iPhone

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.

Authored by SaxoBank's Michael McKenna via Tradingfloor.com,

• As Brexit vote looms, U.S. banks review their European commitments (Reuters)
• Oil’s Strength Continues to Boost Global Stocks (WSJ)
• Trump closing gap with Clinton, poll shows (Hill)
• In Adjacent Pennsylvania Counties, Republicans Are Split on Donald Trump (WSJ)
• Make America Gold Again: Calls for Everyone's Favorite Standard Are Back (BBG)
• SEC, Treasury Push for Centralized Reporting of Treasurys Trades (WSJ)
• Venezuela protesters fear Maduro will cling on at all costs (FT)

Authored by Mark St.Cyr,

Last week I wrote an article titled, “If Everything Is So Great, Where Are The Unicorn IPOs?” In that article I posited an idea, or reasoning, as to why some companies such as Facebook™ and Amazon™ are suddenly deciding to release more GAAP friendly earnings reports as to show both investors, as well as, regulators the numbers with greater transparency, as opposed to, their relentless white-knuckled grip to Non-GAAP. In it I made the following observations, to wit:

• Nerves dominate before U.S. retail numbers (Reuters)
• Stocks Give Up Week’s Gains as Commodities Fall; Yen, Bonds Rise (BBG)
• Apple Invests $1 Billion in Didi, Uber’s Rival in China (WSJ)
• Dollar hits two-week high, posts best fortnight since February (Reuters)
• OPEC Sees Rival Oil Production Declining as Markets Rebalance (WSJ)
• Trump on best behavior as he woos Republicans but differences remain (Reuters)
• Hedge Fund Star: We Are ‘Under Assault’ (WSJ)
• German GDP growth picks up sharply (MW)