Today's Headlines

Bloomberg:

• U.K. Slams Russian Aggression as EU Steps Up Defense Cooperation. British Foreign Secretary Boris Johnson warned against the threat Russia poses to Western democracies as the European Union moved to bring its military operations under a single command for the first time. Russian authorities “are, I’m afraid, engaged in cyber-warfare, they’re engaged in undermining countries in the Western Balkans -- you saw what happened in Montenegro -- to say nothing of Russia’s actions in Ukraine which are, as everybody knows, completely unacceptable,” Johnson told reporters in Brussels on Monday as he headed into a meeting of European Union foreign and defense ministers.

• Stocks Retreat With Treasuries as Dollar Advances. (video) The Stoxx Europe 600 lost 0.5 percent, with Deutsche Bank dropping 5.5 percent.

• U.S. Oil Industry Becomes Refiner to the World as Exports Boom. From major producers such as Chevron Corp. to specialized refiners including Valero Energy Corp., the U.S. refining industry has shifted its game over the last five years, taking advantage of gaps left by struggling refiners in Latin America, Africa and Asia. Along the way, it’s transforming what had long been a largely domestic business into a new global venture.

• U.S. Will Reclaim Global Supply Chain, Trump Trade Aide Says. (video)

• Airline Stocks Fall After Delta Cuts Outlook.

Wall Street Journal:

• Race Tightens for Next Wave of Cancer Drugs. Incyte, which operates out of an old department store in Delaware, is one of the closest to market with a new class of immunotherapies.

Fox News:

• 300 refugees subjects of FBI terror investigations, U.S. officials say. (video)

• Trump signs new immigration order, narrows scope of travel ban. (video)

CNBC:

• The market’s top sector could fly even higher. (video)

• Alcoa(AA) to rally more than 40% because it's a 'cash machine,' Goldman says.

• Oil price volatility back on the horizon once again unless lackluster investment can improve: IEA.

• These forces of change are dramatically reshaping the energy industry: Yergin.

• Get ready for 'regular Fed rate hikes all year,' ex-Treasury official warns. (video)

Zero Hedge:

• Trump Does Not Accept Comey's Wiretap Denial: White House.

• Mark Levin Issues Open Letter To CNN's Brian Stetler: "You Are Thoroughly Dishonest".

• BIS Admits TARGET2 Is A Stealth Bailout Of Europe's Periphery. (graph)

• NYT's Nick Kristof Urges IRS Employees To Illegally Leak Trump's Tax Return.

• China's Banking System Hits $33 Trillion, Overtaking The Eurozone As World's Largest. (graph)

• Iran Test Fired 2 Ballistic Missiles As Iranian Vessels Came Within 600 Yards Of US Navy Ship. (video)

• Eurozone Capital Flight Intensifies: Target2 Imbalances Widen Again. (graph)

• Core Factory Orders Growth Slows To Six-Month Lows. (graph)

• Snap Enters Correction - Plunges 16% From Post-IPO Highs.

The Telegraph:

• Permian shale boom in Texas is devastating for Opec.

• The eight charts that show France is the sick man of Europe.