Asia

• Fed Puts June Rate Increase on Table Provided Economy Says Go (BBG)
• European shares drop as mining stocks weaken, airlines fall (Reuters)
• Oil drops below $48 on Fed hike speculation, fading support from outages (Reuters)
• Violent Struggle Over Oil and Money Rattles Global Energy Market (BBG)
• Bayer Proposes to Acquire Monsanto (WSJ)
• How Wall Street Led LendingClub Into Crisis (BBG)
• Fewer Shareholders Pay U.S. Taxes on Dividends (WSJ)
• Turkey to miss end-June deadline for EU visa-free travel (Reuters)

After yesterday's algo-driven mad dash to close the S&P green both for the day and for the year following Fed minutes that came in shocking hawkish, the selling has continued overnight, led by the commodity complex as rate hike fears have pushed oil back down some 2% from yesterday's 7 month highs, which in turn has dragged global stocks lower to a six-week low, while pushing bond yields higher across developed nations as the market suddenly reprices the probability of a June/July rate hike.

The Epic Battle Continues

Posted with permission and written by Craig Hemke, TF Metals Report (CLICK HERE FOR ORIGINAL)

Submitted by Soeren Kern via The Gatestone Institute,

After two violently volatile days in which the market soared (Monday) then promptly retraced all gains (Tuesday), the overnight session has been relatively calm with futures and oil both unchanged even as the BBG dollar index rose to the highest level since April 4. This took place despite a substantial amount of macro data from both Japan, where the GDP came well above the expected 0.3%, instead printing 1.7% annualized, which pushed stocks lower as it meant the probability of more BOJ interventions or a delay of the sales tax hike both dropped.