Today's Headlines

Bloomberg:

• Gulf Spat Threatens to Put Brakes on Qatar's $335 Billion Empire. (video) The windfall from being the world’s largest exporter of liquefied natural gas has allowed Qatar to amass about $335 billion of investments around the world through its sovereign wealth fund. Now, a diplomatic spat with neighboring countries threatens to hamper the Qatar Investment Authority’s ability to continue making headline-grabbing global deals. Saudi Arabia and three other Arab countries cut off most diplomatic and economic tiesto Qatar Monday in an unprecedented move designed to punish one of the region’s financial superpowers for its ties with Iran and Islamist groups.

• Markets Face Three Big Geopolitical Risks This Week. (video)

• European Stocks Decline as Qatar Crisis Jolts Energy Sector. (video) European stocks fell, with shares in energy companies extending Friday’s loss after Saudi Arabia and three other Arab countries cut off most diplomatic and economic ties to gas-rich Qatar. The Stoxx Europe 600 Index slid 0.1 percent at the close, halting a two-session gain. Markets are closed for a public holiday in a number of European countries including Germany, Switzerland, Norway, Denmark, Austria, Greece and Ireland.

• Your Evening Briefing.

• Junk Bonds Couldn't Care Less About Stock Market's Alarm Bells. (video) Stop talking about the Trump trade dying. Cease the chatter about FAANG stocks booming. This year’s all about balance sheet risk. Amid rising interest rates and growing corporate leverage, investors have cast aside debt-riddled companies in favor of cash-rich businesses, which include the FAANG stocks -- Facebook Inc., Amazon.com Inc., Apple Inc., Netflix Inc. and Google parent Alphabet Inc, according to an analysis by Societe Generale SA. 

• John Paulson Is Struggling to Hold On to Client Money. (video)

Wall Street Journal:

• Jihad Returns to Britain. The U.K. is waking up to the ideological nature of the Islamist threat.

• Donald Trump Announces Proposal to Privatize Air-Traffic Control. GOP-controlled Senate opted not to pass similar measure last year.

• London Attack: Live Coverage.

• Virtual Reality Finally Catches On—With Businesses. While consumer sales remain low, industries from construction to medicine are using the technology to train for risky jobs.

Fox News:

• London attackers named by police as profiles emerge. (video)

• Trump renews war of words with London mayor. (video)

CNBC:

• Wall Street just made two bullish predictions for the next year. (video)

• Goldman(GS): Follow the 'smart money' because the stocks most loved by pro investors are crushing the market. (video)

Zero Hedge: 

• It's A "Geopolitical Earthquake": A Stunned World Responds After Saudi Alliance Cuts All Ties With Qatar.

• Names Of Two London Attack Killers Released: Khuram Butt And Rachid Redouane.

• VIX 'Risk' Hits Record High As Traders Bet On Chaos To Come. (graph)

• Healthcare: "Insurance" Now Just Means Redistribution.

• Trump Will Not Assert Executive Privilege To Block Comey Testimony.

• "Disgruntled Employee" Kills 6, Including Himself, In Orlando Workplace Shooting.

• Services Surveys Indicate "Modest Pace Of Economic Growth" So Far In Q2 As New Orders Tumble. (graph)

• 'Hard' Data Dumps - Factory Orders Drop In April As Durable Goods Tumble Most In 14 Months. (graph)

• The Real Unemployment Number: 102 Million Working Age Americans Do Not Have A Job.

• London Attacker Appeared In British "The Jihadist Next Door" Terrorism Documentary In 2016.

• The Market Has Zero Concerns About Thursday's UK Election. (graph)

• Spanish Banking Crisis Spreads As Banco Popular Credit Curve Inverts. (graph)

• Was CNN Caught Staging Fake News? Network Trots Out Anti-ISIS Muslims In Scripted Outrage After London Attacks. (video)

• US Productivity Growth Stalls As Real Compensation Drops For Second Quarter In A Row. (graph)

• Soaring Debt = Slow Growth = Even More Debt = Systemic Crisis. (graph)

• Google(GOOGL) Tops $1000. (graph)

c/net:

• Apple(AAPL) WWDC 2017 live blog.