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US equity futures surged and European stocks climbed after President Donald Trump extended a deadline on aggressive euro area tariffs, reinforcing the pattern of leaving markets guessing and flip-flopping by making trade threats before backtracking, all in keeping with the gamebook established during the Trump 1.0 trade wars.  With US cash markets closed for Memorial Day, US equity futures jumped 1.2% and Nasdaq 100 futures surged 1.4%, erasing all of Friday's losses.

A gauge of the dollar hovered near its lowest level in almost two years. Cash Treasuries didn’t trade due to holidays in the UK and US but futures dipped, indicating a 10Y yield about 4.53%

Trump’s decision to extend the deadline came after a phone call with European Commission President Ursula von der Leyen. Von der Leyen, who heads the EU’s executive arm, said earlier Sunday in a post on X that “Europe is ready to advance talks swiftly and decisively,” but “a good deal” will need “time until July 9.” That’s the date on which Trump’s 90-day pause of his so-called reciprocal tariffs had originally been set to end. 

Trump’s tariff threats on Friday also included a 25% levy on smartphones if companies including Apple Inc. and Samsung Electronics Co. failed to move production to the US.

Even as the Big Beautiful Bill is now stuck in the Senate where any changes threaten to undo its razor thin passage in the House, the trade war has made a return as the major risk driver once again after concerns about Trump’s proposed tax cuts, and their impact on the US deficit, churned markets much of last week. Trump’s whiplash moves have increased uncertainty in markets and his broadside against Europe on Friday, followed by a backtrack, was a stark reminder of the president’s volatile policy making. 

“The stock market seems to dance to Trump’s tune: first a threat, then a pullback, quickly followed by a rebound as speculative investors anticipate a concession from the U.S. President,” said Jochen Stanzl, chief market analyst at CMC Markets. “This morning’s confirmation of such expectations reinforces the so-called ‘Trump Pattern,’ which is increasingly seen as a successful strategy for risk-tolerant investors.”

“One thing that is starting to concern us a bit is the fact that the rebounds that follow these selloffs are losing strength as we go on,” said Frederic Rozier, a portfolio manager at Mirabaud France. “We can sense investor fatigue about this back-and-forth and there’s a risk sentiment will erode as markets run in circles on tariffs. The only thing we know is that even if there’s an agreement, there will be a cost for European stocks.”

Europe's Stoxx 600 index also erased Friday’s losses sparked by Trump’s threat of 50% tariffs on the European Union. The US President later said he had agreed to delay the date for the levies to July 9 from June 1. Among individual movers in Europe, Thyssenkrupp AG jumped more than 7% after a report that the firms chief executive plans to turn it into a holding company, allowing it to cut overhead costs as it divests further units. Volvo Car AB climbed as much as 4.8% after announcing plans to eliminate around 7% of its global workforce to cut costs and protect profits.

Earlier in the session, Asian equities were steady as weakness in China offset gains in Japan and South Korea. The MSCI Asia Pacific Index traded little changed after rising as much as 0.4%. Japanese firms Sony Group and Tokyo Electron were the biggest boosts to the gauge, while Chinese shares including Tencent and BYD were among the biggest drags. A broad sense of optimism buoyed markets in the region after President Donald Trump delayed duties on EU imports. Benchmarks in Japan got a lift as the country’s chief tariff negotiator indicated plans to resolve talks with the US before a G-7 meeting in June. Trump’s nod of a partnership between Nippon Steel and US Steel also helped sentiment. Shares in Korea led gains in the region, while Indian gauges also gained. That’s helped the regional measure remain on pace for its best close since October.

The trade tensions and weak demand for US assets are showing up in the dollar. Bloomberg’s dollar spot index was track for its lowest close since July 2023, while the greenback is at or approaching key levels against a host of currencies including the euro, Britsh pound, yen and Swiss franc.
Enthusiasm has faded for the world’s reserve currency this year. Speculative traders remained bearish on the dollar but trimmed their positioning to $12.4 billion in the week ending May 20 from $16.5 billion in the week prior, according to CFTC data reported Friday. 

A key event this week will be Nvidia Corp.’s results on Wednesday. The chip-making giant is seen as a bellwether for so called growth stocks and the sustainability of the artificial intelligence boom. It’s outlook will be crucial given macro risks and tariff uncertainty.

Investors are also gearing up for the Federal Reserve’s preferred inflation measure, the US personal consumption expenditures price index excluding food and energy, which will be released Friday. The April reading is forecast to rise 0.1% based on consensus expectations.

Elsewhere, signs of port congestion in northern Europe and other hubs suggests trade wars could lead to maritime disruptions around the world, increasing shipping rates.

Trump on Friday announced a partnership between US Steel and Japan’s Nippon Steel Corp., shocking markets with an agreement he said would keep the once-iconic American firm in the US, but otherwise providing no specifics. Nippon Steel shares jumped as much as 7.4% in Tokyo, while shares in US Steel rose 21% Friday.

Authored by Lee Feng via RealClearInvestigations,

When Jeffrey Epstein purchased Little Saint James, the teardrop-shaped island south‑east of St. Thomas, in the late 1990s, he was seen as a mere oddity. A one-time math teacher who claimed to manage the fortunes of billionaires, he told U.S. Virgin Islands officials that he was seeking privacy. He also appears to have purchased impunity.

Statue on Little St. James Island

The alleged crimes that Epstein committed on that emerald island reachable only by helicopter or ferry would explode into an international scandal. Investigators accuse him of raping and sexually abusing girls as young as eleven at his island compound where he also hosted many A-list politicians, business leaders and celebrities. One 15-year-old, whom Epstein allegedly forced into sex acts, attempted to escape by swimming away from the island. She was caught and her passport was taken away.

While Epstein was alive, Virgin Islands officials appear to have shielded him from scrutiny – customs agents at the airport, for example, reported seeing Epstein leave his plane with girls between the ages of 11 and 17, yet there is no record that anyone checked on their safety.

After his death in 2019, other officials who aided Epstein began profiting from continued secrecy and a string of legal settlements associated with his behavior that put hundreds of millions of dollars under the government’s control. No one appears to have benefited more than Albert Bryan Jr., the governor of the territory. Court records show that Bryan had previously overseen the agency that granted nearly $300 million in illicit tax credits to Epstein’s company, which fraudulently claimed to provide “biomedical and financial informatics” services. Bryan, after securing a gubernatorial victory in 2018 with the support of Epstein and his aides, would later push for a waiver for Epstein to avoid compliance with the island’s sex offender laws.

Bryan fired the attorney general who led the island’s cases against Epstein’s estate, and his appointed successor ended an explosive case over J.P. Morgan Chase’s ties to the former financier before a new round of discovery.

Over the last few months, legislative records show, Bryan has tapped the Epstein settlement funds to pay for a variety of his domestic political agenda items. The money was secured from Epstein’s estate and his associates, including the case with J.P. Morgan Chase and a close financial supporter, private billionaire Leon Black, who was also accused of abusing women. The settlements, which collectively account for nearly a quarter of a billion dollars, were championed as a measure of accountability, and the proceeds were promised to assist victims of sexual assault, human trafficking, sexual misconduct, and child sexual abuse.

In late April, Bryan, at his weekly briefing at the Government House on St. Thomas, announced the allocation of $22 million in retroactive wages to government workers, a move his office touted as strengthening public trust. "This is real money – money in the bank," Bryan boasted. Left unmentioned was the source – the Epstein settlement money.

Earlier this year, Bryan applied the Epstein funds for vendor payments and sought to use the money for a variety of other earmarks, such as a $25 million makeover for the Justice Building on St. Croix. The lack of transparency around the funds has faced scrutiny from legislators and some Virgin Islands residents.

The total amount remaining in the Epstein settlement fund is not clear. Motley Rice, a private law firm that assisted the U.S. Virgin Islands (USVI) Justice Department with the cases, is projected to receive about $23.35 million of the settlement as its share of the fees.

“We have a situation where some of the monies might have been spent, even though they were appropriated for specific purposes,” said USVI Senator Alma Francis Heyliger. “The legislature did not give approval for this.”

In a letter posted online last year, David Silverman, a retiree living in St. John, stated, “This money was promised to be used to protect vulnerable young women, among other things. But for reasons that nobody can explain, the money is nowhere to be found.”

The U.S. Department of Justice maintains oversight of the USVI, a jurisdiction that has been plagued by corruption. In recent years, FBI agents have raided territory agencies over the mismanagement of public money. In June 2024, several senior USVI officials were charged with defrauding $4 million in housing funds. The FBI declined to comment on whether it is investigating the USVI's use of Epstein settlement funds.

The Bryan administration did not respond to a request for comment.

Questions continue to swirl over the Epstein secrets still buried in government vaults. The much-hyped Trump administration release of files related to the Epstein case quickly turned to disappointment in February as the government distributed binders with no new information. Attorney General Pam Bondi, in response to criticism of the fizzled press event, has said she is still pushing for the release of more files held by the FBI and her department.

While attention still focuses on the 256,000 square-foot warehouse in Winchester, Virginia, where unreleased FBI records, including CDs, hard drives, and recordings from Epstein’s homes, are still held, the Virgin Islands side of the story remains unresolved. The tropical territory remains one of the last redoubts of intrigue related to the scandal.

The island territory was the nexus for Epstein’s alleged human trafficking operation. It was there that Epstein entertained his VIP rolodex of guests and is believed to have engaged in some of his worst sexual crimes.

The abrupt settlement with J.P. Morgan Chase prevented the release of more disclosures about the nature of Epstein’s network, including documents and depositions from key figures who aided and abetted the former financier.

The U.S. Virgin Islands government and JPMorgan Chase both denied claims of complicity in Epstein's abuses. In a previous statement to reporters, the bank claimed it “would never have continued to do business with him if we believed he was using our bank in any way to help commit heinous crimes.”

Nearly two years ago, Bryan shut off the valve of a smattering of unflattering documents released as part of the island territory’s lawsuit with J.P. Morgan. After initially seeking $190 million from the bank for its role in aiding Epstein’s operations, Bryan shocked observers by firing his own attorney general and reportedly pushed to end the lawsuit.

The initial 2022 lawsuit charged that J.P. Morgan had “turned a blind eye” to clear evidence that Epstein had used the bank to facilitate his sex trafficking operations. USVI claimed in court that it had uncovered evidence that J.P. Morgan officials had repeatedly raised red flags about Epstein, who maintained around 55 accounts and routinely referred his network to the bank’s wealth management services. Meanwhile, J.P. Morgan executives joked over email about his interest in young girls.

But the bank hit back with a countersuit and filed hundreds of documents, exhibits, and emails alleging “a decades-long quid pro quo between Epstein and the USVI government.” The legal probe revealed the former financier’s extensive system of alleged bribes and influence payments to USVI officials – money, J.P. Morgan’s lawyers claimed, that “created a haven for Epstein’s criminal activity.”

These records show that Epstein placed the former first lady of the island, Cecile de Jongh, on his payroll. She suggested campaign donations and targeted gifts to universities, civic groups, and the families of powerful politicians. The gifts appear to have helped Epstein win special benefits, including visas to bring young girls to the island and $300 million in illicit tax exemptions for his fraudulently registered information technology company.

J.P. Morgan's attorney filed documents with the court charging that de Jongh suggested Epstein pay monthly retainers to local politicians, including former USVI Senator Celestino White, to gain “loyalty and access.” The records showed he also gave free Thanksgiving turkeys to 78 federal customs agents at the St. Thomas airport after dealing with one “difficult” officer.

The ties extended to the governor and the territory’s representative in Congress, the incumbent lawmaker Stacey Plaskett. In his previous role as head of the economic development office, Bryan signed off on a string of tax exemptions for Epstein’s Southern Trust business entity. At the time, Plaskett served as counsel to the tax office. 

Plaskett went on to work at Kellerhals Ferguson Kroblin PLLC, a USVI law firm Epstein retained for tax and legal issues. In 2014, as Plaskett geared up to run for Congress, de Jongh advised Epstein to support her bid against a popular local politician, Shawn-Michael Malone. “Shawn is the one who came after you in the senate hearing last week. He is nasty and needs to be defeated and we have a friend in Stacey,” de Jongh wrote in an email uncovered by J.P. Morgan’s attorneys.

During the election, Epstein’s closest aides and advisers, including Darren Indyke, Lesley Groff, and Erica Kellerhals, donated to Plaskett, helping her defeat Malone by just 737 votes in what local press called “one of the biggest upsets in Virgin Island politics.” De Jongh wrote to Epstein to confirm that a $13,000 corporate donation planned for the Democratic Party would be made “for the benefit of Stacey Plaskett.”

Epstein repeatedly donated to Plaskett’s campaign committees until his suicide in a New York City prison cell in 2019. In an email made public by the litigation, Plaskett wrote to Kellerhals and Lesley Groff, another Epstein aide who reportedly helped him recruit young women, to request the financier’s fundraising assistance. She also met with him at his New York City home in a bid to request larger donations to the DCCC, the House Democrats’ campaign arm.

Plaskett did not respond to a request for comment. In March, a federal judge in New York ruled that Plaskett will continue to serve as the sole defendant in a case brought by multiple victims of Epstein. The Racketeer Influenced and Corrupt Organizations Act case charges that USVI officials conspired with Epstein to sustain his sex-trafficking scheme.

The case relies on much of the evidence that the J.P. Morgan countersuit uncovered nearly two years ago. 

The Epstein network also helped to elect Bryan governor. Kellerhals, campaign finance disclosures exclusively obtained by RealClearInvestigations show, donated $1,000. Records from the J.P. Morgan litigation provide further evidence of support, including an email from de Jongh suggesting $25,000 to an inauguration party in Bryan’s honor and a reminder that Bryan had requested $30,000 in support for the USVI Little League.

Bryan, as governor, requested that the USVI Justice Department provide Epstein with a waiver for the territory’s sex offender registry. Epstein’s legal requests for special exemptions to the law, notably, were facilitated by Kellerhals.

“Not every sexual offender or any person, you know, are in the position to have the governor make the request to the attorney general … that by itself indicated to me that [Epstein] was flexing his political influence over or with the governor,” Denise George, a former USVI attorney general said in a deposition she gave as part of the JPMorgan lawsuit.

Bryan, in a deposition with J.P. Morgan’s attorneys, dismissed concerns about Epstein’s operations in the USVI. He said he was only aware that “he copped a plea to having sex with a hooker who was under age,” a reference to Epstein’s 2008 conviction over child prostitution.

On New Year’s Eve 2022, Bryan unexpectedly fired Denise George, the attorney general responsible for the J.P. Morgan lawsuit and the island’s landmark case against the Epstein estate. George had previously opposed Bryan’s requests for a waiver for Epstein to get around the island’s sex offender laws.

As the litigation continued to mount, J.P. Morgan’s attorneys threatened more discovery and depositions of USVI officials. In a filing to the court in September 2023, they argued that they planned greater investigations of a host of USVI’s elite, including Bryan and Plaskett.

A few weeks after the filing, USVI announced its settlement, agreeing to end its case in exchange for $75 million, an amount far below the initial amount sought by the lawsuit.

The sudden end to the case closed the rare window of disclosure into Epstein’s private power structure and the ways in which he carried out his political operation.

Some lawmakers and island residents believe secrets from the Epstein scandal are still hidden. The J.P. Morgan case proved too harmful for the USVI elite as it exposed embarrassing documents on all sides.

“Listen, as a community, I would rather these things come out so we can clean up our community instead of sticking our heads in the sand,” said Senator Francis Heyliger. “The more we clean up this territory, and more things are exposed, I think in the long run, it will be better for us and as a community and for the people.”

The senator was clear that President Trump should release new, unredacted Epstein files or pressure USVI officials to provide more clarity over the financier’s influence. “If this administration, on a national level, chooses to put out more information, I am never one that believes you should hide from the truth." she said.

Gun rights groups like Gun Owners of America celebrated late last week after the House narrowly passed President Trump's "Big, Beautiful Bill" (BBB) in a 215–214 vote. A key reason for this celebration is the inclusion of the Constitutional Hearing Protection Act (CHPA), which would eliminate the federal registration requirement and the $200 tax stamp on suppressors. As the bill moves to the Senate, speculation is already mounting that demand for suppressors could erupt. 

The prospect of removing suppressors from the Al Capone–era National Firearms Act (NFA), eliminating the $200 tax stamp and lengthy ATF waiting period, has sparked a nationwide surge in interest among gun owners.

Google Search trends show that interest in "buy a suppressor" has reached its highest level in five years. The surge in interest is happening nationwide. This is because if the BBB reaches President Trump's desk and is signed into law, the removal of suppressors from the NFA would mean these devices—used to muffle the noise of a fired round—would only require a standard FBI background check, known as a NICS check.

Industry insiders, including gun stores in the Mid-Atlantic region, report a noticeable uptick in foot traffic following Thursday's news that CHPA was included in the BBB. Many customers are already asking to place deposits on suppressors in anticipation of the law's passage later this year.

Other industry sources anticipate that if CHPA becomes law, a Covid-like buying spike could spark massive backlogs and wait times of 6-9 months, if not longer, to purchase a suppressor. 

We suspect industry leaders like SilencerCo are already ramping up suppressor production in anticipation of CHPA becoming law. This will ultimately mean these devices will become more affordable, and possibly, the era of $1,000 suppressors could be halved in just a few short years. 

Authored by Pepe Escobar,

Never interrupt your enemy when he is committing serial suicide (in reverse American gore-style, when the serial killer always resurrects). In the case of the EU kakistocracy, serial self-destruction is always a given, and always skyrocketing.

So the EUrocrats in Brussels have just adopted their 17th round of sanctions against Russia – the sky is the limit – targeting nearly 200 tankers of the so-called Russian shadow fleet. The package, endorsed by EU member states, includes proverbial scores of asset freezes and visa bans.

The EU + UK combo is also scheming how to tighten the oil price cap on Russia to $50 a barrel, aiming to “hurt” Russia’s energy revenue.

Cue to a monster pipeline of laughter from the whole Global South, especially India and China. As if they would impeach any vessels of the shadow fleet, or if OPEC+ would care about a puny unilateral EUrocrat oil price cap.

To qualify EU actions as self-destructive anti-intellectualism is actually benign. The IQ of people at the top in Brussels is at dismembered worm level, exemplified by the Estonian batshit crazy chick in theory representing the foreign policy of 450 million EU citizens. Brussels has been reduced to a pathetic Estonian propaganda snake pit with a whiff of British accent.

The SVR has noted how there is a groundswell of despair in Brussels for the “mistake” of appointing the imbecile Estonian, universally known for “absolute incompetence” and a cringing “inability to build bridges” with EU leaders. She has already been removed from EU strategic defense policy planning.

Still, the sanctions package dementia will keep rollin’ on – redacted by careerists with fat salaries who only care about their own retirement gold package.

The next, the 18th, is supposed to be the largest sanctions package in History, according to the Brussels rumor mill, not only accusing Russia of multiples stances of Hybrid War and alleged use of chemical weapons (when it’s actually the neo-nazis of country 404 who resort to it) but targeting several Russian defense sector companies plus companies and intermediaries from third countries supplying sanctioned products to Russia.

Add to it the German BlackRock chancellor actively lobbying for an EU ban on the Nord Stream pipeline – blocking any possibility of a U.S.-Russia business cooperation, already signaled by Trump. This ban will be part of the 18th package.

Cue to Grandmaster Sergey Lavrov, who recently felt the need to emphasize that political EUro-trash banning the return of NordStream are “either sick or suicidal.”

Stealing Russia blind: good luck with that

On the Baltic front, there’s more, of course – in a “Pirates of the Baltics” register: that’s the SIGINT-heavy Baltic Sentry mission, which aims to block Russian maritime activity. France is on it – which implies a non-regional NATO member directly involved, unlike, for instance, Norway.

The Russians are unfazed. A strong possibility is that they will escort Russian ships with multi-functional naval and aerial drones fully equipped with reconnaissance and combat gear.

Yet on the Orwellian front, nothing beats the anti-Russian “tribunal” announced on May 9 by EU foreign ministers in Lviv, together with Kiev, to “hold top representatives of the Russian leadership accountable.” That involves 30 partner countries, incuding UK and Australia. The U.S. is out.

The scam was minutely deconstructed by Thomas Roper, who is now viciously demonized and censored by the EU, even though he is a journalist and EU citizen of German nationality. Yes, Brussels now sanctions its own citizens capable of critical thinking, to the point of freezing their assets and forbidding them to visit their home country. And this is just the beginning.

The new EU kangaroo “court” will be set up by the Council of Europe – and will issue judgments even in absentia, via 15 judges elected for 9 years each, the whole thing costing the EUrocracy around 1 billion euros.

Needless to add that this kangaroo “court” has absolutely no basis in international law, as it’s not approved by the UN; instead, it’s a private club of the fragmented West. Follow the money to understand the rationale.

Few people today remember that last year the European Commission (EU) gave a $50 billion loan to Kiev; actually $35 billion by the EU and $15 billion by the G7. The problem is only Brussels is responsible for repaying this joint EU-G7 loan. And the loan is supposed to be paid from the annual revenues generated by Russian assets frozen – i.e. stolen – in the EU, which Brussels refuses to release before the next 45 years.

These are all official EU decisions, enshrined in Regulation 2024/277. Translation: no, I repeat, no European mainstream media has informed taxpaying citizens across the union that the EU has formally decided to be at war with Russia for at least the next 45 years.

Brussels has done everything trying to steal for good the “confiscated” Russian assets. The problem is the EC EUrocrats have not found a mechanism to bypass international law.

Enter the “court”. The EUrocracy will force the kangaroo “tribunal” to blame Russia for everything related to the war and the SMO; sentence Russian government members to long-term prison sentences – in absentia; and then decide that Russia has to pay reparations. Endgame: the kangaroo “court” decides to steal for good the frozen Russian assets.

Once again: under international law, this is a robbery. Key inevitable consequence: no one across the Global South will trust the euro and European financial centers anymore.

This Russian demonization EUro-dementia scenario is in play just as Trump 2.0 still bets on some sort of normalization with Russia via a solution for Ukraine. Yet the key factor here is the cowardly collective fear of the EU kakistocracy: if they don’t rob Russia blind, they have no means to repay that fateful $50 billion loan to the Kiev goons.

That should be the main factor explaining why this collection of political mutts needs, badly, to non-stop escalate what is a de facto Forever War against Russia.

So expect only dementia coming from Brussels in the foreseeable future. Like the brilliant idea of setting up a single military bank to alocate loans for weapons production, a replica of the World Bank with a HQ in London. Since they could not find 120 billion euros to come up with a single European military fund – the German economy, for instance, continues to collapse – their plan B is this bank.

For all that cornucopia of sound and fury, Russia remains, once again, unfazed. Putin top aide and former National Security Adviser Nikolai “Yoda” Patrushev has noted how NATO has been “conducting exercises at our borders at a scale unseen in decades. … They are training for conducting a broad offensive from Vilnius to Odessa, seizing Kaliningrad region, imposing a naval blockade in the Baltic and the Black Seas and executing preventive strikes on the staging locations of Russian nuclear deterrence forces.”

Good luck with that. Good luck with the military bank. And good luck with stealing Russia blind with no blowback.