Saturday, May 27, 2017

Today's Headlines

  • Trump Goes His Own Way as G-7 Cobbles Together a Form of Unity. U.S. President Donald Trump showed his determination to break the global mold as he refused to follow the Group of Seven line on climate change and forced a more skeptical approach to free trade. A summit of G-7 leaders in Sicily wrapped up on Saturday with a fragile truce on the two most contentious topics on the table. The U.S. pushed back on worldwide efforts to curb global warming that Trump’s predecessor had signed up to and won a reference in the final statement on the need for trade to be “free, fair and mutually beneficial.”
  • Macron Erupts On World Stage With Trump Snub and a Bromance. On a sun-kissed terrace overlooking the sea, the image of Emmanuel Macron and Justin Trudeau staring into each other’s eyes had social media swooning over the budding bromance between the two young leaders at the Group of Seven in Sicily. But just 24 hours earlier in Brussels, Macron had crushed Donald Trump’s hand until his knuckles turned white and walked past the U.S. president to embrace German Chancellor Angela Merkel on the blue NATO welcome carpet.
  • China's Industrial Profits Rise 14% as Global Trade Improves. Chinese industrial profits rose 14 percent in April from a year earlier as global trade increased. Industrial profits climbed to 572.8 billion yuan ($83.6 billion) last month, the National Bureau of Statistics said Saturday. That compares with a jump of 23.8 percent in March, and an 8.5 percent increase last year. Output in the world’s largest manufacturing nation is booming on the back of stronger global trade and investment, handing producers better pricing power. China’s exporters are capitalizing on the improved demand amid concern that the global economy may slow in the longer term.
  • U.K. Lowers Threat Level as May Urges Public to Remain Vigilant. Prime Minister Theresa May said the U.K. terror threat has been lowered to "severe" from "critical" following a number of arrests related to Monday’s terrorist attack in Manchester. May led a meeting of the government’s emergency committee Saturday morning, during which she was updated by police and security services on the investigation into the suicide bombing at a pop concert that killed 22 people. The threat level had been raised to the highest category on Tuesday.
  • Pope Denounces Speculators in Visit to Industrial Workers. Pope Francis highlighted the struggles workers face in a globalizing economy with a visit Saturday to a troubled steel factory in Genoa, where he stressed the importance of work in giving people a sense of human dignity and denounced those who exploit workers. The visit puts a focus on the plight of workers whose lives have been made precarious by years of economic crisis, including in Italy where a high jobless rate, especially among young adults, drives many to leave the country.
Wall Street Journal: 
  • What We Remember on Memorial Day. From the Civil War to Vietnam and beyond, Americans have struggled to reconcile the duty to honor the war dead with the need to pass historical judgment.
  • Rural America Is the New ‘Inner City’. A Wall Street Journal analysis shows that since the 1990s, sparsely populated counties have replaced large cities as America’s most troubled areas by key measures of socioeconomic well-being—a decline that’s accelerating.
  • Had bullish commentary on (IP), (F), (YHOO), (BIDU) and (LVS).
Zero Hedge:

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