United States

Two days after the US military confirmed that a coalition airstrike may have killed as many as 240 civilians in a March 17 Mosul air raid, the Pentagon found an unexpected defender when the Iraqi military said on Sunday a blast that killed scores of civilians in western Mosul was triggered by an Islamic State booby trap, contradicting local officials and residents who claimed a U.S.-led coalition airstrike caused the deaths.

An Iraqi man inspected damage on Sunday in the Mosul al-Jadeeda neighborhood of the northern city, Mosul

US Invades Syria

• Markets Slide on Doubts that Trump Can Deliver (BBG)
• Dollar hits four-month low as Trump trade deflates (Reuters)
• These Charts Show Alarm Bells Ringing on Trump Trade (BBG)
• White House may court Democrats on tax reform (Reuters)
• Republicans Could Have Another Fight Over Tax Overhaul (WSJ)
• 'Religious left' emerging as U.S. political force in Trump era (Reuters)
• Democrats Weigh Next Steps on Gorsuch Nomination (WSJ)
• Iraq Military Rejects Claim U.S. Airstrike Killed Civilians (WSJ)

Gold, Silver Rise 2.5% and 3.2% As ‘Trump Trade’ Fades

Gold and silver jumped another 1% overnight in Asia, building on the respective 1.5% and 2.2% gains seen last week. The 'Trump trade' is fading, impacting stock markets and risk off has returned to global markets with the Nikkei, S&P 500 futures and European stocks weakening.

Global stocks are lower across the board to start the week, as concerns about Trump's administration to pull off a material tax reform plan finally emerge, pressuring S&P futures some 20 points lower this morning, following European and Asian shares lower, while crude oil prices fall unable to find support in this weekend's OPEC meeting in Kuwait where a committee recommended to extend oil production cuts by another 6 months.