Good morning! Here’s what you need to know.
China cut the yuan again. China cut the value of the yuan against the dollar by 1.62% on Wednesday, the official Xinhua news agency said, the second reduction in two days and the largest single reduction ever.
Eurozone industrial production is coming. At 10 a.m. London time (5 a.m. ET) figures for industrial production in June will be released. Analysts are expecting a 0.2% drop from May, which would leave production up 1.5% year-on-year.
Greece’s bailout text has been submitted to parliament. The Greek parliament late on Tuesday tabled a crucial vote on the text of an international bailout agreement between Athens and its creditors, the parliament said on its website.
Credit Suisse is reportedly in talks over dark pool allegations. Credit Suisse Group AG is in talks to settle allegations related to its Crossfinder “dark pool” trading venue, which could result in a fine running in the high tens of millions of dollars, the Wall Street Journal reported, citing people familiar with the matter.
GE is selling its healthcare arm. General Electric said it would sell its US healthcare finance unit to credit card lender Capital One Financial for about $US9 billion (£5.78 billion) as it winds down its finance arm and returns to its industrial roots.
UK unemployment is coming. We’ll get the figures from June on UK unemployment, wage growth and participation at 9:30 a.m. London time (4:30 a.m. ET). Analysts expect the unemployment rate to stay flat at 5.6%, while average earnings rise 2.8% year-on-year.
Wells Fargo could make $US1 billion (£642 million) by selling its crop insurance arm. Wells Fargo may divest its crop insurance business, one of the biggest in the United States, a spokeswoman told Reuters on Tuesday. Wells Fargo has launched an auction for the business that could fetch more than $US1 billion (£642 million), people familiar with the matter said.
Ford is moving its commercial truck production from Mexico to Ohio. Ford on Wednesday will start building its medium-duty F-650 and F-750 commercial trucks at a Cleveland-area plant, moving production out of Mexico for the first time.
Brazil’s Dilma Rousseff will present a new pro-market agenda. Brazilian President Dilma Rousseff and leading senators plan to introduce an agenda of market-friendly proposals this week, in a move one senior official said was aimed at countering a revolt by lower chamber lawmakers.