Europe

The military provocations between NATO and Russia reached a new post-cold war high yesterday when Poland became the host to the largest joint NATO war game in eastern Europe since the end of the cold war. The purpose of the massive drill, according to the Guardian, is for NATO "partner countries to mount a display of strength as a response to concerns about Russia’s assertiveness and actions." The 10-day military exercise dubbed Anaconda-2016, involves 31,000 troops and thousands of vehicles from 24 countries.

The month of May was very contentious one for Euro-Turkey relations.

Taiwan's exports fell 9.6% y/y in May, marking the 16th straight month of decline. The results were slightly better than estimates of a 9.9% fall, however significantly worse than April where exports fell 6.5% y/y. Imports also fell 3.4% y/y, leaving a $3.5 billion trade surplus for May.

Stock whisperer Yellen said all the right things yesterday, when she sounded more optimistic than pessimistic on the economy but while the economy is "strong" it is most likely not strong enough to weather a rate hike in the immediate future.

The U.S. State Department are warning U.S. citizens against travelling to all parts of Europe, saying that there is a strong chance of an impending terrorist attack.  According to the travel warning, the State Department claim that there is a strong chance that ISIS will strike major events, tourist sites, restaurants, commercial centers and public transportation in the coming summer months. State.gov reports: As part of the State Department’s continuous efforts to provide Americans travelling abroad with information about relevant events, we are alerting U.S.