European Union

Yesterday's weak dollar headfake has ended and overnight the USD rallied, while Asian stocks dropped to the lowest level in 7 weeks and crude oil fell as speculation returned that the Federal Reserve will raise interest rates as early as next month. The pound jumped and European stocks gained thanks to a weaker EUR.

Following the latest month abysmal trade and PMI data out of Japan overnight (April exports crashed -10.1 %, worse than the exp. -9.8 and worse than last month's -6.8% while imports plunged -23.3% also far worse than exp. -18.8 and March -14.9%; PMI 47.6, Exp. 48.3, last 48.2), it was supposed to be a straight up for the USDJPY, and its carry linked E-mini.

• Fed Puts June Rate Increase on Table Provided Economy Says Go (BBG)
• European shares drop as mining stocks weaken, airlines fall (Reuters)
• Oil drops below $48 on Fed hike speculation, fading support from outages (Reuters)
• Violent Struggle Over Oil and Money Rattles Global Energy Market (BBG)
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• Fewer Shareholders Pay U.S. Taxes on Dividends (WSJ)
• Turkey to miss end-June deadline for EU visa-free travel (Reuters)

Submitted by Tim Price via SovereignMan.com,

On 23 June 2016, this British citizen will be voting to leave the European Union.

To me it’s clear: the EU has not only become too big for its own good, it’s too big to do hardly anything good.

Back in 1975 when the UK first confirmed membership in the EU (when it was called the European Economic Community), it made sense.

Britain has always thrived on international trade, and the EU promised more trade.

Submitted by Soeren Kern via The Gatestone Institute,