Tuesday, June 13, 2017

Today's Headlines

  • Tory Veterans Tell May to Lay Off the Hard Brexit. Former U.K. Prime Minister John Major joined a growing chorus of voices telling Theresa May she doesn’t have a mandate to pursue the hard Brexit she was planning after a disastrous election left their Conservatives scrambling to form a minority government with a Northern Irish party. “The views of those who wish to stay in are going to have to be borne in mind to a much greater extent after this election: a hard Brexit was not endorsed by the electorate,” Major said on Tuesday in a BBC radio interview. “We have to recognize that the election changed if not everything, then a very great deal, and the government are going to have to respond to that.”
  • Asian Wealth to Beat Europe's for First Time Amid Brexit Turmoil. Private wealth in Western Europe is set to fall behind the Asia-Pacific region for the first time this year, partly as a result of the political and economic uncertainty unleashed by Brexit, according to the Boston Consulting Group. Western Europe’s private-household wealth grew by 3.2 percent to $40.5 trillion last year, the smallest increase of any region, while Asia-Pacific had a surge of 9.5 percent to $38.4 trillion, the consulting firm said in a report Tuesday. Those totals are expected to climb to $41.9 trillion and $42.3 trillion respectively by the end of 2017, BCG said in an email.
  • European Stocks Rebound on Tech Stock Gains. (video)
  • These Five Charts Show the Seismic Shifts Happening in Global Energy.
  • Your Evening Briefing.
  • Wall Street Says Bank Regulatory Plans Are Better Than Expected. The U.S. Treasury Department’s banking regulatory proposals could be even better for finance firms than they initially hoped. Late Monday, the Trump administration laid out its highly anticipated plan for overhauling bank rules, and Wall Street likes what it sees. The proposals call for easing many of the regulations that were imposed on the industry after the financial crisis, which bankers have frequently complained about in the seven years since the passage of the Dodd-Frank Act. Bank stocks have also been reacting positively to the news, with the KBW Bank Index outperforming the broader markets today. Here’s a look at what Wall Street as a whole is saying.
Wall Street Journal:
Zero Hedge:

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