China

The day after Trump pulled out of the Paris Climate Accord, stocks are set for new all time highs with S&P futures up 0.2%, boosted by green markets across Europe and Asia, where the Nikkei rose above 20,000 for the first time since 2015. World stocks are set for new record highs, having already gained 11% so far this year, ahead of today's US nonfarm payrolls which are expected to increase by 185,000 jobs after surging 211,000 in April.

Authored by Byron King via DailyReckoning.com,

China is currently modifying the terms of its oil trade with Saudi Arabia. Specifically, China is working on a deal to pay for Saudi oil using Chinese yuan. This effort poses a direct threat to the security of the dollar.

If this China-Saudi deal happens — yuan for oil — it’s another step closer to the grave for the petrodollar, which has dominated global finance since 1974. You can revisit Jim Rickards article about the Assault on the Dollar, here.

Bitcoin has retraced over half its losses from last week's tumble, rallying back above $2450 oveenight after news that China's three largest bitcoin exchanges are allowing customers to withdraw bitcoins from their accounts.

As CoinTelegraph reports, on May 31, local Chinese Bitcoin and cryptocurrency news source cnLedger reported that OKCoin China resumed withdrawals for traders.

S&P futures are little changed this morning, while Asian shares rise and European stocks (+0.5%) are poised to snap a five-day losing streak amid a broad-based rally. The pound declined as better-than-expected manufacturing data failed to offset political risk before the impending election, while crude oil gained.

China's unprecedented crackdown against Yuan shorts continued overnight, when the FX market saw even more fireworks as the onshore yuan headed for the biggest four-day advance since 2005 following the strongest central bank fixing since January and amid ongoing speculation China's central bank is trying to crush shorts while China's big banks continue to limit offshore liquidity.