BETWEEN THE HEDGES: Today's Headlines

Bloomberg:

Merkel, Macron Pledge a United Europe as They Bid Kohl Farewell. European leaders paid tribute to Helmut Kohl, vowing to live up to the German’s unflagging efforts to work for European unity at a time when many voters across the continent have expressed their doubts. The life of the German chancellor, who oversaw his country’s 1990 reunification after the Cold War and helped forge Europe’s economic and monetary union, was celebrated Saturday in a rare memorial ceremony at the European Union Parliament in Strasbourg two weeks after his death at age 87.

Weidmann Meets the People With Reassurances on ECB Policy Path. German savers critical of the European Central Bank’s ultra-loose monetary stance have received some words of reassurance from the head of their own monetary institution. Normalization will “hopefully happen, and that’s something we’re working on and discussing,” Bundesbank President Jens Weidmann told a public audience between live music and beer booths at the institution’s Frankfurt headquarters on Saturday. “We are coming out of the worst economic crisis in post-war history, and therefore expansive monetary policy is appropriate. We just shouldn’t hold onto this policy for longer than necessary.”

Qatar Ready for Consequences of Blockade Showdown, Minister Says. The Qatari government, under a Saudi-led blockade of its air, sea and land links, is unwilling to concede any demands that threaten its sovereignty or violate international law, said Foreign Minister Mohammed Al Thani. The small Gulf emirate is prepared to let pass the deadline for complying with 13 demands set down by the bloc, including shutting the Al Jazeera television network and cutting back ties with Iran, he said Saturday in Rome, where he met with his Italian counterpart.

Alphabet(GOOGL) Says EU Antitrust Fine to Cut Profit by $2.74 Billion. Alphabet Inc. said late Friday that the European Commission’s recent antitrust fine will reduce second-quarter profit by about $2.74 billion. The company plans to report the fine in a separate operating expense line on its income statement. It’s not tax deductible, so the charge will reduce Alphabet’s net income and earnings per share by the full $2.74 billion amount, it said in a statement.

Macau Casino Revenue Misses Estimates Amid Tighter Rules. Casino revenue in Macau missed analyst estimates in June amid concerns of tightening regulation in the world’s biggest gaming hub. Gross gaming receipts in June rose 25.9 percent to 19.99 billion patacas ($2.49 billion), according to data released by Macau’s Gaming Inspection and Coordination Bureau Saturday. That compares with the median estimate for a 30 percent increase in a Bloomberg survey of 11 analysts and follows a 24 percent jump in May.

Wall Street Journal:

Insurers’ Policy Warnings Raise Stakes in Health Fight. Letters to some consumers say plans will be terminated at year-end.

Weak Inflation Continues to Hold Down Bond Yields. Expectations of a fiscal stimulus have faded, boosting demand for Treasurys and driving down yields.

Oil-Price Decline Looms as New Stock-Market Boogeyman. Collapse in crude prices could end bullish outlook for energy companies and remove boost to broader indexes.

Seattle Aims at McDonald’s, Hits Workers. A $15 minimum wage changes the basic labor-market bargain between the fast-food industry and its workers.

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