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Morning Brief

Brexit concerns pressure markets; German bond goes negative

Key Points


U.S. stock futures were under pressure this morning, swept up in a wider move lower in global markets. The Dow, S&P 500, and Nasdaq on Monday extended their losing streak to three sessions in a row. (CNBC)

The Fed begins its two-day meeting this morning as worries about a Brexit seep deeper into market psyche. No interest rate hike is expected this time around due to the weak May jobs report. (CNBC)

The yield on the 10-year benchmark German bund fell into negative territory for the first time ever this morning, on concerns over next week's U.K. referendum on whether to exit the European Union. (CNBC)

With momentum in the Brexit saga swinging to the "leave" camp, the CBOE Volatility Index surged for the sixth straight session, up more than 50 percent during that period. (CNBC)

Oil prices were lower this morning, despite International Energy Agency forecasts for a crude market balancing in the second half of the year. The IEA also revised higher its estimates for global demand growth. (CNBC)

Anxieties about unsustainable increases in Chinese corporate debt sparked a massive rally in bitcoin, which sent the price of a single virtual coin to its highest level in more than two years. (WSJ)


U.S. authorities have found no direct links between ISIS and Omar Mateen, the gunman who killed 49 people at a gay nightclub in Orlando, describing the 29-year-old as inspired by radical Islamist groups. (Reuters)

The FBI is looking into whether Mateen, who was killed in a shootout with authorities, visited the club, and tried to communicate with patrons on a gay dating app before going on his rampage. (NBC News)

The Florida gun dealer who sold a handgun and a rifle to Mateen said his conscience is clear. "It's horrible but I don't make the laws. I abide by them," Ed Henson said. (NBC News)

President Barack Obama, set to visit Orlando Thursday, convenes a meeting of his National Security Council today, as part of an ongoing review of efforts to "degrade and destroy" the Islamic State terror group.

Do Americans want to be reassured after a traumatic event or inflamed? Democrat Hillary Clinton is staking her presidential candidacy on the former, with Republican Donald Trump betting on the latter. (NBC News)


Microsoft's (MSFT) $26.2 billion deal to buy LinkedIn (LKND) puts the pressure on Alphabet's (GOOGL) Google unit to respond with an acquisition of its own, aimed at expanding its reach with business customers. (Recode)

The two largest daily fantasy sports companies, FanDuel and DraftKings, are said to be in early-stage talks to merge, as the industry faces a crackdown by U.S. states over whether it runs illegal gambling. (Reuters)

Cerberus Capital has agreed to throw a $22 million lifeline to Gawker Media, so the troubled digital media company can stay alive in bankruptcy pending a sale of its business. (WSJ)

Trump's campaign said it would revoke the press credentials of The Washington Post. Trump has previously barred Politico, BuzzFeed News, The Huffington Post, and others. (NY Times)

This year's U.S. presidential nominating process comes to an end today, with the District of Columbia holding its Democratic primary. Meanwhile, Bernie Sanders is set to meet with presumptive nominee Clinton. (USA Today)

Wall Street is nearly united in forecasting Clinton will be the next president of the United States but divided over which candidate is best for the economy and the stock market, according a new CNBC survey.


U.S. economic reports today include the important May retail sales report, expected to show sales up 0.3 percent, and import prices, both at 8:30 a.m. ET. Business inventories are released at 10 a.m. ET.

The small business index from National Federation of Independent Business out this morning showed a slight increase in May to a 93.8 reading. It was slightly higher than expectations.

Most employers across the globe plan to increase hiring over the next three months, though at a slightly slower pace than recent quarters, according to the latest Manpower Employment Outlook Survey.


Baidu (BIDU), is cutting its quarterly revenue forecast by about 10 percent. The largest search engine in China is citing tighter regulatory scrutiny there into healthcare and related ads.

Alibaba (BABA) expects to nearly double its transactions volume by the year 2020. Meanwhile, Executive Chairman Jack Ma pledged to heighten the Chinese e-commerce giant's crackdown on fake goods.

NXP Semiconductor (NXPI) is selling its Standard Products unit to two Chinese firms for $2.75 billion. The transaction is expected to close in the first quarter of 2017.

A judge in Brazil has dismissed a nearly $6 billion civil lawsuit against Vale (VALE) and BHP Billiton (BHP). The suit was related to last year's Samarco mine disaster, which killed 13 people.

Novo Nordisk's (NVGN) diabetes drug cut the risk of heart attacks and stroke in a trial by 13 percent. The results from this closely watch study may encourage wider use of the treatment.

Valeant (VRX) holds its annual shareholder meeting this morning. In its delayed earnings report last week, the troubled drugmaker missed estimates on earnings and warned on outlook.


Charitable giving in the United States rose by an inflation-adjusted 4 percent to a record $373.3 billion in 2015, with individuals contributing more than two-thirds of that amount. (CNBC)