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.