Europe

The horrific events in Brussels are still resonating across Europe today. And, as Bloomberg's Mark Cudmore explains, despite what many analysts are saying, the real impact is likely to be more widespread than the very intense emotional anguish.

Mohamed El-Erian -- a regular Bloomberg columnist -- has been one of the most high-profile commentators to express the view that the “macroeconomic effects tend to be limited, and they fade,” in reference to acts of terrorism.

Sadly, that may not be the case this time.

Back in December, Pakistani-born Tashfeen Malik and her husband Syed Farook stormed a holiday party at a social services center in San Bernardino and killed 14 people with assault rifles. “Radical Islamic terrorism” had once again manifested itself on American soil.

In the wake of the shootings, Donald Trump - who at that point was still thought to be a long shot for the GOP presidential nomination - took his biggest political risk yet. He called for a complete ban on Muslims entering the country until lawmakers “can figure out what’s going on.”

From The New York Times, this report about how Belgium is an incubator of the Islamist fifth column destabilizing Europe:

The country of just 11.2 million people faces widening derision as being the world’s wealthiest failed state — a worrying mix of deeply rooted terrorist networks; a government weakened by divisions among French, Dutch and German speakers; and an overwhelmed intelligence service in seemingly chronic disarray.

There was more than a little confusion on Wednesday morning when Belgian media reported that ISIS bomb maker Najim Laachraoui had been arrested in Anderlecht.

Laachraoui is now Europe's most wanted man after being identified as the third suspect shown in a screengrab from CCTV footage recorded in Brussels airport before Tuesday's terrorist attacks that killed 11 and wounded dozens more. 

• Futures little changed day after Brussels attacks (Reuters)
• Trump, Clinton win big in Arizona, but Cruz, Sanders show fight (Reuters)
• Belgium identifies Brussels bomb suspect, suicide bombers (Reuters)
• After Brussels Terrorist Attacks, Security Ramped Up in U.S. Cities (WSJ)
• Terror Impact Threatens Cameron EU Pitch, Merkel's Open Door (BBG)
• Brussels Attacks Will Jolt 2016 U.S. Presidential Race (WSJ)
• Mounting debts could derail China plans to cut steel, coal glut (Reuters)