- Global stocks fall, UK PMIs flash Brexit recession warning (Reuters)
- Trump’s greatest hits, all in one speech (Reuters)
- Donald Trump Accepts GOP Nomination, Promises to Fix America (WSJ)
- Trump’s America Grows More Ominous Over 13-Month Run (BBG)
- Hillary Clinton: unwitting star of the Republican convention (FT)
- Clinton faces pressure to pick VP who is tough on trade, Wall Street (Reuters)
- Trump NATO plan would be sharp break with decades-long U.S. policy (Reuters)
- As Republicans anoint Trump, party grapples with identity crisis (Reuters)
- For Post-Brexit Stock Pickers, Skill Is Bunk (WSJ)
- Euro Traders Tell Draghi That ECB’s Policy Is Going Nowhere Fast (BBG)
- Draghi Joins Not-So-Sure Club Puzzling Over Brexit Aftermath (BBG)
- Goldman Sachs Raising Private-Equity Fund of $5 Billion to $8 Billion (WSJ)
- Erdogan vows Turkish military shake-up as emergency rule takes hold (Reuters)
- Turkey says U.S. could extradite cleric Gulen quickly if wants to (Reuters)
- Malaysia Airlines Flight 370 Search May Be Suspended by Year-End (WSJ)
- Fracklog in the Biggest U.S. Oil Field May All But Disappear (BBG)
- Most Germans fear terrorist attack after train ax assault: poll (Reuters)
- For Elon Musk, Tesla’s Impresario, the Latest Act Falls Flat (BBG)
- Top Obama aide to take call for South China Sea calm to Beijing (Reuters)
- Brexit Fallout Has Danske CEO Bracing for Longer Negative Rates (BBG)
- Blackstone’s assets under management hit record high of $356bn (FT)
- Investors Are Getting Ripped Off on Index Fund Fees, Lawsuits Say (BBG)
- High water mark: active marijuana ingredient found in U.S. town well (Reuters)
Overnight Media Digest
WSJ
– Donald Trump ended his party’s convention the way he started his campaign last summer: attacking the political establishment, playing to voters’ fears of foreigners and crime, and making bold promises to fix America’s ills. http://on.wsj.com/2afCr5j
– Roger Ailes has agreed to resign as Fox News Channel’s chairman and chief executive following accusations of sexual harassment. He will be replaced by Twenty First Century Fox Inc Executive Chairman Rupert Murdoch. http://on.wsj.com/2afBSYS
– Goldman Sachs Group Inc soon will begin marketing a new corporate-buyout fund of between $5 billion and $8 billion, according to people familiar with the matter, its first such fund since the financial crisis. It is aiming for an initial close by the end of the year, the people said. http://on.wsj.com/2afCxJQ
– The man who killed 84 people in Nice on Bastille Day conspired with several others in an attack planned for many months, France’s top anti-terror prosecutor said, reversing authorities’ theory that he had only recently been radicalized. http://on.wsj.com/2afCSMJ
– JPMorgan Chase & Co is expected to pay around $200 million to settle federal investigations into whether it tried to win business by hiring the sons and daughters of powerful people in Asia, people familiar with the matter said. http://on.wsj.com/2afCA8x
– Liberty Media Corp Chief Executive Greg Maffei floated an offer to internet radio company Pandora Media Inc for roughly $15 a share, but Pandora’s board rebuffed the advance, people familiar with the matter said. http://on.wsj.com/2afDmT8
FT
*HSBC investigated a $3.5 billion currency trade two years ago but found nothing wrong with the transaction, according to people familiar with the internal HSBC probe. The US prosecutors now believe the transaction was criminally fraudulent.
*Blackstone Group’s assets under its management surpassed $350 billion for the first time. Assets on which Blackstone earns fees for managing them rose to $266 billion.
*MasterCard has signed a £700 million ($925.75 million) deal to acquire UK-based Vocalink Holdings Ltd. VocaLink operates payments technology platforms on behalf of UK payment schemes.
*French utility EDF will make its long-delayed final investment decision on whether to build two nuclear reactors at Hinkley Point in Somerset next week.
NYT
– A group of hedge funds, including Monarch Alternative Capital, Stone Lion Capital Partners, sued the governor of Puerto Rico, saying he had started violating the island’s hard-won new debt-restructuring law before the ink from President Obama’s pen was even dry. http://nyti.ms/29XxoST
– Rupert Murdoch announced that Roger Ailes was out as chairman and chief executive of Fox News, and Murdoch himself would be taking over Fox News in the interim. The announcement was the culmination of an unsettling 15-day stretch for the network that began on July 6, when Gretchen Carlson, a former Fox anchor, filed a lawsuit accusing Ailes of sexual harassment. http://nyti.ms/29XxWZ1
– The Federal Communications Commission has decided to make New Jersey subsidiary of Ericsson, the Swedish technology giant, the clearinghouse for routing billions of cellphone calls and text messages across the United States, despite claims by critics that the plan poses national security risks. http://nyti.ms/29XyfTJ
– Exxon Mobil agreed to buy InterOil, a driller focused on projects in Papua New Guinea, for at least $2.5 billion as the petroleum giant seeks newer fields. Exxon beat out a competing bid by Oil Search Limited which had offered to pay about $2.2 billion. http://nyti.ms/29XzDWi
Britain
The Times
Hinkley could get green light next week
EDF has moved a step closer towards approving its 18 billion pound ($23.83 billion) project to build a new nuclear power station at Hinkley Point by calling a board meeting to consider a final investment decision. Company directors will meet next Thursday to make a final judgment on whether to proceed with their plans to build two nuclear reactors in Somerset. The station would generate 7 percent of all electricity in Britain. (http://bit.ly/2a0kjqT)
The Guardian
Hundreds of jobs at risk as 30 more BHS stores prepare to close
Administrators to BHS are to close about 30 further stores at the end of July, taking the total closures to more than 50. Unions said that more than 700 staff were likely to be affected by the latest closures and most would probably be made redundant. Administrators are expected to redeploy some employees, but the closures suggest that hopes of finding a buyer are fading. (http://bit.ly/29Xsaeb)
ECB to monitor Brexit impact before making stimulus decision
The European Central Bank has adopted a wait-and-see approach to the UK’s Brexit decision and will wait for at least another six weeks before deciding whether it needs to boost growth in the eurozone. The ECB president, Mario Draghi, said his staff would “continue to monitor economic and financial market developments very closely,” but gave no clues as to what the bank might do. (http://bit.ly/2afb8Ij)
The Telegraph
MasterCard to acquire payments processor VocaLink in 700 mln stg deal
MasterCard Inc has agreed to buy UK-based VocaLink, gifting a windfall to a number of British banks that jointly own the payment processing company. MasterCard will acquire 92.4 percent of VocaLink Holdings for approximately 700 million pounds ($926.59 million). London-based VocaLink offers payment technology platforms and is responsible for real-time fast payments used in internet and telephone banking, as well as communications in ATM machines. (http://bit.ly/29YP16e)
HSBC trader at centre of fraud probe sat on Bank of England forex panel
The former HSBC currency trader at the heart of a U.S. fraud investigation spent more than two years on a panel that advised the Bank of England, it has emerged, as the U.S. Department of Justice widens its probe to examine more currency trades. (http://bit.ly/2af92It)
SABMiller chairman defends AB InBev takeover to shareholders
The chairman of SABMiller Plc has insisted the company’s 76 billion pound ($100.60 billion) takeover by rival ABInBev does not discriminate against the majority of its investors, even though many of the brewer’s shareholders will not be able accept a contentious stock-and-cash offer. (http://bit.ly/29PhT2d)
Sky News
BT Endures Second Day Of Internet Disruption
BT Group Plc’s internet customers have been enduring a second day of service disruption – blamed by the company on a power issue – now said to be fixed. (http://bit.ly/29X6lqR)
VocaLink boss nets 5 mln stg from Mastercard deal
The chief executive of VocaLink will be handed a multi-million pound windfall from Mastercard Inc’s takeover of the British payments firm. David Yates, who will remain with the business following the deal, is in line to receive a payout of around 5 million pounds. (http://bit.ly/2ajJOYZ)
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