Europe

Authored by Brendan Brown via MisesInstitute,

As previewed, the focus on the just released Fed minutes was on two things: the path of the rate hike, which the Fed said it can change its assessment if warranted, and on the future of the Fed's balance sheet, where the FOMC said said a reinvestment shift was warranted, suggesting that a balance sheet reduction would likely begin later this year.

Luxembourg-based JAB Holdings, the acquisitive owner of Caribou Coffee, Peet's Coffee & Tea and Krispy Kreme, confirmed swirling speculation this morning when it announced it would acquire U.S. bakery chain Panera Bread for $315/share - a 20% premium - in a deal valued at about $7.5 billion. If completed, the transaction would mark the largest M&A deal for a US restaurant company, and the second-largest in North America after the 2014 acquisition of Tim Horton's.

European stocks rebounded after a downbeat start, aided by a return to the post-Euro open momentum ignition in the USDJPY while Asian stocks rose after China shares surged 1.5%, the most since August. For now S&P futures are fractionally in the red, although we expect them to turn progressively higher as US traders get to their desks to frontrun the now traditional "post open" ramp.

Authored by Giulio Meotti via The Gatestone Institute,