IN THE NEWS TODAY
President Donald Trump has called on his foreign allies to take action against North Korea's missile threat. Trump, speaking in Warsaw, Poland today, said that North Korea is behaving in a "very, very dangerous manner" and that something needs to be done about it. (CNBC).
*South Korea fires missiles in drills amid standoff with North Korea (AP)
*North Korea's ICBM test raises stakes on US homeland defense amid 'gap in capabilities' (CNBC)
President Donald Trump will praise individual freedom and sovereignty in his speech in Warsaw, Poland today in what seem to be comments directed squarely at the Europe Union. Excerpts of the speech were released by the White House this morning. (CNBC)
*Trump, on eve of Putin meeting, says 'nobody really knows' about Russian hacking (USA Today)
Virgin founder Richard Branson is criticizing some of President Trump's policies, calling them unhealthy and dangerous. Branson, who spoke with CNBC onboard Virgin Australia's maiden flight between Australia and Hong Kong, says he's also dismayed by the rise in protectionist policies. (CNBC)
House Majority Whip Steve Scalise has been readmitted to intensive care, as he recovers from last month's shooting during a practice for the annual Congressional baseball game. The MedStar Washington Hospital Center says Scalise was listed in serious condition, and doctors are concerned about infection. (NBC News)
Police in Hamburg, Germany are bracing for a major protest by anti-globalization activists as the country's second-biggest city gets set to welcome G20 leaders. Organizers of today's demonstration are calling the event "G20: Welcome to Hell." (AP)
The Federal Reserve grew worried that keeping policy loose was posing increasing risks to financial stability and the economy, according to the minutes of the FOMC's June meeting. The summary did not reveal a timetable on when the central bank would begin unwinding its balance sheet. (CNBC)
STOCKS TO WATCH
Yum China (YUMC) reported in-line profit of 27 cents per share for its second quarter. Revenue was slightly below forecasts, with same-store sales up three percent. However, sales growth was dragged down by sales at Pizza Hut, which were flat on a same-store basis and fell below analyst estimates.
21st Century Fox (FOXA) is being offered "eight figures" by social media companies for the rights to stream highlights from the 2018 FIFA World Cup, according to a Bloomberg report. The report said Facebook (FB), Twitter (TWTR), and Snap (SNAP) are all in the running.
Pandora (P) board members and shareholders have former Twitter (TWR) chief operating officer Adam Bain on a short list to become the streaming music service's next CEO, according to the New York Post.
AIG (AIG) and Prudential Financial (PRU) were given an extra year by the Federal Reserve to submit so-called "living wills", detailed plans on how they would wind down in the face of collapse. Separately, AIG named Marsh & McLennan (MMC) brokerage business chief Peter Zaffino as its new Chief Operating Officer.
Ford (F) reported a 15 percent jump in China vehicle sales in June, its biggest year-over-year increase so far in 2017.
WATERCOOLER
New crash tests by the insurance industry question Tesla's claim the Model S is the safest car ever. The Insurance Institute for Highway Safety gave the Model S a top score in every test except one. The electric car got an "acceptable" rating in the small overlap front crash test, which simulates what happens when the front driver-side corner strikes a tree or another vehicle. (CNBC)