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A major publisher of scholarly medical and science articles has retracted 43 papers because of “fabricated” peer reviews amid signs of a broader fake peer review racket affecting many more publications. As The Washington Post reports, BioMed Central - a well-known publication of peer-reviewed journals - shows a partial list of the retracted articles suggests most of them were written by scholars at universities in China. The Committee on Publication Ethics stated, it "has become aware of systematic, inappropriate attempts to manipulate the peer review processes of several journals... that need to be retracted."

• White House denies Obama said strong dollar a problem (Reuters)
• Lira Falls to Record Amid Stock Rout as AK Party Loses Majority (BBG)
• Bond-Market Game of Chicken With Fed Is Riskier Than Ever (BBG)
• Xetra Dax enters correction territory (FT)
• China trade shrinks amid slowing demand (FT)
• Greek government eyes compromise with lenders, rules out snap polls (Reuters)
• If You Think Greece’s Crisis Will End Soon, Think Again (BBG)
• China growth data ‘overstated’ due to data error (FT)
• Calpers to Cut External Money Managers by Half (WSJ)

How can you measure happiness? The mental or emotional state, the smiley well-being feeling that is so individual and yet we measure happiness, we study it, we analyze it, we even celebrate it on March 20th every year, but what is it?

While hope has long been dismissed as a strategy among the investing public, for game-theory expert (and Greek FinMin) Yanis Varoufakis, "hope" appears to be all he has left. Reflecting on James Byrnes 1946 speech, Varoufakis explains a “Speech of Hope” for Greece would make all the difference now – not only for us, but also for our creditors, as our renaissance would terminate the default risk.

A man of distinction in today’s world is a man that throws his money in military monkey business, the shenanigans that our wealthiest nations excel at.

Ever wondered what life would be like if a country actually disappeared off the face of the planet or at least transformed into something else?

June is off with a bang, and a very busy week in the macro economic calendar, both globally and in the US, which culminates with the latest "most important ever" payrolls report, one which will surely be closely watched by a Fed which may hike as soon as a few weeks from now (but probably won't).

Earlier today the Austrian Central Bank confirmed the Kronen-Zeitung report, and said that by the year 2020, it would hold 50%, or 140 tons, of its gold domestically, up from 17% currently. This means that Austria will withdraw some 140 tons of gold from the BOE which holds 80% of Austria's gold currently and send 92.4 tons back home to Vienna with another 47.6 tons being sent to Switzerland. Which is also the biggest news: Austria is explicitly demonstrating a lack of confidence in the "pro-western" system of which the Bank of England is a critical cog, and instead opting for "neutral" Switzerland, which will hold nearly 50 tons of the gold formerly located at the Bank of England.

• U.S. vows to continue patrols after China warns spy plane (Reuters)
• Bank of Japan Chief Cheers On Tokyo’s Surging Stocks (WSJ)
• Merkel Stamps Out Optimism on Greece After Tsipras Talks (BBG)
• Greece sees reforms deal with lenders in next 10 days (Reuters)
• Why Greece’s Syriza party is not sticking to the script on an IMF deal (Channel4)
• Why Does Putin Care Who Runs a Tiny Balkan Nation? Gas Pipelines (BBG)
• U.S. Stock-Index Futures Are Little Changed Before Yellen Speech (BBG)
• German Business Confidence Declines as Risks Cloud Outlook (BBG)

• Once-Unthinkable Criminal Pleas by U.S. Banks Get Investor ‘Meh’ (BBG)
• The E-Mail That Helped Catch Barclays: ‘ISDAfix Is Manipulated’ (BBG)
• CFTC Said Preparing ISDAfix Probe Talks in Weeks: Credit Markets (BBG)
• Islamic State takes control of Syria's Palmyra in westward advance (Reuters)
• Tensions High as Greece Gets Smallest Aid Rise Yet (BBG)
• The Rise of the $50,000 Rental (BBG)
• U.S. says South China Sea reclamations stoke instability (Reuters)
• First Hanergy Now Goldin: Hong Kong Stocks Drop Like Stones (BBG)

• Clinton aides sometimes blocked release of documents requested under public-records law (WSJ)
• House Benghazi panel subpoenas former Clinton White House aide (Reuters)
• Cash Crunch, for Many, Is a Monthly Woe (WSJ)
• Doubts over Greece add to euro's ECB-driven frailty (Reuters)
• For Many American States, It's Like the Recession Never Ended (BBG)
• Japan debt plan needs BOJ to keep rates low for years (Reuters)
• Euro Continues to Fall; European Bonds, Stocks Broadly Steady (WSJ)
• Los Angeles gives preliminary approval to $15 minimum wage (Reuters)

As the economic calendar slowly picks up following the NFP lull, we are looking at a busy week both globally and in the US, where an army of Fed speakers culminates with a Yellen speech on Friday at 1pm in Rhode Island.

Having been 'snubbed' by the new Saudi King Salman, it appears the uneasy relationshipo with our 'allies' in The Gulf is ebbing. In what the State Department will, we are sure, just brush off, Politico reports that the king of Bahrain has apparently also snubbed President Barack Obama, preferring instead to attend a horse show with Queen Elizabeth. 

• Amtrak train in Philadelphia wreck was traveling at twice speed limit (Reuters)
• The engineer has no recollection of the crash and “no explanation” for what happened (WSJ)
• Taliban claim attack on Afghan guesthouse that killed 14 (Reuters)
• Chicago’s Junk Rating From Moody’s Puzzles Investors (BBG)
• House votes to end spy agencies' bulk collection of phone data (Reuters)
• Wesley Clark: The Penny-Stock General (BBG)
• AOL’s Armstrong to Leave $213 Million Richer After Verizon Deal (BBG)

Today’s Eurogroup meeting will be key in determining where Greece and its creditors negotiations currently stand. Over in the US today, it’s the usual post payrolls lull with just the labor market conditions data expected.