Europe

McDonalds have been fined $341 million dollars (300 million euros) for unpaid taxes in France after French discovered that the fast food corporation had funnelled cash through Luxembourg and Switzerland as part of a huge tax avoidance scheme.  French authorities have accused the fast food giant of taking advantage of a Luxembourg-based entity, McD Europe Franchising, in order to dump their profits and fool the government. Reuters.com reports: McDonald’s France declined to comment on developments in the ongoing French tax investigation, first reported in 2014.

While trying to make sense of the "market" seems like a lost cause today more than ever, and it certainly led Bloomberg's Richard Breslow to flip out on Monday, here is Breslow again, stoically trying to uncover the fundamental logic in what has devolved to nothing more than carefully calculated central banker verbal outbursts (and in some cases, actions) and the corresponding pre-programmed algorithmic reactions to a flurry of headlines. Which, incidentally, is precisely his lament today: that trading has devolved to doing noting more than reacting to flashing red headlines.

Via GEFIRA,

A fire broke out at the Idomeni refugee camp in Diavata, northern Greece on Wednesday, burning tents and causing panic. Several refugees were treated for smoke inhalation before the fire was put out.  Sigma Live reports: Just over 2,300 refugees live at the camp, which is located near Thessaloinki. Local residents protested against the construction of the camp in February, which is housed on a former military site. “We are not racists, we are not fascists, we just want to keep our place safe,” the demonstrators chanted at the time.

• After big New York wins, Trump and Clinton cast themselves as inevitable (Reuters)
• Eastern States Take Turn in Presidential Primary Spotlight (WSJ)
• China's Stocks Tumble Most in Seven Weeks to Break Trading Calm (BBG)
• Oil falls on end to Kuwaiti strike, supply outlook (Reuters)
• Oil price's decline weighs on global stock markets (Reuters)
• Blankfein's Decade Ending With a Thud on a Humbled Wall Street (BBG)
• Toyota to Resume Production at Most Japan Plants Next Week (WSJ)