Bz Nwz




---

Today’s Issue Cluster: Shale

South Africa – Junk Rating a Matter of Time
Chemicals – Big mergers may give only temporary relief
Air – Carbon-offset deal would cost $6b in 2025: IATA



---

MAJOR DATA POINTS

Singapore – Q1: Temporary Boost From Manufacturing; +0.2% was flat / B

US – May: Markit flash Composite PMI falls; 50.8 from 52.4 / m

US – May: Markit flash Services PMI falls; 51.2 from 52.8 / m



---

MARKETS

Africa – Tale of Two Currencies WSJ *



---

ECONOMICS

Africa – IMF cuts growth forecast to 3% in 2016 FT *

Africa – Weakening Growth Calls for Policy Reset imf *

Africa – Optimism evaporates with collapse in commodity prices FT *

Africa – Farmers Get No Breaks at Gas Pump WSJ *

South Africa – SARB sees risk of credit-rating cut to junk B *

South Africa – Junk Rating a Matter of Time B *

South Africa – Zuma frustrates Gordhan’s bid to rescue economy S *

South Africa – Mining output falls the most on record / *

Nigeria – Import curbs drain life from bustling Lagos ports FT *

Nigeria – Strategists are criticizing latest plan to rescue its currency B *

Kenya – Bucks Africa’s economic trend FT *



---

POLITICS & FISCAL POLICY

Burundi – Sliding towards anarchy E * *



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MONETARY POLICY




---

FINANCE




---

REAL ESTATE




---

LABOR & EDUCATION




---

SERVICES




---

MANUFACTURING

Chemicals – Monsanto Open to Talks FT / WSJ / B

Chemicals – Bayer’s $62b Monsanto Bid Raises Concern Over Final Price B *

Chemicals – How predator Monsanto became the pursued FT * *

Chemicals – House Passes Sweeping Safety Bill WSJ

Chemicals – Big mergers may give only temporary relief E *



---

TECH




---

TRADE & TRANSPORTATION

Air – Carbon-offset deal would cost $6b in 2025: IATA R

Air – Terror, Crashes Weakens European Travel WSJ *



---

COMMODITIES

Protein – Are Eggless Mayo and Plant-Based ‘Oysters’ Worth $1b? B *

Protein – Cheap Beef Is Here for Summer B *



---

ENERGY & ENVIRONMENT

Shale – Stocks Outrun Fundamentals B *

Shale – Key to Survival: Efficiency WSJ / WSJ

Shale – For ND a humbling comedown R * *

Shale – When OK boom went bust R *

Shale – Fracking wells drilled in PA, WV and OH / PSU *

Shale – Fracking in Yorkshire wins approval FT / WSJ / FT / FT



---

HEALTH




---

ENDNOTE

Country flags: A star is the most common symbol *



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---

Today’s Issue Cluster: Currencies

US – Defaults Have Already Spread Outside Commodities
Water – As El Nino Exits, La Nina Looms
Oil – Venezuela is the next big wild card



---

MAJOR DATA POINTS

US – Apr: New-Home Sales Surge to Highest in 8 Years; +16.6% / B



---

MARKETS

Currencies – PBOC Shows Slackening Resolve to Revamp Yuan WSJ *

Currencies – Dollar set for its best month in half a year FT

Currencies – Japan Heading for Standoff on Yen with US WSJ / FT / WSJ *

Currencies – Risk-on, risk-off is back B *

Currencies – Bitcoin Catches On With Gold Bugs WSJ *

Currencies – Zloty is the ‘world’s cheapest currency’ / bi *



---

ECONOMICS

US – Companies’ cash pile hits $1.7t FT *

US – Triple-A quality fades as companies embrace debt FT * *

US – Defaults Have Already Spread Outside Commodities B * *

US – Manufacturers That Sell at Home Fare Better Than Exporters WSJ *



---

POLITICS & FISCAL POLICY




---

MONETARY POLICY




---

FINANCE

US – Credit-Card Debt Nears $1t as Banks Push Plastic WSJ *



---

REAL ESTATE

US – AIA Billings Index Shows “Continued Modest Growth” / cr *



---

LABOR & EDUCATION

US – Population Surge in Cities Eases WSJ *



---

SERVICES




---

MANUFACTURING




---

TECH




---

TRADE & TRANSPORTATION




---

COMMODITIES

Water – Brazilian drought may perk up your coffee FT * *

Water – El Niño Wreaks Havoc Across Southeast Asia WSJ *

Water – As El Nino Exits, La Nina Looms B *



---

ENERGY & ENVIRONMENT

Oil – Venezuela is the next big wild card bi *

Oil – Discoveries Have Shrunk to a Six-Decade Low R / B *

Oil – Deals: Don’t Hold Your Breath WSJ *

Oil – Iran fulfils pledge to raise production FT *

Oil – New Saudi Plan Shows It’s Just Not That Into Opec B *

Oil – Tankers Run in Circles Off China B *

Oil – Ballooning OECD Stockpiles / b *

Oil – Opec cost of production is lowest / bi *

Oil – Booming petrol demand from US to India buoys price FT *



---

HEALTH




---

ENDNOTE

40% of the Buildings in Manhattan Could Not Be Built Today nyt *



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---

Today’s Issue Cluster: Planes

EU – Greece: Braces for New Tax Wave
EU – Germany Strives to Avoid Housing Bubble
Ship – Container lines mired in crisis



---

MAJOR DATA POINTS

Japan – Apr: Exports suffer biggest drop in three months; -10.1% from -6.8% / R

Japan – May: Markit PMI shrinks most in over three years; 47.6 from 48.2 / R

Nigeria – Q1: Faces Recession Risk as GDP Shrinks; -0.36% from +2.11% / B



---

MARKETS

EU – Investors Check Out WSJ *



---

ECONOMICS




---

POLITICS & FISCAL POLICY

EU – Austria: Far-right ‘narrowly loses poll’ BBC / FT / WSJ / FT *

EU – Populist Politicians Tap Into Deep-Seated Frustration WSJ *

EU – Spain: Rajoy risks Brussels showdown with tax-cut vow FT / FT *

EU – Spain and Portugal: Win reprieve over breaking rules FT *

EU – Italy: Wins Brussels’ ‘flexibility’ FT *

EU – France: If economy is running again, Hollande will be, too E *

EU – Greece: Approves Austerity Vote WSJ / B *

EU – Greece: Investor momentum builds FT * *

EU – Greece: Braces for New Tax Wave B *

EU – Greece: What if there’s massive debt relief but no one admitted it? ft *



---

MONETARY POLICY




---

FINANCE

EU – Quest for ‘bail-ins’ poses risks to retail investors FT *



---

REAL ESTATE

EU – Germany Strives to Avoid Housing Bubble B *



---

LABOR & EDUCATION




---

SERVICES




---

MANUFACTURING

Planes – Boeing Shares Could Lose Altitude Bn *

Planes – Airbus and Boeing contend with headwinds FT *

Planes – 787’s new challenge: slow sales R *

Planes – Building a 757 replacement would be a risk for Boeing E *

Planes – Airlines Can’t Get Enough Hand-Me-Down Jets B *

Planes – How Airbus Stumbled in Pursuit of Shortcut to Single-Aisle Glory B

Planes – Airbus Profit Falls 50% as Deliveries Lag Behind WSJ *

Planes – Boeing Ramps Up Push Into the Airplane Parts Business WSJ *

Planes – Bombardier Faces Off With Airbus, Boeing WSJ *



---

TECH




---

TRADE & TRANSPORTATION

Ship – Container lines mired in crisis FT * * *

Ship – Port of Portland Loses Last Container Service WSJ

Ship – LA area Port Traffic Declined in April / cr *



---

COMMODITIES




---

ENERGY & ENVIRONMENT

NatGas – Gazprom left wounded by price plunge FT * *

NatGas – PNG Pioneer Sees $3b Savings on LNG Deal B *



---

HEALTH




---

ENDNOTE

Zone Rouge: WWI claiming victims 80 years after cease-fire bm *



---




---

Today’s Issue Cluster: Coal

China – CLSA Sees Bad-Loan Epidemic With $1t of Losses
China – April Slowdown Shows Debt Addiction Will Be Tough to Shake
China – Rising rural incomes



---

MAJOR DATA POINTS

US – Apr: Existing home sales rise; +1.7% / MW



---

MARKETS

China – Decides Debt Can Be Dangerous BW *

China – CLSA Sees Bad-Loan Epidemic With $1t of Losses B *

China – April Slowdown Shows Debt Addiction Will Be Tough to Shake B *

China – Corporate debt problem only getting worse N * *

China – Profits are down for the first time since 2008 / N *

China – UBS: Local government bonds driving overall credit expansion *

China – Challenged to Keep Yuan Stable as Dollar Rises WSJ *



---

ECONOMICS

China – Party mouthpiece echoes debt fears FT

China – Routes 5t yuan into transport infrastructure FT

China – Rising rural incomes E *



---

POLITICS & FISCAL POLICY

China – European Parliament Rejects Bid for Market Economy Status WSJ

China – Heads for a Showdown with Taiwan B *

China – Becomes global leader in development finance FT *



---

MONETARY POLICY




---

FINANCE

China – Credit growth slows as leadership warns of over-leverage FT *

China – Banks Blur Lines WSJ *



---

REAL ESTATE

China – Home price growth fastest in two years FT *

China – Housing Revival Buffers Economy WSJ *

China – Real-Estate Lawsuits Surge WSJ *



---

LABOR & EDUCATION




---

SERVICES

Gaming – Macau casinos place their bets that slump is over FT



---

MANUFACTURING

Robots – China Is Largest, Fastest-Growing Market World-wide WSJ



---

TECH




---

TRADE & TRANSPORTATION




---

COMMODITIES




---

ENERGY & ENVIRONMENT

Coal – China Curbs Plans for More Power Plants NYT *

Coal – Call for US and China to pursue clean alternative FT

Coal – Japan planning to invest huge sums to replace nuclear power FT

Coal – UK Power Output Vanishes B *

Coal – Britain passes historic milestone FT *

Coal – Choking on cheap natural gas, regulations B * * *

Coal – US Denies Permit for Terminal in WA NYT

Coal – Default Risks Soaring as Peabody Falls Into Bankruptcy / b *



---

HEALTH




---

ENDNOTE

Photos taken by locals and tourists in Berlin motw *



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---

Today’s Issue Cluster: Mining

Saudi – Considers Paying Contractors With IOUs
TPP – Trade deal becomes White House battleground
Oil – Saudi Stockpiles Hit 18-Month Low in March



---

MAJOR DATA POINTS

US – Week: Unemployment Claims Fell Sharply; -16k to 278k / WSJ / R



---

MARKETS




---

ECONOMICS

MENA – Black gold, white gold E * *

North Africa – Has failed to regain its share of continent’s FDI FT *

Algeria – Unease grows as ailing president remains elusive FT * *

Tunisia – After the revolution FT *

Gulf – Governments set debt record as oil slumps FT *

Iran – A Battle for Control of Economy WSJ *

Iran – The over-promised land E *

Saudi – Considers Paying Contractors With IOUs B *

Saudi – What’s In Blueprint for Life After Oil? B *



---

POLITICS & FISCAL POLICY

Saudi – Sweeping plan threatens to shift foundations of kingdom FT / WSJ *



---

MONETARY POLICY

Fed – June Rate Increase Is on the Table WSJ / FT / NYT / R / B * * *

Fed – Investors Heeding Message WSJ * *



---

FINANCE




---

REAL ESTATE




---

LABOR & EDUCATION




---

SERVICES




---

MANUFACTURING

F&B – Soda Industry Fails to Stop San Francisco Law Targeting Sugar WSJ

F&B – Soda Sales in Mexico Rise Despite Tax WSJ *



---

TECH




---

TRADE & TRANSPORTATION

TPP – Trade deal becomes White House battleground FT

TPP – Would barely nudge US growth, says report FT

TPP – Study Projects Will Modest Gains for US WSJ

TPP – Biggest Winner May Be Vietnam B *



---

COMMODITIES

Steel – US paves way to raise duties on China FT / R / B *

Steel – Ferrous bulls’ day off: iron ore slump continues FT / WSJ *

Steel – Sinks as Another Wave of Cheap Imports Predicted B *

Steel – China mills fire up as prices flare FT * *

Gold – Soros Investing in Mining FT / B / B * *

Palladium and platinum to fall short of highs this year FT

Niobium – No One Knows But Everybody Wants to Buy B *

Diamonds – The going gets rough FT *

Diamonds – De Beers says market faces ‘fragile recovery’ FT / R * *

Commods – Indebted to the past FT *



---

ENERGY & ENVIRONMENT

Oil – Booming petrol demand from US to India buoys price FT

Oil – Rally Seen Having More to Go as Millions of Barrels Are Lost B

Oil – Saudi Stockpiles Hit 18-Month Low in March B

Oil – Nears $50 a barrel FT *

Oil – Goldman chart on disruptions bi *

Oil – Venezuela Offers Discount in Battle for US Refineries B *

Oil – Demand for storage soars amid supply glut FT * *

Oil – Saudi Aramco: Fix for a one-trick economy? FT * *



---

HEALTH




---

ENDNOTE

Forms of Government reddit *



---




---

Today’s Issue Cluster: Agriculture

Japan – GDP Rebound Not Enough to Stave Off Stimulus
World – Global Migration? Actually, The World Is Staying Home
Power – Opposition to Hydro-Québec selling power in US



---

MAJOR DATA POINTS

Japan – Q1: Economy Rebounds; +1.7% from -1.7% / WSJ / FT / R *

EZ – Apr: Slide Back to Deflation Confirmed; -0.2% was -0.2% / WSJ *



---

MARKETS

World – The ‘truce’ in currency wars is on borrowed time FT *

World – Yield vs. Duration, 2000 vs 2016 bp *



---

ECONOMICS

Japan – Rebound Blunts Push for New Stimulus WSJ

Japan – GDP Rebound Not Enough to Stave Off Stimulus WSJ *

Japan – Companies Forecast More Strong-Yen Headwinds WSJ *

Japan – Few Ideas Are Too Extreme WSJ *

Japan – Growing Poverty Defies Glib Explanations b *

Japan – Curse of the salaryman FT *



---

POLITICS & FISCAL POLICY




---

MONETARY POLICY

World – Interest rates keep falling B *

World – A Battle Brews Over Negative Rates on Mortgages WSJ *



---

FINANCE




---

REAL ESTATE




---

LABOR & EDUCATION

World – Global Migration? Actually, The World Is Staying Home S * * *



---

SERVICES




---

MANUFACTURING




---

TECH




---

TRADE & TRANSPORTATION




---

COMMODITIES

Ag – Surpluses swamping markets for grains, meat, cheese, milk WSJ *

Ag – Trade in grains and oilseeds hits record volumes FT * *

Ag – Canadian pig farmers at a ‘crisis point’ over virus G&M

Ag – GM: Genetically Engineered Crops Are Safe, Analysis Finds NYT / AFP / WSJ

Ag – Sugar: Industry Headed for a Shake-Up WSJ *

Ag – Palm Oil: Environmental pressure on big growers FT *

Ag – Soybeans: Strong demand yields substantial price rise FT

Ag – Vanilla: Price of bean has tripled in year B *

Ag – Coffee: Drought Hurts Production in Vietnam WSJ *

Ag – Coffee: Ethiopians Desperate to Keep Their Fix WSJ *

Ag – Coffee: Under Threat mit



---

ENERGY & ENVIRONMENT

Power – Big US companies spearhead renewable energy drive FT * *

Power – Opposition to Hydro-Québec selling power in US G&M *

Power – EVs to sell power back to National Grid FT *

Power – Germany Just Got Almost All of Its Needs From Renewable Energy B *



---

HEALTH




---

ENDNOTE

Most common fuel used to heat the home / mm *



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---

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 *



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---

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 *



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---

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 *



---