United States

For the past month, despite the biggest quarterly bounce back from its lows in Dow Jones history, the market skepticism has not only remained but intensified: JPMorgan, Morgan Stanley, Deutsche Bank, SocGen, all have warned that this is a sucker's "bear market" squeeze, not the start of a real rally. Techniclans have been just as vocal in their skepticism, while the smart money has been selling relentlessly (not in its 8 consecutive week - more shortly).

Russian military staff have warned the US they may unilaterally use force against groups “systematically” violating the Syrian ceasefire from March 22. They accuse the U.S. of dragging its feet on responding to Moscow’s proposals on rules for joint monitoring of the Syria cease-fire and response to violations, saying that delays are leading to civilian casualties.

• Brussels Rocked by Deadly Attacks With Blasts at Airport, Subway (BBG)
• Death count climbs in Brussels blasts (Reuters)
• Europe on High Alert After Blasts in Belgium (WSJ)
• Brussels Phone Users Urged to Text Not Call as Networks Jammed (BBG)
• U.S. Embassy Urges Citizens in Brussels to Shelter in Place (BBG)
• Oil prices swept lower after Brussels blasts spook investors (Reuters)
• Democratic Party workers pore over videos in bid to hobble Trump (Reuters)
• Trump's Republican Turnout Boost Extends to Battleground States (BBG)

This morning's Brussels bomb attacks have led to risk-off sentiment across European asset classes, with Bunds higher and equities firmly in the red, although if the Paris terrorist attacks of November are any indication, today's tragic events may be just the catalyst the S&P500 needs to surge back to all time highs. FX markets have also been dominated by events in Brussels, with USD and JPY strengthening, while EUR and GBP softening throughout the European morning.

Authored by Paul Craig Roberts,

With much help from the failures of neoliberal economic policy and neoconservative foreign policy, we are changing the world.