- Trump policy doubts, weak inflation to weigh on Wall Street (Reuters)
- Trump Remarks on Violent Rally Rattle Aides, Risk Agenda (WSJ)
- Trump blasts Republican senators over Charlottesville criticism (Reuters)
- Trump’s crisis spurs talk of White House departures (Reuters)
- Apple denounces neo-Nazis as Spotify bans ‘white power’ tracks (Guardian)
- The 48 Frantic Hours Before CEOs Broke With Trump (BBG)
- ECB Officials Expressed Concern Over Risk of Euro Overshoot (BBG)
- Euro dives to three-week low after ECB points to overshoot (Reuters)
- Saudi Crude Exports Fall Just as Domestic Stockpiles Dwindle (BBG)
- Goodbye contango? Oil’s long march toward backwardation (Reuters)
- North Korea shows the Capitol Building being obliterated by red missiles (Daily Mail)
- What will Kim do next? Sixth nuclear test seen critical for North Korea (Reuters)
- Robert Mueller May Not Be The Savior The Anti-Trump Internet Is Hoping For (NPR)
- U.S. General Says Trump Has Final Say on Unilateral Korea Strike (BBG)
- The Growing List of Money Managers Cutting Their Exposure to Junk Bonds (BBG)
- Despite Economic Growth, Many in Europe Still Lack Steady Jobs (WSJ)
- For Bull Market in U.S. Stocks, You’re Only as Young as You Feel (BBG)
- Alibaba beats on earnings as e-commerce remains core revenue driver (Reuters)
- Bannon Says He Fights Mnuchin, Cohn Daily for Tough China Policy (BBG)
- Henry Hub Emerges as Global Natural Gas Benchmark (WSJ)
Wal-Mart Sales Rise as Retailer Dodges Industry Malaise (WSJ)
Overnight Media Digest
WSJ
– Business leaders disbanded two CEO councils created by the White House, a move they said was protesting Donald Trump’s failure to sufficiently condemn racism, marking a dramatic break between U.S. companies and a president who has sought close ties with them. on.wsj.com/2w3vk9d
– Apple Inc has set a budget of roughly $1 billion to procure and produce original content over the next year, as the iPhone maker shows how serious it is about making a splash in Hollywood. on.wsj.com/2w3Njwm
– Facebook Inc dismantled a popular anonymous discussion board for employees last year that had become a forum for conservative political debate that sometimes degenerated into racist or sexist comments. on.wsj.com/2w3zOMU
– Recent moves by tech companies including Alphabet Inc’s Google, GoDaddy Inc, Uber and GoFundMe to crack down on white supremacists thrust them into unusual territory for corporations that often take a more hands-off approach. on.wsj.com/2w3R19g
– President Trump’s comments faulting both sides in Saturday’s deadly white nationalist protest in Virginia rattled his staff and risk setting back his policy agenda in Congress. on.wsj.com/2w3LqQ5
FT
– The Energy & Utilities Alliance, a group of energy companies, is pressing a Parliamentary inquiry into the consequences of the closure of Centrica Plc’s Rough storage site off the Yorkshire coast.
– Amazon.com Inc has boost its UK investment with new fulfilment centre in Bristol that will create 1,000 new permanent jobs. Ahead of the facility’s opening which is slotted for 2018, Amazon will begin recruiting operation managers, engineers, human resources specialists.
– An official data published on Wednesday shows the number of EU nationals working in the UK has hit a record high with an estimated 2.37 million EU workers. This is the highest figure since records began two decades ago and was driven by a large increase in the number of Bulgarian and Romanian citizens who have found employment in the UK.
– Hedge fund Elliott Management acquired a specific class of debt worth about $60 million from Fidelity Investments that gives it the power to approve or block Berkshire Hathaway Inc’s $18 billion agreement to buy Oncor.
NYT
– U.S. President Donald Trump announced that he would dissolve two councils of business leaders after a decision by the members of his Strategic and Policy Forum to disband. nyti.ms/2fMFB36
– A growing number of Federal Reserve officials see a need to adjust the central bank’s assumptions on the economy, according to an account of the latest policy meeting. nyti.ms/2fMj2eT
– Eboni Williams, a host of the show “the Specialists” on Fox News, derided Trump in exceptionally blunt terms over his response to the violence at a white supremacist rally in Virginia on Saturday. In the days since her segment aired, Williams said she had received nearly 150 menacing messages from people who denounced her remarks and called her a traitor, a racist, a “disgrace,” and anti-American. nyti.ms/2fNFPH2
– The Trump administration opened talks with Canada and Mexico on the North American Free Trade Agreement by asserting that the current deal had failed. nyti.ms/2fMP7Dg
– Some of China’s biggest technology players are backing a plan to invest nearly $12 billion in one of the country’s telecommunications giants, China Unicom Hong Kong Ltd, the latest move in a broader government push to shake up the country’s bloated state-run companies. nyti.ms/2fMH3lP
Canada
THE GLOBE AND MAIL
Fidelity Investments Canada ULC is gearing up to enter the crowded market for exchange-traded funds, with the company on the hunt for an executive to develop ETFs to sell in this country. tgam.ca/2vLtwPw
The Saudi Arabian government is defending the recent deployment of Canadian-made armoured vehicles against residents of the kingdom’s eastern province, saying security forces found it necessary to use “military equipment” to fight terrorists who threatened the safety of its population. tgam.ca/2w4qlVJ
The federal government has pledged more than C$21 million ($21.00 million) in humanitarian assistance to help respond to an unprecedented famine in Yemen and parts of Africa, matching donations made by Canadians to registered charities earlier this year. tgam.ca/2w4b3A9
NATIONAL POST
The executive chairman of Sears Canada Inc, Brandon Stranzl, has stepped down in order to focus on making a bid for the insolvent retailer, currently operating under court protection. bit.ly/2w54sWo
Grocery chain Loblaw Companies Ltd and Canadian Imperial Bank of Commerce have terminated their 19-year President’s Choice Financial partnership as the bank unveiled its own digital brand on Wednesday. bit.ly/2w4CEkK
Britain
The Times
– The U.S. government has filed what could be the largest Libor scandal-related lawsuit yet against some of Britain’s biggest lenders, alleging that their role in rigging borrowing rates had played a part in the collapse of American banks once worth more than $400 billion. bit.ly/2w2StIX
– The Financial Reporting Council said that it had fined PwC an initial 6 million pound ($7.73 million) and had severely reprimanded it for “extensive” misconduct relating to RSM Tenon Group Plc. bit.ly/2w2StIX
The Guardian
– U.S. President Donald Trump was forced to disband two White House business councils disintegrating around him on Wednesday in the wake of his controversial remarks about the weekend violence in Charlottesville. bit.ly/2w3lt31
– Figures from the Finance and Leasing Association, which represents about 86 percent of borrowing against vehicles in UK, show the number of used cars bought using finance increased by 7 percent in June compared with the same month a year ago. bit.ly/2w3lt31
The Telegraph
– Activist investor Elliott Advisors has shelved its legal battle against Dulux maker Akzo Nobel NV after its bid to oust the company’s chairman was last week rejected by a Dutch court. bit.ly/2w2rJIu
– Fiat Chrysler Automobiles NV is signing up to the group of BMW, Intel Corp and Delphi Automotive Plc and Continental AG to develop systems for self-driving cars. bit.ly/2w3srFs
Sky News
– The bakery chain Greggs Plc is in talks to join a truck cartel claim being brought by the Road Haulage Association which could total almost 4 billion pounds ($5.16 billion). bit.ly/2w3n74W
– Billing blunders by energy firms cost customers more than 102 million pound ($131.47 million) last year in the UK, figures reveal. A survey by energy switching site uSwitch found around 1.3 million households were overcharged by an average of 79 pound ($101.82) each by suppliers — and some are still waiting for a refund. bit.ly/2w31AJt
The Independent
– Amazon.com Inc has unveiled plans for a new warehouse near Bristol in Britain that is set to create over 1,000 jobs in a bid to meet growing customer demand. The online retail company says it will start recruiting engineers, operations managers, HR and IT specialists in 2018 ahead of the Severn Beach site’s opening next year. ind.pn/2uHY9YJ
– The UK Government is preparing a crackdown on the rapidly increasing proportion of top degrees being awarded by universities, amid fears that the value of higher education is being eroded. ind.pn/2w2NXKk
via http://ift.tt/2i8bZhj Tyler Durden