United States

Via The Daily Bell

Federal agents set up shop in New Hampshire last week. They ran a Constitutionally-illegal checkpoint, violating the Fourth Amendment rights of countless Americans.

The big reward? They arrested 25 illegal immigrants, seven of them children. More than half of those detained had overstayed visas. That means they came to the U.S. legally in the first place and did not leave when their visa expired.

What could have spurred this callous disregard for the law? Well, a personal anecdote could shed some light on the situation.

An angry China slammed President Trump's threat on Monday to cut off trade with countries that deal with North Korea, as "unacceptable" and "unfair." As a reminder, following Sunday's nuclear test by North Korea, Trump threatened to increase economic sanctions and halt trade with any country doing business with North Korea, a threat he has used before without following through. That list would include China, the U.S.’s biggest trading partner, which accounted for about a sixth of its overseas commerce.

With the US markets closed today, market events this week will be dominated by G10 central bank meetings, among which the ECB stands out, but also notable will be the RBA, BoC and Riksbank. Consensus does not expect policy changes yet. There is also a busy calendar for the UK (PMIs, housing, IP and trade balance) along with GDP/IP releases elsewhere. In EMs, there will be monetary policy meetings in Brazil, Poland and Malaysia. Brazil BCB is expected to cut rates by 100bp.

Central bank preview:

Authored by Mike Shedlock via MishTalk.com,

The threat of total abandonment of NAFTA took on a second front this weekend as Canada’s biggest private-sector union said NAFTA should be scrapped if Mexico cannot agree to better labor standards.

Please consider Sharp Differences Over Labor Surface at NAFTA Talks in Mexico.

Having started off with a sharp gap lower following Sunday's news of the latest, 6th nuclear test by North Korea, global stocks and US futures pared losses in the overnight session, despite reports of North Korean preparations for yet another missile launch, while the yen trimmed its risk-off gains even as gold kept its upside and the South Korean Kospi closing 1.2% lower, with traders asking whether "this time will be different:, or inversely, will today's market reaction will be a carbon copy of what happened last Monday, when stocks gapped sharply lower on North Korea mi