Italy is driving the headlines this morning:
Top 5 Most Read Stories on the Terminal (Last 8 Hours):
Italian Bonds Caught in Meltdown Send Global Market Into Panic (Bloomberg)
Soros Sees New Global Financial Crisis Brewing, EU Under Threat (Bloomberg)
Italy Woes Rock Global Assets as Traders Dump Risk (Bloomberg)
Italy’s Populists Mobilize in Protest for Early Elections (Bloomberg)
Europe’s Fragility Exposed Again as Italy and Spain Flare Up (Bloomberg)
The Rollercoaster Summit – On Again? Kim Jong Un has dispatched one of his top aides to the U.S. for talks ahead of his planned summit with Trump next month. Kim Yong Chol, North Korea’s former spy chief, would become the highest ranked official from the isolated nation to visit the U.S. since 2000, when Pyongyang sent a top military official to meet then-President Bill Clinton. Kim Jong Un Sends Right-Hand Man to U.S. for Pre-Summit Talks (Bloomberg Politics)
Inside Trump’s Head: With ‘Spygate,’ Trump Shows How He Uses Conspiracy Theories to Erode Trust (New York Times)
Ivanka Trump Wins China Trademarks, Then Her Father Vows to Save ZTE (New York Times)
Financial Regulation Today:
China’s $10 Trillion Shadow Bank Crackdown Has Long Way to Go (Bloomberg)
China Securities Regulatory Commission Expects New Achievements in Reform, Opening Up (China Daily)
Nordic Bank Nordea Says MiFID II to Exacerbate Slump in Analyst Coverage (Bloomberg)
Get Your Lattes Before 1pm Today: Starbucks Anti-Bias Training: Coffee Chain to Close 8,000 Stores for Three Hours (USA Today)
The Week Ahead.
-Canadian Prime Minister Justin Trudeau talks about the economy, trade, oil pipelines and diversity in a fireside chat with Bloomberg’s Stephanie Flanders in Toronto.
-French President Emmanuel Macron and U.S. Commerce Secretary Wilbur Ross are among the speakers at an OECD conference in Paris. Through May 30.
-Starbucks shuts 8,000 company-run U.S. stores for the afternoon to hold racial-bias training, following the wrongful arrest of two black men in a Philadelphia store. Some non-company-owned sites could stay open.
-EU trade chief Cecilia Malmstrom and U.S. Commerce Secretary Wilbur Ross are scheduled to meet in an informal World Trade Organization ministerial in Paris.
-U.S. Fed holds an open board meeting in Washington to discuss changes to the Volcker Rule.
-The New York Times hosts the Higher Ed Leaders conference in New York. Speakers include Michael Bloomberg and Wes Moore, CEO of the Robin Hood Foundation.
-G7 finance and development ministers and central bank governors meet in Whistler, British Columbia through June 2. They’re expected to discuss “Investing in Growth that Works for Everyone.”
-The Memorial Tournament, founded and hosted by Jack Nicklaus, begins at Muirfield Village Golf Club in Dublin, Ohio through June 3. Current world No. 1 Justin Thomas competes, along with five-time tournament winner Tiger Woods.
-National Basketball Association championship finals begin.
-Automakers report May U.S. sales. It’s a difficult month for predictions because Memorial Day holiday promotions will factor significantly, while rising fuel prices could make a dent in demand.
-China’s stock market joins MSCI Inc.’s global indexes. MSCI’s decision to add mainland-listed shares to its international benchmarks is a landmark for the world’s second-biggest market.
-Defense ministers and senior military officials from more than 20 nations including the U.S., China, Russia, Japan, the U.K., Germany, Indonesia and Australia, gather in Singapore for the IISS Shangri-La Dialogue. Through June 3.
-The Atlantic hurricane season begins. The National Oceanic and Atmospheric Administration forecasts 10 to 16 named storms before the season ends on Nov. 30.
-Secretary of Defense James Mattis will speak on U.S. leadership and the challenges of Indo-Pacific security at the IISS Shangri-La Dialogue in Singapore.
LeBron James will get a couple days to catch his breath, then make his annual June journey to Golden State to face a team far better than his. His eighth straight NBA Finals flanked by a largely unheralded set of teammates. Dare count him out? Another NBA Finals Brings Another Huge Challenge for LeBron (Associated Press)
Headlines from around the world.
The Japan Times: Trump and Abe make plans to meet ahead of Kim summit, agree it’s ‘imperative’ to dismantle North Korea’s nukes
Korea Times: Japan desperate to remain part of nuke talks
Bloomberg: Fears About Safety are Driving Many Women Out of the Workforce
The National: Saudi Arabia to allow women to drive from June 24
The Guardian (UK): Pret a Manger sold for more than £1.5bn to Krispy Kreme owner
Tweet of the day.
@realDonaldTrump: Sorry, I’ve got to start focusing my energy on North Korea Nuclear, bad Trade Deals, VA Choice, the Economy, rebuilding the Military, and so much more, and not on the Rigged Russia Witch Hunt that should be investigating Clinton/Russia/FBI/Justice/Obama/Comey/Lynch etc.
Best of late night.
The comedy shows were on break for the US holiday weekend, so we dug this monologue out of the Saturday Night Live archives.
Donald Trump Monologue: SNL (Nov. 7, 2015)