Europe

Not even last night's Moody's credit downgrade of China - the first since 1989 - could dent the global stock rally which has pushed global stock prices to all time highs. After initially sliding, regional stocks and emerging Asian currencies pared early losses following the unexpected downgrade of China, taking their cue from the "sudden reversal" of the Shanghai Composite Index, which some speculated saw the latest intervention of the "national team."

Authored by Mike Shedlock via MishTalk.com,

The constitutional crisis in Spain may be coming to a head quickly according to a leaked document on a “Secret Law for Catalonia Independence” as reported by El Pais. 

Authoired by Sarah Cronin via TheAntiMedia.org,

Since Wednesday, Twitter has been sending out emails and notifications to its over 300 million monthly users to inform them of changes to their privacy policy.

The new policy, which goes into effect on June 18, includes changes to data collection, data sharing, and digital advertising. The policy is being run on an ‘opt-out’ basis, meaning that if users do not actively change their settings, these policies will automatically be applied to their accounts.

Authored by Kevin Muir via The Macro Tourist blog,

The Eurostoxx outperformance of the past month has garnered a lot of attention, but there is another similar trade many investors are missing. Not only that, but it has a positive carry, something that is sorely lacking in this day and age of NIRP.

Since early April, the German Bund / US T-note 10 year yield spread has rallied 35 basis points, rising from negative 220 bps to 185 bps.

A very sad but awfully truthful 30-second reality check from a female BBC host speaking on MSNBC...

http://www.liveleak.com/ll_embed

Source: Liveleak.com

"Europe is getting used to attacks like this...we have to because we are never going to be able to totally wipe this out... as ISIS gets squeezed in Syria and Iraq we're going to see more of these kinds of attacks taking place in Europe... and Europe is starting to get used to that..."

She is 100% correct sadly,