Europe

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,

Last Thursday, when AMZN stock - currently trading at some ridiculous four or more digit P/E multiple  - made its latest spurt higher, we reported that as a result of the move, Jeff Bezos was now richer than Warren Buffett and fast approaching Bill Gates.

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.