Europe

Authored by Michael Snyder via The End of The American Dream blog,

Last week, when looking at the the distortion and absurdity unleashed by the ECB's asset purchase program upon European capital markets, we showed the unprecedented collapse in European junk bond yields as captured by the effective yield of the BofA/ML Euro High Yield Index, which is now trading just shy of all time lows, having dropped below 3% at the end of April, and printed at 2.79% on May 23, within bps of record lows...

It has gotten to the point where traders, like most reflex-based creatures, have become accustomed to the seemingly daily Trump "bombshell" news to emerge just after 5pm from either the WaPo or NYT. So much so, in fact, that when there is none - as was the case overnight  - they to complain.

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.