In a quiet overnight session, S&P 500 futures are fractionally in the green (2,426, +0.2%) with European and Asian stocks as oil drops second day after an initial ramp higher amid speculation that LIbya and Nigeria may be asked to cap their production. Nasdaq 100 Index are again higher, following the biggest daily advance in more than a week, up 0.4% as of 6:20 a.m. in New York.
Authored by Mike Shedlock via MishTalk.com,
Variant Perception notes China Broad Credit Growth Slows to Zero. The side effect is a huge amount of collateral damage.
The recent tightening of credit we have seen in China is primarily aimed at clamping down on shadow financing. Wealth management products have rapidly grown in size, from only 8% of total banking deposits in 2012 to over 20% today.
Authored by James Rickards via The Daily Reckoning,
The Group of Twenty, known as G20, is an unaccountable and powerful organization that is the closest thing on earth to a true world government. German Chancellor Angela Merkel, the rotating President of the G20, will host the next G20 meeting in the city of Hamburg, on the mouth of the Elbe River near the North Sea Coast.
As the G-20 meeting in Hamburg between Trump and Xi draws nearer, the US president appears eager to continue antagonizing his Chinese peer.
On his way to Warsaw this morning, where he will stay briefly ahead of the G20 summit in Hamburg which begins on Friday, Trump tweeted his displeasure at US trade deals which had been signed before his tenure: “The United States made some of the worst Trade Deals in world history. Why should we continue these deals with countries that do not help us?”
S&P futures were little changed at 2,425, ignoring the N.Korea tensions of the past two days which will likely be a major topic in the upcoming G-20 summit, as European stocks fluctuate and Asian markets advance. Crude oil fell, snapping the longest winning streak this year, as Russia said it opposed any proposal to deepen OPEC-led production cuts.