We suspect more than a few 'prosecuted' bankers will be smiling wryly today as, following the exposure of his offshore financial dealings - revealed in the Panama Papers - Iceland's embattled Prime Minister Sigmundur David Gunlaugsson has just resigned. And after two days of denials and one protest, Notgunlaugssoon may be more appropriate.
The Wall Street Journal chides Trump and Cruz for wanting Kasich to drop out:
Mr. Cruz wants Mr. Kasich out now because he figures the delegates in Cleveland will choose Mr. Cruz if the choice is down to him and Mr. Trump. But if Mr. Kasich is still an option, the delegates might favor him as a better November candidate.
As of this moment, the Atlanta Fed calculates Q1 GDP to be -0.7% (Bank of America has it at 0.6%). We expect this number to be promptly revised even lower following the latest disappointing trade data from the US, when moments ago the BEA reported that the US February deficit rose from $45.9BN to $47.1BN, missing the $46.2BN consensus estimate. This was the largest monthly deficit since August 2015's $50.5BN, and the number is likely only going to increase as the US is once again forced to start importing more oil with its own shale industry increasingly mothballed.
A Syrian jet has reportedly been shot down by a surface-to-air missile in Aleppo Province. Islamist rebels shot down the warplane on Tuesday in an area south of the city of Aleppo where insurgents are battling the Syrian army and allied militias. The pilot ejected but was captured by the Al-Qaeda affiliated rebel group. RT reports: The Syrian Army has confirmed that an Su-22 jet was downed near Aleppo, an army representative told RIA Novosti. The pilot of the downed plane has been taken by Al-Qaeda-affiliated Al-Nusra Front to one of its bases, according to a rebel source cited by Reuters.
By James Burgess of OilPrice
Did Italy And Malta Actually Agree To Swap Oil Rights For Refugees?
As the Syrian refugee crisis reaches a critical impasse, both in terms of European security and refugee human rights, Brussels has found itself having to deny accusations of a secret pact between Malta and Italy to swap refugees for oil exploration rights.