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.
U.S. STOCKS ADVANCE
U.S. stocks rose Wednesday after Greece sent a fresh bailout
proposal to its creditors, fueling hopes of a deal being
reached.
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, the largest-ever
deal between two companies in the insurance industry.
PRIVATE SECTOR ADDS 237,000 JOBS IN JUNE
Private payrolls in the U.S. increased by 237,000 jobs in June,
an ADP report showed. However, the outcome was near expectations
and not seen changing forecasts for Thursday's employment report
from the Labor Department.
PUERTO RICO UTILITY MAKES PAYMENTS TO BONDHOLDERS
The Puerto Rico Electric Power Authority paid all principal and
interest due to bondholders, buying the troubled utility time as it
works to reach a deal with creditors.
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.
FANNIE, FREDDIE CEOS TO GET $3.4 MILLION RAISES
The chief executives of government-controlled mortgage-finance
firms Fannie Mae and Freddie Mac will get multimillion-dollar
paydays thanks to a massive raise approved by the companies'
regulator.
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.
U.S. FORMALLY RESUMES DIPLOMATIC TIES WITH CUBA
President Barack Obama announced Wednesday that the U.S. and
Cuba have formally reestablished diplomatic relations after a
half-century freeze and called on Congress to lift the
long-standing embargo on travel and trade.
IRAN PRESIDENT TO MEET U.N. ATOMIC AGENCY HEAD
U.N. atomic agency head Yukiya Amano will meet with Iran's
president and others in a bid to reach a nuclear deal between Iran
and six world powers.
OIL SLIDES ON INVENTORY DATA
Oil prices extended their losses on Wednesday after weekly
inventory data showed the first increase in U.S. crude-oil supplies
in nine weeks.
CHANGING CONSUMER TASTES CONTINUE TO WEIGH ON GENERAL MILLS
General Mills reported weaker-than-expected revenue in its May
quarter, as the food maker continues to struggle with changing
consumer tastes.
CBS, AT&T REACH NEW DISTRIBUTION DEAL
CBS and AT&T's U-Verse have reached an agreement that will
keep the broadcast network's local television stations and its
premium cable channel Showtime on the pay-TV distributor's
systems.
SEC PROPOSES BROADENED CORPORATE 'CLAWBACK' RULE
U.S. securities regulators proposed rules requiring public
companies to "claw back" some of their top executives' compensation
if their firms' financial statements later turn out to have
contained errors.
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 Banks incoming co-Chief Executive John Cryan said he is
committed to simplifying the bank and narrowing the scope of it's
operations.
CHINA APPROVES SIX IPOS DESPITE MARKET TURMOIL
China's stock regulator approved plans for six initial public
offerings despite a market slump into bear territory and no sign of
immediate recovery.
ARRESTED TOYOTA EXECUTIVE RESIGNS
Toyota Managing Officer Julie Hamp, who was arrested last month
in Tokyo on suspicion of violating Japan's drug laws, has
resigned.
======= 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.
Commodities
COMMODITIES BREAK THEIR TIES
After marching in step for months, commodity markets broke ranks
in the second quarter amid pressure from tumbling oil prices and a
historic rally in the U.S. dollar.