Bz Nwz




---

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



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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 *



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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 * *



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SERVICES




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MANUFACTURING




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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



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LABOR & EDUCATION




---

HEALTH




---

ENDNOTE

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



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---

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’



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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 *



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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 *



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---

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 *



---

LABOR & EDUCATION

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

Japan – Labor crunch pushes businesses to reform R *



---

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 * *



---

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



---

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 *



---

MARKETS

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



---

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 * *



---

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 *



---

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 *



---

FINANCE

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



---

REAL ESTATE

Germany – Worry Over Rising Housing Prices WSJ *



---

SERVICES

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



---

MANUFACTURING




---

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 *



---

TRADE & TRANSPORTATION

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



---

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 * *



---

ENERGY & ENVIRONMENT




---

LABOR & EDUCATION

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

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



---

HEALTH




---

ENDNOTE

World Cup Predictions 538 *



---




---

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



---

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 *



---

MARKETS

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

EMs – Investment Flows Take Pressure Off Governments WSJ *



---

ECONOMICS

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

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



---

POLITICS & FISCAL POLICY

Iraq – Maliki Blames Saudis WSJ / r * *



---

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 * *



---

FINANCE

World – Shadow banks step into the lending void FT *



---

REAL ESTATE

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



---

SERVICES

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

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



---

MANUFACTURING

LEDs – China Elbows Its Way to the Fore NYT *



---

TECH




---

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 * * *



---

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 *



---

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 *



---

LABOR & EDUCATION




---

HEALTH

Pharma – Fake Antibiotics Feed Growing Worldwide Superbugs Threat B

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



---

ENDNOTE

The World Cup isn’t normally this exciting e *



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---

Today’s Issue Cluster: Latin America

Canada – BOC warns on Toronto’s condo market
Wheat – Australian farmers hold back sales, may miss the boat
LatAm – Latin Free Markets Rule as Pacific Nations Beat Atlantic



---

MAJOR DATA POINTS

Germany – Jun ZEW Investor Confidence Fell; 29.8 from 33.1 / WSJ / AP / B / b *

US – May: Housing Starts Beat 1m for Second Month; 1.07m from 1.10m / AP / WSJ / R / B / r / r * *

US – May: Consumer Prices Increase by Most in More Than a Year; 0.4% from 0.3% / R / WSJ / AP / B / r / r * *



---

MARKETS

Currencies – Renminbi rise masks fears of deeper issues FT * * *

Currencies – Sterling Continues to Strengthen WSJ *



---

ECONOMICS

Argentina – Faces fresh default FT / WSJ / B / AP / R *

Argentina – Refuses to submit to ‘extortion’ on debt FT / R

Mexico – Pemex chief shows appetite for reform fight FT / WSJ / WaPo *

Mexico – Labor costs rising in China, US manufacturers looking south NYT

Mexico – New Taxes Cloud Economic Growth WSJ

Mexico – Struggles to break shackles that bind productivity FT *

Colombia – Santos re-elected, tells rebels it’s time for peace R / B / WSJ / FT * *

Chile – Poor factory output, retail sales data flag worsening economy R * *

Chile – President aims to soothe investors over reforms FT *

LatAm – Latin Free Markets Rule as Pacific Nations Beat Atlantic B / BW * * * * *

LatAm – Foreign Direct Investment / r *



---

POLITICS & FISCAL POLICY




---

MONETARY POLICY

ECB – EU Inflation Falls, Raising Expectations for More Measures WSJ

ECB – Doubts grow over effect of new loans FT / R *

ECB – Draghi Confined by China $4t Reserves B *



---

FINANCE

World – Shadow banking offers potential benefits and challenges FT * *



---

REAL ESTATE

Canada – Home sales spring to life in May, surge 4.8% G&M *

Canada – BOC warns on Toronto’s condo market FP / G&M * * *

Canada – ‘Why housing boom could be in for a big echo’ FP *

Canada – Calgarians snapping up condos in tight housing market G&M *

Canada – ‘This time it’s different, eh’ r *

Canada – Will a rise in mortgage rates cause a housing correction? G&M *



---

SERVICES




---

MANUFACTURING




---

TECH




---

TRADE & TRANSPORTATION




---

COMMODITIES

Wheat – Australian farmers hold back sales, may miss the boat R *

Wheat – Bumper year forecast for China’s farmers X *

Wheat – CME sees no convergence issue despite spread concerns R *



---

ENERGY & ENVIRONMENT

Power – France: GE moves to fend off rival bid for Alstom FT / WSJ * *

Power – France: EDF on standby FT *

Power – UK: Electricity suppliers struggle to quench business thirst FT *

Power – US: Power producers: indie label FT *

Power – China: Alleges $1b Misappropriated on Electricity Grid System WSJ / q *

Power – China: Turbine maker counting on new ultrahigh-voltage lines CD *

Power – India: Scorching Heat Exposes Woes WSJ *

Power – Australia: State Plans Grid Privatization WSJ



---

LABOR & EDUCATION

Pensions – US: Changes Proposed for State, City Retiree-Benefit Plans WSJ

Pensions – US: Plans ‘cash negative’ by 2016 FT / B / WSJ *

Pensions – UK: Dutch-style system for UK face tough credibility test FT / FT

Pensions – UK: Better life for insurers as megadeals take off FT *

Pensions – Japan: Sees Trouble Ahead for Public Plans WSJ

Pensions – Japan: Mulls De-linking Pensions from Prices to Allow Payout Cuts B

Pensions – Japan: Giant Fund Set to Invest More in Stocks, Bonds WSJ *

Pensions – Singapore: Concerns Grow Over System WSJ



---

HEALTH




---

ENDNOTE

Liberals More Likely to Be Soccer Fans wsj *



---




---

Today’s Issue Cluster: China Economy & Real Estate

Online – Video leads to cord cutting
Defense – Iraq conflict brings stocks in focus
Mobiles – ‘Net neutrality’ faces new day of reckoning at FCC



---

MAJOR DATA POINTS

US – May: Industrial Production Rises; +0.6% from -0.3% / WSJ / R / AP / r *

US – Jun: NAHB Home Builders’ Confidence Index Posts First Gain Since December; 49 from 45 / WSJ / r *



---

MARKETS

Stocks – Central banks shift into shares as low rates hit revenues FT

Stocks – Banks cash in on global listings surge FT *



---

ECONOMICS

China – Capital Flows Slow Sharply WSJ

China – Tops US in Corporate Debt Issuance WSJ

China – Reserve-Ratio Cut Extended to Merchants, Industrial B

China – Data Show Mixed Picture of Economy WSJ / FT *

China – Ramps up spending to spur economy R / FT / AFP

China – Real-Estate Slump Threatens Li’s Economic Rebound B



---

POLITICS & FISCAL POLICY

Ukraine – Russia cuts gas supply AP / FT / WSJ / NYT / R / B / r *

Ukraine – In Germany, Anti-US Sentiment Fuels Push to Tread Softly WSJ *



---

MONETARY POLICY

Fed – ‘Yellen Index’ flashes imminent tightening FT

Fed – Interest-Rate Puzzle Confronts Officials WSJ / FT *

Fed – Confirmations May Strengthen Yellen’s Hand NYT / B

Fed – Dove-hawk tradeoff could mean earlier rate rise R / B

Fed – Solid Jobs Report Likely to Intensify Debate on Rate-Hike Timing WSJ / WSJ *



---

FINANCE

China – Precarious shadow banking system FT * * *

China – Commodity Loans Add to Surge in Offshore Borrowing WSJ * *

China – Risky Business in Financial System wsj *



---

REAL ESTATE

China – Asia-Pacific takes top place for property investment FT

China – ‘Low living space per capita means room to build’ b *

China – Used more cement in 3 years than US did in a century / gates *

China – Real estate sales down 37% in May according to CRIC / b *

China – City Axes Some Curbs on Home Purchases WSJ / AP / X

China – More Than 1 in 5 Homes Are Empty, Survey Says WSJ



---

SERVICES

Online – For People Watching Video, It’s YouTube and Then Everyone Else wsj *

Online – Video leads to cord cutting wsj *



---

MANUFACTURING

Defense – Iraq conflict brings stocks in focus R

Defense – UK spending to fall below Nato target, says research FT

Defense – Commercial Aerospace Rises; Defense Losing Altitude IBD

Defense – German Arms Exports to Non-Allies Soar WSJ / FT *



---

TECH

Mobiles – ‘Net neutrality’ faces new day of reckoning at FCC R

Mobiles – EU, South Korea to Ally on Faster Mobile Access WSJ / FT / R

Mobiles – Data Revenue Tops Voice in the US BW *



---

TRADE & TRANSPORTATION

TPP – EU threatens to cut financial services from trade deal FT / FT



---

COMMODITIES

Metals – Chinese Steel Game Changer ‘Good News’ Says World’s Biggest Mill B / FT

Metals – Palladium, Platinum Sink After Tentative Wage Deal WSJ



---

ENERGY & ENVIRONMENT

Oil – Russia: Flood of diesel inflicts pain on European refiners FT

Oil – US: Petroleum production hits 44-year high FT

Oil – Iraq: Industry Faces Setback to Revival NYT

Oil – Libya: Two Fields Resume Production WSJ

Oil – Kazakhstan: To extend contract for $50b Kashagan project FT *



---

LABOR & EDUCATION




---

HEALTH




---

ENDNOTE

World Cup’s Most Pessimistic Country: England? nyt *



---




---

Today’s Issue Cluster: US Economy




---

MAJOR DATA POINTS

China – May: Industrial Output Climbs; +8.8% from +8.7% / B / WSJ / b *

US – May: Wholesale Prices Unexpectedly Decreased; -0.2% from +0.6% / B / R / WSJ / r *

US – Jun: UMich consumer sentiment slips; 81.2 from 81.9 / R / r *



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MARKETS

Stocks – Investors Await Policy Moves For Fresh Bets on India WSJ *

Stocks – EMs Seen Closing US Gap B *



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ECONOMICS

US – US healthcare data points to much weaker first-quarter GDP R / WSJ / FT / NYT *

US – Sluggish Retail Sales Cloud Hopes for Breakout Growth WSJ *

US – Inflation ‘Dragon’ Shows Signs of Stirring WSJ *

US – Credit card usage returns q * *

US – Wealth Hits Record as Rich Get Richer WSJ / zh * * *

US – Tech and pharma park cash offshore FT * * *

US – How the Recession Reshaped the Economy / NYT *

US – 2013 GDP by state / bi * * *



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POLITICS & FISCAL POLICY




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MONETARY POLICY

BOE – Carney: Rates Could Rise Sooner Than Markets Expect WSJ / FT



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FINANCE

US – Fed Proposes Changes to Annual Stress Test WSJ

US – More Loans Come With Few Strings Attached WSJ *

US – Stock-Trade Winds Don’t Blow Wall Street’s Way WSJ *

US – Bank of America Mortgage Settlement Is Said to Be Deadlocked NYT / r *



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REAL ESTATE

UK – House-Price Growth Accelerates in May WSJ / R / B
*

UK – Warns Boom in Real-Estate Prices Threatens Economy WSJ / B

UK – BOE to Get New Powers to Cap House Purchase Loans WSJ / FT / B * *



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SERVICES

Media – Amazon Launches Music-Streaming Service WSJ / FT / NYT / B / AP / R / BW *

Media – Growth stalls in readers paying for online news FT

Media – Newspapers And Magazines Face Generational Shift bi *



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MANUFACTURING




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TECH




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TRADE & TRANSPORTATION

EU/Russia – Spar Over Cargo Rules WSJ *

Asean – ‘Economic Community all set to bring the neighborhood together’ N * * *



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COMMODITIES

Metals – Ripples spread from China probe FT * * *



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ENERGY & ENVIRONMENT

Oil – Companies weather Iraq upheaval FT / WSJ * *



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LABOR & EDUCATION




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HEALTH

Pharma – Foreign drug firms face a severe profit squeeze in China E *

Pharma – Japanese drugmakers sit out global M&A party FT

Pharma – US fight over expensive new treatments has global implications E *



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ENDNOTE

How far will each team travel during the group stage of the World Cup? e * *



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Today’s Issue Cluster: Planes

Bonds – Big risks still EM stalk markets, says World Bank
Gaming – Cantor Upset Could Tip Online Gambling Debate
Brazil – Summer of discontent



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MAJOR DATA POINTS

Japan – Apr: Machinery Orders Fall Less Than Expected; -9.1% not -11.0% / WSJ

EZ – Apr: Robust output boosts Q2 GDP growth hopes; +0.8% from -0.4% / R / m *

US – May: Retail Sales Rise Less Than Forecast; +0.3% from +0.5% / B / R / WSJ / r *

US – Apr: Business inventories posted largest gains in 6 months; +0.6% from +0.4% / R *

US – Week: Jobless Claims Increased Last Week; +4k to 317k / B / r *



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MARKETS

Bonds – Investors are buying EM with ever less discrimination FT *

Bonds – Taper Tantrum Ends as EM Tops World B *

Bonds – Big risks still EM stalk markets, says World Bank ft * * * *

Bonds – As Markets Twist, Investors Shout WSJ *

Bonds – Treasurys Yield More Than Comparable Securities WSJ *

Bonds – Doubts raised over rating agency reform FT *



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ECONOMICS

Brazil – GDP outlook: another week, another cut ft *

Brazil – Debt Suffering Social-Spend Promises With Election B

Brazil – Stocks poised for World Cup boost FT * * *

Brazil – Summer of discontent r *

Brazil – Faces World Cup comedown FT * * * *



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POLITICS & FISCAL POLICY

Iraq – Kurdish Forces Take Control of Kirkuk WSJ / FT *

Iraq – Islamist Insurgents Advance Toward Baghdad WSJ / FT *

Iraq – Strikes defiant tone on oil output FT / FT *



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MONETARY POLICY

NZRB – Central Bank Raises Official Cash Rate to 3.25% WSJ / WSJ



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FINANCE




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REAL ESTATE

World – IMF: Sounds global housing alarm FT * * * *

World – IMF: Home Prices Look Overvalued in Canada, Norway, Australia wsj * *



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SERVICES

Gaming – Cantor Upset Could Tip Online Gambling Debate IBD / FT

Gaming – Casinos sink on Macau spin of wheel FT

Gaming – Harrah’s Tunica Casino to Close, Hinting at Gambling Glut NYT

Gaming – Detroit rolls dice by relying on casino cash R

Gaming – Australia Hippie Town Seen as New Macau With World’s Biggest Hotel B

Gaming – Singapore’s Casinos Face Obstacles to Growth WSJ *



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MANUFACTURING

Planes – Airbus Suffers Worst Order Loss as Emirates A350 Deal Scrapped FT / B / FT / WSJ / R / S * *

Planes – Airbus Says A320neo Jet Remains on Schedule WSJ / WSJ

Planes – Airbus Sees More than 1,000 A330neo Orders Possible WSJ / R / WSJ / R

Planes – Airbus chief says A380 to match 777X R

Planes – Airbus may cut more defense jobs in German export row R / FT

Planes – EU may challenge $8.7b tax breaks in Boeing-Airbus trade dispute R

Planes – Boeing Sees Robust Demand for 777 R / R

Planes – Boeing 787 receives U.S. approval for extended operations R / WSJ

Planes – Boeing’s Slow-Selling 747-8 Buoyed on Talks With Emirates B

Planes – Bombardier Begins Running CSeries Jet Engines Again WSJ / WSJ / FT

Planes – Chinese Commercial Plane Maker Faces Delays WSJ

Planes – Business aviation picks up, but jet surplus persists R / E

Planes – The 11 countries expected to buy F-35 fighter jet R *



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TECH




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TRADE & TRANSPORTATION




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COMMODITIES

Aluminum – Detroit’s Appetite Keeps Growing WSJ / AP * *

Palladium – Futures Hit 13-Year High on Supply Concerns WSJ / WSJ *

Zinc – Gains on lower stocks and expected supply cuts FT *

BHP Billiton – Reviews historic merger FT *



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ENERGY & ENVIRONMENT




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LABOR & EDUCATION




---

HEALTH




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ENDNOTE

2014 FIFA World Cup participant statistics r *



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