Reuters

Assad Military Alliance Threatens To Strike U.S. Forces In Syria

A pro-Assad military alliance, which in addition to Hezbollah includes Iran and Russia, said on Wednesday it could hit U.S. positions in Syria, warning that its "self-restraint" over U.S. air strikes on government forces would end if Washington crossed "red lines".

Frontrunning: June 7

  • Islamic State Claims Rare Attack on Iran Parliament, Major Shrine (BBG)
  • UAE turns screw on Qatar, threatens sympathizers with jail (Reuters)
  • U.S. Oil Exports Double, Reshaping Vast Global Markets (WSJ)
  • Trump’s Closest Allies Warn President It’s Time to Stop Tweeting (BBG)
  • Trump Taps Former Assistant Attorney General Christopher Wray as New FBI Chief (WSJ)
  • Poll: Pound Could Plunge to $1.20 on Friday (BBG)

ISIS Releases A Video Of Iran Parliament Attack

Shortly after the terrorist attack on the Iranian parliament concluded, the Islamic State claimed responsibility and released a video showing gunmen inside the parliament building and one man, who appeared wounded, on the floor.

Spain's Banco Popular Bailed In, Acquired By Santander For €1.00

Just four days after Banco Popular chairman Emilio Saracho told his employees "don't panic" as a result of the company's crashing stock price, on Wednesday morning the ECB confirmed that the sixth largest Spanish bank was indeed on the verge of collapse and ordered it to be sold, which is what happened when Santander acquired the bank for €1.00 after Santander's equity and riskiest debt instruments were wiped out.

Futures Flat, Market Anxiety Eased By European Bank Rescue

European and Asian stocks, as well as S&P futures were little changed ahead of "Super Thursday's" events which include the U.K. general election, Comey's testimony and the ECB policy decision. That however may change following a Bloomberg news report that the ECB is set to cut inflation forecasts through 2019 due to weaker energy prices, suggesting the "hawkish" ECB announcement some had expected tomorrow has been postponed.

Gulf States Launch Naval Blockade Of Qatar

In what has emerged as the most significant escalation to result from the Qatar diplomatic crisis - which pits two of OPEC’s largest oil producers, Saudi Arabia and the UAE, against the world’s biggest exporter of liquefied natural gas and further disrupts stability in the region -  the biggest Middle East oil and container ports banned all vessels sailing to and from Qatar from using their facilities.