France

The levitation continues with S&P futures pointing to - what else - another higher open while European stocks swung between gains and losses on the busiest earnings days of the year (85 of the Stoxx 600 report) which has seen European pharma giant AstraZeneca plunge 15%, the most on record, after its flagship lung cancer trial Mystic failed to show benefits, while Deutsche Bank slumped 4% on a 12% plunge in FICC revenue.

After sliding to 3 month lows on "car cartel" concerns yesterday, European stocks have rebounded after three days of declines, while oil extended gains after Saudi export cuts, with Brent rising above $49 and WTI just shy of $47. Asian stocks fell while S&P futures rose 0.2% to 2,473, putting yesterday's GOOGL drop on plunging Costs-Per-Click in the rearview mirror.

Authored by Soeren Kern via The Gatestone Institute,

Authored by Bonner & Partners' Bill Bonner, annotated by Acting-Man's Pater Tenebrarum,

French Fraud

“Which is worse? America or France?” The question must be put in context. We were invited to dinner with local farmers last night. Jean-Yves and Arlette live in a modest house in the nearby town – an efficient and cozy place built about 25 years ago. They’ve added a solarium to the back, where we had dinner.

FAF – French-American Friendship. These days it’s a “which is worse” competition… [PT]

France's armed forces chief resigned on Wednesday, culminating a dramatic dispute with president Emmanuel Macron over defense budget cuts, in what Reuters called "an early test of the newly elected president's mettle and the tough presidential style he is cultivating." Last week, General Pierre de Villiers publicly complained about Macron’s proposed €850 million cuts to the military's budget, telling a parliament committee he would not "let myself be fucked like that," adding that "I may be stupid, but I know when I am being had."