G20

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Authored by James Rickards via The Daily Reckoning,

The Group of Twenty, known as G20, is an unaccountable and powerful organization that is the closest thing on earth to a true world government. German Chancellor Angela Merkel, the rotating President of the G20, will host the next G20 meeting in the city of Hamburg, on the mouth of the Elbe River near the North Sea Coast.

As the G-20 meeting in Hamburg between Trump and Xi draws nearer, the US president appears eager to continue antagonizing his Chinese peer.

On his way to Warsaw this morning, where he will stay briefly ahead of the G20 summit in Hamburg which begins on Friday, Trump tweeted his displeasure at US trade deals which had been signed before his tenure: “The United States made some of the worst Trade Deals in world history. Why should we continue these deals with countries that do not help us?”

Whether this week's market surge was catalyzed by two consecutive "technical problems" in the bond market, first the unexpected failure of the Fed's MBS POMO on Wednesday and then the 7 Year Treasury auction's last minute cancellations yesterday, and quite clearly it was...

... is irrelevant as the short squeeze has not only returned with a vengeance...

... but the critical 1,950 resistance and 50 DMA in the S&P500 was taken out...

• Europe shrugs off pre-G20 China stocks slump, sterling steadies (Reuters)
• China Unveils Its Deliverables for G-20 -- And No Plaza Pact (BBG)
• Foreign Money Could Be Slow to Enter China’s Bond Markets (WSJ)
• China Urged to Stomach Much Higher Fiscal Deficit (WSJ)
• Trump's Momentum Has Republicans in Congress Confused and Cowed (BBG)
• Obama weighs Republican for Supreme Court (Reuters)
• Apple to boost customers’ iCloud encryption (FT)
• Sears Posts $580 Million Fourth-Quarter Loss as Retailer Shrinks (BBG)