Economy

Japanese exports fell for an eighth consecutive month in May as shipments to China, the U.S. and Europe slumped, and the Kumamoto earthquake led to supply chain disruptions. According to the Ministry of Finance, overseas shipments declined 11.3% from a year earlier. The data foreshadows gloomy trade prospects for the current quarter and could undermine Prime Minister Shinzo Abe's efforts to revive the economy.

Meanwhile, the IMF is urging Japan to overhaul its stimulus policies by moving income policies and labor market reform to the forefront. The lender also called for a more flexible monetary policy framework with the BOJ abandoning a specific calendar date for achieving its 2% inflation target.

Greece could lift most or all capital controls imposed at the height of the eurozone crisis by the end of the year, the head of the country's banking association, Louka Katseli, said on Saturday. The controls, which restricted the amount of cash that can be withdrawn from banks to €420 per week, were imposed last June as Athens became embroiled in acrimonious bailout talks with its international lenders.

Virginia Raggi has been elected as Rome's first female mayor in a triumph for the populist Five Star Movement and a stinging setback for Italian Prime Minister Matteo Renzi. Raggi swept into City Hall yesterday with two thirds of the votes cast in a run-off contest with the Democratic Party's Roberto Giachetti.

Brazil's government has agreed to provide funding to Rio de Janeiro after the host of this year's summer Olympics declared a state of financial emergency. Acting President Michel Temer's administration will ask Congress to authorize a one-time payment of 2.9B reais ($850M) to help the state complete work on its subway system and pay civil servants, including overtime for police officers.

India's central bank governor Raghuram Rajan, popular among foreign investors due to his efforts to clean up the country's financial sector, stunned government officials on Saturday by announcing he would step down after just one three-year term. India also unveiled sweeping reforms to foreign direct investment rules, opening up its aviation sectors to complete outside ownership and clearing the way for Apple (NASDAQ:AAPL) to open stores in the country.

Egypt's Suez Canal Authority has set new toll rates for oil tankers as part of a six-month experiment. Very large crude carriers (VLCCs) coming in from the Arabian peninsula will pay $155K if they carry more than 250K in deadweight tonnage and $230K on a return ballast trip. The canal is one of Egypt's main sources of foreign currency.

Stocks

There's a new U.S. public stock exchange in town... The SEC has finally given approval to IEX Group's request, meaning the "Flash Boys" will be able to challenge the NYSE (NYSE:ICE), Nasdaq (NASDAQ:NDAQ), and Bats Global (BATS:BATS) as the nation's 13th national stock exchange. IEX's "speed bump" delays orders by 350 millionths-of-a-second, but it's enough to protect investors from high-frequency trading which can front-run slower orders on other exchanges.

The stage is set for Facebook's annual shareholder meeting in Silicon Valley, where top executives will field questions about the state of the company. Up for a vote is a proposed new stock structure, deciding whether to grant Mark Zuckerberg majority voting control as he plans to sell off his FB stock in the coming years for philanthropic causes. Another wrinkle in this year's gathering comes from the recent revelations that board member Peter Thiel has been privately funding lawsuits against Gawker Media.

U.S. antitrust regulators are concerned about Anthem's (NYSE:ANTM) proposed acquisition of Cigna (NYSE:CI) and aren't sure the health insurers can offer concessions that would fully preserve competition in the industry, WSJ reports. Company representatives met June 10 in Washington with Justice Department staffers and representatives of more than a dozen state attorneys general and have more meetings scheduled this week with top DOJ officials.

Following their shutdown in March, DraftKings (Private:DRAFT) and FanDuel (Private:DUEL) may be heading back to New York after state legislatures voted in favor of a bill that would regulate daily fantasy games. If Governor Cuomo signs the measure into law, it would tax companies with an entry fee and set some important baselines for conduct, such as banning contests based on school sports and identifying "highly experienced" players.

A tantalizing Game 7 of the NBA Finals resulted in the Cleveland Cavaliers' first championship in franchise history, but what does that mean for investors? Will heavyweight Nike (NYSE:NKE) get a boost from Lebron James vs. star endorser Stephen Curry's Under Armour (NYSE:UA)? The latter's basketball shoe sales are up over 700% since it signed the "Baby-Faced Assassin," but the NBA still has 75% of it players wearing the Swoosh.

The world's largest amusement park corporation Six Flags (NYSE:SIX) is set to open up investments in Saudi Arabia. "Our parks can provide the entertainment to which Saudis aspire," CFO John Duffy said. His announcement follows a meeting between company CEO James Reid-Anderson and deputy crown prince Mohammed bin Salman, who is visiting the U.S. to promote a reform plan to wean the kingdom off of oil revenue.

Iran has reportedly reached an agreement to buy 100 planes from Boeing (NYSE:BA), pending the final authorization from U.S. Treasury officials. Until now, Boeing has only been granted permission to present its products to Iranian airlines as it tries to catch up with rival Airbus (OTCPK:EADSY), which won a provisional deal earlier this year for 118 jets worth $27B.

Both flight recorders from crashed EgyptAir flight MS804 are severely damaged and will require "lots of time and effort" to fix, Egyptian aircraft accident investigation committee sources said on Sunday. The memory units, which are being dried in special ovens for further study, are crucial to explaining why the Airbus A320 (OTCPK:EADSY) plunged into the Mediterranean on May 19 en route from Paris to Cairo.

The FAA could unveil its first rules permitting commercial drones as early as this week, but the move is likely to spark broader demands for loosening restrictions on unmanned aircraft. In recent days, agency officials have said the announcement - allowing drones weighing roughly 50 pounds to fly at low altitudes only in daylight and within sight of operators - is imminent.

One week after the deadly mass-shooting in Orlando, the Senate is expected to vote on a series of proposals to block gun sales to terror suspects and expand screening of people buying firearms in the U.S. Democrats are expected to block two GOP amendments, arguing that they fall short in controlling the sales of guns, while Republicans are likely to oppose two Democratic amendments, contending that they threaten constitutional rights. Related tickers: SWHC, RGR

Vladimir Putin is considering selling part of Russia's corporate crown jewels to China and India as the president struggles to fund budget shortfalls made worse by cheap crude. Moscow is seeking buyers for 19.5% of state oil giant Rosneft (OTC:RNFTF) and expects to raise at least 700B rubles ($11B) from the sale, setting a privatization record for the country.

After months of squabbling, Williams Cos. (NYSE:WMB) and Energy Transfer (NYSE:ETE) are set to face off in a Delaware courtroom, where top lawyers will go toe-to-toe analyzing the fine print of their 400-page merger agreement. While both sides accuse each other of breaching the contract, Energy Transfer hopes the judge will find violations that are serious enough to kill the deal.

Volkswagen will submit its $10B plan this month to fix a half-million emissions-cheating cars or get them off U.S. roads even though it's awaiting regulators' sign-off on how to retrofit the vehicles. According to Bloomberg, about $6.5B will go to car owners and $3.5B to the U.S. government and California regulators. Reports are also surfacing that VW (OTCPK:VLKAY) will stop producing more than 40 car models in the coming years and unveil 30 new EV models over the next decade.

Buyout firm Francisco Partners and the private equity arm of activist hedge fund Elliott Management are in advanced talks to acquire Dell's software division for more than $2B, Reuters reports. Divesting the software assets will help Dell refocus its technology portfolio and bolster its balance sheet after it agreed in October to buy data storage company EMC Corp. (NYSE:EMC) for $67B.

European privacy watchdogs will decide today whether to clear new rules allowing companies like Google (GOOG, GOOGL) and Facebook (NASDAQ:FB) to transfer personal data across the Atlantic. EU-U.S. Privacy Shield has been criticized by some for failing to fully protect Europeans' rights, and lawmakers may ask for more concessions from their American counterparts to meet the continent's strict privacy standards.