Financial Markets and Economy
Crude Near $49 as U.S. Oil Rigs Rise for Second Time This Year (Bloomberg)
Oil advanced as Abu Dhabi forecast prices could climb as high as $60 a barrel amid a glut that’s shrunk quicker than projected.
The Market Rotates (Crossing Wall Street)
With today’s lousy employment report, the market suddenly realizes that the Fed probably won’t raise rates later this month, and perhaps not in July as well.
The Wall Street Journal: Saudi Arabia cuts oil prices to Europe (Market Watch)
Saudi Arabia on Sunday cut its oil prices to Europe, signaling mounting competition after OPEC failed to cap its output amid Iran’s exports ramp up.
In an email sent to customers, state oil company Saudi Aramco said it had cut its light crude prices by 35 cents a barrel to northwest Europe and by 10 cents a barrel to the Mediterranean for July deliveries.
Asian shares rise, dollar nurses losses after jobs shock (Business Insider)
Asian shares rose on Monday and the dollar wallowed close to its lowest in nearly a month after U.S. nonfarm payrolls showed the slowest job growth in more than five years, quashing expectations for a near-term U.S. interest rate hike.
If the Economy Is Sinking, Policy Makers Are Far From Prepared (NY Times)
By now you have probably heard that the latest employment report suggests that jobs growth is slowing. My best guess is that this is a signal that the economy is reverting to a more sustainable rate of growth, rather than anything more drastic.
The most interesting tech IPO of the year (Quartz)
OK, the competition isn’t fierce. Just four technology companies have gone public in the US this year. But the fifth one, Twilio, which made its IPO intentions known last week, is bound to be the most interesting.
Stumbling dollar lifts oil prices, but uptick in U.S. drilling caps gains (Business Insider)
Oil prices edged up in early trading on Monday as a plunge in the U.S.-dollar was seen spurring fuel demand, although traders said plentiful supplies capped increases.
Weighing the Week Ahead: Is Small Employment Growth Big News for Stocks? (Dash of Insight)
This week’s economic calendar is the lightest in recent memory. After Monday, FedSpeak fans will be disappointed, since we are entering the quiet period before the next FOMC meeting.
Credit Suisse Boss Faces Revolt From Bankers Over Strategy Shift (NY Times)
When Tidjane Thiam took over at Credit Suisse last July, he laid out a new direction for a financial giant with a storied investment banking history: Do less investment banking.
Mutual funds are facing extinction (Business Insider)
Passive investing is taking over the money-management world.
Exchange-traded funds, which simply track an index, have hoovered up assets at a rate over the past decade. The combined assets of ETFs in the US hitting $2.2 trillion in April, according to the Investment Company Institute.
Politics
'Fix' the U.S. Political System at Your Own Risk (Bloomberg View)
It's rare that President Barack Obama and Republican National Committee Chairman Reince Priebus agree. In recent weeks, they both have said that the presidential nominating process is not rigged.
Voting Rights at the Crossroads (The Atlantic)
The November election will be the first presidential contest to take place since the U.S. Supreme Court ruled to strip some of the major protections of the Voting Rights Act of 1965, which required states with a history of voter discrimination to get federal clearance before changing their voting laws. Seventeen states will have new voting restrictions in place for the first time.
Technology
Faraday Future is eyeing places to test its self-driving vehicles (Business Insider)
Electric-car startup Faraday Future (FF) is taking steps to get its vehicle technology on the road.
Michigan officials say FF has applied for manufacturer license plates in the state. The plates allow automakers to test their vehicles on public roads.
Health and Life Sciences
Human transplant organs grown in pigs (BBC)
They have injected human stem cells into pig embryos to produce human-pig embryos known as chimeras.
The embryos are part of research aimed at overcoming the worldwide shortage of transplant organs.
Life on the Home Planet
A Big LA Fire Isn't Worse Because People Are Finally Preparing for the Worst (Gizmodo)
It had all the elements of a catastrophe: a truck hit an electrical pole in the bone-dry canyons outside LA, exploding a transformer. Winds were brisk with temperatures above 90 degrees. Despite that, the 500-acre blaze that looked particularly scary has only damaged three structures, reportedly because local residents had take the right precautions to protect themselves from wildfire.
Storms threaten East Coast; Florida under tropical storm warning (Reuters)
While the U.S. West Coast sweated out a heat wave, forecasters warned of severe thunderstorms along the East Coast on Sunday and issued a tropical storm warning for Florida's Gulf Coast.
