- Russia Says It Has Ordered Troops Near Ukraine Back to Base. President Vladimir Putin ordered Russian troops near the Ukrainian border back to base, the Kremlin said, signaling a possible easing of tensions six days before Ukraine’s presidential election. Putin toldforces in the Rostov, Belgorod and Bryansk regions to return to their bases after completing exercises, according to the presidential press service. The comments came as Ukrainian forces continued skirmishes with pro-Russian insurgents after separatists in the Donetsk and Luhansk regions said they planned their own elections later this year. Putin, whom the Ukrainian government accuses of fomenting unrest in the east and who annexed Crimea in March, promised a withdrawal of Russian forces from the border two weeks ago. NATO Secretary General Anders Fogh Rasmussen said today he’s yet to see any sign troops have been pulled back.
- China Stocks Fall to Three-Week Low as Home-Price Growth Slows. China’s stocks fell, sending the benchmark index to the lowest level in three weeks, amid concern weakness in the property market and curbs on interbank borrowing will worsen the economic slowdown. Poly Real Estate Group Co. led Shanghai-based developers to the biggest loss among industry groups after new-home prices climbed in the fewest cities since October 2012. China Minsheng Banking Corp. slid to a two-month low as UBS AG said it was cautious on the lender’s shares after the government ordered interbank lending restrictions. Wuliangye Yibin Co. fell 2.5 percent after the China Securities Journal said the company had cut the price of some liquor products by more than 30 percent. The Shanghai Composite Index (SHCOMP) dropped 1.1 percent to 2,005.18 at the close, the lowest since April 28, after briefly dropping below the 2,000 level.
- Iron Ore Declines Below $100 for First Time Since 2012 on China. Iron ore slipped below $100 a ton for the first time in almost two years on speculation a home-price growth slowdown in China, the biggest user, will dampen demand and worsen the global seaborne glut. Ore with 62 percent content delivered to the Chinese port of Tianjin fell 2.2 percent to $98.50 a dry ton today, the lowest since Sept. 13, 2012, according to data from The Steel Index Ltd. The commodity dropped 27 percent this year, after falling 7.4 percent last year. Iron ore entered a bear market in March as the world’s biggest miners including BHP Billiton Ltd. and Rio Tinto Group boosted output as economic expansion in China is forecast by analyst to slow to the weakest since 1990. The commodity used to make steel was expected to be below $100 going into 2015 as the surplus builds, Goldman Sachs Group Inc. said this month.
- Finra Trading-Surveillance System Will Be Curbed, Ketchum Says. The Financial Industry Regulatory Authority, Wall Street’s self-regulator, is moving to curb a trading-surveillance system that has generated opposition from brokers, Chief Executive Officer Rick Ketchum said today.
- Mom and Pop Bet Against Hedge Funds on Junk-Rated Loans. Mom-and-Pop investors have had it with junk-rated loans. Professional money managers, meanwhile, are still piling in and using borrowed money to buy them up. History will decide who’s the smart money here.
- U.S. Charges China With Cyber-Spying on American Firms. The Justice Department filed criminal charges against five hackers in the Chinese military Monday, accusing them of stealing American trade secrets through cyber-espionage. The efforts were directed at six American victim companies: Westinghouse Electric, U.S. subsidiaries of SolarWorld AG, U.S. Steel, Allegheny Technologies and Alcoa. The United Steel Workers union was also targeted. Each of the alleged hackers was hit with 31 criminal counts for a conspiracy that stretched back eight years, officials said.
- Roommates are a financial lifeline for some seniors. Living with roommates when you're 25 is one thing. When you're 65, it's another story—but it's a reality for a growing number of older Americans.
- More Brilliance From San Fran Fed: Existing Home Sales Tumble Blamed On "Rising" Rates.
- Fed's Williams Admits "Soft Landings Never Happen... Be Wary Of Excessive Risk".
- Chart Of The Day: Whose Housing Bubble Is Bigger? (graph)
- China Responds To "Ridiculous" Hacking Charges, Warns "Will Harm Relations With US", Demands US "Rectify Mistake".
- “Conflict Between China And Vietnam Is Imminent" - China Piles Troops, Tanks, Artillery And APCs Near Vietnam Border.
- The Most Important Voters In The Election Are Giving Democrats A Dangerous Warning.
- Student Debt Is Worst At Public Universities With Highly Paid Presidents.
- We're Witnessing A Risky Build Up Of Investor Complacency In The Stock Market. (graph)
- Google(GOOG) Is Reportedly Paying $1 Billion For A Company That Live-Streams Other People Playing Video Games — Here's Why.
Reuters:
- Focus on Russia-China gas deal as Putin visits Shanghai. Russian President Vladimir Putin hopes to sign a multi-billion dollar gas agreement with China during a two-day visit that kicks off on Tuesday, ending more than a decade of false starts and wrangling over a deal seen as vital to both sides.
- EMERGING MARKETS-Bovespa hit by China data, ore prices; America Movil sinks IPC.
- TABLE-Brazil analysts raise 2014 inflation view, cut GDP forecast.
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