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.