Europe

European stocks declined for first session in five ahead of Wednesday's Dutch elections, debt ceiling expiration and the conclusion of the Fed's 2-day meeting where it is expected to raise rates by 25 bps. Tightening concerns emerged, also dragging down Asian shares and S&P futures, while the dollar continued its rise for a second day. Crude oil has ended its six-day drop. The pound tumbled 0.8% to the lowest since mid-January in a delayed reaction after Theresa May won permission to trigger the country’s departure from the EU.

Authored by Patrick Buchanan via Buchanan.org,

Not long ago, a democratizing Turkey, with the second-largest army in NATO, appeared on track to join the European Union.

That’s not likely now, or perhaps ever.

Last week, President Recep Tayyip Erdogan compared Angela Merkel’s Germany to Hitler’s, said the Netherlands was full of “Nazi remnants” and “fascists,” and suggested the Dutch ambassador go home.

What precipitated Erdogan’s outbursts?

As we noted moments ago, the tit-for-tat aggression resumed its escalation between Turkey and the Netherlands, with Turkish Deputy Prime Minister Numan Kurtulmus exclaiming from Ankara that "Europe's politicians are under fascist, neo-nazi influence" and in response, Turkey will suspend all high-level diplomatic meetings and cancel all flight permissions for Dutch politicians.

Authored by Mike Shedlock via MishTalk.com,

French presidential candidate Francois Fillon is largely correct about things that need to be done to heal France. However, his message is lost in Penelopegate, Loangate, Suitgate, and Nosegate.

Please consider François Fillon’s Taste in Bespoke Suits Draws Criticism.

Via The Gavekal USA Team,

We recently met with geopolitical strategist Peter Zeihan to discuss world events since the American election and his new book, “The Absent Superpower: The Shale Revolution and a World without America.” In the book, Peter credits energy and resource innovations with reshaping the global geopolitical environment.