Business

Despite another liquidity injection and the rest of the world in 'euphoric risk-on' mode over the French election results, Chinese stock, bond, and commodity markets tumbled overnight...

On Friday, we asked "Is China Trying To (Slowly) Burst Another Stock Market Bubble?" as Chinese monetary conditions were tightening dramatically...

And, as Bloomberg reports, it seems the catalyst is further crackdowns on shadow-banking.

Last week, a request from the Uranium Producers of America (‘UPA’) grabbed the headlines, as the organization was asking the US Department of Energy (DOE) to suspend the sale of (physical) uranium on the spot market. The UPA correctly described the status of the US based Uranium producers as ‘fragile’, and it’s pretty clear the DOE has been a huge ‘help’ in destroying America’s domestic uranium market.

• French election relief sends Europe soaring (Reuters)
• Gloves off as Le Pen and Macron pitch for final battle (Reuters)
• French Runoff Creates Fresh Political Divisions (WSJ)
• U.S. Government Shutdown May Hinge on Trump’s Demand for Mexico Wall (BBG)
• Congress returns as Trump pressures Democrats ahead of funding deadline (Reuters)
• The Rich Are Living Longer and Taking More From Taxpayers (BBG)
• Mattis Pays Surprise Visit to Kabul (WSJ)
• Bomb attack hits U.S. base in eastern Afghanistan (Reuters)

With European stocks on fire, and US futures moving fast to recoup recent all time highs, it is no surprise that Wall Street is feeling particularly bullish this morning.

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: