Europe

From Blain's Morning Porridge by Bill Blain of Mint Partners

This morning we’ve got a Risk-Off blip as the market winds itself into a tizz because suddenly the US recovery isn’t looking so well founded on the back of yesterday’s slowing Auto-sales number. Shock and horror! And it might get worse… we’ve got employment numbers on Friday, (which might be less strong than expected, therefore confirming it’s the end of everything), and who knows what Trump will say to China… 

Stop! No need to panic.. Worry, yes.

Global stocks were pressured by a poor start to the second quarter in the US, where carmakers reported disappointing sales data, slamming auto stocks around the globe. The selling has persisted for a second day, with Asian stocks and European shares all partially in the red today after their biggest decline in two weeks. Car sector is biggest mover in Europe, offsetting gains in financial services and media.

Authored by Antonius Aquinas,

• Buying a Home This Spring Will Be Hardest in Years (WSJ)
• Senate showdown likely over Gorsuch confirmation (Reuters)
• ‘Nuclear’ Bid to Confirm Gorsuch May Radically Change Washington (BBG)
• Trump's son-in-law, Kushner, flies into Iraq with top U.S. general (Reuters)
• Solid Asia factory growth caps a strong first quarter but outlook cloudy (Reuters)
• Trump presses China on North Korea ahead of Xi talks (Reuters)
• The Rising Retirement Perils of 401(k) ‘Leakage’ (WSJ)

For those just getting to their desks, here is a summary of what you missed in the overnight session, courtesy of JPM's Adam Crisafulli