The 10 Most Important Things In The World Right Now

Mario draghi merkelREUTERS/Kai PfaffenbachA graffiti depicting European Central Bank (ECB) President Mario Draghi and German Chancellor Angela Merkel is seen outside a fence surrounding the construction site for the new headquarters of the ECB in Frankfurt, May 16, 2013.

Hello! The ASX closed up more than 1% today. Here’s what people are chatting about.

1. The EU’s top court will begin a potentially explosive legal review of the European Central Bank’s bond-buying plan. The European Court of Justice may ultimately decide the program’s fate, according to the FT.

2. Obama i
s trying to get Turkey and the Saudis on the same page against Islamic State. The president

will hash out a strategy to counter Islamic State on Tuesday with military leaders from some 20 countries including Turkey and Saudi Arabia.

3. Bond markets don’t think the Fed will hit its inflation goal this decade. Inflation expectations have plummeted in the past three months, with yields on Treasuries implying consumer prices will rise an average 1.5% annually through the third quarter of 2019, Bloomberg reports.

4. North Korea says pictures show Kim Jong-un is back!The North Korean leader ended speculation about his grip on power with his first public appearance in more than five weeks at a housing development and energy research institute in the capital, Pyongyang.

5. Germany and France have tapped an economist from each country for advice on how to avoid a ‘lost decade’ in Europe. The two countries’ economics ministers recently solicited help from French economist Jean Pisani-Ferry and Henrik Enderlein from the Berlin-based Hertie School of Governance, according to the WSJ.

6. Russian hackers target NATO, the European Union, Ukraine and others. Hackers exploited a bug in Microsoft Windows and other software to spy on computers potentially seeking information on the Ukraine crisis, as well as diplomatic, energy and telecom issues, Reuters reports.

7. Turkish warplanes hit Kurdish militant targets in southeast. Turkish warplanes attacked Kurdistan Workers Party (PKK) targets in southeast Turkey on Sunday in the first significant strike against the militants since the launch of a peace process two years ago, reports Reuters.

8. Too-big-to-fail banks may have to raise up to $US870 Billion to plug their capital gap. Regulators are set to propose draft rules next month that call for 27 of the world’s largest banks to increase their holdings of loss-absorbing debt and equity to protect taxpayers from having to bail them out in a crisis.

9. A UN worker has died in a German hospital. A UN employee who was being treated in a hospital in the German city of Leipzig died in the early hours of Tuesday morning, the BBC reports.

10. Fidelity promotes Abigail Johnson to CEO. The FT reports Ned Johnson, the chairman of Fidelity, has handed the title of chief executive over to his daughter, Abigail.

And finally…

English-speaking parrot disappears for four years and returns speaking Spanish.

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