Today's Headlines

Bloomberg:

• Euro-Area Economy Steams Ahead as ECB Waits for Inflation. (video) The euro-area economy expanded apace in the second quarter, a sign the bloc’s upswing is becoming increasingly robust and self-sustaining. Gross domestic product in the 19-country region rose 0.6 percent in the three months through June, after increasing 0.5 percent at the start of the year. That’s in line with the median estimate in a Bloomberg survey of economists.

• Your Evening Briefing.

• Why a Little Economic Overheating Won't Spoil the Market Rally. The “Goldilocks” rally still has juice. That perfect environment to sustain broad market gains -- when global growth is fast enough to lift corporate profits, but tame enough to keep inflation muted -- should be in effect for at least another 12 months, according to Kevin Gaynor, the head of international economics at Nomura Holdings Inc

• Facebook(FB) Is Working on a Video Chat Device.

• July Violence Pushes Chicago's 2017 Homicide Total Past 400.

Wall Street Journal:

• Senate Democrats Lay Out Conditions for Working With GOP on Tax Policy. Principles laid out in a letter dated Tuesday will be hard for Republicans to meet.

• Sprint(S) Says a Merger Decision Is Near. Wireless carrier has talked to ‘several parties,’ CEO says, adding an announcement is coming soon.

• Venezuela’s Opposition Leaders Dragged From Homes. Armed officers take Leopoldo Lopez and Antonio Ledezma a day after President Nicolás Maduro promises to jail rivals.

• Inside Goldman’s(GS) Struggle to Climb Out of Last Place in Trading. A 40% second-quarter decline in fixed-income activity sparks charm offensive designed to showcase a more customer-friendly Goldman.

• ETFs Now Have $1 Trillion More Than Hedge Funds. Investment flows show how Wall Street’s cheapest and priciest funds are diverging fast.

• The Calm Before the iPhone Boosts Wireless Industry. Second-quarter results for wireless carriers made it look like competitive pressures have died down. Investors shouldn’t be fooled.

Fox News:

• MS-13's most wanted: The violent gangsters the feds want behind bars. (video)

• Lock up the leakers? Sessions to unveil crackdown, as Kelly gets White House staff in line. (video)

MarketWatch.com: 

• European stocks log gains on wave of upbeat earnings, GDP growth.

CNBC:

• Alan Greenspan: The bubble is in bonds, not stocks. (video)

• Four numbers to watch in Apple's earnings — and four words to listen for.

• No clicks required: Artificial-intelligence is changing how we shop, Boxed CEO says. (video)

Zero Hedge:

• A Quarter Trillion Dollars In US Savings Was Just "Wiped Away". (graph)

• These Were The Best Performing Assets In July And YTD.

• Senator Graham: Trump Is Prepared To Strike; "There Is A Military Option To Destroy North Korea".

• Goldman(GS) Issues First Warning On Q3 Results.

• Investors Redeem Half Of Paul Tudor Jones' Main Fund In Past Year.

• House Judiciary Member Calls For Mueller Resignation Over Conflict, "Clear Violation Of Federal Code".

• Oil Just Plunged To A $48 Handle After Survey Suggests OPEC Output Jumped In July. (graph)

• Manufacturing Surveys Signal Economy "Still Stuck In Low Gear" Amid Collapse In 'Hard' Data. (graph)

• GM(GM) Auto Sales Crash, Dealer Inventory Near All Time High.

• Americans' Income Growth Slumps To Weakest Since November. (graph)