- Greece Says Compromise Not Possible Under Current Conditions. Greece blamed international creditors for the failure to achieve a breakthrough in bailout talks, saying a deal won’t be possible until they agree on a common set of demands. A Greek official said that the European Commission and the International Monetary Fund are confronting the country with too many red lines and need to better coordinate their message. A spokesman for the European Commision wasn’t immediately available for comment.
- EU Demands Concessions as Greece Hurtles Toward Deadlines. Euro-area finance chiefs urged Greece to bow to their terms for releasing aid within days to avert a cash crunch. With Greek officials fanning out across the continent to plead their case, Portuguese Finance Minister Maria Luis Albuquerque warned Tuesday that the currency bloc won’t make contingency plans to prepare for a possible breakdown in talks and encouraged Greek Prime Minister Alexis Tsipras to take the offer on the table. “It has been difficult but we still hope it will be possible to have a good outcome of this discussion,” Albuquerque said in a television interview in London.
- Islamic State Claims Responsibility for Texas Attack. The terrorist group that calls itself Islamic State claimed that "two soldiers of the caliphate" carried out the attack in Garland, Texas, over the weekend, in an audio statement on the Al Bayan radio station on Tuesday, the Associated Press reports. Two men, whom federal officials identified as Elton Simpson and Nadir Soofi, wounded a security officer at a cartoon contest that included images of the prophet Muhammad. Both men were shot and killed by responding officers.
- Global Bonds Sell Off as Oil Fuels Inflation Concern; Gold Gains. Treasuries fell with European bonds as oil’s rally above $60 a barrel added to signs of higher inflation, while concern rose that Greece won’t be able to resolve its debt crisis. Gold advanced and U.S. stocks slid. The yield on 10-year Treasury notes added four basis points to 2.18 percent at 12:26 p.m. in New York, extending an eight-week high. German bonds resumed losses, while Spanish debt tumbled with Greek stocks. The Standard & Poor’s 500 Index lost 0.6 percent after closing four points from a record, and European equities dropped to the lowest since March 10.
- China Stocks to Suffer 20% Correction, Mobius Says. (video)
- Emerging Stocks Drop Led by China as Investors Await U.S. Data. Emerging-market stocks headed for a two-week low on concern China will impose measures to cool the world’s best-performing market and as investors awaited U.S. economic data to gauge the timing of an interest-rate increase. The MSCI Emerging Markets Index lost 0.2 percent to 1,046.43 at 9:37 p.m. in New York. The Shanghai Composite Index sank the most in three months as state media warned investors about market risks and concern grew that new share sales will divert funds from existing equities.
- Greek Drop Leads Europe Stocks Down Amid Growing Default Concern. A slide in Greek shares led European stocks to their lowest level in two months on concern that debt negotiations will fail to secure funding in time to prevent the nation defaulting. The Stoxx Europe 600 Index fell 1.5 percent to 391.01 at the close of trading, after earlier rising as much as 1.1 percent on better-than-estimated company results. Shares extended losses after a Greek official said a funding deal won’t be possible until international creditors agree on a common set of demands. Greece’s ASE Index slid 3.9 percent, the most in seven weeks.
- Einhorn’s Greenlight Reduces Stock Wager Amid Productivity Bust. Hedge fund manager David Einhorn is scaling back bets on rising stocks on the prospect that a strong dollar, weak oil prices and a tightening labor market will squeeze corporate profits. “Our current thinking is that 2015 is setting up to be a challenging environment and we are positioned accordingly,” Vinit Sethi, director of research at Einhorn’s DME Advisors, said Tuesday on a conference call discussing results at Greenlight Capital Re Ltd. Einhorn is chairman of Greenlight Re, which uses the hedge fund manager’s investing strategy. Bets on rising assets exceeded short wagers by 15.5 percentage points at the end of March, Cayman Islands-based Greenlight Re said Monday in a regulatory filing. That compares with net exposure of 38.9 percentage points as of Dec. 31.
- David Tepper Dethroned as King of Hedge Fund Pay. (video)
- Aetna(AET) to Stop Covering Routine Use of Power Morcellator. Power Morcellation Can Spread Hidden Cancer in Women, Regulators Say.
- Greek Deal In Limbo After "Serious Disagreement" Between EU, IMF.
- Shale Stock Shambles. (graph)
- Sanctions & Saber Rattling Doesn't Stop The US From Importing Russian Petroleum.
- European Bond Yields Are Surging - Draghi, We're Gonna Need A Bigger Bazooka. (graph)
- US Non-Manufacturing Rises (ISM) & Falls (PMI) In April As Export Orders Collapse. (graph)
- Energy Stocks Hit 6-Month High as Valuations Spike To 1999 Peaks. (graph)
- Yemen Rebels Shell Saudi Arabian City, Casualties Reported; Saudis Vow Retaliation.
- So Is This "Unambiguously Bad"? (graph)
- Blogger Ben's Basically Full Of It.
- ISIS Warns Of "Harsher And Worse" US Attacks After Claiming Responsibility For Botched Texas Shooting.
- US Trade Deficit Soars To Worst Since Financial Crisis; Will Push Q1 GDP Negative. (graph)
- Americans are losing confidence in the economy. (graph)
- Israeli generals are worried about much more than an Iranian nuclear deal.
- The ongoing plunge in this Chinese freight index looks like trouble. (graph)
Telegraph:
- 'Anglo-Saxon' world would rip apart Europe after a Grexit, says Juncker. European Commission president says Grexit would expose the euro to huge danger as Anglo-Saxon forces would try to dismantle the EU.
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