Bloomberg:
- EU’s Barnier Has ‘Trust’ Issue With U.K. Over Unclear Brexit. (video) The European Union’s chief Brexit negotiator, Michel Barnier, issued his second stern warning to the U.K. in the space of a week, demanding Theresa May’s government make its positions clear so talks on its withdrawal from the bloc can start making progress. “We can’t remain idle as the clock’s ticking,” said an exasperated-sounding Barnier, when he briefed journalists in Brussels on Wednesday. “We need to know on which points we agree and on which points we disagree so that we can negotiate in earnest.”
- Latin America's Scandals Burn Emerging-Market Bond Funds. While emerging-market bonds extended an 18-month rally through June, money managers at some of the world’s largest debt funds were left in the dust. Developing-nation funds from Pictet Asset Management Ltd., Neuberger Berman Group LLC and RBC Global Asset Management Ltd. ended the first half of 2017 as the worst performers in their class, according to data compiled by Bloomberg. Portfolios managed by BlackRock Inc. and JPMorgan Chase & Co.’s asset-management unit also finished in the bottom quartile.
- European Stocks Rally Most in 11 Weeks on Yellen's Comments. (video) European stocks extended gains as Federal Reserve Chair Janet Yellen signaled that the U.S. central bank won’t rush to tighten monetary policy as inflation remains below target. The Stoxx Europe 600 Index rose 1.5 percent at the close, the most since April. All 19 sectors advanced. The European benchmark yesterday fell to its lowest level since April after Donald Trump Jr. released emails suggesting Russia’s government backed his father’s presidential campaign.
- Your Evening Briefing.
- Yellen's Take on Inflation Shifts Subtly in Remarks to Congress. (video) Federal Reserve Chair Janet Yellen on Wednesday altered the language she used to describe recent softness in inflation, expressing deeper concerns over how persistent that weakness may prove. In written testimony to lawmakers, Yellen noted declines in “certain categories of prices,” in a reference to drops in prices for mobile telecommunications services and pharmaceuticals. However, she called lower inflation “partly the result” of those factors. In June, her take was subtly, but importantly, different. At the beginning of a June 14 press conference after a Fed meeting at which officials voted to raise interest rates, Yellen said recent lower inflation was driven “significantly by what appear to be oneoff reductions in certain categories of prices.”
- Bernanke and Other Heavyweights Warn Trump Against Steel Tariffs. Former Federal Reserve chairmen Ben Bernanke and Alan Greenspan and other leading economists are warning President Donald Trump that new tariffs on foreign steel would raise costs for U.S. manufacturers, increase prices for consumers and harm relations with allies.
- Senators Explore Bipartisan ‘Plan B’ to Troubled GOP Health Bill. (video) More than half a dozen Republican and Democratic senators have discussed alternatives to the embattled GOP health-care bill, even as Majority Leader Mitch McConnell said he plans a vote next week to muscle the Obamacare repeal measure through the Senate. Talks about a bipartisan fallback are based on the idea that Obamacare insurance markets have problems and would need to be fixed if the health-care bill dies. For Democrats, it would avert a repeal of a signature achievement that they admit needs improvement. For some GOP moderates, it would be a concrete act that would help their constituents amid a maelstrom of partisan bickering.
- Bitcoin Acceptance Among Retailers Is Low and Getting Lower. Retailers were already skeptical about letting customers pay with bitcoin before the cryptocurrency’s price underwent an astronomical rally this year. That rapid surge hasn’t made them any more accepting. In fact, it may have done the opposite.
- Paul Singer Made $57.6 Million in One Day on This Bet.
Wall Street Journal:
- Visa(V) Takes War on Cash to Restaurants. Company offers up to 50 merchants $10,000 apiece to upgrade payment technology and stop taking cash.
- China’s Bid to Curb Its Booming Housing Market Has Only Made It Hotter. Higher rates and larger down payments don’t deter buyers, who don’t believe the government will allow a market collapse.
- Morning After Email Release, Trump Declares Son’s Innocence, Attacks News Media. ‘This is the greatest witch hunt in political history. Sad,’ the president writes on Twitter.
- Apple(AAPL) to Build China Data Center to Meet New Cybersecurity Law. The iPhone maker’s compliance comes as it faces increasing regulatory headwinds in China.
- Sign of the Bottom? New ETFs Will Bet Against Beaten-Down Retail Stocks. Planned ETFs to bet against brick-and-mortar retailers could prove a contrarian signal.
- Enlisting Virtual Reality to Ease Real Pain. Putting on VR goggles and virtually swimming with dolphins can ease some patients’ pain, new research shows. Hospitals across the country are giving VR a try.
Fox News:
CNBC:
- Insana: Nominating ex-commodity trader Cohn to lead Fed like letting 'gambling addict run a casino'.
- A surprising stock is leading the Dow this year. (video) Far from being a hot tech stock, the best-performing stock in the Dow Jones industrial average this year is a stalwart that action-seeking traders may not think about too much: Boeing.
- Amazon(AMZN) Prime Day breaks record; sales grew by more than 60 percent.
Zero Hedge:
- How Hermitage Capital, Ziff Brothers And The Clinton Global Initiative Prompted The Trump Jr. Meeting.
- Watch Live: Janet Yellen Testifies Why The Fed Is Once Again "Uncertain".
- The "News" Is Content-Free.
- Fed Chair Janet Yellen Warns Congress: US Debt Trajectory Is Unsustainable.
- China Creates A Quarter Trillion In New Loans But Analysts Are Worried: "It's Not Enough". (graph)
- Loonie Spikes After Bank Of Canada Raises Rates For The First Time Since 2010... As Expected. (graph)
- Brazilian Real Surges After Ex-President Lula Found Guilty Of Corruption, Faces 9 Years In Prison. (graph)
- Fed's Beige Book Warns Of Declining Auto Sales, Sees Rising Benefit Costs Limiting Wages.
- BART Withholds Video Of Attacks Over Concern About "Stereotypes".
- Trump Rages: "Look What Hillary Clinton May Have Gotten Away With. Disgraceful".
- Yellen's Dovish Turn: Concerned About Inflation, Sees Little Room For Rate Increases.
- Mortgage Applications Plunge As Rate-Hike Craters Refis. (graph)
- Gary Cohn As Next Fed Chairman?
Business Insider:
- Nvidia's secret weapon just led to an upgrade from Wall Street (NVDA). The company is well known by PC gamers for its graphics processing units, and Nvidia has gained a recent foothold in the data center and driverless-car sectors. But these are just symptoms of Nvidia's biggest weapon: a company culture of innovation. That's according to a note to clients from SunTrust Robert Humphrey, who upgraded Nvidia to a Buy and raised the price target on the stock to $177, 12% higher than the current share price.
- Trump's personal attorneys are reportedly fed up with Jared Kushner.
PredictIt:
TheStreet.com:
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