Financial Markets and Economy
Stocks are climbing again (Business Insider)
Futures are higher for a second straight day since the sell-off after the UK referendum last week. The pound is also higher.
5 Things to Watch in the Fed’s Stress Test Results (Wall Street Journal)
Wednesday may be the most important day of the year for large U.S. banks, with the Federal Reserve set to release its verdicts on whether they have passed or failed annual stress tests. The 33 large U.S. banks taking the test this year passed the warm-up round last week, but on Wednesday billions of dollars in investor payouts are on the line.
The Fed Is in an Epic Battle With Itself (Bloomberg View)
Two Federal Reserve announcements less than a week apart, in contrast to the Federal Open Market Committee’s decision earlier this month, are likely to show that the agency's own goals are in conflict.
Global stocks gain as Brexit nerves settle (Reuters)
European and Asian stock markets built on a recovery from the shattering aftermath of last week's Brexit vote on Wednesday as investors wagered central banks would ultimately ride to the rescue with more stimulus.
Will Brexit Actually Happen? (Bloomberg View)
The Financial Times's Gideon Rachman says he thinks Brexit won't happen. The referendum result doesn't mean that much, he argues.
Division, confusion as EU rethinks future without Britain (AP)
EU leaders are meeting Wednesday without Britain for the first time to rethink their union and keep it from disintegrating after Britain's unprecedented vote to leave — but conflicting visions of Europe's future are complicating the high-stakes summit.
European Banks Spend Billions to Get U.S. Units Fit for Fed (Bloomberg)
Deutsche Bank AG, Barclays Plc and 11 other foreign banks have spent several billion dollars in the past three years complying with a new Federal Reserve rule that will trap capital in the U.S. and boost costs.
Goldman, Morgan Stanley deny plans for Frankfurt office switch after Brexit (Reuters)
U.S. investment banks Goldman Sachs and Morgan Stanley have denied speculation they are poised to shift London-based staff and operations to Frankfurt as soon as Britain's divorce proceedings from the European Union formally begin.
Energy Transfer Equity Calls Off Williams Merger (Wall Street Journal)
Energy Transfer Equity LP said Wednesday that it had terminated its merger agreement with rival pipeline operator Williams Cos. that had been valued at nearly $33 billion when it was signed last year.
U.S. consumer spending rises for second straight month (Business Insider)
U.S. consumer spending rose for a second straight month in May on increased demand for automobiles and other goods, but there are fears Britain's vote.
Donald Trump's trade policies can't bring back the manufacturing jobs (Vox)
In a blistering speech whose prepared text Donald Trump's campaign leaked to Politico early Tuesday afternoon, the Republican candidate hammers free trade policies in terms starkly reminiscent of Bernie Sanders' presidential campaign.
Merkel Says No Way Back From Brexit as Cameron Regrets Loss (Bloomberg)
European Union leaders said there could be no turning back for the U.K. after Prime Minister David Cameron used his last EU summit to express disappointment at his failure to win the referendum he called on Britain’s membership.
Brexit Vote Roils Real-Estate Markets (Wall Street Journal)
The effects of the U.K. vote to leave the European Union are starting to ripple through property markets as investors pile out of publicly traded real-estate companies in Britain and Europe and global developers begin to reassess projects and transactions already in the pipeline.
Every Banker in the World Is Chasing the Saudi Aramco Deal (Bloomberg)
When news broke in January that Saudi Arabia was considering an initial public offering of its state-owned oil company, the first reaction on Wall Street was shock. Then calls began pouring into Dubai — the Middle East’s financial hub — from senior bankers in London and New York.
Draghi Wishes for a World Order Populists Will Love to Hate (Bloomberg)
Mario Draghi has just pushed the boundaries of central banking further into the realm of globalization, at a time when globalization is on the run.
Politics
Trump Dares Corporate America to Leave the GOP (Bloomberg View)
Nominating a charlatan for president is the most obvious indication of the rot at the core of the Republican Party. No healthy institution would voluntarily elect Donald Trump to lead it.
Brexit Economic Fallout Worries Americans in Bloomberg Poll (Bloomberg Politics)
More than a third of U.S. voters see the U.K.’s decision to leave the European Union as damaging to the American economy and four in 10 of those who have stock market investments say it will hurt their portfolios.
Donald Trump Lays Out Protectionist Views in Trade Speech (Wall Street Journal)
Donald Trump pledged Tuesday to withdraw the U.S. from global trade alliances, saying he would exit the North American Free Trade Agreement if it isn’t renegotiated, would label China a currency manipulator and would kill the Trans-Pacific Partnership, a Pacific Rim trade deal.
Technology
World's first 'robot lawyer' overturns 160,000 parking tickets in London and New York (Mirror)
A free online chatbot laywer has managed to overturn a staggering 160,000 parking tickets in London and New York City, saving users an estimated £2.9 million.
Hear! Here! Headphones will now help you navigate the world (New Scientist)
You heard it here first. When it comes to navigating information, headphones may be about to put screens in the shade. A handful of start-ups are creating devices which promise to transform not only how you hear the world, but also the way you interface with the gadgets in your life.
Here One, launched this week by New York firm Doppler Labs, is one example.
Health and Life Sciences
Are Omega-3s Linked to Lower Risk for Fatal Heart Attack? (Medicine Net Daily)
Regularly eating fish and other foods rich in omega-3 fatty acids may lower your risk of fatal heart disease, a new research review suggests.
"Our results lend support to the importance of fish and omega-3 consumption as part of a healthy diet," said senior study author Dr. Dariush Mozaffarian, dean of the Friedman School of Nutrition Science and Policy at Tufts University, in Boston.
Life on the Home Planet
California just hit the water jackpot, but is it drinkable? (Futurity)
Is the discovery of a vast reservoir of groundwater under California’s Central Valley the answer to the state’s water shortage? Maybe, but getting to it could be expensive, say experts.
“It’s not often that you find a ‘water windfall,’ but we just did,” says study coauthor Robert Jackson, a professor at Stanford University.
Islamic State prime suspect after suicide bombers kill 41 at Istanbul airport (Reuters)
Turkish investigators pored over video footage and witness statements on Wednesday after three suspected Islamic State suicide bombers opened fire and blew themselves up in Istanbul's main airport, killing 41 people and wounding 239.
