Today's Headlines

Bloomberg:

• Tsipras Takes On Party Rebels With Threat of Snap Greek Vote. Greek Prime Minister Alexis Tsipras took on dissenters within his own party, warning he’ll call an election unless backbenchers opposing a deal with creditors fall into line or quit. “I’m the last person who would want elections,” the 41-year-old premier said in an interview Wednesday with Sto Kokkino, a radio station linked to his party. “If I don’t have a parliamentary majority, though, we will be forced to head to a snap vote.”

• Canada’s Harper Isn’t ‘Hopeful’ Obama Will Approve Keystone. Canadian Prime Minister Stephen Harper said U.S. delays in approving the Keystone XL pipeline are “not a hopeful sign” and reflect the “peculiar politics” of the Obama administration. “A positive decision has not been rendered for a very long time, that’s obviously not a hopeful sign,” Harper said in an interview Wednesday at his Ottawa office, adding he discussed the matter recently with the U.S. president. “I think there’s very peculiar politics of this particular administration.”  

• European Stocks Advance for Second Day on Earnings, M&A Boost. European stocks had their biggest two-day gain in two weeks as companies from Bayer AG to PSA Peugeot Citroen reported better-than-estimated earnings and deals activity intensified. Bayer and Peugeot rose more than 3.9 percent. GlaxoSmithKline Plc climbed 3.5 percent after the U.K.’s biggest drugmaker posted second-quarter profit that declined less than analysts had estimated. Barclays Plc added 1.8 percent and Numericable-SFR SAS added 3 percent as profit rose. Italcementi SpA surged 49 percent as HeidelbergCement AG said it will buy it. The German company lost 6.3 percent. The Stoxx Europe 600 Index gained 1 percent to 394.01 at the close of trading in London. 

• Trouble in Steel Town as Pittsburgh to Asia Face Global Glut. Steelmakers worldwide are grappling with the consequences of China’s slowdown, which has spurred mills in the top producer to boost overseas sales as local demand growth stalls for the first time in a generation. That’s boosted competition from Asia to the U.S. and South Africa, and helped to trigger lower prices. The global industry is reeling under the impact of exports from China, according to Sajjan Jindal, chairman of JSW Steel Ltd., India’s third-largest producer.

• Federal Open Market Committee July 29 Statement: Text.

• Fed Says Labor Market Improves as It Moves Toward Rate Rise. (video) Federal Reserve policy makers said the labor market and housing have improved, moving closer to ending an unprecedented period of near-zero interest rates without providing a clear signal on the timing of liftoff. “The labor market continued to improve, with solid job gains and declining unemployment,” the Federal Open Market Committee said in a statement Wednesday in Washington. It said that “underutilization of labor resources has diminished,” dropping the modifier “somewhat” to describe the change.

 ZeroHedge:

• Total Collapse: Greece Reverts To Barter Economy For First Time Since Nazi Occupation.

• Top Factors Undermining Any Oil Price Recovery.

• Janet Yellen Can't Pop The Biotech Bubble (But The SF Gate Can). (graph)

• Banks Squirm As Congress Moves To Cut The 6% Dividend Paid To Them By The Fed.

• Hillary Does It Again: What "Everyday American" Would Pay $600 For This Haircut? (pic) Hillary Clinton put part of Bergdorf Goodman on lockdown on Friday to get a $600 haircut at the swanky John Barrett Salon.

• This Is The Biggest Paradox Facing The Fed Ahead Of Its Rate Hike Decision. (graph)

• Crude Surges After Surprise Inventory Draw, Biggest Production Decline Since 2013. (graph)

• Pending Home Sales Plunge Most Since 2013, Holdout Buyers Blamed. (graph)

• Greek Bonds Tumble As Tsipras Threatens Snap Election. (graph)

• A Veteran Trader Slams The Fed: "Savers Are The Patsies For Share Buybacks".

• The Layoffs Return: Energy Giants Chevron, Saipem To Fire Over 10,000 Workers.

• The Fate Of China's Monetary Policy Is In The Hoofs Of Pigs. (graph)

Business Insider:

• Crude oil is spiking.