Following the latest month abysmal trade and PMI data out of Japan overnight (April exports crashed -10.1 %, worse than the exp. -9.8 and worse than last month's -6.8% while imports plunged -23.3% also far worse than exp. -18.8 and March -14.9%; PMI 47.6, Exp. 48.3, last 48.2), it was supposed to be a straight up for the USDJPY, and its carry linked E-mini.
Is America stuck in the Cold War or headed into a new one? Over the last 25 years, American grand strategy has had to do some heavy lifting to address the rise of terrorism—but it may have lost sight of the more dangerous threat posed by great power wars.
Jeffrey Stacey is looking forward to how Clinton will conduct foreign policy, which he assumes would have magically remedied almost all current problems overseas:
Submitted by David Stockman via Contra Corner blog,
Just over a week ago, we pointed out that China's great credit growth stimulus from early 2016, when the PBOC injected $1 trillion in new credit in the first quarter of the year, had come to a screeching halt in April, confirmed by the lack of growth in China's broadest credit aggregate, Total Social Financing, which had just dipped to a negative growth print year-over-year.