Today's Headlines

Bloomberg: 

• Greece Just Clipped Varoufakis’s Wings. (video) Greece reshuffled its bailout-negotiating team, reining in Finance Minister Yanis Varoufakis, after three months of talks with creditors failed to unlock aid and a meeting with his euro-area counterparts ended in acrimony. The coordination of the day-to-day efforts to strike a deal with creditors was handed to Deputy Foreign Minister Euclid Tsakalotos, a Greek government official said in an e-mail to reporters Monday. Varoufakis will supervise the political negotiations with euro-area member states and the International Monetary Fund. No change was announced to Greece’s representation in euro-area finance ministers’ meetings, which Varoufakis attends. 
• This Is Nepal After the Quake. (pic)
• Merkel Says Russia Sanctions to Stay as Ukraine Seeks EU Aid. Ukrainian President Petro Poroshenko held summit talks with the European Union as German Chancellor Angela Merkel said she expects sanctions against Russia to be renewed over the conflict in Ukraine’s east. Poroshenko met EU Council President Donald Tusk and European Commission head Jean-Claude Juncker in Kiev on Monday, as international monitors reported a surge in fighting near Ukraine’s strategic port city of Mariupol. Merkel said EU governments agreed in March that removal of sanctions, which expire in July, must be tied to adherence to the Minsk peace accord.
• Japan Rating Cut by Fitch as Budget Fails to Offset Tax Delay. Japan’s sovereign-credit rating was lowered by Fitch Ratings, which cited a lack of steps by the government to offset effects from a delayed sales-tax increase. Fitch cut the nation’s long-term default rating by one step to A, with a stable outlook, it said in a statement released Monday in Tokyo. 
• Europe Stocks Gain Amid Greece Optimism as HSBC, Volkswagen Rise. A Greek stock rally sent European shares higher as the nation reshuffled its bailout-negotiating team. The Stoxx Europe 600 Index rose 1 percent to 412.42 at the close of trading.
• Saudi Prince Sees ‘Excellent’ Oil Market as Kingdom Pumps On. Saudi Arabia, the world’s biggest oil exporter, will meet any demand for its crude as the kingdom seeks to keep customers happy and maintain a balanced market, Prince Abdulaziz bin Salman, the deputy oil minister, said. The oil market is in “excellent” condition, he told reporters Monday in the eastern city of Khobar, without elaborating. Benchmark Brent crude has gained 14 percent this year and was trading 4 cents higher at $65.32 a barrel at 2:39 p.m. in London. “We will supply any demand for Saudi oil, as we are interested in the stability of the market,” Prince Abdulaziz said. “Stability includes price, supply, and demand stability.”

Wall Street Journal:

• Applied Materials(AMAT), Tokyo Electron Cancel Merger Plan. Deal collapses after firms give up on winning antitrust approval.
• Mylan(MYL) Rejects Teva’s Unsolicited Bid. Mylan, also pursuing Perrigo, says Teva’s $40 billion offer undervalues drug maker.

Fox News:

• Bush unloads on Obama’s Iran diplomacy, anti-ISIS efforts. (video) Former President George W. Bush reportedly delivered a broadside against his successor's foreign policies in a closed-door meeting over the weekend, ripping the pending Iran nuclear deal in what may be his most direct criticism to date -- as Washington and Tehran resume talks.

ZeroHedge:

• Bull Market Most Overbought/Leveraged In History. (graph)
• Clinton Charity CEO Explains Tax Reporting "Mistakes".
• Biotech Bubble Buckles: Tumbles Almost 7% To 3-Week Lows. (graph)
• Is This A Blow-Off Top? Four Ways To Tell. (graph)
• Goldman Warns Companies To Halt Buybacks At Record Valuations, Reminds What Happened In 2007. (graph)
• Dallas Fed Extends Miss Streak To Record 5 Months, Hovers Near 6-Year Low. (graph)
• Despite US Services PMI Miss, Markit Says "FOMC Should Normalize Policy Sooner". (graph)
• Levered Funds Are The Most-Short Bonds Ever, Russell Shorts Lowest In A Year. (graph)
• Varoufakis "Containment" Sparks Buying-Panic In Greek Bonds; Silver, Crude Pumped As Dollar Dumps.

Business Insider: 

• This pharmaceutical company is crashing after saying its earnings numbers were wrong.
• US lowers fluoride content in water for first time in 50 years.
• Chinese investments in New York real estate could total $50 billion.
• Gold and silver are surging. (graph)

USA Today: 

• Baltimore police receive 'credible threat' to officers. The Baltimore Police Department said Monday it had received a "credible threat" that local gangs were targeting police officers. A department announced that the Criminal Intelligence Unit had obtained information indicating "members of various gangs including the Black Guerilla Family, Bloods and Crips have entered into a partnership to 'take out' law enforcement officers."

Telegraph: 

• Why there's little hope for Greece's unemployed. If you're out of work in Greece, there is a good chance you may never find employment again, official data suggest.