Monday, June 11
Most Read on the Bloomberg Terminal (Last 24 Hours):
Cryptocurrencies Lose $42 Billion After South Korea Bourse Hack (Bloomberg)
Brace for the World Economy’s Most Important Week of the Year (Bloomberg)
The G-7 is Now the G-6: The G-7 in Canada ended in acrimony: Donald Trump used Twitter to renege on the agreed communique after Justin Trudeau said some stuff he didn’t like. The U.S. president’s behavior was “a bit depressing,” though it adds impetus to efforts to strengthen Europe, Angela Merkel said. Markets took it mostly in stride, though the loonie fell as the White House blamed a “dishonest” Trudeau for the mess. (Bloomberg Daybreak)
Trump Shocks Leaders With Trudeau Insult To Upend G-7 Summit (Bloomberg)
China, Russia Cementing Rising Eastern Bloc as Trump Rattles G-7 (Bloomberg)
Update From Singapore: Pompeo Says Sanctions to Remain Until North Korea Denuclearizes (Bloomberg)
With smiles and a handshake, Trump and Kim Could mask gulf on nuclear arms (Washington Post)
What a Trump – Kim Deal May Look Like, From Good to Bad to Worse (Bloomberg)
The Week Ahead.
-U.K. Brexit Secretary David Davis meets EU Chief Negotiator Michel Barnier in Brussels to discuss the status of Brexit talks before an EU leaders’ summit later this month.
-President Donald Trump and North Korean Leader Kim Jong Un meet in Singapore (starting at 9am local time, 9pm Monday ET).
-The U.K. Parliament holds a 12-hour session on Brexit legislation, with numerous amendments.
-Federal judge rules in U.S. Justice Department’s antitrust trial against the AT&T-Time Warner merger. An AT&T win would free the companies to close the $85.4 billion deal, barring a DOJ emergency injunction.
-The U.S. government releases a monthly report on inflation that will be a key gauge of how hot — or not — the U.S. economy is getting.
-U.S. Fed policy makers are projected to raise the overnight bank lending rate a quarter percentage point, to a range of 1.75 percent to 2 percent. Chairman Jerome Powell will hold a news conference following the announcement.
-FIFA selects the host for the 2026 World Cup. The U.S., Canada and Mexico have submitted a joint bid; Morocco is the only other contender.
-The World Cup tournament begins in Russia. Saudi Arabia plays the host team in the opening game. Thirty-two national teams compete. The winner will be crowned on July 15, in Moscow.
-Art Basel, the world’s largest modern and contemporary art fair, showcases the works of more than 4,000 artists. In Basel, Switzerland, through June 17.
-U.S. Open golf tournament begins in Southampton, New York, for a $12 million purse. Tiger Woods competes, along with Dustin Johnson and Jordan Spieth. Through June 17.
-June 15 is the deadline for the U.S. to publish the final list of Chinese products subject to $50 billion in tariffs, which could be imposed shortly after.
The Japan Times: After ‘heated’ discussions G7 leaders issue communique; Abe hails outcome of Quebec
The Times of India: India needs to take Trump’s tariff threats seriously
China Daily: China enters new stage of opening-up
Der Spiegel : It’s Time to Isolate Donald Trump
The National: White House denies reports of ‘stormy and abrupt’ meeting between Kushner and Kuwait ambassador
The Guardian: Rise of far-right in Italy and Austria gives Putin some friends in the west
Washington Post: The far right is back in the Reichstag, bringing with it taunts and insults
Supporting the Arts: Hollywood and philanthropy collided Tuesday night at the Ghetto Film School table read at Bloomberg Philanthropies in New York City. The non-profit film academy, which helps young filmmakers from the ages of 14 to 17 bring their stories to life and receive live feedback from the industry’s best, put on the event in partnership with Michael Bloomberg’s Bloomberg Philanthropies. Legendary Filmmakers and Directors Join Table Read at Bloomberg Philanthropies (Hollywood Reporter)
Creating Economic Opportunities for Women: Question Coffee, a social enterprise funded by Bloomberg Philanthropies and powered by 27,000 women who are now managing their own businesses and supporting their families in Rwanda, has teamed up with RwandAir to commence a ground-breaking partnership to serve Rwandan specialty coffee on all of RwandAir flights. More than 2 million cups of coffee will be offered on flights in the next two years. RwandAir Partners with Question Coffee (The Guardian – Nigeria)
Supporting Diversity: Public company members of the U.S. 30% Club have achieved an average of 30% female representation on company boards, a milestone that was announced Thursday by Bloomberg Chairman and U.S. 30% Club Founding Chairman Peter Grauer.
Best of late night.
From the opening monologue on HBO’s Real Time with Bill Maher on Friday:
“They found Melania (Trump). And that’s good news. They found she was living in a safe house calls ‘Ivanna Go Home Now.’”
“NASA’s Mars rover has found what they say are the chemical building blocks to life. So they said they need to send another mission to investigate it further, and Melania (Trump) said ‘I’ll go!’”
On President Trump suggesting that Vladimir Putin and Russia should be re-admitted to the G-7:
“He argued with them that Russia should be there. And they said to him, “You’re here, what’s the difference?”
— Bill Maher