Opening Bell 5.31.18

Soros Critics; Wall Street Rollbacks; Methamphetamine Monikers and More!
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Soros View on Global Crisis Is ‘Ridiculous,’ Morgan Stanley CEO Says [Bloomberg]

Morgan Stanley Chief Executive Officer James Gorman said that investor George Soros’s contention another major global crisis may be in store is unrealistic and that the Federal Reserve will probably hike interest rates three more times in 2018 despite recent volatility.

“Honestly I think that’s ridiculous,” Gorman said in an interview with Bloomberg Television in Beijing Thursday when asked about Soros’s comments this week, which included a warning that the European Union is at risk of breaking up amid Italy’s challenges. “I don’t think we’re facing an existential threat at all,” Gorman said of the EU.

Fed Backs Easing Volcker Rule Restrictions on Big Banks’ Trading [WSJ]

The proposal, unanimously advanced by the Federal Reserve and known as Volcker 2.0, means JPMorgan Chase JPM 2.28% & Co., Goldman Sachs Group Inc. and other banking behemoths would face fewer audits of individual securities and derivatives transactions. The banks wouldn’t have to spend as much time proving compliance, and traders would generally have more freedom to buy and sell securities.

U.S. to slap tariffs on steel, aluminum from EU on Thursday: sources [Reuters]

While not confirming directly that the U.S. would decide to impose tariffs, he said: “It’s up to the European Union to decide if it wants to take retaliatory measures. The next question would be: how will the (U.S.) President (Donald Trump) react? You saw his reaction when China decided to retaliate.

“If there is an escalation it will be because the EU would have decided to retaliate,” he said, adding that Washington did not want a trade war with the EU.

Google Emerges as Early Winner From Europe’s New Data Privacy Law [WSJ]

Since the law went into effect Friday, Google’s DoubleClick Bid Manager, or DBM, a major tool ad buyers use to purchase targeted online ads, has been directing some advertisers’ money toward Google’s own marketplace where digital-ad inventory can be bought and sold, and away from some smaller such ad exchanges and other vendors. That shift has hurt some smaller firms, where Google says it can’t verify whether people who see ads have given consent.

Florida Woman Named Crystal Methvin Arrested For... Possession Of Crystal Meth [New York Post]

A Florida woman named Crystal Methvin was arrested on Saturday and charged with possession of crystal methamphetamine.

An anonymous tip led police to a parking lot where three people were sitting in a car, local TV station News4Jax reported. The trio allegedly had drug paraphernalia as well as a substance that tests revealed to be crystal meth.

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