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By Tyler Durden

• Global stocks rise on SoftBank bid for ARM, dollar up vs yen after Turkey crushes coup (Reuters)
• U.S. backs justice for coup plotters but urges Turkey to keep rule of law (Reuters)
• Law and Order Will Be a Big Republican Convention Them (WSJ)
• SoftBank to buy UK chip designer ARM in $32 billion cash deal (Reuters)
• Rate-starved U.S. banks happily gobble mortgage business (Reuters)
• Oil Prices Steady but Products Glut Looms (WSJ)
• Bank of America Profit Tumbles 19% As NIM Hits Record Low, EPS “Beat” On Surge In Cost-Cutting (ZH)
• Obama Decries Baton Rouge Killings of Police as Unrest Mounts (BBG)
• Baton Rouge shooter was ex-Marine who denied ties to any group (Reuters)
• Baton Rouge: A city divided between police and the policed (Reuters)
• EU Said to Eye ‘Nuclear Option’ to Force May’s Hand on Exit (BBG)
• EU reminds Turkey it bound by treaty not to use death penalty (Reuters)
• Traders Reviving Fed Rate-Rise Bets Put a Floor Under the Dollar (BBG)
• Ireland Hits Brexit Alarm in Biggest Foreign Crisis in 50 Years (BBG)
• Trump Sends Dire Warnings to Nervous Nation as Convention Begins (BBG)
• A Globe-Trotting Billionaire Defends Trump’s Trade Policy (BBG)
• LendingClub Names BlackRock’s Dunne Chief Capital Officer (BBG)

Overnight Media Digest

WSJ

– Japan’s SoftBank Group Corp has reached a deal to buy UK-based chip designer ARM Holdings Plc in an all-cash deal valued at more than $32 billion, according to a person familiar with the situation. http://on.wsj.com/2a1olkP

– Volkswagen AG executives in the United States have pledged to compensate hundreds of American franchise dealers who have been damaged by the emissions scandal, according to dealers who met with the company on Friday. http://on.wsj.com/2a1ouon

– At a mid-June dinner with a delegation of Saudi Arabia officials, Deputy Crown Prince Mohammed bin Salman indicated his kingdom aimed to do more Silicon Valley deals like the $3.5 billion investment in Uber Technologies Inc announced two weeks earlier, according to a person who attended the feast hosted at San Francisco’s Fairmont Hotel. http://on.wsj.com/2a1piK0

– A gunman fatally shot three police officers and wounded three others before being killed by police in Baton Rouge, Louisiana, on Sunday morning, the second deadly multiple shooting to target police in 10 days. http://on.wsj.com/1ejfriJ

– The failed coup attempt in Turkey has fueled a sharp conflict with Washington over the fate of a Turkish cleric in the United States, while posing a broader challenge to the West’s efforts to fight terror and promote liberal democracy. http://on.wsj.com/2a1psAT

FT

Bank of England rate-setter Gertjan Vlieghe said on Sunday he had already seen early signs that Britain’s economy is heading for a period of slower economic growth and higher inflation after last month’s Brexit vote.

Last week in London, Iran’s energy minister Hamid Chitchian met representatives of Siemens AG and Rolls-Royce Holdings Plc to discuss partnership in power generation technology. The talks indicate a gradual opening of Iran’s economy following the lifting of international sanctions.

NYT

– SoftBank is nearing a deal to acquire British semiconductor …read more

Source: Frontrunning: July 18

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