Europe

Global stocks were mixed to start the week, with Asian stocks higher, European stocks initially advancing then fading gains, while S&P futures are little changed after the biggest weekly drop since April (which for those keeping record was -0.4%). European shares, the euro and the pound all stumbled on Monday as rumblings in Spain, Britain and Brussels reminded investors that the region still has plenty of political uncertainty left in the tank.

In the early days of the Trump administration, when the world was still worried - unnecessarily - that Trump would single out Europe, and especially Germany, as an unfair trading partner, slamming the Euro as too weak, Germany's fallback response was to say the currency is where it is due to the ECB's monetary policy, oh and that the Euro wasn't weak, but merely reflecting fundamentals.

With negotiations between the UK and EU likely to formally begin on June 19, Bloomberg reports that Brexit Secretary David Davis has pre-emptively lashed out at EU officials, threatening that "The UK will quit talks on leaving the European Union unless the bloc drops its demands for a divorce payment as high as EUR100bn."

Some analyst, such as Beacon Advsiros, expected a diplomatic scandal as a worst case scenario outcome from Trump's keynote speech at the Arab Islamic American Summit in Saudi Arabia. That did not happen, and instead Trump delivered a speech that many pundits on both sides of the aisle said was better than expected, even if in a very strict sense.

Clocking in at just over 3,400 words, here is a full transcript of what Trump told Saudi Arabia and the world on Sunday afternoon.