News You Can Use From Phil’s Stock World

Financial Markets and Economy

U.S. Stock Futures Retreat After S&P 500 Erased 2016 Gain Friday (Bloomberg)

The selling continued in American stocks after investors suffered the worst day since August on Friday following the U.K. referendum.

Global Economy Week Ahead: Summits in Europe, Manufacturing Data (Wall Street Journal)

The British vote to leave the European Union is likely to dominate summits of European heads of government and global central bankers this week. Here is a look at the big events.

In the Face of Turmoil, BIS Warns of Overreacting to Brexit (Bloomberg)

Monetary policy is so stretched worldwide that a radical re-think about how support is provided to the economy is needed, even at a time when the U.K.’s exit from the European Union risks placing fresh demands on central banks.

The weekend is over and stocks are falling (Business Insider)

The weekend is over, and stocks are falling all over again.

Yen Brexit Surge Seen Testing 95 in Threat to BOJ Stimulus Goals (Bloomberg)

When Mohamed El-Erian called the yen at 106 per dollar “a total nightmare” for Japan this month, few envisaged it would get even worse so quickly.

Oil extends decline as Brexit concerns linger (Business Insider)

Oil prices dropped around half a percent on Monday, extending sharp declines after Britain's vote to leave the European Union sparked a sharp selloff in global markets on Friday amid concerns over risk aversion.

If you want to know how much to worry about Brexit, watch this currency (Quartz)

Mexico’s currency has the unenviable role of serving as the bellwether for volatility in the world’s emerging markets. And Brexit is sending it for a tumble.

Kerry Urges Britain and EU to Cooperate to Calm Markets (Bloomberg)

U.S. Secretary of State John Kerry urged Britain and the European Union to work together to calm markets as he headed to Brussels and London on an unplanned trip prompted by the surprise result of the U.K.’s referendum.

Gold Surges for a Second Day as Investors Seek Brexit Havens (Bloomberg)

Gold jumped a second day as shock waves continued to reverberate through financial markets following the U.K.’s vote to exit the European Union, boosting demand for haven assets.

Natural Gas Prices Need More Heat To Sizzle (Seeking Alpha)

Natural gas futures prices posted their fifth consecutive weekly gain. The July futures contract for the week ending June 21st (to coincide with the data below) rose by 6% to $2.77. From its low point in mid-March, futures prices have staged an amazing 69% gain, most of it in the past four weeks.

"The Global Economy Can No Longer Rely On Debt" – BIS Warns Central Bank Actions "Have Started To Backfire" (Zero Hedge)

It's late June which means it is time for the annual warning by the Bank of International Settlements about the growing futility of monetary policy and central bank impotence. Exactly one years ago, the BIS asked "Of What Use Is A Gun With No Bullets?", in which the BIS said central banks are defenseless against the coming crisis. Well, it underestimated just how far the central banking "magic people" are willing to reach inside their "magic bag of tricks" to preserve the status quo: to be sure nobody at the time expected the ECB to begin buying not just corporate bonds but junk bonds too.

Bravo Brexit! (Contra Corner)

At long last the tyranny of the global financial elite has been slammed good and hard. You can count on them to attempt another central bank based shock and awe campaign to halt and reverse the current sell-off, but it won’t be credible, sustainable or maybe even possible.

Politics

Trump and Clinton Push Radically Different Cures for the Economy (Bloomberg View)

The contempt that Hillary Clinton and Donald Trump express for each other will continue to play out in vitriolic sound bites. But their profound differences on what to do about the economy and the struggling middle class are far more important.

Technology

The Evolutionary Argument Against Reality (Quanta Magazine)

As we go about our daily lives, we tend to assume that our perceptions — sights, sounds, textures, tastes — are an accurate portrayal of the real world. Sure, when we stop and think about it — or when we find ourselves fooled by a perceptual illusion — we realize with a jolt that what we perceive is never the world directly, but rather our brain’s best guess at what that world is like, a kind of internal simulation of an external reality.

Health and Life Sciences

CRISPR Targets Cancer in First Human Trial — What You Need to Know (Singularity Hub)

It’s happening: as early as later this year, the gene-editing power tool CRISPR could be used in its first ever human trial.

On Tuesday June 21, an advisory panel from the National Institute of Health (NIH) green lighted a proposal to use the game changing technique to tackle three different kinds of cancer. 

Life on the Home Planet

The US has never seen anything like what happened during a teacher strike in Oaxaca, Mexico (Business Insider)

There's a nastiness to conversations about U.S. education reform, which are characterized by the kind of stark taking-of-sides that's usually reserved for debates over guns or abortion rights.

Scientists send coral reef plea to Australia (Phys)

As the largest international gathering of coral reef experts comes to a close, scientists have sent a letter to Australian officials calling for action to save the world's reefs, which are being rapidly damaged.