United States

"A Happy Trumpiversary to all our readers this morning"

       - Deutsche Bank

In what is sure to stir up a media storm of over analysis, the Kremlin has commented that there is a strong possibility that Donald Trump and Vladimir Putin will meet on the sidelines of the upcoming international summit in Vietnam.

U.S. equity futures are little changed as European and Asian shares retreated, led by sliding bank stocks and a drop in the dollar as doubts over republican tax cuts and ongoing bond curve flattening hurt sentiment and prompted fresh questions over the viability of the US expansion.

We have some sympathy for John Cryan, but only to the extent that he has the near impossible task of putting the biggest German bank back on a sound footing regaining market share and generating some elusive revenue growth: a virtually impossible task as long as Europe is choked by NIRP. As we noted two weeks ago, Deutsche’s 3Q 2017 results confirmed that the situation is still getting worse:

On Tuesday Iran slammed Saudi and US claims that it was supplying Yemen's Houthi rebels with advanced ballistic missiles that Saudi Arabia says targeted Riyadh international airport on Saturday - which would be a violation of a UN resolution which ensures conformity to the Iran nuclear deal.