Most Read on the Bloomberg Terminal (Last 8 Hours):
Trade Spat Heats Up as Trump Faces Off with Top Allies in Quebec (Bloomberg)

Above the Law: President Trump tweeted this morning that he has the ‘absolute right’ to pardon himself.

@realDonaldTrump: As has been stated by numerous legal scholars, I have the absolute right to PARDON myself, but why would I do that when I have done nothing wrong? In the meantime, the never ending Witch Hunt, led by 13 very Angry and Conflicted Democrats (& others) continues into the mid-terms!

At Odds with Mueller, Trump Testing Limits of Presidential Power (Bloomberg)

Memo of the Week: Trump’s Lawyers, In Confidential Memo, Argue to Head Off a Historic Subpoena (New York Times)

Trump has proposed the opposite of pricing carbon: Trump Orders Action to Stem Coal, Nuclear Plant Shutdowns (Bloomberg)

While big investors are going in the other direction: Investors with $26 Trillion in Assets Urge G7 Leaders to Act on Climate Change (Deutsche Welle)

And Bloomberg Opinion weighs in: Americans Will Pay a High Price to Save Coal

Economy Watch: Business Economists Worry about U.S. Recession in 2020 (Associated Press)

Last week, Netflix established itself as the world’s most valuable media company. It’s Netflix’s World, Disney Just Lives In It (Bloomberg Opinion – Tara Lachapelle)

The week ahead.

From NI WEEKAHEAD on your Bloomberg terminal

Today:
-Apple Worldwide Developers Conference in San Jose, California begins. The company is expected to unveil projects such as new versions of iPhone and Mac operating systems. Through June 8.

Tuesday:
-Tesla holds its annual shareholder meeting where a proxy advisory firm is recommending that investors split the role of chairman and CEO — jobs now held by founder Elon Musk.

Thursday:
-Russian President Vladimir Putin holds his annual call-in broadcast show with citizens.
-Japanese Prime Minister Shinzo Abe meets with President Trump at the White House to discuss preparations for the planned U.S. summit with North Korea’s Kim Jong Un.

Friday:
-G-7 Leaders’ Summit in La Malbaie, Quebec. Heads of state from France, U.K., Germany, U.S. and Japan are expected. Through June 9.

Saturday:
-The Belmont Stakes, final and longest leg of thoroughbred racing’s Triple Crown, is run in Elmont, New York. Kentucky Derby and Preakness winner Justify tops the odds in this race.

Best of late night.

There is no Late Night to summarize this morning so we thought we would include some stand-up about living in the Big Apple. I Love NY.

“There’s an announcement on the subway, ‘If you see something, say something. If you witness suspicious activity report it to a New York City police officer.’ I’m going to help you out: if you’re going to spend your day reporting suspicious activity on a New York City subway, you’re not gonna have time for anything else.”

“It’s one thing to overhear your neighbors fighting from your apartment, but it’s another thing to hear it so clearly that you think, ‘Well, Ashley DOES have a point, you should WANT to hear about her coworkers suck.’”

“New York City is filled with people who came from all corners of the earth to experience the world, but refuse to go to another borough.”

“The NYC Marathon is really just a bunch of people running away from Staten Island.”

“I will never tell anyone the positives about living in NYC, or my rent will go up.”

“I’m born and raised in Brooklyn and hipsters have completely taken over my neighborhood. This morning someone put a bike lane in my apartment.”

And what’s more New York than Jerry Seinfeld:

Seinfeld on detergent commercials: “Now they show you how detergents take out bloodstains, a pretty violent image there. I think if you’ve got a T-shirt with a bloodstain all over it, maybe laundry isn’t your biggest problem. Maybe you should get rid of the body before you do the wash.”