Today's Headlines

Bloomberg:

• China’s Robot Revolution May Affect the Global Economy. China is installing more robots than any other nation, and that may affect every other nation. Shipments jumped 27 percent to about 90,000 units last year, a single-country record and almost a third of the global total, and will nearly double to 160,000 in 2019, the International Federation of Robotics estimates.

• Your Evening Briefing. (video)

• GOP Eyes Budget Maneuver to Allow $450 Billion More in Tax Cuts. (video) Under the proposal, the GOP would not account for things like expiring tax breaks when gauging the budgetary impact of tax legislation -- giving tax writers more room for cuts. Senate budget and tax panels are discussing the move to a “current policy” baseline -- instead of the standard “current law” baseline -- said the people who asked not to be identified because the discussions are private. The chief House tax writer, Kevin Brady, also signaled openness to the approach last month, saying it would lead to deeper tax cuts.

• Home Prices in U.S. Rose 6.6% in the Second Quarter, FHFA Says. Prices rose 1.6 percent on a seasonally adjusted basis from the previous three months, the Federal Housing Finance Agency said in a statement Tuesday. In June, prices climbed 0.1 percent from May, less than the 0.5 percent average estimate of 12 economists.

• What’s New in the Apple(AAPL) iPhone 8.

• Energy Transfer Suit Claims Greenpeace Incites Eco-Terrorism. Energy Transfer Partners LP accused Greenpeace International, Earth First! and other groups of inciting terrorist acts and vandalism to generate publicity and raise money for their causes while hampering the Dakota Access pipeline majority owner’s ability to raise money for projects.

Wall Street Journal:

• Miners Are Flush With Cash Again. BHP, Rio Tinto, Glencore are raking in profits thanks to a commodity price rally.

• Trains in Vain: Epic CSX(CSX) Traffic Jam Snarls Deliveries, From Coal to Fries. Changes pushed by new CEO at huge East Coast railroad cause summer of woe in supply chains at farms, mines, manufacturers.

• Chevron(CVX) CEO John Watson to Step Down. Transition expected to be announced next month; successor not yet finalized.

• U.S. Shift Boosts Afghans, Risks Pushing Pakistan Toward China. Afghan president says move to help counter Taliban, but Pakistani officials believe there is no military solution.

• ‘Serious Doubts’ Over Bayer and Monsanto’s $57 Billion Megadeal, Says EU. In-depth investigation could derail companies’ plans to close deal by year-end.

MarketWatch.com:

• The Dow Theory is telling us to chill about the health of the bull market.

Fox News:

• North Korea’s latest propaganda puts Trump in cemetery. (video)

CNBC:

• Corporate insiders show no fear, despite pullback warnings. (video)

• IPhone 8 face scanner will unlock the phone almost instantly, says report.

Zero Hedge:

• Trader Warns Jackson Hole's "Hesitantly Optimistic" Chatter Will Be "Nothing But Buying Time".

• Mnuchin's Trophy Wife Blasted After Instagram Spat Goes Viral.

• More Peak Shale: World's Largest Miner Is Selling Its Shale Assets.

• Treasury Slaps Sanctions On China, Russia Entities And Individuals Over North Korea.

• Stocks Surge At The Open On Report Trump "Making Strides" On Tax Reform. (graph)

• One Body, "Some Remains" Found In Search For 10 Missing Sailors From USS John S. McCain.

• Norway Government Forces Sovereign Wealth Fund To Buy $100 Billion More In Stocks "To Safeguard The Country's Riches".

Business Insider:

• A $3.4 billion hedge fund's letter raises a fundamental question about the future of the industry.

• These 17 US companies have the biggest piles of cash.

Reuters:

• European stocks break three-day losing streak.