Wall Street Warns of Mounting Recession Risk From Trade War (Bloomberg)
Wall Street’s biggest banks lined up to warn investors of growing recession risks from the escalating trade war between the U.S. and China. A global recession could start within nine months if President Donald Trump imposes 25% tariffs on an additional $300 billion of Chinese exports and Beijing retaliates, according to Morgan Stanley. Separately, JPMorgan Chase & Co. said the probability of a U.S. recession in the second half of this year had risen to 40% from 25% a month ago.

Breaking Today: U.S. Manufacturing Index Dips to Lowest Level in Almost a Decade (Bloomberg)
It’s the lowest since September 2009 at the height of the financial crisis.

Today in Trade Wars:
China Blames U.S. for Trade Talks Flop in White Paper (Bloomberg)

FedEx Drops as China Opens Probe Amid Escalating Spat With U.S. (Bloomberg)
China said Saturday that it’s investigating FedEx for wrongful deliveries, a move framed by the state news agency as a warning by Beijing after the Trump administration declared a ban on business with telecommunications giant Huawei Technologies Co.

Trump’s Trade Threat to India Demands Cool Heads (Bloomberg Opinion – Andy Mukherjee)

Factories Feel Trade War Pain as Wall Street Warns Recession Risk (Bloomberg)

Aviation Alert: Boeing Ordered to Replace 737 Wing Parts Prone to Cracking (Bloomberg)
As many as 312 planes worldwide must get emergency checks, U.S. aviation regulators said Sunday.

Financial News: Libor’s End Forces Global Banks to Juggle Multiple Replacements (Bloomberg)

Today in Tech: Google, Facing U.S. Antitrust Probe, Knows How to Defend Itself After Years of Battle with EU (Bloomberg)

WWDC Preview: Apple Plans End of iTunes, to Reveal Glimpses of Its Next Era of Apps and Devices (Bloomberg)
At its Worldwide Developers Conference today, Apple will make the Watch and iPad more independent, while unifying its app strategy as it looks beyond the iPhone.

Today in Electric Vehicles: China’s Tech Ambitions Hinge on 20 Electric Versions of Detroit (Bloomberg)
At least 20 ‘EV Towns’ are rising to boost manufacturing and research.

Best of late night.

“Archaeologists in Sweden recently discovered pre-historic human DNA on a 10,000 year old piece of chewing gum. Yeah, 10,000 year old chewing gum! Not to be confused with regular chewing gum, which after 30 seconds, tastes 10,000 years old.”
— James Corden

On nostril hair extensions, the new beauty trend that’s taking social media by storm:

“This is true: nose hair extensions! Congratulations, your great uncle is now an Instagram influencer!”
— James Corden

On news that the royal family is currently looking for someone to help the Queen of England set up an online presence:

“I guess it’s never too late to start networking on LinkedIn. That next job is out there somewhere!”
— James Corden