Financial Markets and Economy
U.S. stock futures inch higher ahead of packed data week (Market Watch)
U.S. stock futures posted mild gains in holiday-thinned trade on Monday, ahead of a heavy week on the data front including consumer-confidence and nonfarm-payrolls numbers.
China's Industrial Profits Rise 14% as Global Trade Improves (Bloomberg)
Industrial profits climbed to 572.8 billion yuan ($83.6 billion) last month, the National Bureau of Statistics said Saturday. That compares with a jump of 23.8 percent in March, and an 8.5 percent increase last year.
With stocks and bonds looking pricey, investors see little that’s appetizing (Market Watch)
For years, a key driver for U.S. stocks has been the idea that, no matter what potential headwinds there may be, they were more attractive than bonds. But now, with major equity indexes at records and valuations stretched by many metrics, that argument has become less compelling.
Pound rebounds after suffering biggest loss in 4 months (Market Watch)
The pound moved firmly higher on Monday, rebounding after its worst loss in four months logged last week on concerns that the upcoming general election in the U.K. will be tighter than most people expected.
Iconic hedge fund manager Seth Klarman says investors are missing huge risks (Business Insider)
An iconic hedge fund manager says investors are misperceiving risks in the markets — at a time when markets are hitting historic highs.
Baupost Group's Seth Klarman laid out his concerns in April in a client letter, a copy of which was reviewed by Business Insider.
Euro slips on Greece bailout, Italian vote concerns; stocks drift (Reuters)
The euro came under pressure on Tuesday after a media report that Greece may forego its next bailout payment if creditors cannot strike a debt relief deal, while Asian stocks were shackled by holidays in some regional markets and the United States and UK.
Cooling Real Estate Dents Canadian Consumer Confidence (Bloomberg)
Canadians became less confident this month about housing and prospects for the economy amid the troubles of a Toronto mortgage lender, according to telephone polling.
One chart shows how many millionaires and billionaires graduated from Harvard, Stanford, MIT, and 17 other top colleges (Business Insider)
Society seems to be obsessed with rich people. We seek their advice, study their habits, and replicate their wealth-building strategies.
But the richest of the rich have more in common than a risk-taking attitude and an early morning routine.
Economists Puzzled By Unexpected Plunge In Saudi Foreign Reserves (Zero Hedge)
The stabilization of oil prices in the $50-60/bbl range was meant to have one particular, material impact on Saudi finances: it was expected to stem the accelerating bleeding of Saudi Arabian reserves.
Hong Kong's Housing Market Has Become "A Sea Of Madness" Central Bank Warns (Zero Hedge)
It was in February of 2016 when, looking at the latest trends in the Hong Kong housing market, we wrote that in January [2016] Hong Kong home prices tumbled the most since July 2013, and after a 12 year upcycle, prices were now down 10% from the recent peak just four months prior.
Companies
Amazon is preparing to launch checkout-free supermarkets in the UK (Business Insider)
Amazon has trademarked the slogan "No Lines. No Checkout. (No, Seriously.)" with the Intellectual Property Office in the UK.
The official trademark was filed by the Seattle-headquartered company on May 11 and published on May 19.
BMW Slows Some Production Due to Parts Shortage From Supplier Bosch (The Wall Street Journal)
BMW AG, the German luxury car maker, is slowing or halting production of certain models in response to a shortage of parts caused by delivery problems from supplier Bosch GmbH.
Singapore's central bank ends 1MDB review, penalizes Credit Suisse, UOB (Reuters)
Singapore's central bank said on Tuesday that it has imposed financial penalties on Credit Suisse CCGN.S and United Overseas Bank (UOB) (UOBH.SI) after completing its two-year review of banks involved in 1MDB-related transactions.
Technology
Robots May Help Defuse Demographic Time Bomb in Japan, Germany (Bloomberg)
Japan and Germany may be sitting on a ticking demographic time bomb where aging populations begin to drag down economic growth. Good thing they’re also prime candidates for robot revolutions.
$27,000 Apple Watch look-alikes are nearly sold out, but they can only tell time (Market Watch)
When wealthy individuals started snapping up a limited run of a high-end luxury watched that looks like an Apple Watch, yet has none of the high-tech features, the Swiss watchmaker responsible said it was simply about time.
PlayStation tops ranking of the game industry’s most-watched TV ads (Venture Beat)
On TV, “PlayStation Vue” had a whole new meaning between April and May, as the console brand captured 16 percent of the gaming industry TV ad impressions in the last 30 days.
How data analytics will help us understand chatbots (Venture Beat)
Bots can augment human interaction, create greater business efficiencies, and remove friction from customer interactions.
It’s also a market that’s attracting impressive investment dollars, with 180 bot companies raising $24 billion in funding to date.
One of the greatest chess players of all time, Garry Kasparov, talks about artificial intelligence and the interplay between machine learning and humans (Business Insider)
Garry Kasparov, one of the greatest chess players of all time, is famous for his pair of faceoffs against the IBM supercomputer Deep Blue.
Kasparov won the first match against the computer, 4-2, in 1996, but lost in the rematch, 3½-2½, in 1997. He recently published a book, "Deep Thinking," about the experience.
5 Keys To Making VR Multiplayer Work, From The Brains Behind The Games (Digital Trends)
As game developers dig deeper and deeper into the burgeoning world of virtual reality, they’re finding new ways to immerse players in gaming worlds. They are also coming across a host of new problems that come with the entry into any new medium.
Politics
Macron Erupts on World Stage With Trump Snub and a Bromance (Bloomberg)
On a sun-kissed terrace overlooking the sea, the image of Emmanuel Macron and Justin Trudeau staring into each other’s eyes had social media swooning over the budding bromance between the two young leaders at the Group of Seven in Sicily.
Gifts and Gaffes on Trump's Excellent Adventure (Bloomberg)
Overseas trips are great opportunities for U.S. presidents to distinguish themselves — think John F. Kennedy’s “Ich bin ein Berliner” — or to do quite the opposite: Remember Ronald Reagan’s unfortunate speech at a German cemetery containing graves of Waffen SS troops? As with anything involving Donald Trump, many were worried about the latter during his nine-day trip to Saudi Arabia, Israel, Belgium and Italy.
The Disappearance of Virtue From American Politics (The Atlantic)
In just two short years, Senator Ben Sasse has gone from Capitol Hill newbie to digital president puncher, tweeting about Donald Trump’s affairs and the Midwestern dumpster fires he found more appealing than 2016’s Oval Office contenders.
Welcome Back to Your Swamp, Mr. President (Bloomberg)
Problem-plagued presidents love to travel abroad, to be welcomed by overhead jets, sword dances and lots of pomp and photo-ops. But then they have to return.
Trump Lashes Out at Media After Ducking Press Questions on Trip (Bloomberg)
Donald Trump lashed out at the “fake news” media in a series of Twitter messages on Sunday after wrapping up his first foreign trip as president — a nine-day excursion from Saudi Arabia to Sicily — without once holding a news conference.
How Worried Should Jared Kushner Be? (The New Yorker)
One of the overlooked aspects of yesterday’s news that the F.B.I. is interested in Jared Kushner, President Trump’s son-in-law, is that Kushner played a role in the firing of James Comey, the former F.B.I. director.
Merkel Tells Beer Tent Rally Europe Must Plot Its Own Course (Bloomberg)
German Chancellor Angela Merkel said Europe must plot its own course in an increasingly unreliable world order as she plunged back onto the campaign trail 17 weeks ahead of national elections.
The World That Trump And Ailes Built (The New Yorker)
Roger Ailes died recently, at the age of seventy-seven, during a week when the ground shook beneath a stumbling Donald Trump. The two men were in many things near: in age and appetites, in temper and coarseness.
How Hungary Became a Haven for the Alt-Right (The Atlantic)
In February 2017, at the state of the nation address, Viktor Orbán, the prime minister of Hungary and the leader of the far-right, anti-immigrant Fidesz party, offered his vision for the country in the coming year.
General election debate: May says she's willing to leave the EU without a deal as Corbyn is accused of supporting the IRA (Business Insider)
There was no clear "winner" but given that May went into the debate with a poll lead of somewhere around 10 points and didn't implode, then she will probably emerge from this ahead.
Life on the Home Planet
Strong Earthquake Shakes Indonesia's Sulawesi Island (Associated Press)
A strong, shallow earthquake has rocked Indonesia's central Sulawesi province. There were no immediate reports of damage or casualties.
The U.S. Geological Survey says the quake Monday evening near the city of Poso had a preliminary magnitude of 6.6 and was located at a depth of 9 kilometers (6 miles).
Strong Wind, Storms Blamed for 11 Deaths in Moscow; 70 Hurt (Associated Press)
Thunderstorms and strong winds buffeted Moscow and its surrounding areas on Monday, killing 11 people and injuring dozens, Russian officials said.
NASA Is About to Make a Big Announcement About a New Mission to "Touch The Sun" (Science Alert)
This Wednesday, NASA will officially announce its intention to launch a probe that will dip inside the Sun's atmosphere, calling it the first ever mission to "touch the Sun".
