TOP STORIES
NEW GREEK PROPOSAL FALLS SHORT OF DEMANDS
A new proposal for budget cuts and policy overhauls from Greek
Prime Minister Alexis Tsipras was dismissed by European officials
as insufficient to revive negotiations over a new bailout.
PRIVATE SECTOR ADDS 237,000 JOBS IN JUNE
Private payrolls in the U.S. increased by 237,000 jobs in June,
according to the ADP report. However, the outcome was near
expectations and not seen changing forecasts for Thursday's
employment report from the Labor Department.
U.S. STOCKS ADVANCE
U.S. stocks opened higher Wednesday after Greece sent a fresh
bailout proposal to its creditors, fueling hopes of a deal being
reached.
CHRYSLER, FORD SALES ROSE IN JUNE; GM'S FELL
Several top auto makers posted higher U.S. sales in June, as
strong demand for trucks and SUVs continued to drive the
market.
ACE TO BUY CHUBB FOR $28.3 BILLION
ACE agreed to buy fellow property-and-casualty insurer Chubb in
a cash-and-stock deal valued at $28.3 billion, making the tie-up
one of the biggest deals this year.
IRAN PRESIDENT TO MEET U.N. ATOMIC AGENCY HEAD
Yukiya Amano, the head of the U.N. atomic agency will meet with
the Iranian President and others in a bid to reach a nuclear
agreement between Iran and six world powers.
GENERAL MILLS'S REVENUE GROWTH WEAKER THAN EXPECTED
General Mills reported weaker-than-expected revenue in its May
quarter, as the food maker continues to struggle with changing
consumer tastes.
ALIBABA STRIKES AN ENTERTAINMENT DEAL IN CHINA
Alibaba, DMG Entertainment and Hunan Satellite Television are
striking a deal to expand subscription-based Internet, cable and
mobile entertainment to Chinese consumers.
FED'S BRAINARD SEES LITTLE EVIDENCE OF STRAINS IN MARKET LIQUIDITY
Federal Reserve Governor Lael Brainard on Wednesday pushed back
against industry complaints that post-crisis reforms to financial
regulation are reducing market liquidity--the ability to buy and
sell securities quickly--and potentially laying the groundwork for
another bout of turmoil.
PROFITS RISE AT CONSTELLATION BRANDS
Constellation Brands Inc. reported a 15% jump in first-quarter
profit, as the alcoholic-beverage maker's Mexican beer segment
continued to propel growth.
EUROZONE MANUFACTURING HITS 14-MONTH HIGH
Manufacturing activity in the eurozone hit a 14-month high in
June, as growth accelerated in Germany, France and the Netherlands,
a survey showed.
DEUTSCHE CEO TO STAFF: DON'T EXPECT 'SWEETNESS AND LIGHT'
Deutsche Bank's incoming co-Chief Executive John Cryan postponed
a detailed presentation of the giant German lender's new strategy
to the end of October.
CHINA RETURNS TO BEAR MARKET
China's main market fell sharply after a stretch of calm earlier
Wednesday, reviving the choppy trade that dominated the past two
weeks and erased some gains from a yearlong bull market.
OIL DECLINES AHEAD OF INVENTORY DATA
Oil prices were in the red on bearish U.S. oil inventory data
and continuing signs that the world has an oversupply of petroleum
that won't end soon.
U.S. TO OPEN HAVANA EMBASSY
The U.S. and Cuba have reached an agreement to restore
diplomatic relations and reopen embassies in each other's capitals,
the biggest step yet toward ending a half century of animosity
between the two countries.
ARRESTED TOYOTA EXECUTIVE RESIGNS
Toyota Motor managing officer Julie Hamp, who was arrested last
month in Tokyo on suspicion of violating Japan's drug laws, has
resigned.
BROOKFIELD APPROACHES AUSTRALIA'S ASCIANO WITH $6.8 BILLION
Australian port-and-rail operator Asciano received a $6.8
billion offer from Brookfield Infrastructure Partners that would be
one of Asia's biggest takeovers this year.
BILL GROSS GETS CO-MANAGER AFTER ACQUISITION
Janus Capital is spending at least $85 million to buy a majority
interest in Kapstream Capital, and one of the Australian-American
bond fund's founders will join Bill Gross's fund as a
co-manager.
CHINA INVITES NORTH KOREA'S KIM TO BEIJING
China has invited Kim Jong Un to attend events in September to
commemorate the 70th anniversary of the end of World War II.
BANK OF ENGLAND WARNS GREECE THREATENS FINANCIAL STABILITY
The Bank of England said the outlook for financial stability in
the U.K. has deteriorated in recent days as the crisis in Greece
intensifies, underscoring how the Mediterranean nation's debt
troubles are reverberating outside the eurozone.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
Moneybeat Blog
DOW'S FIRST HALF A RED FLAG FOR THE FULL YEAR
The Dow's first-half performance, down 1.4%, does not bode well
for its second half. In the 45 years where the index has fallen in
the first half, it has had a positive full year only 31% of the
time.
China News
CHINA ADOPTS SWEEPING NATIONAL SECURITY LAW
China adopted a sweeping, new national security law that the
government says is needed to counter emerging threats but that
critics say may be used to quash dissent and exclude foreign
investment.