Europe

In a somewhat stunning warning, The US State Department has issued a travel warning for Europe for the next 3 months due to the risk of "potential terrorist attacks." We can only imagine what Europe's tourism ministers will have to say about this...

Via The State Department:

Submitted by Michael Shedlock via MishTalk.com,

In a stark warning as to what will happen if Chancellor Angela Merkel allows Turkish citizens visa-free travel throughout Europe, Turkish President Recep Tayyip Erdogan says "Contraception is Treason, Women Not Equal to Men, Muslims Must Multiply Descendants ."

Please consider Turkey’s Erdogan Warns Muslims Against Birth Control.

For decades, the story of Saudi Arabia recycling petrodollars, i.e., funding the US deficit by buying US Treasuries with proceeds of its crude oil sales (mostly to the US), while the US sweetened the deal by providing the Saudis with military equipment and supplies, remained entirely in the conspiracy realm, with no confirmation or official statement from the US Treasury department.

• Major Bourses on Course to End Month Sharply Higher (WSJ)
• Brent crude lower on strong Middle East oil output (Reuters)
• Treasuries Lose Their Lead Over Shares as Fed Moves Toward Shift (BBG)
• Lost Decade for Value Stocks Tests Faithful Who Say End is Nigh (BBG)
• Iraqi army pause at southern edge of Falluja as IS fights back (Reuters)
• Risky Reprise of Debt Binge Stars U.S. Companies Not Consumers (BBG)
• The Untold Story Behind Saudi Arabia’s 41-Year U.S. Debt Secret (BBG)

After yesterday's US and UK market holidays which resulted in a session of unchanged global stocks, US futures are largely where they left off Friday, up fractionally, and just under 2,100. Bonds fell as the Federal Reserve moves closer to raising interest rates amid signs inflation is picking up. Oil headed for its longest run of monthly gains in five years, while stocks declined in Europe.