US equities are gliding lower again this morning, with weak earnings reports blamed for the overall risk-off tone. The US 10-year yield is falling further, down another two basis points to 2.30%. The DJIA is -0.47%, the S&P500 is -0.30% and the Nasdaq is -0.73%.

The Greek parliament will vote imminently on whether to support the reforms demanded by the creditor nations as the condition for a third bailout. PM Tsipras is expected to win the vote, however there will likely be even more defectors from Syriza than the 32 members who abandoned him on the first vote. Separately, the ECB gave Greece's banks another €900M in emergency ELA funding. ...

***Notes/Observations***
- Greek parliament will vote on the 2nd bailout bill today; ECB said to again have raised ELA for Greek banking sector (not confirmed)
- US tech earnings weighting on sentiment (AAPL, MSFT and YHOO lower in pre-market following earnings)
- BoE's July MPC meeting minute remained unanimous to keep policy steady in July but showed a rise in hawkish arguments post Greece crisis
- Commodity prices remain under pressure


*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***
**Equities**
Indices [Stoxx50 -0.2%, FTSE 100 -0.8% at 6,714, DAX -0.3% at 11,566, CAC-40 -0.4% at 5,087, IBEX-35 +0.2% at 11,482, FTSE MIB +0.1% at 23,733, SMI -0.6% at 9,327, Athens Stock Exchange closed, S&P 500 Futures -0.3% at 2,107] ...

International Business Machines Corporation (IBM-NYSE) shares took a beating on Tuesday, down 6% or over $10 per share into mid-afternoon trading.

The heavy sell-off action on 'Big Blue' weighed heavy on the Dow Jones Industrial Average that was hosting a triple digit loss on the session. Big Blue could be facing its eighth biggest price drop in its history. ...

Yesterday the S&P500 marked a fresh intraday high around 2,132 but did not manage to close a new highs, and this morning US equities are selling off, weighed down by some less-than-stellar earnings reports. The 10-year yield has come in two basis points to 2.351%. As of writing, the DJIA is down 1.09%, the S&P500 is down 0.35% and the Nasdaq is down 0.37%.

Dow components IBM and Verizon are weighing on the DJIA this morning. Shares of IBM are still down more than 5% after the firm reported its 13th straight quarter of declining revenue growth. Verizon met expectations, however it cut its FY15 revenue growth target and its wireless net adds were lower y/y. Shares of VZ are down 2.6% on the session. ...

Biopharmaceutical company Exelixis, Inc. (EXEL-Nasdaq) shares soared higher by nearly 50% during pre-market trading session on Monday after reporting positive results in a late-stage trial of a kidney cancer drug Cabozantinib.

Primary analysis of METEOR, the phase 3 pivotal trial comparing Cabozantinib to everolimus in 658 patients with metastatic renal cell carcinoma who have experienced disease progression following treatment with a VEGF receptor tyrosine kinase inhibitor.

Primary endpoint was met while demonstrating a statistically significant increase in progression-free survival in the first 375 randomized patients as determined by an independent radiology committee. Cabozantinib reduced the risk of disease progression or death by 42% compared to the everolimus arm. ...

US equities are seeing very modest gains this morning in a quiet session with no major data headlines. As of writing, the DJIA is up 0.13%, the S&P500 is up 0.07% and the Nasdaq is up 0.25%.

Gold prices spiked lower during the Asia trading session today, with prices falling almost 4% in a matter of seconds. Reportedly around five tons of bullion, equivalent to one-fifth of a whole day's trade in a normal session, came on the market in China in a two-minute window. ...

Internet web search giant Google Inc. (GOOG-Nasdaq) tacked on a mere $40 billion to its market value Friday after reporting earnings that beat forecasts for the first time in six quarters. Earnings were helped by strong advertising revenue and disciplined spending.

From the same quarter during 2014, advertising revenue grew 11% to $16.02 billion, while the number of ads or paid clicks rose 18%. Cost per click or the average price of online ads, fell 11%, but was more than offset by the increase in ad volumes. ...

There is a pronounced risk-off theme across European and US markets, with bond yields dropping and equities in the red. Notable exceptions include the Nasdaq, and hitting new all-time intraday highs on Google's big gains, and the Dow Transports. The DJIA is off 0.36% and the S&P500 is down 0.11%.

The University of Michigan's consumer sentiment index gave back more of its June gain than anticipated, dropping to 93.3 from 96 prior, leaving it slightly below its Q2 average. The pullback was evenly spread over the current conditions and expectations indexes. ...

A few months ago, Goldman Sachs Group, Inc. (GS-NYSE) - target of a government probe over the issue of mortgage bonds leading up the financial crisis - reported that they raised the top end of its range of "reasonably possible" legal expenses to about $3.8 billion from nearly $3 billion.

On Thursday, Goldman reported net revenue from trading fixed-income securities, currencies and commodities fell 28% to $1.60 billion for the smallest quarterly profit in nearly four years. Revenue fell nearly 1 percent to $9.07 billion. ...

Chinese equities rebounded mildly today after two days of declines while continental European indices are seeing strong gains after the Greece parliament agreed to the new bailout plan and the ECB expanded its liquidity support for Greek banks for the first time since late June. Fed Chair Yellen will give testimony before the Senate later this afternoon. As of writing, the DJIA is up 0.19%, the S&P500 is up 0.67% and the Nasdaq is up 1.06%.

The NAHB index of homebuilder confidence for July hit levels last seen in November 2005, at the height of the housing bubble, flat with the adjusted June level. Shares of HOV are up 1.75%, while shares of TOL and LEN are down 1% each. ...

Chimaera is a held-held device that could revolutionize the delivery of miniaturized neurostimulators to specific nerves, giving many more patients access to pioneering new pain management technology. The group are looking for partners to lead product development cycle to turn Chimaera into a medical device ready for market.

The device is the equivalent of a 'concept car' that demonstrates the vision for the next generation of surgery, per Chimaera developers Cambridge Consultants. The prototype surgical tool combines preoperative CT (computerized tomography) scan data with state-of-the-art sensing technology with potential ability to carry out complex operations in the hands of many doctors. ...

Steeper losses on the Shanghai Composite today contrasted with China's stronger-than-expected Q2 GDP numbers. In the US, focus has been on earnings and Fed Chair Yellen's testimony before the House. Later this afternoon, the Greek parliament votes on the bailout deal, and as of now it is expected to pass the measure. As of writing, the DJIA is +0.11%, the S&P500 is +0.16% and the Nasdaq is +0.29%.

Fed Chair Yellen is on Capitol Hill for day one of her semi-annual Congressional testimony. Yellen basically repeated her well-known stance in prepared remarks, reiterating that it was the expected path of interest rates that really mattered, not the size or timing of the first hike. On the jobs front, Yellen again noted that labor market conditions are not yet consistent with full employment and said some slack remains in labor markets. Yellen reiterated the FOMC would most likely begin tightening rates later this year. EUR/USD had floated a bit higher through the European session, rising above 1.1030, but the pair has tested one-week lows after the release of Yellen's speech, stabbing as low as 1.0940. ...

The U.S. Commerce Department released data on Tuesday that shows consumer retail sales dipped slightly by 0.3%, striking the weakest reading since February 2015 after May's downwardly revised 1.0% increase. Along with disappointing employment report for June, the drop in retail sales could indicate the economy may have lost some momentum at the end of Q2.

Excluding automobile sales - retail sales for building materials, food services and gasoline dipped 0.1% following a 0.7% gain during May. ...

The Shanghai Composite resumed declines today for the first time in four sessions (a raft of China June econ data comes out tonight), and European equities spent most of the morning in the red as a risk-off tone dominated global trading. The Iran nuclear deal is dominating headlines, although the response in oil markets has been muted. In the US, JPMorgan have disclosed inline quarterly results. As of writing, the DJIA is up 0.28%, the S&P500 is up 0.32% and the Nasdaq is up 0.60%.

Iran and the P5+1 have reached a preliminary nuclear agreement, teeing up the withdrawal of western sanctions and Iran's return to the global oil market. President Obama and Iran President Rouhani welcomed the deal, while predictably Israel President Netanyahu and the Congressional Republicans condemned it. Both houses of Congress get to vote on the agreement within 60 days, leaving its fate undecided for now. ...

An online shopping war has begun that could be highly advantageous for consumers.

Last week, Amazon.com Inc. (AMZN-Nasdaq) announced plans for a new 'Prime Day' to offer sales as often as every 10 minutes. Amazon expects to bury Black Friday sales with the new offering as the day would be "filled with more deals than Black Friday." The new program is in celebration of Amazons 20th anniversary. ...

After a marathon all-nighter, Europe and Greece have agreed to negotiate a third bailout deal and equity markets in Europe and the US are seeing solid gains. The EuroSTOXX50 is up 1.7%, the DJIA is up 1.1% and the S&P500 is up 0.86%. European sovereign issues are bid, with yields coming in a bit, while the US 10-year yield is up 4.6% at 2.44%.

The details of the new plan for Greece as harsh as any proposal seen over recent months, and components of the reforms must be passed by the Greek parliament by Wednesday, setting up a major political hurdle for the new deal. The official communique stated the creditor nations would offer Greece up to €86 billion of three-year funding for tax, pension and labor reforms, more than the nearly €54 billion requested by Athens last week. ...

A study that appeared in the journal 'Science' indicates that climate change has been affecting - bumblebees. The ecosystem as well as humans will face serious consequences if the bee population continues to decline. We could see a decline in reproduction of plants and food crops that rely on bumblebees as their pollinators.

Dozens of species studied show that many North American and European bumblebees are failing to “track” warming by colonizing new habitats north of their historic range. The results - those bees are disappearing from the southern portions of their normal habitat range. ...

Global equities are seeing very good gains this morning as enthusiasm about both Greece and China buoys markets. With a solid bid under risk appetite, bonds are selling off, with the 10-year UST up 6.3 basis points to 2.39% and the bund up 17 bps to 0.891%. There has been no impactful economic data on tap, and traders are awaiting Fed Chair Yellen's midday speech. As of writing, the DJIA is up 1.05%, the S&P500 is up 1.07% and the Nasdaq is up 1.32%.

Late Thursday Greece submitted its new request to the creditors. The package amounts to a third bailout, including €50-60 billion in financing in exchange for a slate of €13-14 billion in tax, pension and other reforms. Analysts point out that this package was even harsher than the one rejected in the referendum. ...

Suburban moms and women selling marijuana is a growing reality as legal obstacles gradually clear and retail spaces grow in numbers.

Women Grow, a Denver-based industry network for women in the cannabis market, estimates that nearly 20% of marijuana business owners in the United States are female.

According to a 2014 report by the National Association of Women Business Owners, women-owned businesses comprise of nearly 30% of all U.S. businesses. As the majority of women-owned businesses are nonprofit, they account for just 4% of overall business revenue. ...

The bounce in Chinese equities is taking US and European stocks along for the ride today. The Shanghai Composite surged 5.8% after Chinese authorities said they would provide markets with ample liquidity and other measures, sending the CAC and DAX both up more than 2.5% a pieces. Bonds are giving up recent gains, with the 10-year UST yield up eight basis points to 2.27% and the 10-year bund up nearly six bps at 0.73%. As of writing, the DJIA is up 0.95%, the S&P500 is up 1.02% and the Nasdaq is adding 1.19%.

Greece's deadline for submitting its final plan for concrete reforms is tonight. The Eurogroup will be meeting on Sunday to consider Athens's request for a third bailout. German Finance Minister Schaeuble warned there would be no debt haircuts for Greece even while admitting that debt sustainability would not possible without haircuts. ...

Chinese stock market experienced a massive sell-off on Wednesday. Indexes plunged after the securities regulator warned of "panic sentiment" gripping investors. The CSI300 index of the largest listed companies in Shanghai and Shenzhen closed down 6.8%. The Shanghai Composite Index fell by 5.9%.

On the Shanghai and Shenzhen exchanges, trading halts were issued for over 500 Chinese listed companies with suspensions totaling near 1,300 or 45% of the market. About $2.4 trillion worth of stocks were on hold as firms opted to sit out the sell-off carnage. ...

- US market selling is broad-based this morning though with below average volume. At this time, the Dow is down -1.0%, the Nasdaq down -1.1%, and the S&P down -1.0%, with the EUR/USD ticking up +0.5% and crude oil up +0.3%.

- Stocks in China have not fallen this sharply since 2008 (the CSI300 down 6.8%), and as a result, regulators are placing severe controls on market trading: Shareholders with over 5% of shares cannot reduce their stakes in the next six months, and regulators say they will deal severely with anyone that violates the rules. Iron ore fell to its lowest level in six years on concerns about Chinese demand. ...

***Notes/Observations***
- Lenders give Greece until Sunday to avoid Grexit; Chancellor Merkel not particularly optimistic and EU' Juncker noted that Grexit scenarios prepared in detail
- Chinese equities continue plunge despite more measures to prop up stocks


*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***
**Equities**
Indices [Stoxx50 +0.8%, FTSE 100 +0.5% at 6,462, DAX +0.3% at 10,710, CAC-40 +0.8% at 4,641, IBEX-35 +0.7% at 10,429, FTSE MIB +1.4% at 21,253, SMI +0.7% at 8,824, Athens Stock Exchange closed, S&P 500 Futures -1% at 2,052] ...

- US markets have opened lower, with the Dow Jones now down 0.9%, the Nasdaq down 1.4% and the S&P 500 down 1.0%. Chinese stocks finished lower and commodity prices remain under real pressure while there was no real movement seen on Greece at today's Eurogroup meeting which taken together have weighed heavily on sentiment. On continued safe haven flows, the 10-year Treasury yields fell below 2.20% and the 30-year is testing 3.00%. The German 10-year bund has rallied to session highs, as well, pushing yields below 0.65%. The S&P cash market has moved below its 200-day moving average at 2055.

- Eurogroup leaders held a meeting this morning, but no new proposals were offered. There is an expectation of a new offer by the Greeks to be submitted soon, but it's unclear if and when the next Eurogroup meeting will be held. The Paris bureau chief of Financial Times hears that the Greek FinMin made a "good presentation" at the meeting. PM Tsipras is expected to address his parliament on Wednesday after meeting with Merkel and Hollande today on the sidelines of this afternoon's summit. ...