Europe

Following Europe's surging PMIs (to six year highs), US data was extremely disappointing. Both Services and Manufacturing PMI disappointed, tumbling to the lowest levels since before the election. Simply put, the 'soft' data is converging back lower to the dismal reality of the 'hard' data.

Hope is hot in Europe...

And not in USA...

As Output slows dramatically..

Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at IHS Markit said:

The latest evidence that rumors of Trumpflation trade's death are not greatly exagerated came overnight from Bank of America which reported that based equity funds saw net outflows of $8.9 billion, the largest in 38 weeks. The most impacted sector was, not surprisingly, banks - the biggest beneficiary of the post-Trump election victory rally, which suffered the biggest outflows in over a year.

Asian shares and S&P futures rose on optimism that today's rescheduled U.S. vote on health care will pass following Trump's Ultimatum to the Freedom Caucus. European stocks gave up some of Thursday’s gains, falling for the fourth time in five days, and moving further away from a 15-month high reached a week ago while the yen weakened for the first time in nine days before the long awaited U.S. health-care vote that has dominated market sentiment this week. Oil was headed for a third weekly drop this month. Economic data include durable goods orders, Markit U.S. manufacturing PMI.

Europe has suffered many Islamist terrorist attacks in recent years, but before the assault on Charlie Hebdo, only two of them caused more than ten deaths: the Madrid train attack in May 2004 and the London tube and bus bombings 14 months later. Since then, and the beginning of the global 'war on terror', things have become exponentially worse...

Mission Accomplished?

Authored by Alex Gorka via The Strategic Culture Foundation,

Russia has warned Norway over consequences of joining NATO ballistic missile defense (BMD) plans. According to Russian ambassador to Oslo, Moscow will retaliate. Norway's possible accession to NATO's missile shield «will be a new factor that will be considered in our strategic planning as the emergence of an additional problem in the Arctic region», Teimuraz Ramishvili told the Norwegian state media network NRK.