Authored by James Howard Kunstler via Kunstler.com,
It must be exciting to wake up on a gilded bed somewhere in Riyadh and realize that you are Saudi Crown Prince Mohammad bin Salman, mover and shaker of Middle East order. Actually, exciting just to have woken up at all.
Perhaps Prince MBS checks to make sure that there aren’t seventy-two virgins in the room before he rises to prayers, state business, and the prospect of World War Three.
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.
It might be a modest exaggeration it to say that Theresa May’s position as Prime Minister is doomed, but that is the general direction as the newsflow for the British PM remains overwhelmingly bad. Scandals aside, May seems to be falling into the growing gulf between Conservative MPs who are pushing more strongly for a “hard” Brexit as negotiations with the EU founder and those who are increasingly alarmed at the prospect, making them more desperate to ensure a softer Brexit.
As we discussed (see here) when Brexit talks resumed this week, the EU is piling pressure on Theresa’s May’s weakened government to extort more money out of the UK in the divorce settlement – now termed “moment of clarification” in EU parlance. Despite rumours before the latest talks began, that Theresa May was prepared to increase the UK’s offer, if this was the case, the EU wasn’t impressed. In the post-talks press conference. the beleaguered Brexit Secretary, David Davis, stated that there is positive momentum in the negotiations…
Submitted by Shant Movsesian and Rajan Dhall MSTA of fxdailyterminal.com
USD correction done yet?