Today's Headlines

Bloomberg: 

• Earnings Rally Fizzles Out as Dow Posts Worst Week Since January. Equity investors had a chance to grab onto something other than Greece this week, and the result wasn’t pretty. A nascent rally tied to earnings disappeared as blue-chip companies bore the brunt of selling that drove the Dow Jones Industrial Average down the most since January. Energy and raw-material stocks were driven lower by a global rout in commodities. Stocks worldwide tumbled 2.1 percent, with the MSCI All-Country World Index posting its worst week of the year. The Dow dropped 517.92 points, or 2.9 percent, to 17,568.53. The Standard & Poor’s 500 Index slid 2.2 percent and the Nasdaq Composite Index fell 2.3 percent, the biggest declines for both gauges since March.
• Junk-Debt Market Rocked as Cautious Creditors Stymie New Deals. Junk-bond investors, who had been financing the riskiest U.S. companies in a bid to boost returns, are asking for a time-out amid a deepening rout in commodities. Energy-services providers Exterran Holdings Inc. and leather-chemicals company Stahl scrapped plans to raise debt after failing to gather enough investor support. Lenders are extracting concessions from hospital owner Prime Healthcare Services Inc. and Builders FirstSource Inc. as yields on speculative-grade debt climb to a seven-month high. “The market is really differentiating between the winners and the losers,” said John McClain, a money manager at Diamond Hill Capital Management Inc., in Columbus, Ohio. “And the losers are being punished. The confluence of global events -- especially within the commodity space -- has weighed on the market.”
• Hillary Clinton's Fix for Short-Termism? They Tried It in 1934. One thing she didn't mention: the last time the U.S. taxed capital gains roughly the way she wants to was during the depths of the Great Depression. Hillary Clinton didn't mention 1934 in her speech today about fighting short-termism, but she could have. The last time the U.S. taxed capital gains roughly the way she wants to was from 1934 to 1941, from the depths of the Great Depression to the eve of World War II.In other words, when it comes to tax policy, everything old is new again.

Wall Street Journal:

• Teva(TEVA) in Advanced Talks to Buy Allergan’s(AGN) Generic-Drug Unit. Agreement, valued at $45 billion, would give Teva what it was seeking from Mylan.
• Global Growth Worries Pummel Commodities. ‘Confluence of negative factors’ creates doubt; gold, copper and silver are at lowest in years.
• The Iran Deal and the ‘Problem of Conjecture’. Obama is hoping that the nuclear pact will lead to equilibrium in the Middle East. All the evidence points the other way.
• Hillary Clinton Classified. Contrary to her claims, she did email secret information. 

Fox News: 

• Special Ops Chief: Russia aims to divide NATO, poses 'existential' threat to US. Russia seeks to test the United States at every opportunity and divide the NATO alliance, posing the most significant long term threat to US national security, the head of the U.S. Special Operations Command, General Joseph Votel , told the Aspen Security Forum. "Russia is looking to challenge us wherever they can,” Votel told Fox News’ Catherine Herridge.  "The intent is to create a situation where NATO can't continue to thrive."

CNBC:

• Renewed bailout talks between Greece and creditors hit snags. Talks to agree a new €86bn bailout for Greece ran into trouble on Friday after Athens raised hurdles for negotiators in the Greek capital, forcing them to postpone their arrival amid renewed acrimony.
  
• Hillary’s inconceivably stupid capital-gains tax scheme. The worst sectors of the worst recovery since World War II are business investment in new plants and equipment and new business start-ups. These are the biggest job creators, and their slump is a key reason for the sub-par labor recovery, with low participation rates and high involuntary part-time workers. So if investment is the problem, what does Hillary Clinton go out and do? She proposes jacking up the tax on investment. It's almost inconceivably stupid.
  

ZeroHedge:

• Iran's Supreme Leader Has A Message For President Obama. (pic)
• Furious Coal CEO Lets It All Out: "Obama Is Nation's Great Destroyer".
• This Has Never Happened To Gold Before. (graph)
• Abenomics End Game: Thousands Protest In Downtown Tokyo, Demand Abe's Resignation As PM Disapproval Soars. (graph) 
• Bubble, Bubble, Toil, & Trouble: When Authorities Buy Assets To Prop Up Markets. (graph)
• The Three Cs Keeping CFOs Up At Night: China, Commodities, Currencies. (graph)
• The Junk Bond Heatmap Has Not Been This Red In A Long Time. (graph)
• Aussie Dollar Tests Long-Term Trendline As China Contagion Spreads. (graph)
• Another VA Scandal: GI Bill Funnels Taxpayer Money To Masturbation Classes, "Hate Churches" & More.
• Hillary Agrees To Testify Publicly Over Benghazi Deaths.
• Attention America's Suburbs: You Have Just Been Annexed.
• The FBI And DOJ Get Involved: Hillary Clinton Sent Confidential Emails From Her Personal Email Account.
• Did The Canary In The Credit Coalmine Just Croak: Capital One Credit Loss Provisions Soar By 60%. (graph)
• Howard Marks Interviewed: "There’s No Free Market Today".
• Stocks Suffer Worst Week Of Year Amid Biotech Bloodbath, Commodity Carnage, & Bond Buying. (graph)
• 5 Things To Ponder: Shades Of Risk. (graph)

Business Insider:

• BP's(BP) bet on India is turning into a headache.
• Cisco's(CSCO) John Chambers spent his last month as CEO flying around Europe warning that 40% of companies will die.
• Apple(AAPL) just confirmed everybody's biggest fear about China. Everyone worried about an economic slowdown in China and the impact it could have on the US economy should read that again: "... evidence of a widespread demand reset from China is mounting ..."
• The nuclear deal gives a dangerous amount of atomic expertise to Iran.
• We might already be in a bear market.
• 6 reasons why Europe should be worried about Catalonia's push for independence from Spain.

Financial Times:

• Syriza’s covert plot during crisis talks to return to drachma. Arresting the central bank’s governor. Emptying its vaults. Appealing to Moscow for help. These were the elements of a covert plan to return Greece to the drachma hatched by members of the Left Platform faction of Greece’s governing Syriza party.

Telegraph: 

• Emerging market currencies crash on Fed fears and China slump. Brazil faces a 'perfect storm' as the country as the country slides deeper into recession, the politics go haywire and the Fed prepares to raise rates.