Europe

• World stocks rally, dollar up to two-month high against yen (Reuters)
• Oil Prices Fall Amid Rising U.S. Production (WSJ)
• Trump’s ‘America First’ Policy Proves to Be an Immovable Object at G-20 (WSJ)
• Russia says joint cyber unit with U.S. will take time to set up (Reuters)
• Senate Health Bill Fails to Pick Up Support After Week of Recess (BBG)
• Trump’s Massive Tax-Cut Plan Faces ‘Train Wreck’ of a Calendar (BBG)
• Trump's push to replace Obamacare faces trouble as U.S. Congress returns (Reuters)

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 Douglas Murray via The Gatestone Institute,

Authored by F. William Engdahl via New Eastern Outlook,

Authored by Mike Shedlock via MishTalk.com,

At the Fed, the debate is over normalization of the balance sheet. The Fed has already finished tapering.

In contrast, the ECB is still addicted to a balance sheet build-up. But internal feuding has picked up with Germany and the hawks on one side and doves on the other.

Bloomberg reports ECB Officials Disagree on How Much Is Too Much for Stimulus Plan.