Welcome back from the long weekend in the U.S. and the U.K.

In the U.S. we observed Memorial Day – a weekend of reflection honoring Americans who died while serving in the armed services.

The EU elections concluded this weekend and according to Bloomberg Politics, “the storm has passed and the house is still standing. Voting across the European Union’s 28 members was forecast as the moment that nationalist populist forces would take enough seats to set the bloc on a more EU-skeptic, anti-immigrant, Trump-like course. Instead, the center held.”

On Friday, Mike Bloomberg gave the second of four commencement speeches he’ll give this year to the University of Maryland where he told graduates: “You know how important it is to embrace fearless ideas. You know what it’s like to be open and bold and look at things in new ways. And you know that it’s possible to do well and do good.” (Read the full speech here).

Tomorrow, Mike Bloomberg will deliver his third commencement address of the year to the graduating class of Harvard Business School. As a former Harvard student named Mike once reflected, “There’s nothing as educational as the instantaneous feedback of a hundred classmates shouting you down when you’re caught unprepared or can’t justify a position.”

Here’s what I’m reading today:

Margrethe Vestager Eyes Top EU Job as Liberals Get Boost From Elections, Pro-EU Parties Hold Ground (Bloomberg)
EU leaders are holding a special summit in Brussels today to kick off a first round of horsetrading over top EU jobs that could be mired in stalemate. At stake isn’t just the leadership of the commission, which has major powers on key issues such as competition and trade, but also that of the European Central Bank. This means the final compromise could affect the EU’s economic policy making for the next decade.

Brexit Impact: New York Overtakes London as World’s Financial Capital Amid Brexit Chaos (Yahoo Finance)
Hong Kong was predicted to see a rise in importance as a financial hub with 12% saying it would steal the crown from both New York and London within half a decade. According to the survey, 9% of respondents predicted Shanghai would become the world’s financial center.

Trade Today:
-A $600 Billion Bill: Counting the Global Cost of the U.S.-China Trade War (Bloomberg)
-Apple and Nike Brace for China’s Wrath After Huawei Ban (Bloomberg)
-Americans Snap Up Imports From Vietnam at China’s Expense (Bloomberg)
Vietnam was one of the fastest-growing sources of American imports from Asia last quarter, and could potentially overtake the U.K. as a bigger supplier to the U.S. if it keeps up that pace.

Today in Climate Denial: Trump Administration Hardens Its Attack on Climate Science – National Climate Assessment is Prime Target (New York Times)

Climate Watch: How Climate Change Can Fuel Wars (The Economist)
Droughts are already making conflict more likely. As the world gets hotter, mayhem could spread.

Climate of Hope: Michael Bloomberg Awards University of Maryland $2.3 Million Grant to Document Greenhouse Gas Reductions (Baltimore Sun)

Transit Today: Extending NYC’s Subway to New Jersey Could Speed Commute for Thousands (Bloomberg)
As the Trump administration blocks the Gateway commuter-rail tunnel project, a half-century-old alternative that’s cheaper and quicker is under review: extending New York City subway under the Hudson River into New Jersey. As recently as six years ago, the idea of extending the 7 line to New Jersey was deemed viable in a 47-page engineering report commissioned by then-Mayor Michael Bloomberg.

Metro Section: Coney Island is a Shining Symbol of NYC’s Incredible Success (New York Post)
Under Mayor Michael Bloomberg’s leadership, New York City restored the crumbling, now-landmarked boardwalk and burnished and illuminated the long-inactive Parachute Jump — a glowing icon for miles around. Today’s Coney Island might be the Big Apple’s most democratic gathering place, teeming with fun-seekers young and old, affluent and poor, of every race and color.

Best of late night.

Welcome to the unofficial beginning of summer. President Trump was in Tokyo yesterday and reflected on Memorial Day by remembering his brave service during the war on Christmas.

“It’s Memorial Day weekend and I read that veterans and service members can get discounts at Outback Steakhouse. Because nothing says ‘thank you for putting your life on the line’ like 10% off a bloomin’ onion.”
— Jimmy Fallon

“The Department of Agriculture just recalled over 60,000 lbs of raw beef due to concerns about E-coli. Anyway, enjoy those Memorial Day barbeques everybody!”
— Jimmy Fallon

Best of Satire: Nancy Pelosi Takes Advantage of Trump’s Storming Out of Oval Office to Hide Nuclear Codes (The New Yorker – Borowitz Report)