Today's Headlines

Bloomberg:  

• Greek Talks With Creditors Deepen as Payment Clock Ticks. Greek officials and creditor institutions are locked in talks for another weekend as both sides work against a payment deadline to avert default and a euro-region exit. “The key issue is to resolve the situation so that Greece can remain a member of the euro area,” the European Commission’s vice president, Jyrki Katainen, told Finland’s YLE TV1. “Unfortunately over the past six months things have turned for the worse in Greece, purely for political reasons.”
• Carter Warns China on Sea Tensions While Urging Conduct Code. U.S. Defense Secretary Ashton Carter called for a diplomatic settlement of rival territorial claims in the South China Sea, saying China and its neighbors should agree on a long-delayed code of conduct for the waters before year’s end. “There is no military solution to the South China Sea disputes,” Carter told a conference of regional defense ministers and military chiefs on Saturday in Singapore. “Right now, at this critical juncture, is the time for renewed diplomacy, focused on finding a lasting solution that protects the rights and interests of all.”  
• Futures Show Bullish Dollar Bets Rekindled After Eight Week Drop. Futures show that hedge funds and other large speculators are back on board for the dollar rally, after adding to bullish wagers on the U.S. currency for the first time in nine weeks. The difference in the number of bets on a rise in the dollar compared with those on a loss against eight of the greenback’s major peers increased by 48,829 contracts in the week ended May 26, according to Commodity Futures Trading Commission data compiled by Bloomberg. So-called net long positions is 275,021 contracts, down from a record 448,675 in January.
• Scott Walker Has Early Lead in Iowa Poll as Jeb Bush Faces Challenges. Marco Rubio is a popular second choice, a potential indication of strength if he can convert that support to his own.
• Republicans Demand Records in New Attack on FSOC Transparency. Republican lawmakers stepped up their criticism of a council of U.S. regulators that rules on which companies pose a potential risk to the financial system and demanded documents showing how those decisions are made. Representative Jeb Hensarling, chairman of the House Financial Services Committee, and the heads of five of the panel’s subcommittees sent a letter dated May 26 to Treasury Secretary Jacob J. Lew complaining of “serious deficiencies” in how the Financial Stability Oversight Council decides which companies are systemically important. Lew is the FSOC’s chairman.

MarketWatch.com:

• OPEC may condemn the world to an oil glut for years as big meeting looms. 

ZeroHedge:

• US-Trained Special Forces Chief Joins ISIS, Vows To Bring Jihad To Russia & America.
• Europe Has A Solution For The Unemployment Problem: Fake Jobs.
• Robert Shiller: Unlike 1929 This Time Everything - Stocks, Bonds And Housing - Is Overvalued. (graph)
• The End Of Markets: Central Banks Took Over Everything, Changed Everything. (graph)
• A Generation Of Rate-Hike Rookies Makes Jeff Gundlach Nervous.
• 5 Things To Ponder: Is The Stock Market Rational Or Nuts? (graph)
• Worst Economic Data Day Of 2015 Ends With Some Folks Selling In May. (graph)
• France's National Front Party Joins UK In Call For EU In/Out Referendum.
• Something Smells Fishy.
• Former SEC Officials Demand SEC Chief: Stop Protecting Corporate Cronyism.
• The Bond Market Is Still Broken, JPMorgan Says.
• When, Not If. (graph)
• What Do Falling Corporate Profits Mean With Stocks Near Their Highs? (graph)

Business Insider:

• There is nothing Japan can do if the yen were to suddenly collapse.
• China is getting slammed for its 'militarization' of the South China Sea.
• MORGAN STANLEY: Russia's consumer crisis today is 'much harsher' than it was during the global financial crisis.
• US Treasury Secretary: Europe is courting disaster with the Greek debt crisis.
• ISIS' favorite tactic for overrunning cities is brilliant, devastating, and insane.
• All right folks, it's time I reminded you how frighteningly expensive and risky stocks are ... (graph)
• ISIS is making the biggest threat to oil prices even worse.
• Here's how much stock buybacks are boosting earnings per share. (graph)
• Things are getting ugly in Spain.

Reuters:

• Russia imposes travel ban on 89 EU politicians. Russia has imposed an entry ban on 89 European politicians and military leaders, according to a list seen by Reuters, a move that has angered Europe and worsened its standoff with the West over Moscow's role in the Ukraine conflict.

Telegraph: 

• If China's economy stumbles, the world falls. The shape and future direction of the global economy is being determined by China.