- Global Bonds Gyrate as Investors Try to Parse Central Banks’ Next Stimulus Moves (WSJ)
- Republicans struggle to salvage healthcare effort (Reuters)
- States' Medicaid spending to increase (Reuters)
- Apple's iPhone turns 10, bumpy start forgotten (Reuters)
- Fed’s Stress Tests: All Banks Cleared on Payouts to Shareholders (WSJ)
- Bitcoin's Become So Volatile That It Looks Like a Steroidal ETF (BBG)
- They Built the First Phone You Loved. Where in the World Is Nokia Now? (BBG)
- Macron Outlines Plans to Overhaul France’s Labor Laws (WSJ)
- HSBC Surges After US Stress-Test Pass Boosts Payout Prospects (BBG)
- The Pound Is on a Seven-Day Hot Streak (BBG)
- Unease in Brussels over Trump's Poland visit (Reuters)
- Anxious Investors Try to Hedge Against a Big Selloff, Even as Good Times Roll (WSJ)
- U.K. Inclined to Refer $15 Billion Fox-Sky Deal to Regulator (BBG)
- Merkel Takes a Slap at Trump and Brexit (BBG)
- Pro-Trump groups take no prisoners in rush to help an embattled president (Reuters)
- Chinese paper says Australia spying on embassy, monitoring citizens (Reuters)
- The Hotel With 30 Rolls-Royces and No Guests (BBG)
- Modi Condemns India's Spate of Cow-Related Vigilante Murders (BBG)
Overnight Media Digest
WSJ
- Private-equity firm Sycamore Partners agreed to buy Staples Inc for about $6.9 billion, as the company's sales have been shrinking in recent years. on.wsj.com/2soT8yo
- Global firms scrambled to cope with fallout from a cyberattack that disrupted computers across Europe and the U.S. Security experts described the computer disruption as a cyberattack and said the virus - dubbed Petya - appeared to stem in part from an obscure Ukrainian tax software product. on.wsj.com/2soUnNX
- Alibaba Group Holding Ltd said Wednesday it is plowing an additional $1 billion into Southeast Asian e-commerce firm Lazada Group, raising its stake to 83 percent from 51 percent. on.wsj.com/2soOcK5
- The meal-ingredient delivery company Blue Apron Holdings priced its initial public offering at $10 a share Wednesday, at the low end of its already lowered range. The deal values Blue Apron at $1.9 billion - below the $2 billion that it was valued in a 2015 fundraising round. on.wsj.com/2soOv7H
- Japan's Toshiba Corp sued Western Digital Corp in a bid to keep the sale of its chip unit alive, as the struggling conglomerate is racing to raise about $20 billion from the sale, and close a gaping financial hole. on.wsj.com/2soTm8H
FT
* The Federal Reserve has approved plans from the 34 largest U.S. banks to use extra capital for stock buybacks, dividends and other purposes beyond being a cushion against catastrophe.
* U.S. Homeland Security Secretary John Kelly on Wednesday unveiled enhanced security measures for foreign flights arriving in the United States in what officials said was a move that aims to end a limited in-cabin ban on laptops and other large electronic devices and prevent its expansion to additional airports.
* Britain's Rolls-Royce will announce on Thursday that it will commit at least 150 million pounds ($194.06 million) to a new facility for testing large civil turbines in Derby
NYT
- Sycamore Partners, a private equity firm that specializes in retailers and already owns the likes of Talbots, the Limited and Hot Topic, said it would acquire Staples Inc for $6.9 billion, citing its "iconic brand." nyti.ms/2soW5ip
- Samsung Electronics Co Ltd said it plans to open a factory in South Carolina, as President Trump has tried in recent months to entice manufacturers into creating more industrial jobs in the United States. nyti.ms/2soXsOd
- ABC reached a settlement with a South Dakota meat producer that accused the network of defamation following its news reports about so-called pink slime in 2012. nyti.ms/2soKkbF
- Meal delivery service Blue Apron Holdings Inc reduced the expected price of its initial public offering to about $10 per share on Wednesday afternoon. That was well below a price range of $15 to $17 the company disclosed just last week, a few days after Amazon.com Inc unveiled a deal to buy Whole Foods Market Inc. nyti.ms/2soJrQH
- All of the largest U.S. banks passed the latest stress test on Wednesday, the first time all aced the exam since the Federal Reserve began administering the exercise seven years ago. nyti.ms/2soysGE
Canada
THE GLOBE AND MAIL
** The new leader of grocer Sobeys Inc vows not to "miss out" on the emerging e-commerce battle as U.S. powerhouse Amazon.com Inc prepares to shake up the supermarket sector with its upcoming $13.7-billion acquisition of Whole Foods Market Inc. (tgam.ca/2s562Ce)
** Calgary-based Obsidian Energy Ltd and three former employees are facing U.S. Securities and Exchange Commission charges for their roles in an alleged accounting fraud – issues the company says it flagged three years ago and has fixed.
Britain
The Times
- Investors in the Co-op Bank's bonds are facing the second big reduction in the value of their holdings within four years after the struggling lender revealed the terms of a £700 million bailout. bit.ly/2sSFMhd
- Tesco Plc is to slash 1,200 jobs at its head office only days after saying that hundreds of jobs would go at its call centre in Cardiff. bit.ly/2sSvPQU
The Guardian
- BT Group Plc was the most complained-about broadband provider in the first three months of the year as customers took the company to task over faults and service issues, according to Ofcom. bit.ly/2sT5UZt
- The governor of the Bank of England Mark Carney said the continued growth in the UK economy would eventually lead to higher interest rates. bit.ly/2sTb0oF
The Telegraph
- The number of cars rolling off UK production lines in May plunged, as demand among British motorists for new vehicles fell, according to Official data from industry trade body the Society of Motor Manufacturers and Traders. bit.ly/2sSMxzR
- The Investment Association has issued a so-called "amber alert" to its members ahead of Burberry's shareholder meeting next week while Institutional Shareholder Services (ISS) has also urged investors to vote against Burberry's remuneration report. bit.ly/2sTe6Jj
Sky News
- Revolut, a payments app which undercuts traditional rivals, is in the final stages of talks about a deal that will see it raising more than 50 million pounds. The round will be led by Index Ventures, the technology company investor which originally acquired an interest in Revolut almost a year ago. bit.ly/2sSDwXA
- House prices bounced back to growth in June after three months of falls despite the "unusually uncertain" economic outlook amid Brexit talks, new figures show. Prices rose by 1.1% month-on-month having fallen by 0.2 percent in May according to the latest Nationwide house price index. bit.ly/2sSTBfA