Financial Markets and Economy
The dollar keeps creeping up — here's what's happening in FX (Business Insider)
The currency is mixed against the majors while the markets remain pretty quiet this morning.
World stock markets rise while yen falls back (Reuters)
World stock markets rose on Tuesday, helped by solid corporate earnings in Europe, progress on Greek debt talks, and a new pledge by Japan that it was prepared to weaken its currency.
Yen Falls a Second Day as Japan Reiterates Ability to Intervene (Bloomberg)
The yen weakened for a second day after Japan’s Finance Minister said the government can intervene to stabilize foreign-exchange markets if necessary.
Global Stocks Buoyed by Oil, Banks (Wall Street Journal)
Global stock markets edged higher Tuesday, bolstered by rebounding oil prices and rising European financial stocks.
Ukraine Makes Iffy Progress After Trade Pact With Europe (NY Times)
Before gliding along trails or sliding down slopes, many of the world’s skis start at this bustling, sprawling factory in western Ukraine.
Record-Breaking Container Ship Ends Brief U.S. Service (Wall Street Journal)
French shipping line CMA CGM SA will no longer run the vessel Benjamin Franklin—the largest container ship to ever call at U.S. ports—between Asia and the West Coast. The ship was replaced with a smaller vessel, the Leo, less than five months into its service on the trans-Pacific route, according to BlueWater Reporting, which tracks ocean sailing schedules.
Why you shouldn't put your trust in oil’s strength — or weakness (Market Watch)
This market is looking undecided at best, having already seen some whipsaw activity this morning. Stock futures have pulled back from big gains, and oil has also given up some ground.
Dow futures press higher as oil rallies, with jobs data on deck (Market Watch)
U.S. stock futures on Tuesday pointed to gains for Wall Street, with a fresh reading on the U.S. labor market on deck, but investors will monitor swings in prices for oil.
The Meaning of Inequality (Bloomberg View)
The Wisdom to Know Which Causes of Inequality Can Be Changed
Can the U.S. government narrow a widening income gap? Of course it can, at least in some ways. But how should it, and what does "inequality" even mean? Megan McArdle says those are much more pressing questions.
Lumber Liquidators Posts Worse-Than-Expected Loss as Sales Dip (Bloomberg)
Lumber Liquidators Holdings Inc. reported a first-quarter loss that was wider than analysts expected, showing that allegations it sold tainted flooring continue to dog the chain.
There’s only one reason why Goldman Sachs is suddenly interested in banking average Americans (Quartz)
Goldman Sachs, which developed a thriving business over the last century catering to corporations and high-net-worth clients, is suddenly getting serious about banking average Americans.
The Recession’s Economic Trauma Has Left Enduring Scars (Wall Street Journal)
Gary Reece was earning six figures when he lost his tech-industry job in 2000. He was making about half his old salary when he was laid off again in 2008. Now 61 years old, unemployed and looking to improve his odds in the job market, he left his family in San Jose, Calif.
The World's Most Extreme Speculative Mania Unravels in China (Bloomberg)
From the Dutch tulip craze of 1637 to America’s dot-com bubble at the turn of the century, history is littered with speculative frenzies that ended badly for investors.
Are Insurance Giants Giving Up on Hedge Funds? (Chief Investment Officer)
Two of the world’s largest insurance companies announced last week they would slash their hedge fund portfolios and redirect their capital.
Takata Estimates a Loss of $120 Million, Citing Recalls (NY Times)
Takata, the Japanese airbag manufacturer at the center of the largest auto safety recall in history, revised its estimates of a profit in the latest fiscal year to a loss of $120 million as the costs of the crisis mounted.
Credit Suisse Posts Loss as CEO Signals Cost-Cuts Progress (Bloomberg)
Credit Suisse Group AG Chief Executive Officer Tidjane Thiam said he’s confident in delivering planned cost cuts this year after a tumultuous first quarter sparked a second quarterly loss. The shares jumped.
Fed’s Dudley: More Reserve Currencies Would Make for Stronger Financial System (Wall Street Journal)
Federal Reserve Bank of New York President William Dudley said Tuesday he would welcome more currencies achieving reserve status, noting the more countries that meet the requirements, the more insulated the financial system could be from destabilizing capital flights.
Say goodbye to OPEC, powerful Putin pal predicts (Reuters)
Internal differences are killing OPEC and its ability to influence the markets has all but evaporated, top Russian oil executive Igor Sechin told Reuters in some of his harshest remarks ever about the oil cartel.
Comex Gold Open Interest (Sprott Money)
In defending their long held short positions, the Comex Banks have now issued enough new contracts to drive total open interest back to levels not seen since 2011. Will they be successful in capping price or are they about to get a religious experience? We're about to find out.
Politics
Mr. Trump Goes to Washington (Bloomberg View)
On Thursday, Donald Trump, the presumptive Republican presidential nominee, goes to Capitol Hill to either make love or war with his party's establishment in the person of House Speaker Paul Ryan. Ryan quietly said he wasn’t sure he could support Trump as president. Oh, yeah? Trump said loudly he wasn’t sure he could support Ryan as chairman of the party convention in July.
Donald Trump Amplifies His Stances on Tax Cuts, U.S.’s Debt (Wall Street Journal)
Donald Trump sought Monday to clarify his views on fiscal and monetary policy, saying he was open to compromise on tax cuts but wouldn’t try to alter the terms of the nation’s $19 trillion in debt, which he called “absolutely sacred.”
Pro-Clinton Super-PAC to Start Anti-Trump Ad Barrage Before June 8 (Bloomberg)
Hillary Clinton's allies have already begun to prepare for the coming general election war with Donald Trump even though Democrats haven't officially selected a candidate yet.
Change the Philippines Doesn't Need (Bloomberg View)
Like Donald Trump, to whom he's often compared, the Philippines'apparent president-elect Rodrigo Duterte won over voters with a crude and bombastic persona — or, if you will, his big mouth. What the country he may soon inherit needs most, however, is a steady hand.
Duterte, a mayor who has proudly advertised his links to vigilante death squads in Davao City and threatened a "bloodbath" for criminals once he's in power, has tapped into a deep vein of frustration with the political status quo.
Technology
Xiaomi Mi Max is a 6.44-inch behemoth of a phone (Mashable)
In April, Xiaomi teased the Mi Max, a phablet that has a large screen (Xiaomi would not say how big, exactly) but still manages fits in your pocket.
Now that the Mi Max is officially out in China, Xiaomi is still sticking with the story (the company VP of International Hugo Barra called it "extremely pocketable" on Twitter, though we're not really sure all pockets can accommodate it.
Tech companies really want to put computers in your eyeballs (Quartz)
Samsung, Google, and Sony are filing a flurry of patents to claim your eyeballs. The race is on to stake out the prime real estate on your face and prevent competitors from getting there first. Since 2001, the three companies have filed almost 50 US patent applications related to smart contacts, ocular implants, and eye-computing devices—most of them in the last four years. Google leads the pack with 35 patents, followed by Sony (12) and Samsung (6).
Health and Life Sciences
Yellow fever 'global emergency' warning (BBC)
Scientists in the US have warned that the shortage of yellow fever vaccines could spark a health security crisis.
An outbreak of the mosquito-borne viral disease has killed 277 people in Angola since December, according to the UN World Health Organization (WHO).
Simple Steps For Starting A Meditation Practice (Forbes)
You may have read all the recent studies on mindfulness and meditation and its positive impact on the mind and body. Perhaps you are curious to start a meditation practice but aren’t sure how. Starting a meditation practice can feel a bit daunting, especially for those of us that are Type-A and hyperfocused on doing things correctly. Being a lawyer, and having taught other lawyers how to meditate, I can attest to this. I’ve had lawyers share that even after many weeks of practice, he still felt as though he was at best a “B- student” and wanting to get to an “A.”
Life on the Home Planet
Who Gets to Drink From the Great Lakes? (The Atlantic)
Water has become the 21st-century equivalent of oil, and a plan to divert water from the Great Lakes to surrounding areas is raising questions about the possibility of future water grabs from far-flung water-sparse regions.
The Mystery of Why Black Americans Are Living Longer (The Atlantic)
In the last few years, several episodes of violence and shocking police brutality have brought the fragility of black lives into the light of national media coverage. But at the same time, another important—and, perhaps, equally complicated—story is emerging: African Americans, and young black men in particular, are on average living much longer than they were just two decades ago.
