Europe

For today's dose of pre-market entertainment, we go once again to Dennis Gartman, who clearly perturbed by the violent turnaround in global stocks yesterday appeared on CNBC where the "closely followed market-watcher" said the early week's market gains could continue for the next couple of weeks.

"Historically when that happens, we carry through. So I think you're likely to trade better — maybe not today, particularly — but I bet by Friday we're higher and I bet by next week we're higher again," Gartman told CNBC in London.

Iconic jeweler Tiffany reported Q1 earnings which continued the recent slide in top and bottom line on the back of a clearly weaker domestic and global consumer, and which not only missed the top and bottom line, printing at $891.3MM (exp. 914.9MM) and $0.64 (exp.

• Oil nudges $50 a barrel as investors bet on shrinking overhang (Reuters)
• From hinterland to wonderland: China's 'teapot' refinery boomtowns (Reuters)
• Peter Thiel Has Been Secretly Funding Hulk Hogan's Lawsuits Against Gawker (Forbes)
• China Wants to Set Prices for the World's Commodities (BBG)
• Big Banks Ladle On the Risk (WSJ)
• China Said to Plan Asking U.S. on Timing of Fed Rate Hike (BBG)
• ECB credit buying to start small, betting on issue boom (Reuters)
• HP Enterprise to Spin Off, Merge Services Business (WSJ)

The single biggest event overnight was the PBOC's devaluation of the Yuan to the lowest since March 2011, setting the fixing at 6.5693, the highest in over 5 years and in direct response to a stronger dollar, which however if one looks at the DXY remains well below the recent highs in the 100 range, suggesting for China this is only just beginning.

Submitted by Claudio Gras via Acting-Man.com,

Will the Swiss Guarantee CHF 75,000 for Every Family?

In early June the Swiss will be called upon to make a historic decision. Switzerland is the first country worldwide to put the idea of an Unconditional Basic Income (of $2,500 per month for every man, woman, and child for doing absolutely nothing) to a vote and the outcome of this referendum will set a strong precedent and establish a landmark in the evolution of this debate.