Today's Headlines

Bloomberg:

• U.K. in Limbo as May Power Bid Stalled Before Brexit Talks. (video) The U.K. slipped further into political limbo as Prime Minister Theresa May’s talks with Northern Ireland’s Democratic Unionists dragged on and calls mounted for a cross-party consensus on Brexit. Scottish First Minister Nicola Sturgeon wrote to May to demand clarity on her plans for talks with the European Union and protect “participation” in the bloc’s single market and customs union. Hers was the latest cry for a “more inclusive process” in setting priorities for the exit negotiations with the EU.
• PBOC Says Lower M2 Growth May Become China's New Normal. (video)
• European Stocks Retreat as Banks Fall After U.S. Data Miss. European stocks fell for the second time this week as banks slid after disappointing U.S. economic data signaled uneven growth ahead of the Federal Reserve’s rate decision. The Stoxx Europe 600 Index lost 0.3 percent at the close, reversing an earlier advance of as much as 0.7 percent. The region’s lenders tracked losses in U.S. peers as the dollar weakened following data showing that inflation cooled and retail sales unexpectedly contracted in the world’s biggest economy. Miners slid to a six-week low and energy shares fell to a November low. Technology shares rebounded for a second day, following their biggest slump in almost a year.
  Your Evening Briefing.
• Portfolio Managers Are Holding Record Levels of Corporate Debt.
• Homebuilder ETF Rallies as Treasury Yields Tumble.

Wall Street Journal:

• Congressman Scalise, Others Shot; Alleged Gunman Is Dead -- Live Coverage.
• Federal Reserve Interest-Rate Decision—Live Analysis.
• Tax Cuts That Last—With 51 Votes. The ‘budget window’ has traditionally been a decade. But the Senate could make it 25 years.

MarketWatch.com: 

• Dow can hit 22,900—as long as tech doesn’t ‘roll over’, says godfather of chart analysis.

Fox News:

• Scalise shooter ID'd as James Hodgkinson. (video)
• Steve Scalise shooting: 'Political rhetorical terrorism' contributed to attack, rep says. (video)

CNBC:

• Millionaires own a record 45% of the world's wealth — and their share is growing.
• Apple(AAPL) prepping for an iPhone 8 'super cycle,' ramping up production, Credit Suisse says.
• US shale oil strikes again: Non-OPEC output growth to outpace demand gains in 2018.

Zero Hedge:

• Multiple People Shot, Including House Majority Whip, At Congressional Baseball Practice; Shooter Dead.
• Shooter Identified As Never-Trumper James Hodgkinson: “Mr. President You Are Biggest Asshole Ever”.
• 10-Year Treasuries Break Key Trendline As Yield Curve Collapses. (graph)
• WTI Plunges To $44 Handle After Inventory & Demand Disappointment. (graph)
• Goldman(GS) Revises FOMC Forecast After Third Consecutive CPI Miss.
• Consumer Price Growth Plunges To 27-Month Lows As Shelter Inflation Rolls Over. (graph)
• GM(GM) Extends Plant Shutdowns As Toxic Trifecta For Auto Loans Fuels Carmageddon.
• Retail Sales Tumble Most Since January 2016 As Gasoline, Electronics Sales Slump. (graph)
• Bundesbank's Weidmann: Digital Currencies Will Make The Next Crisis Worse. (graph)
• Q2 GDP In Trouble As Business Inventories Tumble In April. (graph)

The Telegraph:

• Bernie Sanders says he is 'sickened' after supporter shoots top Republican Steve Scalise and Republican aides at baseball practice.