Republican presidential race

In a quiet start to the week following last week's surprisingly strong rebound which followed a stronger than expected jobs report (perhaps to demonstrate that good news is once again good news), Japan stocks continued to sink as the USDJPY dropped to fresh lows, while commodities declined for a fifth day as the supply glut from crude to copper weighed on prices, dragging down commodity currencies. European equities rose, rebounding from a one-month low.

The US Republican presidential race got even nastier on Wednesday when two main contenders exchanged cryptic tweets and Donald Trump threatened to ‘spill the beans’ on Senator Ted Cruz’s wife. A naked photo of Melania Trump set off the latest Republican presidential dispute on Twitter. Senator Cruz sent a Tweet to the Donald warning him to lay off his Mrs and to google his facts before launching cowardly attacks. The Independent reports: Lyin’ Ted Cruz just used a picture of Melania from a G.Q. shoot in his ad. Be careful, Lyin’ Ted, or I will spill the beans on your wife! — Donald J.

The news keeps getting better for Donald Trump, a man who is fortunate in his critics and enemies:

Inserting himself into the Republican presidential race, Pope Francis on Wednesday suggested that Donald J. Trump “is not Christian” because of the harshness of his campaign promises to deport more immigrants and force Mexico to pay for a wall along the border.

Having slept on it, I don’t have much more to say about the blowout victories of Donald Trump and Bernie Sanders than you’ve read in a thousand other places. Hillary is bound to get the Democratic nomination, but so far, we have seen a massive vote of no confidence in the Democratic establishment by its voters. That more than a small minority of Democratic voters are choosing an elderly socialist over Hillary Clinton tells you how out-of-touch the Democratic establishment is with its voters.