United States

In a quiet overnight session in which Japan was closed, European shares are mixed as financials and auto weigh, Asian stocks rise led by materials while S&P futures little changed against a backdrop of the continuing commodity rally with oil holding near $48 a barrel, up fractionally on the session. Against a basket of currencies, the dollar index was up slightly at 101.12, very close to a 14-year peak. The dollar also kept most of its recent hefty gains on the yen at 111.05 though it has met resistance around 111.35 in the last couple of sessions

Submitted by Michael Shedlock via MishTalk.com,

The EU fired a major global trade war tit-for-tat retaliation today against US banks and the UK in a single action.

Brussels will raise costs for foreign lenders while simultaneously taking a pot shot at London.

Please consider EU to Retaliate Against US Bank Capital Rules.

Authored by Alastair Crooke, via Raul Ilargi Meijer's Automatic Earth blog,

We are plainly at a pivotal moment. President-Elect Trump wants to make dramatic changes in his nation’s course. His battle cry of wanting to make “America Great Again” evokes – and almost certainly is intended to evoke – the epic American economic expansions of the Nineteenth and Twentieth centuries.

After “the most contentious election in U.S. history,” journalists wrote, “the art of fiction is dead.” We chose “the most unqualified president in history,” but voters were reacting to years of “social experimentation and economic extravagance,” motivated “not by ideology but a desire to vote against” the loser—or perhaps “a desire for change.” Democrats, meanwhile, were “turning their guns on each other” in despair.

The first two quotes are from 2000, the last from 1980, the “social experimentation” line from 1942, the “turning their guns” quote from 1880.

On November 15, 2016, The American Conservative gathered leading scholars, journalists, and policy experts to discuss the future of U.S. foreign policy in the wake of the 2016 election. Former U.S. Senator and Secretary of the Navy Jim Webb delivered a keynote address at the conference, “Foreign Policy in America’s Interest: Realism, Nationalism, and the Next President”, held at George Washington University in downtown Washington, DC. Rep.