United Kingdom

One of the recurring concerns voiced by Bank of America's Michael Hartnett is that with May now in the rearview mirror, we are entering "the event risk month" of June (incidentally, over the weekend, the credit strategist presented several ideas how to trade said event risk, either bullish or bearish). Now it is UBS' turn to reiterate the warning that June may see a spike in volatility due to "an unusual number of known unknowns."

A world-renowned expert on the Italian mafia, journalist Roberto Saviano, says the UK is “the most corrupt country in the world”. Saviano has spent more than a decade exposing the criminal dealings of the Italian Mafia.

With the US closed for Memorial Day and UK markets offline due to a bank holiday, overnight volumes have been weaker than normal on little newsflow. The main story remains the stronger USD following Yellen's hawkish Friday speech, which not only led to the lowest Yuan fixing since February 2011...

... but pushed the USDJPY almost as high as 111.50 overnight before paring gains, however it was enough to send the Nikkei 1.4% higher.

This is grim:

David Cameron announced that the UK is sending a Royal Navy warship to the Mediterranean to stop arms smuggling and people trafficking along Libya’s coast. The British Prime Minister told the G7 summit in Japan that the UK was ready to take on a more “active leadership role” in Libya. The BBC reports: The UK already has a survey vessel, HMS Enterprise, operating in the area. Officials are to seek UN approval for the new warship to seize boats taking arms to so-called Islamic State.