Bz Nwz




---

Today’s Issue Cluster: Metals

China – World bank profits hit $920b as Chinese lenders boom
Transit – Canada manufacturers cry foul over Buy American bill
Ship – As Panama Canal Expands, West Coast Ports Scramble



---

MAJOR DATA POINTS

China – Jun: HSBC PMI shows first expansion in six months; 50.7 from 49.4 / R / WSJ *

China – Jun: Official PMI Rises to Six-Month High; 51.0 from 50.8 / B *

Japan – Jun: Tankan Corporate Sentiment Worsens after Tax Rise; +12 from +17 / WSJ *

EZ – May: Jobless Rate Unchanged as Crisis Legacy Lingers; 11.6% / AP / B / NYT *

EZ – Jun: Markit manufacturing PMI eases, France slowdown weighs; 51.8 from 52.2 / R / B / WSJ * *

US – Jun: ISM manufacturing sector growth dips slightly; 55.3 from 55.4 / WSJ / R *

US – Jun: Markit manufacturing expands at fastest rate in over four years; 57.3 / R * *

US – May: Construction spending barely rises; +0.1% from +0.8% / R / AP *



---

MARKETS

Bonds – High water for eurozone rally as yields near US levels FT * * *

Bonds – Spreading Unease in Corporate Markets WSJ *

Bonds – Securitisations backed by delinquent US mortgages bounce back FT

Bonds – US Investors Flock to SK WSJ * *

Bonds – Russian issuance sparks optimism FT

Bonds – Municipal index performance / *



---

ECONOMICS

World – Capital expenditure by companies still stalling FT * *

US – Businesses Spend Money–but Not Yet on Capital Projects wsj *



---

POLITICS & FISCAL POLICY

Iraq – New Parliament to Convene and Start Choosing Key Leaders WSJ *

Iraq – Iran-Saudi proxy war heats up as Isis entrenches FT / S *

Iraq – Rebels Extend Reach E *

Iraq – Areas currently controlled by ISIS / afp *

Iraq – Syria Borders / *

Iraq – Turkey ready to accept Kurdish state in historic shift FT / FT / NG *



---

MONETARY POLICY




---

FINANCE

China – Regulator to Ease Rules on Banks’ Loan-to-Deposit Ratio WSJ / b *

China – World bank profits hit $920b as Chinese lenders boom R / q *

China – Banks’ profit growth to slow, risks rising R

China – The world’s top banks are changing their strips e *



---

REAL ESTATE

France – Mortgage lending slumps in May despite low rates R *



---

SERVICES

Taxis – US medallions have been a good investment for years q * *

Taxis – Green Cabs Gaining Ground in NYC WSJ *



---

MANUFACTURING

Transit – Canada manufacturers cry foul over Buy American bill G&M / CP



---

TECH

Telecoms – Fragmented industry undermines Europe’s single-market dream FT * * * *



---

TRADE & TRANSPORTATION

Ship – As Panama Canal Expands, West Coast Ports Scramble NYT

Ship – West Coast Ports Set to Keep Humming WSJ *



---

COMMODITIES

Metals – Iron: Investors Fret Over Flood of Ore WSJ / FT / N / X * *

Metals – Iron: The Great Glut of China N *

Metals – Iron: ‘China’s zombie industries menace global markets’ N *

Metals – Aluminum: Japan premiums mostly set at record high R *

Metals – Aluminum: Steer Clear of China Crush WSJ *

Metals – Palladium: Supply uncertainty keeps prices at near record levels N * *

Metals – Gold: Geopolitical Unease Lifts Price, but for How Long? WSJ *

Metals – Gold: Singapore seizes on soaring Asia demand FT *

Metals – Copper: Prices Seen Marching Higher WSJ / WSJ *



---

ENERGY & ENVIRONMENT

Shale – US: PA Fracking study finds new gas wells leak more AP

Shale – US: ND’s Latest Fracking Problem WSJ

Shale – US: NY Communities Can Ban Fracking, Court Rules WSJ *



---

LABOR & EDUCATION




---

HEALTH

Ebola – Crisis spreads R / r *



---

ENDNOTE

When to Expect the “Warmest Day of the Year” in US NOAA *



---




---

Today’s Issue Cluster: EU

Bees – US retailers look to limit pesticides
Power – HK future needs to come from China or LNG
MERS – Saudi Arabia suspects African camel imports



---

MAJOR DATA POINTS

Japan – May: Manufacturing output edges up; +0.5% from -2.8% / AP / B / R / b *

EZ – Jun: Inflation Steady; 0.5% / B / AP / R / WSJ / b *

US – May: Pending home sales jump to highest since Sept ’13; +6.1% / R / AP / WSJ / r *



---

MARKETS

Argentina – Court Dispute Could Cause Default WSJ / FT / B / WSJ

Argentina – Debt battle could pressure world food prices higher R *



---

ECONOMICS

EU – Leaders signal shift from austerity R / AFP / FT / AP / AFP

EU – France to extend easy loans to fight housing crisis R * *

EU – France Urges Looser Antitrust Rules After Alstom Tussle WSJ

EU – France tells investors: play game our way R / E / WSJ * * *

EU – Closely Studying Lessons From Japan WSJ *

EU – ‘Merkel’s Power Erodes’ S *

EU – Spain: A surprisingly strong recovery, largely export-driven E *

EU – Osborne plans creating ‘supercity’ for northern England FT *

EU – Poland thriving for first time in half a millennium E / E / E / E * * * * * *

EU – Leaders Snub Cameron and Pick Juncker FT / WSJ / B



---

POLITICS & FISCAL POLICY

Ukraine – EU Signs Pacts With Kiev, Georgia, Moldova WSJ / FT / R / AP / NYT / B / AP / WSJ *

Ukraine – EU Gives Russia Three-Day Deadline FT / B / AP

Ukraine – Italy leads calls to slow sanctions against Russia FT

Ukraine – Russia looks to shield economy from sanctions FT

Ukraine – ‘Why Putin Is in Trouble With 86% Approval’ B

Ukraine – Moody’s Assigns Negative Outlook to Russian Debt WSJ



---

MONETARY POLICY

World – BIS urges central banks to exit loose monetary policy FT

World – BIS warns ‘euphoric’ markets out of step with reality FT / WSJ / B / NYT / q *



---

FINANCE

US – Banks start to drain Barclays dark pool FT / WSJ / R / B / WSJ / NYT / FT / WSJ *

US – Dark pool spotlight falls on Tradebot FT *

US – Allegations against Barclays may lead to clearer rules FT



---

REAL ESTATE




---

SERVICES




---

MANUFACTURING

Defense – Drone Dogfight: Big Firms vs. Techies WSJ / FT *

Defense – Middle East sales fuel UK aerospace boom FT

Defense – F-35 stake promises big returns for BAE FT * * * *

Defense – Foreign-Investment Reform to Reshape India’s Industry WSJ *

Defense – Recruits’ Ineligibility Tests US Military WSJ *



---

TECH

Chips – Tapping Mobile, Internet Of Things IBD

Chips – Next for Makers: Tax and Drugs and M&A WSJ *



---

TRADE & TRANSPORTATION




---

COMMODITIES

Beef – Restaurants, Grocers Respond to Rising Costs WSJ *

Bees – US retailers look to limit pesticides R / G&M

Bees – Efforts Grow to Take the Sting Out of the Die-Off WSJ *



---

ENERGY & ENVIRONMENT

Power – EU Under Pressure to Overhaul Energy Strategy WSJ / WSJ *

Power – HK future needs to come from China or LNG N *



---

LABOR & EDUCATION

EU – Italy Seeks Funds as Migrant Flood Rises WSJ *

EU – Germany Grapples With Growing Shortage of Skilled Labor WSJ / FT *

EU – Germany real earnings rose at fastest pace in 3 yrs / b *

EU – Part-time employees wishing to work full-time at a record-high / b *

EU – Youth Unemployment Rates / b *



---

HEALTH

MERS – Saudi Arabia suspects African camel imports R / NYT

MERS – DNA Test Indicates Camel-to-Human Transmission NYT / R / AFP / B *



---

ENDNOTE

Mapping European genetics am *



---




---

Today’s Issue Cluster: China

X



---

MAJOR DATA POINTS

Japan – May: Inflation Slows; 1.4% from 1.5% / B / b *

Japan – May: Jobs Market Improves; 3.5% from 3.6% / R / WSJ / b *

US – Jun: UMich consumer sentiment rises; 82.5 from 81.9 / R / r *



---

MARKETS

EMs – Risk grows of disorderly bond sell-off FT

EMs – The “Fragile Five” are looking brittle again WSJ *



---

ECONOMICS

China – Companies have racked up $14t in debt FT / WSJ / B / q * *

China – New Loans Top Estimates in Boost for Economy B

China – World’s Biggest Debt Load Lures Distressed Funds B

China – Local Debt Growth Slows as Economic Expansion Cools B

China – Beijing’s Overhauls Get Short Shrift WSJ

China – ‘New era’ for German investment CD *

China – Pushes for World Bank rival FT



---

POLITICS & FISCAL POLICY

Hong Kong – China calls democracy poll ‘illegal’ FT / WSJ / R

Tibet – The Communist Party deepens integration with the rest of the country E *

Xinjiang – Web Preaches Jihad to China’s Muslim Uighurs WSJ / R *



---

MONETARY POLICY

PBOC – Central Bank Keeps Pumping Cash Into Financial System WSJ / wsj



---

FINANCE

China – An enticing but elusive market for foreign banks E *

China – Reasons to be bearish FT

China – Bankers Worried About Loans They Made to Chen Jihong WSJ *

China – Investment Banks on the Rise WSJ *



---

REAL ESTATE

China – Prices of New Homes Decline WSJ / B / b * * *

China – Property sales fall in June, smaller cities hit hardest ft * *

China – Housing market losing steam NYT *

China – Home Price Trend vs. Other Countries / b *

China – Correlation between house prices and consumer confidence threatens economy / b *

China – Property Collapse Seen as $33b in Trusts Due B

China – Investors Downbeat WSJ *

China – Commercial property carries biggest risks for investors FT

China – Manhattan Project Marred by Ghost Buildings B * *

China – Paper Warns on ‘Overly Pessimistic’ Views WSJ

China – ‘Expert sees soft landing in end to real estate boom’ CD



---

SERVICES

F&B – NY court votes 4-2 to block NYC’s soda ban WSJ

F&B – UK eyes fizzy drink tax to tackle obesity FT *

F&B – Frozen Foods Grow Cold as Tastes Shift to Fresher Fare WSJ *

F&B – Butter Makes Comeback as Margarine Loses Favor WSJ *



---

MANUFACTURING




---

TECH




---

TRADE & TRANSPORTATION




---

COMMODITIES

Fish – China Ends Ban on US Geoducks WSJ

Fish – Farmed to take over from wild seafood on dinner table FT



---

ENERGY & ENVIRONMENT




---

LABOR & EDUCATION

China – Lacks skilled workforce, govt think tank says CD



---

HEALTH

Demog – China: The changing face of growing old FT *

Demog – China: Scrambles to Adjust to Baby Boomlet WSJ

Demog – China: HK looks to export its elderly to mainland FT * * * *

Demog – China: Linguistic Divisions / motw *



---

ENDNOTE

The 31 countries Google Maps won’t draw borders around q *



---




---

Today’s Issue Cluster: Asean

Autos – Massive air bag recall could drive Takata into the red
Tech – More move to India’s Silicon Valley than the real Silicon Valley
US – First-Quarter Output Drop Doesn’t Measure Up with First-Quarter Hiring



---

MAJOR DATA POINTS

US – May: Consumer Spending Weak; +0.2% from 0 / AP / B / WSJ / R / r *

US – Week: Applications for unemployment benefits dip; -2k to 312k / AP / WSJ / B / R / r *



---

MARKETS




---

ECONOMICS

Indonesia – The political outsider FT * * *

Vietnam – Behind Anti-China Riots, a Tinderbox of Wider Grievances WSJ *

Vietnam – Ready to rumble FT * * *

Philippines – With Emerging Markets Back in Favor, Money Flows wsj *

Malaysia – Debt burden / r *

Asia – Sputtering Growth Engine wsj *

Asia – Wages Surging / N *

Asia – Sinking Yields Spur a Property-Buying Shift WSJ *

South China Sea – Malaysia, China Keep Low Profile on Conflicting Claims WSJ *

South China Sea – Countries Bolster Claims With Island Outposts WSJ *

South China Sea – Troubled waters FT *



---

POLITICS & FISCAL POLICY

Ukraine – Russia and Others Seek Extended Truce, but Separatists Balk NYT / WSJ

Ukraine – Putin Drops Military Option R / FT / WSJ / B / AP

Ukraine – Merkel Warns Russia of Sanctions Threat WSJ / FT / AP / B

Ukraine – Companies Face Russia Sanctions Headache WSJ / FT *

Ukraine – To sign EU deal that sparked revolution AP / WSJ

Ukraine – Russian stocks stage remarkable turnround FT * * *



---

MONETARY POLICY




---

FINANCE

US – Risk Officers Gain More Clout at Banks WSJ *

US – Lenders Are Warned on Risk WSJ *



---

REAL ESTATE

UK – BOE moves to curb housing boom FT / WSJ / B / AP / NYT / q * * *

UK – BOE Crashing the party FT *

UK – House prices versus 2007/08 peak / t *

UK – ‘Sacrifice the greenbelt to fix the broken property market’ FT



---

SERVICES

Media – Justices Rule Aereo Violates Broadcasters’ Copyrights WSJ / NYT / R / B / FT / AP *

Media – Aereo’s Loss Shifts Goal Posts for Networks WSJ *

Media – Aereo Ruling Muddies the Picture on Cloud Storage WSJ / B



---

MANUFACTURING

Autos – Industry struggles to solve air bag explosions despite mass recalls R / WSJ

Autos – Massive air bag recall could drive Takata into the red R *



---

TECH

Tech – The Crunch: What’s Next After Rally IBD

Tech – More move to India’s Silicon Valley than the real Silicon Valley q *



---

TRADE & TRANSPORTATION




---

COMMODITIES

Pork – Hog Futures Hit Record Amid Tighter Supplies WSJ *

Pork – Global Market Starts to Shift WSJ *



---

ENERGY & ENVIRONMENT

Oil – Rulings on Exports Roil Industry, Washington WSJ / FT *

Oil – US refiners hit by Pioneer’s export move FT / WSJ *

Oil – Iraq upheaval threatens development plans AP

Oil – China Won’t Feel Big Energy Pinch from Iraq wsj *

Oil – The opaque world of Myanmar’s industry FT * *

Oil – Mexico is poised to reopen its industry to foreigners FT * *



---

LABOR & EDUCATION

US – First-Quarter Output Drop Doesn’t Measure Up with First-Quarter Hiring wsj *



---

HEALTH

US – Health-Care Spending is Poised to Pick Up, Study Says wsj *



---

ENDNOTE

There’s A Gold-Dispensing ATM on West 57th sny * *



---




---

Today’s Issue Cluster: Shale

EMs – Fragile Five Swoon Anew as Iraq-Oil Link Gives Pause
Asia – Exporters not catching typical lift from US recovery
Mining – Investors Fret Over Flood of Iron Ore



---

MAJOR DATA POINTS

US – Q1: Economy Shrinks by Most in Five Years; -2.9% was -1.0% / WSJ / R / B / FT / AP / nyt / r *

US – May: Durable Orders Drop; -1.0% from +0.6% / R / WSJ / AP / B / r *



---

MARKETS

EMs – Fragile Five Swoon Anew as Iraq-Oil Link Gives Pause B / ft *

EMs – FDI into developing economies forecast to stall FT * * * * * * *

Dubai – Market Tumbles Amid Property Stocks Selloff WSJ *

Dubai – Stocks Still Expensive to ABN After Rout B *



---

ECONOMICS

Japan – Abe Unveils New Growth Strategy WSJ / NYT / AP * * * * * * * *

Japan – Abe’s ‘Third Arrow’ Seeks a Hard Target WSJ / R / NYT *

Japan – Tourists Bring Japan First Surplus Since 1970 B *



---

POLITICS & FISCAL POLICY

Iraq – Kurds Signal Loyalty to Country, but Not to Maliki WSJ / FT / r * *



---

MONETARY POLICY

MNB – Hungary Cuts Main Rate to Record on Negative Inflation B / WSJ

TCMB – Turkey Cuts Interest Rate Again to Boost Growth WSJ / FT *



---

FINANCE




---

REAL ESTATE

US – Hold Off on House Party WSJ *

US – Apartment Market Shows Staying Power WSJ *

US – After Dizzying Rally, REITs May Be Overheating WSJ *

US – ‘The housing market is off track’ wapo *

US – The age of housing in every zip code wapo * *



---

SERVICES




---

MANUFACTURING




---

TECH




---

TRADE & TRANSPORTATION

Asia – Exporters not catching typical lift from US recovery R * *



---

COMMODITIES

Mining – South Africa strike casts shadow over white metals FT / WSJ / FT *

Mining – China Metal Probe Weighs on Copper Outlook WSJ / R / WSJ

Mining – Zinc Prices Surge as Supplies Shrink WSJ

Mining – Investors Fret Over Flood of Iron Ore WSJ / ABC *



---

ENERGY & ENVIRONMENT

Shale – US: Ruling Loosens Four-Decade Ban On Exports WSJ / NYT / FT *

Shale – US: Oil From Fracking Is More Volatile Than Expected WSJ * *

Shale – US: PA Weighs New Tax on Natural-Gas Drilling WSJ *

Shale – US: CO Fracking Deal Proves Hard to Seal WSJ *

Shale – US: Cities, States Begin to Limit Drilling WSJ / WSJ * *

Shale – US: Shakeout Threatens as Frackers Go for Broke B

Shale – US: Wall Street’s latest fad is built on sand R

Shale – US: Energy Companies Try to Address Fracking Complaints WSJ *

Shale – US: Officials cut estimate of Monterey oil by 96% LAT / WSJ *

Shale – US: Production updates for Bakken, Eagle Ford and Permian / cd *

Shale – US: How fracking helps America beat German industry R *

Shale – Germany: Brewers fear fracking will spoil their beer FT

Shale – Germany: Berlin prepares to allow fracking FT / NYT

Shale – Germany: Berlin to Tighten Extraction Regulations WSJ / B

Shale – EU: Greens boosted by fracking opponents in EU elections FT

Shale – EU: Nato claims Moscow funding anti-fracking groups FT

Shale – UK: Estimates for reserves are high; land grab is on FT *

Shale – UK: Home Counties survey finds ‘no bonanza’ FT / NYT / bi *

Shale – Russia: BP signs deal with Rosneft FT

Shale – China: Seen Outspending US Drillers to Chase Boom B / R

Shale – Venezuela: Sees US boom as bonus for own oil industry R

Shale – Mexico: Drug Gangs Attacking With Tanks Block Boom B / R *

Shale – World: IEA Sees Spread of Revolution WSJ



---

LABOR & EDUCATION




---

HEALTH




---

ENDNOTE

Chart Shows The Average Wage For Almost Every Job In America bi *



---




---

Today’s Issue Cluster: Nicotine

Dubai – Faces moment of truth over looming property bubble
Coffee – A flying beetle in India threatens to push up latte prices
Apple – ‘Jobs is to Lennon what Cook is to Ringo’



---

MAJOR DATA POINTS

Germany – Jun: Ifo Business Confidence Falls More Than Expected; 109.7 from 110.4 / WSJ / AP / B / r *

US – May: New home sales hit six-year high; +18.6% / R / B / AP / WSJ / r *

US – Apr: Case-Shiller Home Prices’ Growth Slower Than Expected; +10.8% from +12.4% / WSJ / R / B / r *

US – Jun: ConfBd consumer confidence rises; 85.2 from 82.2 / R / B / AP / r *



---

MARKETS

EU – Spain Bond-Sale Push Has Slow Start WSJ *

EU – Spain Unveils Sweeping Cuts on Income, Corporate Taxes WSJ / FT / NYT *

EU – Spain ‘Ugly debt trajectory yet record-low yields’ / b *



---

ECONOMICS

EU – Deleveraging creating economic headwinds wapo *

EU – Weak inflation remains widespread / b *

EU – Record number of categories with inflation less than 1% / b *

EU – Inflation expectations still falling / b *

EU – Greece: Will the IMF Apologize? WSJ *

EU – France seeks to shed reputation for rudeness to woo tourists FT * *



---

POLITICS & FISCAL POLICY




---

MONETARY POLICY




---

FINANCE

EU – Too soon to celebrate loan parcel revival FT *

EU – ‘The shrinking of British banks is bad for their employees, the City and Britain’ E *

EU – ‘Counting the cost of finance’ E *



---

REAL ESTATE

Dubai – Faces moment of truth over looming property bubble R

Dubai – Is this the crash? ft * *

Dubai – Stock market suffers heavy tumble FT / WSJ



---

SERVICES

E-Cigs – Could stub out tobacco bonds sooner than thought R

E-Cigs – A Bolder Effort by Big Tobacco NYT / FT / AP *

E-Cigs – Mostly used by young smokers, would-be quitters R * *

E-Cigs – May Get Advantage for Not Containing Tobacco B

E-Cigs – Smokers Draw on Apps to Quit WSJ *

Cigs – Big Tobacco squares up as EU rules aim to track every pack R

Cigs – Russian Consumption Drops 12% on Antismoking Rules WSJ

Cigs – Australians stub out cigarettes in wake of plain-pack law FT

Cigs – US High-School Students Smoking Less WSJ *

Cigs – Percentage of Smokers by US State / motw *

Smokeless – Rate of use in US unchanged: CDC R

Pot – Sets Off Penny Stock Frenzy B * *

Pot – The world’s most valuable marijuana business is getting more valuable q * *



---

MANUFACTURING




---

TECH

Apple – ‘Jobs is to Lennon what Cook is to Ringo’ NYT / q * * *

Facebook – Growth Prospects q * *



---

TRADE & TRANSPORTATION




---

COMMODITIES

Cocoa – Deficit puts the squeeze on chocolate bars FT / FT * * *

Cocoa – Farmers are still making a pittance q * *

Cocoa – Plantation groups eye potential FT

Cocoa – Aging farmers, low-yield crops hurt Cameroon’s ambitions R

Coffee – A flying beetle in India threatens to push up latte prices R *



---

ENERGY & ENVIRONMENT

Carbon – Justices limit existing EPA global warming rules AP / WSJNYT / FT / AP *

Carbon – Australia’s Abbott Revives Proposal to Scrap Price Levy B

Carbon – EU May Decide on Reform by Mid-2015, Delbeke Says B

Carbon – US states consider trading schemes FT

Carbon – Global Growth of Pricing WB *



---

LABOR & EDUCATION




---

HEALTH




---

ENDNOTE

Local weathercasts purposely exaggerate their rain forecasts to improve ratings rso / NYT *



---




---

Today’s Issue Cluster: US Real Estate

Space – Sharper satellite images allowed, as US loosen rules
Dairy – The mysterious case of America’s plummeting milk consumption
Pharma – Early Results Arrive on Weight-Loss Pills That Expand in the Stomach



---

MAJOR DATA POINTS

China – Jun: HSBC flash PMI shows first expansion in six months; 50.8 from 49.4 / R / WSJ / B / AP / NYT / m *

EZ – Jun: Markit Business Activity Slows; 52.8 from 53.5 / WSJ / FT / B / NYT / m *

US – Jun: Markit manufacturing expands at fastest rate in four years; 57.5 from 56.4 / R / r *

US – May: NAR existing home sales surges; +4.9% / R / B / r *



---

MARKETS

Argentina – Sovereign bond default case shifts power to creditors FT / WSJ / R / AP / B



---

ECONOMICS

World – IMF Cuts US 2014 Growth Forecast to 2% WSJ / B

World – Evolution of IMF US GDP Forecasts / b *

World – Evolution of IMF China GDP Forecasts / b *

World – How the financial crisis made everyone poorer e *



---

POLITICS & FISCAL POLICY

Ukraine – Rebels beg Russia for help as fighting rages AP / WSJ / FT / NYT *



---

MONETARY POLICY

BOE – CBI president warns against early rate rise FT / WSJ / AP / WSJ / B

BOE – Investors bet on rate rise by year-end FT *



---

FINANCE

US – BNP Near Settlement for Up to $9b WSJ *

US – Bailout Lets a Few Lucky Banks Off the Hook WSJ *

US – Automakers driving banks from buoyant new car market R

US – Banks seen falling short of new debt funding rule R *



---

REAL ESTATE

US – Drop in Short Sales Trims House Inventory WSJ *

US – Housing Numbers Reflect Shift in American Dream WSJ *

US – The Downside of Low Interest Rates: Reluctant Home Sellers wsj *

US – Realtors, Builders Differ on Need for New Homes wsj *

US – Economists Pare Down Their Housing Addition wsj *

US – Builders’ Shift to More Home Construction Might Take 1-2 Years wsj * *

US – Lenders Open Vault for Hotel Deals WSJ *

US – Cities in South, West to Grow Fastest WSJ *

US – Metropolitan Areas With Rising/Declining Home Prices / b *

US – AIA Architecture Billings Index increased / cr *



---

SERVICES




---

MANUFACTURING

Space – Sharper satellite images allowed, as US loosen rules CBC

Space – Satellite launches: the final frontier FT *

Space – To boldly go … and clean up R * *



---

TECH

Internet – France lashes out at Icann FT / WSJ / q

Internet – France Seeks to Further Tighten Regulation of US Firms WSJ

Internet – Google Considering Investment in New Trans-Pacific Cable WSJ *

Internet – Forget Africa: Machine-driven NA is growing much faster q * * *



---

TRADE & TRANSPORTATION

Air – Oil price turbulence hits European lines FT *



---

COMMODITIES

Dairy – The mysterious case of America’s plummeting milk consumption wapo * * *

Dairy – America’s Got Milk and China Wants It BW *



---

ENERGY & ENVIRONMENT

Oil – Iraq violence lights fuse to price spike FT *

Oil – Kurds’ Takeover of of Kirkuk Strengthens Their Hand WSJ *

Oil – Asia Soaks Up Excess WSJ *

Oil – Production / e *



---

LABOR & EDUCATION




---

HEALTH

Pharma – Early Results Arrive on Weight-Loss Pills That Expand in the Stomach NYT

Pharma – Health Plans Bring Pressure to Bear on Drug Prices NYT

Pharma – Inversion Frenzy Rocks Drug Sector WSJ *



---

ENDNOTE

Web of world trade ei *



---




---

Today’s Issue Cluster: Japan

[all japan]



---

MAJOR DATA POINTS




---

MARKETS

Argentina – Says next bond payment ‘impossible’, default looms R / FT / WSJ / E / NYT * *



---

ECONOMICS

Japan – Companies loosen grip on cash FT / B *

Japan – Business mood suggests economy resilient after sales tax hike R *

Japan – What’s Behind Capex Surge? Old Windows May Play a Role wsj *

Japan – Uniqlo bids sayonara to deflation FT *

Japan – Abe updates ‘third arrow’ reforms FT / WSJ / FT / R / B / WSJ / FT / FT * *

Japan – Weighs Tax Change to Push Housewives Into Job Market wsj *

Japan – Investors enticed as Tokyo tackles structural issues FT * * *

Japan – Stock Rise Signals Global Approval of Abe Plans WSJ *

Japan – Individual ownership of shares lowest since fiscal 2007 N *

Japan – Overseas tourists offer fresh boost to economy FT * *



---

POLITICS & FISCAL POLICY

EU – ‘Commission Crusade: Cameron might face his Waterloo over Juncker’ S / WSJ / ft

EU – Budget-Rule Outliers Complicate Enforcement WSJ *



---

MONETARY POLICY

BOJ – Said to Mull Keeping Big Balance Sheet After Target B

BOJ – Becomes Top Holder of Japan Government Bonds WSJ / AS * * *



---

FINANCE

World – Hedge fund chiefs and former bankers enter the shadows FT * *



---

REAL ESTATE

Japan – Property revival catches foreign attention FT * * *



---

SERVICES

Gaming – Japan Ready to Bet on Casinos WSJ / B

Gaming – Deal Would Create World’s Largest Online Gambling Company NYT / WSJ

Gaming – Casino Boom Pinches Northeastern States WSJ *



---

MANUFACTURING

Motorcycles – Harley-Davidson Wheels Out an Electric Bike WSJ / B / AP *



---

TECH




---

TRADE & TRANSPORTATION

EU/US – DC says basic outline in place for international services trade deal R

EU/US – Threat on banking in trade talks is empty, official says R



---

COMMODITIES

Metals – As western automakers embrace aluminium, Asia still welded to steel R

Metals – Oversupply in China drags down Asia’s steel market N *

Metals – Probe May Hit China’s Imports of Copper, Iron Ore WSJ

Metals – Nickel’s record-breaking week dampens bull spirits r *

Metals – South Africa minister offers olive branch to mine owners FT * * *



---

ENERGY & ENVIRONMENT

Coal – Rising German Use Imperils European Emissions Deal B

Coal – Foresight Energy Bets That There’s Gold in Carbon WSJ *

Coal – Low Prices Stop Another Australia Port Project WSJ

Coal – Australia industry caught in ‘perfect storm’ FT *



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LABOR & EDUCATION

Japan – ‘Foreign interns pay the price for labor shortage’ R

Japan – Labor crunch pushes businesses to reform R *



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HEALTH

Demog – Japan: Population Shrinks for Third Year B / AS / AS

Demog – Japan: Population Problem in Five Charts wsj ** * * *

Demog – Japan: Population is ageing and shrinking at a rapid pace R / * * * *

Demog – Japan: Areas outside big cities to face drops in young women K *

Demog – Japan: Stands by immigration controls despite shrinking population FT / E * *



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ENDNOTE

Which teams have the most fans at the World Cup GP *



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Today’s Issue Cluster: Mobiles

Fed – Appears to Have Been Wrong About Growth. Again.
Metals – New Zealand may kick start race to mine the ocean floor



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MAJOR DATA POINTS

US – May: ConfBd Gauge of Economy Gains; +0.5% from +0.3% / AP

US – Week: Jobless Claims Fall; -6k to 312k / WSJ / R / AP / B r *



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MARKETS

Bonds – High yields lure foreign buyers to Treasuries FT * * *



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ECONOMICS

Thailand – Military Co-Opts Populist Policies of Government Deposed by Coup WSJ *

Thailand – Struggle for Control of State Firms WSJ * *

Thailand – Salute to the past FT * *



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POLITICS & FISCAL POLICY

Iraq – US Signals Maliki Should Go WSJ / FT / B / NYT / WSJ *

Iraq – Oil majors begin evacuating staff as battles rage FT / FT *



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MONETARY POLICY

Fed – Raises Projections for Rates in 2015, 2016 WSJ / FT / NYT / R / AP / B / WSJ * * * * *

Fed – When will the Board tighten policy? / r *

Fed – Appears to Have Been Wrong About Growth. Again. nyt *

Fed – Will Holding Down Rates Spark Inflation Without Helping Unemployed? WSJ *

Fed – Uptick in Inflation Pressures WSJ *

Fed – Plans Hang in Household Balance Sheets WSJ *

Fed – Updated dove-hawk scale / r *



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FINANCE

World – Rulemaking proves tricky business when dealing in the shadows FT * * * *



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REAL ESTATE

Germany – Worry Over Rising Housing Prices WSJ *



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SERVICES

Lux – Asia set to overtake North America in wealth stakes FT *



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MANUFACTURING




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TECH

Mobiles – Amazon Unveils ‘Fire Phone’ Smartphone WSJ / NYT / R / B / FT / AP / WSJ *

Mobiles – With an Amazon Smartphone, the Retailer Seeks a Tether to Consumers NYT / WSJ / FT / AP

Mobiles – Amazon’s New Phone Is A Showrooming Nightmare bi / FT *

Mobiles – BlackBerry Gains Access to Amazon Appstore WSJ

Mobiles – Smartphone makers look to other products as saturation looms FT *

Mobiles – Apple seeks to open the door to simplified smart homes FT *

Mobiles – Wiko challenges big players FT

Mobiles – Chinese-Made Smartphone Comes With Spyware, Security Firm Says wsj / AP

Mobiles – Getting the world’s dumb phones online q * *

Mobiles – India, Indonesia to Get $25 Smartphones WSJ *

Mobiles – China’s Xiaomi Aiming for the Rest of the World BW *

Mobiles – Samsung Makes Push Into High-End Tablet Market WSJ *

Mobiles – Tablets Rapid Growth / bi *



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TRADE & TRANSPORTATION

Ship – China Sends Consolidation Adrift WSJ / FT / WSJ / FT / AP / WSJ / WSJ *



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COMMODITIES

Metals – Reform or die: gold price fix under pressure FT / WSJ / FT * *

Metals – New Zealand may kick start race to mine the ocean floor R * *



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ENERGY & ENVIRONMENT




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LABOR & EDUCATION

Germany – Minimum wage threatens to shake up ‘generation intern’ FT / * *

US – Vermont Pushes Minimum Wage to New Highs WSJ / wsj *



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HEALTH




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ENDNOTE

World Cup Predictions 538 *



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Today’s Issue Cluster: Energy Transport

Online – Wal-Mart counting on Latam success to drive US strategy
LEDs – China Elbows Its Way to the Fore



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MAJOR DATA POINTS

Japan – May: Exports Fell for First Time Since February 2013; -2.7% / B / WSJ *

US – Q1: Current account deficit widened to its widest since Q3 ’12; -$111b from -$87b / AP / r *



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MARKETS

EMs – Ecuador, Kenya Government Bonds Entice Yield Hunters WSJ *

EMs – Investment Flows Take Pressure Off Governments WSJ *



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ECONOMICS

UK – Sterling surges after Carney’s change of heart FT *

UK – Trade deficit, housing bubble and anaemic productivity growth threaten revival FT * * *



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POLITICS & FISCAL POLICY

Iraq – Maliki Blames Saudis WSJ / r * *



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MONETARY POLICY

RBNZ – Tightening Blunted as Australian Banks Cut Mortgage Rates B

RBNZ – McDermott Says Traders Mispricing Kiwi as Rates Increase B / SMH / wsj / FT * *



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FINANCE

World – Shadow banks step into the lending void FT *



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REAL ESTATE

Australia – Has third highest house price-to-income ratio in the world: IMF ABC / SMH / Aus *



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SERVICES

Online – Wal-Mart counting on Latam success to drive US strategy R *

Online – So You Want to Compete Against Amazon? jordan *



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MANUFACTURING

LEDs – China Elbows Its Way to the Fore NYT *



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TECH




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TRADE & TRANSPORTATION

Pipeline – Northern Gateway: Canada Approves Oil-Sands Link to Pacific Coast WSJ / FT / NYT / B / FP / G&M / G&M *

Pipeline – Keystone: Canada Tries Turning Up Heat on Obama FT / B

Pipeline – Energy East: Keystone Gets Some Canadian Competition BW / CBC * * *

Pipeline – Merrick: British Columbia: LNG and the labor market R / R *

Pipeline – Seaway Twin: Canada set to reach US Gulf with heavy crude R *

Rail – California Says It Isn’t Ready to Handle Oil Boom B

Rail – BNSF to Continue Investments Related to US Oil Boom WSJ

Rail – After oil, natural gas may be next R *

Rail – Oil shipments from Western Canada to triple FP / CBC / G&M * * *



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COMMODITIES

Mining – South Africa miners seem ready to end strike FT / FT / WSJ

Mining – Aluminum Cars Take Heat From ArcelorMittal’s CEO WSJ

Mining – Protectionist promises dominate Indonesia presidential debate R / R *



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ENERGY & ENVIRONMENT

Oil – Islamist siege forces closure of north’s main refinery FT * *

Oil – Iraq Foretells Dystopian Future WSJ *

Oil – – China’s rising dependence on Iraq means turmoil can hit its companies WSJ *

Oil – IEA warns on Opec production risks FT / bi *

Oil – Russia’s $8b Trove Locked Without US Tech B

Oil – Upshot of US Boom: Fewer Shocks WSJ *



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LABOR & EDUCATION




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HEALTH

Pharma – Fake Antibiotics Feed Growing Worldwide Superbugs Threat B

Pharma – Drug Delays Cost US Health-Care Payers Millions WSJ *



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ENDNOTE

The World Cup isn’t normally this exciting e *



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