Bloomberg:
- Greece Inches Closer to a Deal. Euro-area finance ministers will meet for the third time in a week on Wednesday to try and secure an agreement to avert a default in Greece. With a week to go before the country’s bailout expires, a deal appeared within reach after Greek prime minister Alexis Tsipras signaled he was ready to end a bitter five-month standoff and reach agreement with creditors to unlock aid. While hurdles remain -- including votes in the German and Greek parliaments, and figuring out how to pay the International Monetary Fund -- analysts say a solution will be found.
- Tsipras Party Members Voice Reservations Over Funding. Greek Prime Minister Alexis Tsipras is facing the first signs of dissent within his own party over his latest plan to end a five-month standoff with creditors. Some of Syriza’s more radical and populist lawmakers expressed opposition Tuesday to the proposal as the deal’s backers called on members to see the bigger picture. “Personally, I cannot support such an agreement that is contrary to our election promises,” Dimitris Kodelas, a Syriza lawmaker associated with former Maoists, said in an interview. “I do not care about the consequences of my decision.”
- German Lawmakers Say IMF Stamp Is Key to Greek Deal Vote. Members of Chancellor Angela Merkel’s coalition said the International Monetary Fund’s backing for a financing plan for Greece is key to German parliamentary support for a deal.
- The World's Biggest Economies Are About to Feel the Impact of China's Slowdown.
Commodity, reprocessing and developed country exporters should brace for the impact of weakening China demand this year. Emerging markets and commodity suppliers have grappled with reduced demand from China as a property downturn weighed on the world's second-largest economy. U.S., Japanese and German exporters did better, supplying capital goods like machines that China still demanded. That may soon change, according to a study of global exposure to China by UBS Group AG economists Donna Kwok, Wang Tao and Jennifer Zhong.
- Beware Bond-Liquidity Traps When Hunting Yield, Pimco Says. Investors risk falling into liquidity traps as they seek to boost yields depressed by the European Central Bank’s 1.1 trillion euro ($1.2 trillion) bond-buying program, according to Pacific Investment Management Co. The search for yield has caused investors to buy riskier and less frequently traded bonds, which may be hard to sell quickly, said Mike Amey, a London-based fund manager at Pimco, which oversees about $1.59 trillion of assets. Overall bond trading has slumped since the global financial crisis because banks have cut inventories to preserve capital in response to tighter regulations.
- Europe Stocks Rise for 4th Day on Optimism Over Greece, Economy. European stocks posted their biggest four-day rally since January as the region’s leaders agreed Greece’s government was getting serious about reaching a deal. The Stoxx Europe 600 Index rose 1.2 percent to 398.83 at the close of trading. A report showed euro-area factory and services expanded more than forecast in June, signaling a pickup in the region’s economy amid quantitative-easing measures by the European Central Bank.
- Fed’s Powell Puts Odds of September Rate Increase Around 50%. The chances are about 50-50 that the U.S. economy will improve enough for the Federal Reserve to raise interest rates in September, said Fed Governor Jerome Powell, who also expects the central bank to move again in December. Speaking at a Wall Street Journal event in Washington Tuesday, Powell said he forecast stronger growth than in the first half of 2015, growth in the labor market and a “greater basis for confidence” in inflation returning to 2 percent. “If those things are realized, I feel that it is time, it will be time, potentially as soon as September,” he said. “I don’t think the odds are 100 percent. I think they’re probably in the 50-50 range that we will realize those conditions, but that’s my forecast.”
- Big Days Dying Off in Stocks With No 2% Move Since December. (video) Days of frantic buying or selling have been absent from the U.S. stock market this year. The Standard & Poor’s 500 Index hasn’t posted a gain or loss of 2 percent or more for 126 days, the longest streak since one ending in February 2007, according to data compiled by Bloomberg and Deutsche Bank AG.
- Google(GOOG) Reveals Health-Tracking Wristband. Google Inc.’s life sciences group has created a health-tracking wristband that could be used in clinical trials and drug tests, giving researchers or physicians minute-by-minute data on how patients are faring.
Fox News:
- White House to announce US won't prosecute hostages' families who pay ransom. In a softening of longstanding policy, the Obama administration will tell families of Americans held by terror groups that they can communicate with captors and even pay ransom without fear of prosecution -- part of a broad review of U.S. hostage guidelines that will be released Wednesday.
ZeroHedge:
MNI:
- Chinese Banks Review Exposure to Stock Market. At least one big state-owned Chinese bank told branches to step up risk controls over investment in the domestic stock market, citing an official at the bank.
Telegraph:
- Embattled Alexis Tsipras faces domestic revolt over plans to implement 'harsh' austerity blitz. Leftist government is forced to defend its plans from left and right-wing critics amid prospect of a government collapse.
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