Japan

Brazilian President Temer Officially Charged With Corruption

Just over a month after O Globo newspaper first brought the world's attention to the fact that Brazil's President Michel Temer was 'allegedly' involved in "hush money" payments, then vehemently denied by him; and just a week after the police confirmed it had evidence that Temer received bribes, O Globo, reports citing court documents, that President Michel Temer was formally charged with corruption by Prosecutor-General Rodrigo Janot.

US Destroyer Ignored Warnings Ahead Of Deadly Collision

"...the cargo ship's captain said the ACX Crystal had signaled with flashing lights after the Fitzgerald "suddenly" steamed on to a course to cross its path. The container ship steered hard to starboard (right) to avoid the warship, but hit the Fitzgerald 10 minutes later..."

Key Events In The Coming Busy Week: Yellen, Inflation, Durables And GDP

The main releases this week are the durable goods report on Monday, the Q1 GDP revision on Thursday, and the personal income and spending report on Friday. There are also many speaking engagements by Fed officials including a speech by Fed Chair Yellen on Tuesday.

Frontrunning: June 26

  • Italian Bank Deal Raises Questions About Eurozone Rules (WSJ)
  • UK PM May strikes $1.3 billion deal to get Northern Irish DUP support for her government (Reuters)
  • Nestle Targeted by Dan Loeb in Activist’s Biggest-Ever Bet (BBG)
  • Nestle 'committed' to strategy as activist investor moves in (Reuters)
  • Troubled Air-Bag Maker Takata Files for Bankruptcy (WSJ)

Italy Bank Bailouts Send European, Global Stocks Higher; Gold Flash Crashes

S&P futures point to a higher open following gains in Asia but mostly Europe, where stocks are sharply higher following the €17 billion bailout of the two Veneto banks in Italy, the biggest taxpayer funded bank rescue in modern Italian history, as well as Dan Loeb's activist campaign of the world's biggest food company, Nestle

Why The Next Recession Will Morph Into A Decades Long Depressionary Event... Or Worse

"The next business cycle recession will be unending and is very likely to run years into decades and perhaps a century or more.  A declining population already indebted with record debt and zero interest rates will consume less...meaning overcapacity and excess inventories will never be fully cleared before the next downturn...and on and on and on."