| Thrump threatens to send in the troops, even more stimulus on the way, and oil rises. Dominate President Donald Trump called on governors and mayors across the U.S. to end the "riots and lawlessness" and threatened to deploy the military if states or cities refuse to take the actions that are "necessary to defend life and property." There was little sign the president's words were having an immediate calming effect on the protests, with curfews imposed across America failing to keep people off the streets. Stimulus Chancellor Angela Merkel will attempt to thrash out a second stimulus package with her coalition partners today which could be as large as 100 billion euros ($112 billion) to help Germany's economy recover from the coronavirus lockdown. On Thursday the European Central Bank is expected to expand its asset purchase program by 500 billion euros. There are growing signs that emerging-market central banks are also increasingly looking at quantitative easing after a mammoth round of rate cuts. Saudi Arabia announced it will pump $13 billion into the country's banks as they try to recover from the lockdown and plunging oil prices. Oil swell Oil rose to the highest level since early March this morning, with a barrel of West Texas Intermediate trading over $36 a barrel and Brent crude within a gnat's whisker of $40. While the reopening of the global economy is helping on the demand side, investors are waiting for OPEC and its allies to confirm recent production cuts will be extended, with Saudi Arabia said to be favoring an extra one to three months of reduced output. Russia will make a decision later today on whether to agree to the extension, with a person familiar with discussions saying there's some support in Moscow for prolonging the current policy. Markets rise Global stocks remain firmly in bull mode, with the unrest in the U.S., signs the coronavirus recovery may be slower than expected and continued tensions between the world's two largest economies seemingly doing nothing to erode investor optimism. Overnight the MSCI Asia Pacific Index rose 1.1% while Japan's Topix index closed with a 1.2% gain. In Europe, the Stoxx 600 Index was 1.5% higher at 5:50 a.m. Eastern Time with autos and banks leading the gains. S&P 500 futures were also in positive territory, the 10-year Treasury yield was at 0.674% and gold was unchanged. Coming up... It is generally a quiet day on the economic data front, with May autosales data later expected to show some signs of recovery from a dismal April. President Trump will visit the Saint John Paul II National Shrine in Washington at 11:20 a.m. Iowa, Indiana, Maryland, Montana, New Mexico, Pennsylvania and South Dakota hold congressional elections. In earnings today, there will be interest in Zoom Video Communications Inc.'s results as the company has been seen as one of the big winners of the coronavirus lockdown. What we've been reading This is what's caught our eye over the last 24 hours And finally, here's what Joe's interested in this morning Near the beginning of the Covid crisis, Columbia history professor Adam Tooze wrote a piece for the London Review of Books on the pandemic and the world economy in which he identified three huge ongoing structural impediments for the world. What made the coronavirus special is how it was testing all of them at once, writing: "It isn't a secret that China's debt bubble, Europe's divisions and America's irrational political culture pose a challenge to the functioning of what we know as the world economy. What caused the panic last month was the realisation that Covid-19 has exposed all three weaknesses simultaneously."
These big structural issues are with us today. And yet maybe one is closer to getting addressed. An ongoing effort is in the works over the last several weeks, led by Angela Merkel and Emmanuel Macron to introduce for the first time some sort of fiscal burden-sharing for the euro area. The lack of shared debt has been recognized as one of the euro's main architectural flaws, since even before the last crisis, and there's a widepsread view that eventually it needs to happen. While Merkel and Macron are pushing for this historic step there's still no guarantee that it's going to happen. However it remains important to watch this story. The degree to which this crisis represents a major turning point in global policy remains TBD. However it's possible that of the major regions of the global economy, Europe could come out of this having used the crisis to address one of its fundamental flaws.  Like Bloomberg's Five Things? Subscribe for unlimited access to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. | 
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