Bloomberg:
- U.K. Says EU Court May Hold Sway for ‘Limited’ Transition. The European Court of Justice may be able to make rulings that apply to the U.K. for a “limited” interim period after Britain’s withdrawal from the European Union, Prime Minister Theresa May’s spokesman said in yet another sign of the government’s softening of the country’s stance on Brexit. “He said the transition rules could involve the ECJ for a limited time, but obviously that’s all a matter for negotiation," the spokesman, James Slack, told reporters in London, referring to earlier remarks by May’s deputy, Damian Green, in a BBC radio interview.
- ECB Patience Endures as Villeroy Awaits Change of Season. (video) European Central Bank policy makers aren’t showing much of a rush to start tweaking their monetary policy as they count the days until their summer holidays. The Governing Council is likely to decide on the next change in its stimulus settings in the fall, according to comments on Saturday from Francois Villeroy de Galhau, the Bank of France governor. ECB Chief Economist Peter Praet, speaking in a newspaper interview released the same day, insisted that “we still need a long period of accommodative policy.”
- Merger Monday Arrives in Asia With $19 Billion Flurry of Deals. (video) Asian companies announced about $19 billion of transactions in less than 24 hours, making this the busiest start to a week for the region’s dealmaking in nearly a year, according to data compiled by Bloomberg. The day was led by billionaire Sun Hongbin, who sealed China’s biggest-ever property acquisition on Monday, rounded out by a deal to create the biggest shipping company plying the Pacific Ocean trade routes.
Wall Street Journal:
- Following Recess, GOP Health-Care Push Gets Trickier. Divisions within the party complicate McConnell’s path.
- New Fares and Fees Seen Lifting Airline Revenues. Carriers expect the first broad increase in three years in unit-revenue growth.
- Oil Up? Oil Down? Blame the Algorithms. As market moves confound analysts and longtime investors, many are pointing fingers at the rise of automated trading and algorithms.
- Jobless Rates for Hispanic and Black Workers Fall to Historic Lows. A decrease in unemployment rates coincides with better wage growth and labor-force participation.
- Chip Makers Feast on Phones Despite Slowing Sales. Smartphones are a maturing business, so selling more chips per phone is the right move.
Zero Hedge:
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