Europe

In a whimsical, 100+ page report, meant to literally drum up interest in investing in an entirely new frontier, Bank of America tries to address the untapped "space" opportunity from the perspective investors. The Primer "sets out the challenges and opportunities posed by Space" and, predictably, concludes that lots of money is to be made, just call now to book your piece of timeshared monorail equity as "we are entering an exciting era in Space where we expect more advances in the next few decades than throughout human history." More:

Blain's Morning Porridge, Submitted by Bill Blain of Mint Partners

Why we should be very nervous about corporate bonds

    “Before the fiddlers have fled, before they ask us to pay for the bill and while we still have the chance.…”

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.