Bloomberg:
- S&P 500 Posts Worst Week Since April as Global Stress Burns Anew. Prices fell and volume surged in a week of heightened anxiety for U.S. investors, whose dreams of reaching a record high anytime soon all but faded away. A streak of six weeks without a 1 percent drop was broken as the S&P 500 Index dropped 1.2 percent to 2,071.22, the worst retreat since April. Shares slid on four of the five days, including a 30-minute plunge on Wednesday that followed testimony from Federal Reserve Chair Janet Yellen that fanned apprehension about prospects for economic growth. Pain was worse below the surface, with the S&P 500 Banks Index dropping 3 percent for its third straight decrease. The Nasdaq Biotech Index fell 4.1 percent, extending its losing streak to nine days, the longest in two decades. The gauge has lost more than 10 percent during the skid. Anxiety flared globally as concerns ranging from Japanese stimulus to Britain’s referendum on secession from the European Union pushed the Chicago Board Options Exchange Volatility Index up 14 percent after a 26 percent increase a week earlier. Volume on American exchanges averaged 7.5 billion shares, the most since March. Ten-year Treasury yields fell a third straight week by a cumulative 24 basis points, the biggest three-week plunge since February.
- China May Home Prices Rise in Fewer Cities Amid Slower Sales. China’s home prices rose in fewer cities in May than the previous month, with gains in some second-tier locations surpassing those in Shanghai and Shenzhen. New-home prices excluding affordable homes climbed in 60 cities, down from 65 in April, among the 70 tracked by the government, the National Bureau of Statistics said Saturday. They dropped in four places, compared with five a month earlier, and were unchanged in six. The recovery in home prices abated as local governments encouraged curbs in top economic centers like Shanghai and Shenzhen where prices have been surging, while they deployed home-buying stimulus in smaller cities to clear a glut of unsold residences.
- Brexit or Remain, Pound Is Set for Big Swings as EU Vote Looms. It’s almost upon us: the week when Britain takes the historic decision of whether to remain in the European Union. And whatever the polls say in the days to come -- and regardless of the result on June 24 -- the pound is set for a wild ride. One-week anticipated volatility surged Friday to the highest on record, posting the biggest increase among more than 40 global currencies tracked by Bloomberg.
- The World Economy Looks a Bit Like It's the 1930s. Now, like then, a financial crisis has left deep scars.
- Treasuries Gain a Third Week as Global Yields Deepen Record Lows. (video)
Wall Street Journal:
- Orlando Muslims, Fearing Retaliation, Are Wary. Mosques hire armed guards and attendance is down; imams attack Omar Mateen.
- Suspect Charged With Murder in Jo Cox Case Appears in Court. Thomas Mair gives his name as ‘Death to traitors, freedom for Britain’.
- Apple’s(AAPL) Challenges in China Underlined by Patent Dispute. iPhone patent case adds to increasingly tough environment for Western companies.
- Belgium Charges Three With Attempted Terrorist Murder. Officials say they may have been planning attacks on people watching Euro 16 soccer in public.
- The Syrian Catastrophe. A diplomatic revolt against Obama’s determined inaction.
Barron's:
- Had bullish commentary on (DLPH), (CELG), (MNST) and (ORCL).
- Had bearish commentary on (SQ).
Zero Hedge:
- First Brexit Poll After Jo Cox Death Reveals Stunning Result. (graph)
- Socialism's One-Percenters: "The Rich People Are Thieves... Our Socialist Dream Is Falling Apart".
- Brexit: Made In UK, Designed In Brussels.
- Head Of India Central Bank Unexpectedly Announces Intention To Leave.
- HFTs Lose: IEX Granted Exchange Status As SEC Says The Speed Race Is Over.
- Tensions Between US/NATO & Russia Are Flaring Dangerously.
- Jeff Gundlach: "Things Are Going To Get Pretty Scary". (graph)
- Japan: A Future Of Stagnation.
- Orlando Killer's Father "Knew Obama"? Schmoozed In Washington, Sought Afghan Presidency.
- Here Is Why Barclays Sees An Elevated Risk Of Recession Within 12 Months. (graph)
- Rio Declares State Of "Public Calamity", Warns Of Total Collapse In Security, Health And Transport.
- Weekend Reading: The Fed Loses Control (And What Comes Next).
- Stocks Slump Most In 4 Months As Global Financial Stress Nears 5-Year Highs. (graph)
Business Insider:
- Wall Street has been rocked by an $8 billion hedge fund's implosion.
- Lab-grown diamonds are about to be everywhere.
- Investors are sending a strong signal that they're tired of takeovers.
- 'This is a bubble. A very big bubble. And it is going to end in tears '.
- Europeans are feeling weak — and it seems to be driving nationalism.
- This chart shows the massive size and scope of America's drone fleet.
- UN: ISIS is committing a genocide.
- The man who accurately predicted 4 market crashes told us 3 more dates to worry about this year.
- Republican congressman: Donald Trump has gone 'off the track,' don't expect me to endorse.
- Oil rig count rises for 3rd straight week.
Reuters:
- Indian central bank chief to step down in surprise move. India's "rock star" central bank governor Raghuram Rajan, feted by foreign investors but under pressure from political opponents at home, stunned government officials and colleagues on Saturday by announcing he would step down after just one three-year term. Rajan, a former chief economist at the International Monetary Fund, is held in high esteem by policymakers and investors at home and abroad for overhauling the way the Reserve Bank of India (RBI) operates.
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