Europe

Authored by Anatole Kaletsky, originally posted at Project Syndicate,

 For those of us who were wrong about the United States’ presidential election, it is worth suppressing emotional reactions, at least for a month or two, and attempting a dispassionate judgment about what Donald Trump’s administration may mean for the world. So here are ten likely consequences of the Trump presidency, divided equally between the good and the bad.

The Daily Bell 

US Domestic Tumult – Orchestrated or Not?

• No, Russian Agents Are Not Behind Every Piece of Fake News You See  … Making everyone who shares fake news part of a Russian conspiracy is not helpful. One of the themes that has emerged during the controversy over “fake news” and its role in the election of Donald Trump is the idea that Russian agents of various kinds helped hack the process by fueling this barrage of false news. But is that really true?  – Fortune

Coming on the sixth year anniversary of the infamous "Cablegate", when on this day in 2010 Wikileaks made global headlines when it unveiled classified cables sent to the US State Department, revealing assessments of countries and details of eavesdropping, this morning WikiLeaks released more than half a million US diplomatic cables from 1979, covering various diplomatic events and incidents such as the Iranian revolution, Osama bin Ladin's departure of his native Saudi Arabia for Pakistan to support the Mujahideen, the siege of Mecca, Saddam Hussein becoming president of Iraq and much more.

• Trump Alleges That ‘Millions of People’ Voted Illegally (WSJ)
• Oil slip sends dollar, bond yields skidding (Reuters)
• Italian Lenders Slide on Vote Worries to Drag Down Europe Stocks (BBG)
• OPEC makes last-ditch bid to save oil deal as tensions grow (Reuters)
• How Iran, Russia Could Derail Oil-Production Deal (WSJ)
• Tug of War Delays Some of Trump’s Key Appointments (WSJ)
• French conservatives back Fillon for president, left flounders (Reuters)
• How to Kill the Volcker Rule? Don’t Enforce It (WSJ)

European shares dipped and U.S. equity-index futures (-0.3%) pointed to a lower open as traders questioned the stability of the Italian banking sector ahead of next weekend's referendum as well as the longevity of the Trumpflation rally, pressuring the dollar, sending the USDJPY sliding as low as 111.355 overnight, before rebounding over 112. That was the dollar's biggest fall against its Japanese rival since October 7 and against a basket of top world currencies it was the greenback's worst day since November.