Bz Nwz




---

Today’s Issue Cluster: Pharma

India – Gandhi Heir Emerges as Threat to Modi
Water – CA Braces for Unending Drought
Oil – Goldman Sachs: Market has ended two years of oversupply



---

MAJOR DATA POINTS

EZ – Mar: Exports Fall, But Not as Fast as Imports; -1.3%, -2.7% / WSJ / eu *

US – Apr: Consumer Prices Rose; +0.4% from +0.1% / WSJ / R / B *

US – Apr: Industrial Production Rebounds; +0.7% from -0.9% / WSJ / B

US – Apr: Housing starts, building permits increase; +6.6%, +3.6% / R / WSJ



---

MARKETS

India – Investors Bank on Distressed Debt WSJ *



---

ECONOMICS

India – Modi struggles to realise dreams FT *

India – Modi reforms flicker in rural areas R *



---

POLITICS & FISCAL POLICY

India – Gandhi Heir Emerges as Threat to Modi B *



---

MONETARY POLICY

RBI – India’s central bank warns on stimulus overuse FT



---

FINANCE

India – Rajan’s bank debt headache isn’t over yet B *

India – Passes national bankruptcy law FT *



---

REAL ESTATE




---

LABOR & EDUCATION




---

SERVICES




---

MANUFACTURING




---

TECH




---

TRADE & TRANSPORTATION




---

COMMODITIES

Water – Indian farmers battle crisis FT *

Water – India’s shortage owes more to bad management than drought E *

Water – Africa Faces Worst Drought in Half a Century S *

Water – CA Braces for Unending Drought NYT



---

ENERGY & ENVIRONMENT

Oil – Brent extends rally to near $50 on supply fears FT

Oil – Goldman Sachs: Market has ended two years of oversupply B / R *

Oil – Drillers Betting Three-Month Rally Is Nearing the End B *

Oil – Record Debt as Borrowing Costs Decline B *

Oil – Companies Are Still Paying Their CEOs to Pump WSJ *

Oil – Research cutbacks hit ability to invest FT *

Oil – Canada Wildfire Prompts New Evacuation WSJ

Oil – Canada: A catastrophe increases tensions E *

Oil – Nigeria: ‘The big worry’ B *

Oil – Libya: The scramble for Sirte E *

Oil – Percent of Exports; 99.8% of Iraq’s, 97.7% of Venezuela’s / *



---

HEALTH

Pharma – Biotech groups sink their teeth into the Big Apple FT *

Pharma – US drugmakers say they bear an unfair burden FT

Pharma – Drug Spending Climbs WSJ *

Pharma – Prices Keep Rising Despite Intense Criticism NYT

Pharma – The Complex Math Behind Spiraling Prices NYT

Pharma – Insurers Push to Tie Drug Prices to Outcomes WSJ

Pharma – Companies See Scale as the Only Way to Compete NYT

Pharma – Drugmakers Place Big Bets on Cancer Medicines WSJ

Pharma – Vaccines are among best-sellers FT / FT *

Pharma – Globalisation of manufacturing raises concerns over quality FT

Pharma – Knockoffs of Biotech Drugs Bring Paltry Savings WSJ *

Pharma – In China’s tougher drug market, minnows open back door R

Pharma – Indian Drugmakers Target Niche Markets WSJ *

Pharma – Drug resistance threatens Asia’s health and economy N * *



---

ENDNOTE

Chart of Viagra’s uplifting effect on drug prices q *



---




---

Today’s Issue Cluster: Retail

US – Recession May Loom for Next President
Tech – ‘Bust is probably here’
Platinum – Bulls Wager on Automaker Demand



---

MAJOR DATA POINTS

Russia – Q1: Economy Shrank Less Than Forecast; -1.2% from -3.8% / B

US – May: NAHB Index Unchanged; 58 from 58 / WSJ

US – May: Empire State Manufacturing Survey Tumbles; -9.0 from +9.6 / cr



---

MARKETS




---

ECONOMICS

US – Recession May Loom for Next President B * * *



---

POLITICS & FISCAL POLICY




---

MONETARY POLICY




---

FINANCE

US – Banks sound caution on commercial property loans FT

US – Banks Are Falling Back in Love With Mortgages WSJ *



---

REAL ESTATE

US – Beijing clampdown slows China spending spree FT *

US – Rising Rents Squeeze the Middle Class WSJ

US – Affordable Starter Homes Prove Elusive WSJ

US – Home Builders Say Squeezed by Rising Compliance Costs WSJ *

US – Canadian share of home purchases shrinks B *

US – Canadian lumber producers reject rumored return to quotas CP



---

LABOR & EDUCATION




---

SERVICES

Retail – Sales Rise Most in a Year B / R / FT * *

Retail – Consumers Turn Out to Be Lifeline After All B * *

Retail – Sales Gain Is Fueled By Web WSJ *

Retail – Troubles Aren’t Just About Amazon WSJ *

Retail – Ecommerce is hardly a pot of gold FT *

Retail – Amazon to Expand Private-Label Offerings WSJ

Retail – Amazon, eBay Climb Into Grease Pit With Chains Like AutoZone IBD

Retail – E-Commerce Drives Surge in US Warehouse Rental Prices WSJ

Retail – Amazon Proves Infertile Soil for Unions, So Far NYT

Retail – Wal-Mart Bets on Free Two-Day Shipping WSJ

Retail – Home Depot Withstands Ill Winds WSJ *



---

MANUFACTURING




---

TECH

Tech – Apple’s ‘most valuable’ crown at risk FT *

Tech – ‘Bust is probably here’ b *

Tech – Owning US shares no longer a quick route to big returns FT *



---

TRADE & TRANSPORTATION

Ship – Operators Set to Strike Vessel-Sharing Deal WSJ *

Ship – CMA CGM pulls mega ship from US-Asia route FT *

Ship – Port-Trucking Firms Run Into Labor Dispute WSJ *

Ship – Coastal Communities Fight to Slow Seaports Surge WSJ



---

COMMODITIES

Platinum – Bulls Wager on Automaker Demand B *

Platinum – North American appetite for jewelry flourishes R *

Palladium – Norilsk Nickel buys to lower market volatility FT

Gold – Demand breaks first-quarter record FT

Silver – Solar power driving new demand FT *



---

ENERGY & ENVIRONMENT

NatGas – Big Oil’s Big Plans for New Markets WSJ *

NatGas – Firms Rally on Signs Glut Is Easing WSJ *

NatGas – Goldman Sachs emerges as growing player FT *

NatGas – Pipeline fireball fuels shale critics FT *

NatGas – Fracking accounts for 67% of output, was 7% in 2000 / b *

NatGas – Russian Project Gets Funding from China WSJ



---

HEALTH




---

ENDNOTE

The Cities Where Rent Swallows Your Salary statista *



---




---

Today’s Issue Cluster: Oil

US – Credit deterioration: Problem or opportunity?
US – Hopes of factory jobs rebound fade in heartland
Fertilizer – Digital farming could shake-up chemicals sector



---

MAJOR DATA POINTS

EZ – Q1: Growth revised down; +0.5% was +0.6% / FT / WSJ *

US – Apr: Retail Sales Rebound; +1.3% from -0.3% / WSJ / B / FT *

US – May: UMich consumer sentiment rebounds; 95.8 from 89.0 / WSJ / CNBC

US – Mar: Business inventories rebound; +0.4% from -0.1% / R

US – Apr: Producer Prices Rose; +0.2% from -0.1% / WSJ



---

MARKETS

US – Munis prove unlikely home for yield-starved foreigners FT *

US – Credit deterioration: Problem or opportunity? B * *



---

ECONOMICS

US – Hopes of factory jobs rebound fade in heartland R *

US – Manufacturing employment plunged at the time China entered WTO / b *

US – Corporate Profits on Pace for Third Straight Decline WSJ *

US – Recession Has Left Enduring Scars WSJ *

US – ‘America’s middle class meltdown’ FT * *



---

POLITICS & FISCAL POLICY

US – The newest Switzerland of tax havens FT *

US – Offshore centres hit at financial transparency ‘hypocrisy’ FT *



---

MONETARY POLICY




---

FINANCE

US – Fintech firms find a way to finance purchases of secondhand cars E *



---

REAL ESTATE




---

LABOR & EDUCATION

US – Baby Lull Promises Growing Pains for Economy WSJ *



---

SERVICES




---

MANUFACTURING




---

TECH




---

TRADE & TRANSPORTATION




---

COMMODITIES

Fertilizer – Digital farming could shake-up chemicals sector R

Fertilizer – Russian Producer Grows Rich on Weak Ruble WSJ

Fertilizer – Delay in China potash deal raises doubts over contract FT * *



---

ENERGY & ENVIRONMENT

Oil – IEA: Demand growth strengthens in Q1 FT

Oil – IEA: India Replacing China as ‘Main Growth Market’ B *

Oil – IEA: Glut to Shrink Despite Iranian Surge WSJ *

Oil – Opec Sees Rival Production Declining WSJ *

Oil – Iran’s Speedy Revival Unlikely to Mean Change in Opec Stance B *

Oil – Saudi Aramco Likely to Step Up Production WSJ

Oil – Delta threats push Nigeria output to 20-year low FT *

Oil – Canada Fire Deals Staggering Blow to Sands Industry NYT

Oil – Companies aim for quick restart after fire G&M / B / b * *

Oil – US stockpiles surprise FT

Oil – Low prices may finally be taking toll on US production b *

Oil – EPA issues final rules on fracking emissions WSJ / FT / NYT / AP / B

Oil – US gasoline demand to surpass previous peak / b *

Oil – US refiners tighten belts as golden era fades R *

Oil – Speculative Investors Cut Bullish Bets WSJ

Oil – Bankruptcies Pile Up B *

Oil – Deals elusive despite $110b in assets on the block R * *

Oil – Banks face more pain despite rally FT * *



---

HEALTH




---

ENDNOTE

2016 democratic primary results by counties reddit*



---




---

Today’s Issue Cluster: Robots

Brazil – Star Rising for Ex-Central Banker Henrique Meirelles
LatAm – Miami Suddenly Has a Glut of Plush Hotel Suites
Fed – Economist Says Stop Relying on Stocks for Recession Signals



---

MAJOR DATA POINTS

EZ – Mar: Industrial Output Falls Sharply; -0.8% from -1.2% (was -0.8%) / WSJ / B *

US – Apr: Import Prices Rose For Second Month; +0.3% from +0.3% / WSJ

US – Week: Jobless claims hit more than one-year high; +20k to 294k / R / WSJ



---

MARKETS

Bonds – 100-Years That Pay Peanuts WSJ *

Bonds – Will duration risk rear its head for investors? FT *



---

ECONOMICS

Brazil – Star Rising for Ex-Central Banker Henrique Meirelles WSJ *

Brazil – 2016 Olympics: not flying down to Rio FT *

Venezuela – Implied default rate is 99% / t *

LatAm – Argentina’s economic rise fuels rivalry with Brazil FT *

LatAm – Collapsing currencies rule out tourism overseas FT *

LatAm – Miami Suddenly Has a Glut of Plush Hotel Suites B *

LatAm – GDP growth forecast for 2016 ft *



---

POLITICS & FISCAL POLICY

Brazil – Temer Replaces Rousseff FT / R / B / WSJ * *

Mexico – Impatience with Peña Nieto as violence flares FT *



---

MONETARY POLICY

Fed – Economist Says Stop Relying on Stocks for Recession Signals B *



---

FINANCE

Brazil – Recession threatens insurers’ growth ambitions B *



---

REAL ESTATE




---

LABOR & EDUCATION

EMs – Face credit threat from ageing populations FT *



---

SERVICES




---

MANUFACTURING

Robots – Sparking an investment boom FT *

Robots – Investment surge gives US the early lead FT

Robots – Immigrants from the future E *

Robots – Meet the cobots: working with humans FT *

Robots – China’s revolution FT *

Robots – Airbus plans to use on assembly lines with humans FT

Robots – Growbots promise to transform Australian agriculture N / B *

Robots – US researchers at cutting edge with first surgeon AP / FT / E *

Robots – Financial services companies braced for automation FT / NYT *

Robots – Service-sector jobs at risk FT *

Robots – Rich and powerful warn they are coming for your jobs R

Robots – Knowledge Workers Accelerating Despite Automation wsj *



---

TECH

Telecoms – Tie-up hopes dashed for Europe FT * *

Telecoms – Broadband Data Caps Pressure ‘Cord Cutters’ WSJ *



---

TRADE & TRANSPORTATION




---

COMMODITIES




---

ENERGY & ENVIRONMENT




---

HEALTH




---

ENDNOTE

Election Days By Country bm *



---




---

Today’s Issue Cluster: Automated Vehicles

EU – Germans Fret Rate Cuts Are Fueling a Housing Bubble
Mobiles – Smartphone Downturn Going From Bad to Worse
Gold – Singer Says Rally Just Beginning as Goldman Sees Losses



---

MAJOR DATA POINTS

–



---

MARKETS




---

ECONOMICS

EU – Robust growth, falling prices: a contradiction explained FT *



---

POLITICS & FISCAL POLICY

EU – Eurozone May Avoid a Greek Crisis This Summer WSJ *

EU – Rosy Budget Outlook Tries to Tame Greek Debt B *

EU – Italy Migrant Route Now Busier Than Path Through Greece B *

EU – German Refugee Decline Shows Merkel’s Reliance on Turkey B *

EU – AfD Wedge: Bavarian CSU Weighs Split from Merkel’s CDU S

EU – AfD is already the 2nd party in east Germany / b *

EU – Podemos-IU up in Spain poll; majority reachable with PSOE / eldiario *



---

MONETARY POLICY

BOE – Doves Could Vote for a Rate Cut, Bank of America Says B *



---

FINANCE




---

REAL ESTATE

EU – Germans Fret Rate Cuts Are Fueling a Housing Bubble B *

UK – Do British housing markets suffer from market failure? e *

UK – London Home Prices See Parents Risking Finances to Help Kids B *

UK – Downbeat construction survey fuels fears for recovery FT *

UK – London Is Building More Offices Than Ever B / WSJ *



---

LABOR & EDUCATION




---

SERVICES




---

MANUFACTURING

AVs – Driverless cars could save lives, kill businesses R / R *

AVs – May lead to more crashes, says UK insurance group FT

AVs – Billions Are Being Invested in Unwanted Robot B *

AVs – GM, Lyft to Test Self-Driving Electric Taxis WSJ

AVs – Google, Chrysler In Deal WSJ / FT / R

AVs – Ford and GM split on the right road to self-driving cars FT

AVs – Internet-linked cars face hack threat, warns security expert FT

AVs – Google and car companies to spend billions mapping roads vox

AVs – ‘Cities Aren’t Ready for the Driverless Car’ wsj *

AVs – Innovators Summon The Spirit Of Steve Jobs IBD

AVs – Musk’s Secret Plan for a Self-Driving ‘Bus’ B

AVs – Rio Tinto’s driverless trains are running late FT



---

TECH

Mobiles – Smartphone Downturn Going From Bad to Worse B *

Mobiles – Are Smartphones Doomed to the Same Fate as PCs? B *



---

TRADE & TRANSPORTATION

EU/US – German Protests Threaten TTIP S *

EU/Mercosur – France leads revolt against trade talks FT *



---

COMMODITIES

Gold – Singer Says Rally Just Beginning as Goldman Sees Losses B



---

ENERGY & ENVIRONMENT




---

HEALTH




---

ENDNOTE

Every European exit covered t *



---




---

Today’s Issue Cluster: Metals

China – National rail company ‘owes more than Greece’
Ads – Evolve Into New Forms as Media Landscape Shifts
Ship – Negative Rates Hit Global Market



---

MAJOR DATA POINTS

China – Apr: CPI Steady; +2.3% from +2.3% / WSJ

China – Apr: PPI Better Than Expected; -3.4% from -4.3% / FT *

Germany – Mar: Record Current-Account Surplus; +€30b from +€21b / B / AFP *

US – Mar: JOLTS Jobs Openings Increased; 5.8m from 5.6m / cr

US – Mar: Wholesale inventories break a losing streak; +0.1% from -0.6% / AP

US – Apr: NFIB Small Business Index Increased; 93.6 from 92.6 / cr



---

MARKETS

China – FX reserves up as Fed caution aids PBOC B *

China – Capital outflows persist despite FX reserves rebound FT *



---

ECONOMICS

China – National rail company ‘owes more than Greece’ AFP

China – Companies borrow to repay debts in latest credit binge FT *



---

POLITICS & FISCAL POLICY




---

MONETARY POLICY

World – Windfall for Central Banks Fuels Political Pressure WSJ *

World – ‘Running on Monetary Fumes’ cfr *



---

FINANCE




---

REAL ESTATE




---

LABOR & EDUCATION




---

SERVICES

Ads – Evolve Into New Forms as Media Landscape Shifts NYT

Ads – Privacy activist launches challenge to ‘ad blocker blockers’ FT

Ads – Websites Battle Faltering Revenue and Traffic NYT

Ads – TV Spending Shows Signs of Revival WSJ *

Ads – US election spending boon a welcome respite for TV groups FT *



---

MANUFACTURING




---

TECH




---

TRADE & TRANSPORTATION

Ship – Negative Rates Hit Global Market B *

Ship – Panama Canal expansion exposes US infrastructure woes R

Ship – Once Bustling Ports Lose Steam WSJ *



---

COMMODITIES

China – Props Up Its Factories, Adding to Glut WSJ *

China – Commodities fall back to earth FT / WSJ / B * *

China – Retail investors throw global commodities into a tailspin FT *

Iron – China Futures Plummet, Obliterating Recent Gains WSJ *

Iron – In Free Fall as Port Holdings Expand B *

Iron – China’s easy money-fueled speculation is prime mover of prices WSJ *

Iron – ArcelorMittal Says Markets Are Stabilizing as Losses Narrow WSJ *

Copper – Freeport sells key mine for $2.7b to China FT / WSJ / FT *

Copper – Rio Approves $5.3b Oyu Tolgoi Mine Expansion B * *

Lithium – How It Defied the Global Commodities Rout WSJ *

Gold – Hedge Funds Take Bullish Gold Bets to Highest Since 2011 B *



---

ENERGY & ENVIRONMENT

Alt – US Utilities Boost Investments in Wind, Solar Power WSJ *

Alt – Solar Shares Plunge Even More Than Coal B *



---

HEALTH




---

ENDNOTE

Modern logos that look awfully similar to older logos bb *



---




---

Today’s Issue Cluster: US Labor

Tesla – Forecast Changes the Trajectory of an Entire Industry
Tesla – Oil Isn’t the Only Threatened Commodity
Oil – Opec Leaves Us Exposed to Shock



---

MAJOR DATA POINTS

China – Apr: Exports and imports fall; -1.8%, -10.9% / FT / B *

Germany – Mar: Foreign demand boosts factory orders; +1.9% from -0.8% / AFP *



---

MARKETS

Currencies – Bet On the Aussie Buck Bn *

Currencies – NK Can’t Stamp Out Its Unofficial Economy B *



---

ECONOMICS

SK – China awash with Korean Wave fever FT * *



---

POLITICS & FISCAL POLICY




---

MONETARY POLICY

Fed – Jobs Report Makes June Less Likely WSJ / WSJ

Fed – Lift-off sluggish E *

Fed – Trump Says He Would Replace Yellen WSJ / FT

Fed – Lack of conviction reflects negative mood FT *



---

FINANCE




---

REAL ESTATE




---

LABOR & EDUCATION

US – Early Warning Signs of Recession Flash Faintly in Jobs Data B *

US – Labor-force participation is rising again, at last E *

US – Anemic Wage Growth Restraining Economy WSJ

US – Faces big labor shortage, says business group FT *

US – Can Quick-Service Franchises Digest $15 Minimum Wage? IBD

US – Push for $15 Raises Pay—And Tensions WSJ *

US – Full-Time Hires Buck the Trend at Fast-Food, Retail Chains WSJ *

US – As Oil Rigs Shut Down, Job Pain Spreads Across Cities WSJ

US – Laid-Off Oil Workers Struggle to Pay Loans WSJ *

US – State Laws Against Mandatory Union Fees Are Growing B *

US – Rare Good News on the Retirement Front B *



---

SERVICES




---

MANUFACTURING

Tesla – Forecast Changes the Trajectory of an Entire Industry B * *

Tesla – Inside the Gigafactory That Will Decide Company’s Fate B *



---

TECH




---

TRADE & TRANSPORTATION




---

COMMODITIES

Tesla – Oil Isn’t the Only Threatened Commodity B *

Tesla – Shakes Up Market for Lithium, Other Metals WSJ *



---

ENERGY & ENVIRONMENT

Oil – Opec Leaves Us Exposed to Shock b *

Oil – Canada’s wildfires could blaze for months FT / R / WSJ / G&M *

Oil – New Saudi era ignites old questions FT / WSJ / B *

Oil – China Imports Rise as Teapot Refinery Demand Overwhelms Port B *

Oil – Discoveries slump to 60-year low FT

Oil – Billionaire’s Bargain Reveals Risks for Creditors B *

Oil – Large-Company Bankruptcies at Highest Level Since 2009 / b *

Oil – Drillers dig for the bottom for rig counts R / npr *

Oil – Rally May Boost Allure of Drilled-But-Uncompleted Wells B *



---

HEALTH




---

ENDNOTE

“Obviously not a bubble” twitter *



---




---

Today’s Issue Cluster: China

China – Lending Inflates Real Estate, Stocks, Even Egg Futures
Gaming – Macau Casino Revenue Drops Less Than Estimated
China – Great Commodity Bubble Loses Air Before It Can Burst



---

MAJOR DATA POINTS

US – Apr: Jobs report disappoints; +160k from +208k / FT / WSJ / NYT / R / B *



---

MARKETS

China – The $571b Debt Wall That Points to More Defaults B *

China – The credit boom is not reaching the real economy ft *

China – Unpaid bills add to debt problems FT *

China – Debt load reaches record high as risk to economy mounts FT / R *

China – Fizz goes flat, even with far bigger credit stimuli FT

China – Worries mount over bond market FT *

China – Bond market is on edge FT *

China – Bondholders Lose Their Beijing-Bailout Confidence WSJ *

China – Struggling to unleash the power of stocks and bonds E *



---

ECONOMICS

China – Despite slowdown, consumption is resilient E *

China – Provincial Growth Rates Are Splintering B *



---

POLITICS & FISCAL POLICY

China – Crackdown on data sales opens gaps in economic statistics FT

China – Presses Economists to Brighten Their Outlooks WSJ *

China – Power to the party E *



---

MONETARY POLICY




---

FINANCE

China – Lending Inflates Real Estate, Stocks, Even Egg Futures NYT

China – Banks disguise risky loans as ‘investments’ FT

China – Banks must brace for trouble E *

China – Big but brittle E *

China – Big Banks Aren’t Looking So Large WSJ

China – Banking Sector 367% of GDP *

China – ‘The coming bank bailout’ B *

China – Shadow banks: High-risk alternative E *

China – Tencent backs down in mobile payments war with Alibaba FT * *



---

REAL ESTATE

China – Homeowners Live in Legal Limbo WSJ / FT *

China – Total debt for property developers soars *



---

LABOR & EDUCATION




---

SERVICES

Gaming – Don’t Go Putting Chips on Macau WSJ *

Gaming – Macau Shares of casino operators have risen 30% WSJ *

Gaming – Macau Casino Revenue Drops Less Than Estimated B *

Gaming – Meadowlands Casino Plan Advances WSJ

Gaming – Atlantic City on the verge of running out of cash E / WSJ * *



---

MANUFACTURING




---

TECH




---

TRADE & TRANSPORTATION




---

COMMODITIES

China – Iron ore sinks below $60 as frenzy cools FT *

China – Great Commodity Bubble Loses Air Before It Can Burst B * *

China – Steel Makers Undercut Rivals as Economy Slows NYT



---

ENERGY & ENVIRONMENT




---

HEALTH




---

ENDNOTE

Most popular female names by country *
Most popular male names by country *



---




---

Today’s Issue Cluster: Oil

EMs – Downgrades Loom With Debt Cliff, S&P Warns
World – Longest Negative Rate Experiment Shows Perversions Ahead
Protein – Chile’s salmon sector hit by toxic algae bloom



---

MAJOR DATA POINTS

China – Markit Composite PMI Lower; 50.8 from 51.3 / m *

US – Apr: Challenger planned layoffs surge; 65k, +35% / R

US – Week: Jobless Claims Rose; +17k to 274k / WSJ / AP



---

MARKETS

EMs – Downgrades Loom With Debt Cliff, S&P Warns B *

EMs – Debt burden at new high, says Fitch FT *

EMs – Flows maintain their momentum in April FT *

EMs – Net cash flows into corporate debt ‘could turn negative’ FT *



---

ECONOMICS

India – Sharp Growth Picture Gets Fuzzy WSJ *

India – Conglomerates throwing themselves into arms-making E *



---

POLITICS & FISCAL POLICY

India – Farm Subsidies Put Government in Bind WSJ *

India – Water wars FT / FT *



---

MONETARY POLICY

World – Alarm bells ring over negative interest rates FT

World – Negative rates put pressure on central banks to take risks FT / WSJ *

World – Longest Negative Rate Experiment Shows Perversions Ahead B *



---

FINANCE

India – Banks face up to corporate debt problems FT *



---

REAL ESTATE




---

LABOR & EDUCATION




---

SERVICES

Retail – Alibaba Sales Surge as Chinese Consumers Defy Gloom B *

Retail – China barriers won’t stop cross-border ecommerce FT *

Retail – New US Rules Make Foreign Goods Better Deal WSJ *

Retail – Mobile shopping shift spurs spending B *



---

MANUFACTURING




---

TECH




---

TRADE & TRANSPORTATION

Pipe – Dreams still alive for selected few in US energy rout R *



---

COMMODITIES

Protein – Breeders Stew Over How to Slow Pace of Chicken Growth WSJ *

Protein – Beijing taps emergency pork reserves as prices hit record high ft * *

Protein – Japan’s tuna imports fall as young prefer steak to sushi FT *

Protein – Chile’s salmon sector hit by toxic algae bloom FT *



---

ENERGY & ENVIRONMENT

Oil – Rises on oil sands supply outage FT *

Oil – Why This Year’s Rally Might Be for Real B *

Oil – Bulls bet waning shale boom will curb glut B *

Oil – Despite Shale Glut, US Imports More Foreign Crude WSJ *

Oil – Industry bankruptcy wave nears size of telecom bust R

Oil – Price Upheaval Finally Hits Refiners WSJ *

Oil – Petrochemicals Save Industry B *

Oil – US producers Ultra and Midstates fall victim to low price FT *

Oil – Price Drop Vanquishes Cutting-Edge Projects WSJ *

Oil – Banks Dodge One Risk WSJ *

Oil – Rally Isn’t as Deep Rooted as It Looks at First Glance B *

Oil – W. Africa crude down on cooled Chinese buying R *



---

HEALTH




---

ENDNOTE

Countries with more than one capital wiki *



---




---

Today’s Issue Cluster: Autos

Currencies – Yen Under Pressure to Extend World-Beating Rally
Australia – To block vast land sale to China-led consortium
Crops – Traders stuck in the hard times



---

MAJOR DATA POINTS

US – Apr: ADP private hiring slows; +156k from +194k / R

US – Mar: Factory orders rebound; +1.1% from -1.9% / R

US – Q1: Productivity Fell, Signaling Tepid Growth; -1.0%, +0.6% yr / WSJ

US – Apr: ISM Services Saw Stronger Growth; 55.7 from 54.5 / WSJ

US – Apr: Markit Composite PMI Rose; 52.4 from 51.3 / m

US – Mar: Trade deficit shrinks as imports hit low; -$40b from -$47b / R / WSJ / cr *



---

MARKETS

Currencies – Dollar’s slide takes it to 15-month nadir FT / FT *

Currencies – Japan in a bind as US turns up heat FT

Currencies – Yen Under Pressure to Extend World-Beating Rally B * *

Currencies – Mena forex sector has enjoyed massive growth B *

Currencies – Craig Wright: BBC ‘Gullible’ ft / WSJ / e



---

ECONOMICS

Australia – Rich Chinese Resist Lure of Residency WSJ *



---

POLITICS & FISCAL POLICY

Australia – Budget 2016: Winners and losers B *



---

MONETARY POLICY

RBA – Australia cuts interest rates to record low FT / WSJ



---

FINANCE




---

REAL ESTATE

Australia – To block vast land sale to China-led consortium FT *



---

LABOR & EDUCATION




---

SERVICES




---

MANUFACTURING

Autos – US: Strong sales revive hopes for fresh record FT / WSJ *

Autos – US: Record April Doesn’t Do Much to Contain Unease B *

Autos – US: Hot on the Lot: Leasing a Used Car WSJ *

Autos – China: Giants Curb Ambitions WSJ *

Autos – China: Foreign and Domestic SUVs Face Off WSJ / AP *

Autos – EU: Car Boom Leaves Makers Hunting for Profits WSJ *

Autos – Russia: Renault Tries to Fix AvtoVAZ Misadventure WSJ *

Autos – Mexico: Trump calls Ford plant ‘an absolute disgrace’ R / FT / WSJ

Autos – Mexico: Free trade fiesta N *

Autos – Brazil: Wheels fall off local industry FT *

Autos – India: Top Chinese carmakers plot major push R

Autos – Premium: Daimler Set to Reclaim Top Spot WSJ *

Autos – Ford: Sales Gains Come at a Price WSJ / WSJ *

Autos – EVs: Chinese Tech Firms Charge Into Electric Cars WSJ *

Autos – EVs: Long road ahead for China FT *

Autos – EVs: Germany to Subsidize Electric Autos WSJ *

Autos – Tesla: With the hoopla over, now the hard work B * * *

Autos – Tesla: Wall Street values Company at $620k per car R

Autos – Tesla: Will the Model 3 be the first self-driving car? B *



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TECH




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TRADE & TRANSPORTATION




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COMMODITIES

Crops – Traders stuck in the hard times FT *

Crops – Traders Rejecting Soybeans Developed by Monsanto WSJ *



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ENERGY & ENVIRONMENT




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HEALTH




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ENDNOTE

Australian Urban Footprint reddit *



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