Europe

One week ago we showed that in a surprising twist, even as the broader market has remains stable and trading rangebound between 2040 and 2080 over the past month, actual equity outflows had accelerated and one week ago EPFR reporter another $7.4bn in equity fund outflows (the 5th straight week) driven by $4.8bn in mutual fund outflows and $2.7bn ETF outflows, leading to a $44bn equity exodus past 5 weeks, which as Michael Hartnett points out is the "largest redemption period since Aug’11."

It will be fitting, not to mention symmetric, if stocks which yesterday closed at 7 weeks lows and red for the year, end the week the same way they started it: with a rally on no news, just more hopes that oil (which as recently as two years ago none other than Chair Yellen said said would be be "unambiguously good" if lower) will continue rising.

As the immigration crisis continues to intensify in Europe, Germans are buying protection - lots of it.

Recall that last year, following a 600% surge in pepper spray purchases, the country actually ended up running out of the product. Shortly thereafter, following a wave of New Year's Eve attacks, small arms sales subsequently skyrocketed.

Michel Houellebecq’s novel Submission provides a glimpse of the first post-secular society, imagining a future France that gives in to the rising influence of Islam.

NATO have formally outlined their plans for going to war with Russia, saying that if Russia counter their attempts to surround the country with troops, they will respond with an all-out war.  Rinf.com reports: On May 18th, Britain’s Guardian headlined “West and Russia on course for war, says ex-Nato deputy commander” and reported that the former deputy commander of NATO, the former British general Sir Alexander Richard Shirreff (who was Supreme Allied Commander in Europe from 2011-2014), expressed outrage that Britain isn’t urgently preparing for war against Russia, and also reported that “