THE WORLD'S FINANCIAL NEWS ON JULY 8, 2015
Wednesday, July 08, 2015
| IN THE NEWS TODAY |
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| U.S. stock futures were sharply lower this morning on the crisis in Greeceand the massive selling in Chinese stocks. Wall Street was able to reverse steep early losses Tuesday and finish strongly higher. (CNBC) |
| Panic selling in Chinese stocks continued today, even as the government there announced new market measures. The Shanghai composite fell nearly 6 percent, as did Hong Kong's Hang Seng index. (CNBC) |
| The precipitous plunge in Chinese stocks, and Beijing's struggle to halt the fall, has sent shock waves through the country's 90 million-plus retail investors, who say their life-savings are "falling into an abyss." (CNBC) |
| Euro zone leaders have given Greece until Friday to produce a detailed reform plan ahead of an EU summit Sunday to decide whether to accept the proposal and negotiate more financial aid. | Live blog (CNBC) |
| Greece today asked its creditors for more money to tide the debt-stricken country over for three-years. Meanwhile, the European Central Bank said it would keep Greek lenders afloat until Sunday. (CNBC) |
| When the Fed gathered in June, it was before the failed Greek referendum and the Chinese stock meltdown. But this afternoon's release of minutes from that meeting will still get parsed for interest rate clues. (CNBC) |
| American optimism over the economy took a dip in the second quarter, largely the result of concern over rising prices, but the outlook of the wealthiest Americans surged, according to the CNBC All-America Economic Survey. |
| In his first TV interview since the late June SpaceX rocket explosion, Elon Musk told CNBC the cause is not yet known. At his other company, Tesla(TSLA), he said the Model X SUV would drive the next leg of growth. |
| Subway has suspended its relationship with longtime spokesperson Jared Fogle after revelations that he's the subject of a child porn investigation. FBI agents raided Fogle's home Tuesday. (CNBC) |
| Pushback could develop today as the South Carolina House debates legislation to remove of the Confederate flag from the grounds of the state capitol. The Senate there approved the measure Tuesday. (USA Today) |
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 | BY THE NUMBERS |
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| Oil prices were stable this morning, after another volatile session Tuesday sparked concern that crude could test the lows of the year. The Energy Department's weekly assessment of oil and gasoline inventories at 10:30 a.m. ET could drive market action today. |
| Mortgage volume gained last week almost exactly what was lost the previous week, as interest rates stopped climbing and dipped slightly. Total applications rose 4.6 percent. Refi apps rose 3 percent. |
| There are no earnings set before today's open, but Alcoa (AA) reportsquarterly profits after today's closing bell. Meanwhile, the Container Store(TCS) late Tuesday reported a smaller-than-expected loss. But revenue was below forecasts , due to higher costs tied to a store overhaul, the strong dollar, and West Coast port delays. |
| This year, millennials will reach a major milestone, surpassing baby boomers and Gen Xers to become the largest generation in the American workforce, according to a Pew Research Center analysis of U.S. Census data. |
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| STOCKS TO WATCH |
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| JPMorgan Chase (JPM) will pay at least $125 million to settle federal and state investigations into the bank's credit card debt practices, according to Reuters. Separately, JPMorgan will create 1,000 jobs and retain over 2,600 workers in Jersey City, and invest more than $76 million in New Jersey under a state tax credit program. |
| Procter & Gamble (PG) will change the packaging of some of its Olay skin care products, after settling a California lawsuit over the size of the packaging compared to the amount of product inside those packages. |
| CVS Health (CVS) quit U.S. Chamber of Commerce, saying its view on smoking conflicts with that of the Chamber. The pharmacy chain operator stopped selling cigarettes and other tobacco products last year. |
| Novartis (NVS) got FDA approval for its Entresto heart failure drug, after a study showed that it significantly reduced the risk of death. |
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| WATERCOOLER |
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| New York City plans to hold a ticker-tape parade for the U.S. women's soccer team Friday, making the World Cup winners the first female athletes to receive the honor in more than 50 years. (WSJ) |
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