Financial Markets and Economy
Global Stocks Snap Losing Streak (Wall Street Journal)
Despite plenty of reasons to reflect anxiety, they’ve remained fairly calm.
Are Financial Markets Too Complacent About the Global Economy? (NY Times)
The latest polling suggests the British are inclined to drop out of the European Union, throwing the future of the world’s largest trading bloc into doubt.
Why Billions in Proven Shale Oil Reserves Suddenly Became Unproven (Bloomberg)
Ultra Petroleum Corp. was a shale success story. A former penny stock that made the big leagues, it was worth almost $15 billion at its 2012 peak.
The dollar's slipping ahead of the Fed meeting (Business Insider)
Markets see virtually a zero chance of an interest rate hike this time around thanks in part due to the disappointing jobs report in May and the looming Brexit vote.
What the Fed Will and Won’t Do (Bloomberg View)
The Federal Reserve is not expected to raise interest rates on Wednesday, and it won’t. Instead, through both its statement and the news conference by Chair Janet Yellen, it will communicate an updated assessment of the U.S. economy and the implications for future policies.
About 16 pct of Europe's top-rated corporate bonds yield below zero (Reuters)
The amount of euro-denominated investment-grade corporate bonds with negative yields has tripled over the last six weeks, a move accelerated by their inclusion in the European Central Bank's quantitative easing programme.
U.S. producer prices climb 0.4% in May (Market Watch)
U.S. producer prices rose a sharp 0.4% in May, as more expensive fuel put upward pressure on wholesale inflation.
Economists surveyed by MarketWatch had predicted a 0.3% increase in the producer price index.
S&P 500 Futures Signal Stocks to Halt Drop as Traders Await Fed (Bloomberg)
U.S. stock-index futures inched higher, following a four-day decline that sent the S&P 500 Index to a three-week low, before the outcome of the Federal Reserve’s policy meeting.
Here come producer prices … (Business Insider)
Economists estimate that the producer price index (PPI) for final demand rose 0.3% month-on-month in May, according to Bloomberg. Compared to the previous year, they estimate a drop by 0.1%.
China May new yuan loans rise to 985.5 bln yuan, beating forecasts (Reuters)
Chinese banks extended 985.5 billion yuan ($149.56 billion) in new yuan loans in May, exceeding analysts' expectations and well above the previous month's 555.6 billion yuan.
Investors, now is your last chance to dump bonds (Market Watch)
So now we’re in the “risk off” trade and everyone’s running for the hills.
Osborne Warns of Brexit Tax Toll as ‘Leave’ Gains in Polls (Bloomberg)
U.K. Chancellor of the Exchequer George Osborne will warn that leaving the European Union could spark a fiscal crisis, as “Remain” supporters battle to turn around a referendum campaign that’s slipping away from them.
China Sends Bubbles to North America (Bloomberg View)
In the past year, a huge amount of money has been flowing out of China. In the past, when this happened, it was because the Chinese central bank was buying foreign assets. But this time the People’s Bank of China has been selling foreign assets — it’s China’s citizens and companies that are sending their money overseas.
Brexiteers swiftly closing in on Remain as poll reveals there’s just one point between the two sides (The Sun)
REMAIN’S double digit lead over Leave has been dramatically slashed to just one point as EU referendum campaigning enters its final week, a dramatic poll has revealed.
An exclusive ComRes survey for The Sun tonight put support for staying in the EU at just 46%, with backing for Brexit up to 45%.
BOJ could be bracing for Brexit with delayed bond buying (Nikkei)
Risk-averse investors are surging into Japan's bond market as the U.K. prepares for a referendum on European Union membership, pushing yields to record lows and possibly forcing the Bank of Japan to delay bond-buying operations as a way to tamp down turbulence later on.
Andreessen Sees Big Exits for Tech Startups in Next Wave (Bloomberg)
Marc Andreessen sees technology startups cashing out in a wave of acquisitions and public stock offerings over the next few years.
Venezuela in talks with China for grace period in oil-for-loans deal (Reuters)
Venezuela is in talks with China to obtain a grace period in its oil-for-loans deal that would improve the OPEC nation's capacity to make bond payments amid an economic crisis, sources briefed on the proposal have told Reuters.
The Fed Is Worried About Worker Productivity (Five Thirty Eight)
The Federal Reserve is extremely unlikely to raise interest rates at its meeting that concludes today, according to both financial markets and economists. The May jobs report that came out almost two weeks ago — showing a paltry increase of 38,000 jobs — probably killed any possibility of Fed action. But beyond their month-to-month concerns about the jobs numbers, a long-term worry is giving the Fed pause: weak productivity.
As gates open in Shanghai, Disney already adding to $5.5 billion park (Reuters)
Boasting the Magic Kingdom's tallest fairytale castle and longest musical parade, Walt Disney Co's Shanghai park is already its biggest overseas outpost. But even as gates open to the public this week, it's still building to keep customers keen.
London traders brace for biggest night since 'Black Wednesday' (Reuters)
The world's biggest banks including Citi and Goldman Sachs will draft in senior traders to work through the night following Britain's referendum on EU membership, set to be among the most volatile 24 hours for markets in a quarter of a century.
Politics
Hill Republicans despondent over Trump (Politico)
Senate Republicans have tried to work with Donald Trump. They’ve offered gentle advice and firm guidance, hoping he’ll morph into a general election candidate who won’t kill their chances of keeping the Senate, or better yet, will give Hillary Clinton a run for her money.
Democratic Presidential Race Ends With Hillary Clinton’s Victory in Washington, D.C. (Wall Street Journal)
The Democratic presidential race officially came to an end Tuesday with Hillary Clinton winning the primary in the District of Columbia, and now the negotiations with her rival Bernie Sanders begin in earnest.
Clinton wins D.C. primary, has 'positive' meeting with Sanders (Reuters)
Hillary Clinton formally concluded the U.S. Democratic presidential race on Tuesday with a win in the District of Columbia primary, then turned her focus to uniting the party during a 90-minute private meeting with defeated rival Bernie Sanders.
Technology
Pebble Unleashes Special Edition Smartwatches On Kickstarter (Popular Science)
Apple may have recently announced new software for its Watch, but Pebble isn't to be forgotten. The Kickstarter-founded company recently released its Pebble 2 and Pebble Time 2 smart watches as well as the Pebble Core: a portable media player that can run apps and eventually even Amazon's Alexa. Now the company is giving users even more reasons to flock to the e-ink smartwatch.
Health and Life Sciences
Cancer risk from coffee downgraded (BBC)
The cancer risk of coffee has been downgraded, with experts concluding there is inadequate evidence to suggest it causes the disease.
The International Agency for Research on Cancer, part of the World Health Organization, had classed coffee as "possibly" carcinogenic since 1991.
Life on the Home Planet
Alligator drags toddler into lagoon at Disney World resort in Florida (The Guardian)
A father fought in vain to wrestle his two-year-old son from the jaws of an alligator at the Disney World resort in Orlando, Florida, police have said.
A massive search is under way for the missing boy, who was on holiday with his parents and two siblings from Nebraska.
Aerosols in clouds make big storms huge (Futurity)
An abundance of aerosol particles in the atmosphere can increase the lifespan of large storm clouds by delaying rainfall, which in turn makes clouds grow larger, live longer, and eventually let loose extreme rain storms.
A new study is the first to address the impact that aerosol particles have on the lifespans of large thunderstorm systems called mesoscale convective systems, researchers say. The complex, often violent storms can span several hundred kilometers.
