Apple’s gained some welcome federal precedent in its battle to resist unlocking its phones for the federal government, thanks to an EDNY drug case in which federal magistrate judge James Orenstein denied the government’s request that Apple extract data from an iPhone and took “particular aim” at the gov’t’s vehicle for making such a demand—1789’s All Writs Act – NYTimes and WSJ and Bloomberg and Law360

China’s central bank has cut lender reserve requirements in a move meant to support economic growth (even at the expense of “its stated goal of keeping the Chinese currency stable”) – WSJ

After more than a decade of duking it out in the courts of the 2d Circuit, Argentina and the last-remaining holdout hedge funds from Argentina’s 2001 debt default have reached a deal to resolve outstanding issues for $4.65 billion – NYTimes and WSJ and Law360

The SEC has scored a big post-Newman insider-trading win against 2 former Euro Pacific Capital brokers accused of trading on a tip about a $1.2 billion IBM acquisition – Law360

Andrew Ross Sorkin’s put a wet thumb up to the political winds behind the Brexit movement and is finding a whole lot of discontent—and potential big-time repercussions for Britain’s economy – NYTimes

Sinking commodities prices, trouble in China, unease over a British departure from the EU . . . these things are troubling, but Streetwise says the lack of a single compelling narrative is as much behind Wall Street’s trouble as [almost] anything – WSJ

Breakingviews says J. Michael Pearson’s return to Valeant is marked by “less power and no glory” and will be defined by his response to a long and difficult “to-do list” [including his response to an SEC investigation] – NYTimes

The next Dodd-Frank battle for the big banks is likely to tun on the “credibility” of their living-will plans (especially because most were deemed “not” the first time around) – WSJ

Bank of England and Financial Stability Board chief Mark Carney has included concerns about the uniform regulation of FinTech to the laundry list of economic issues facing G-20 finance ministers – Law360

Not too far removed from his Pep Boys acquisition, Carl Icahn’s car (parts maker) shopping again, and he’s got his eye on the pretty fantastically named Federal-Mogul Holdings Corp. – NYTimes

In the battle for eyeballs, advertisers are going the extra mile (or segment, as it were) to fight cord cutting and declining viewership of their bread-and-butter 30-second ads – NYTimes