TOP STORIES 
 
MOST EUROPEAN BANKS SURVIVE STRESS TEST 

Most European banks survived their regulators' stress test, with only a clutch of lenders seen struggling to ride out an economic meltdown.

SABMILLER BOARD BACKS AB INBEV'S HIGHER OFFER 

SABMiller's board backed AB InBev's increased offer, ending a threat that jeopardized the more than $100 billion combination of the world's largest brewers.

U.S. STOCKS POST MONTHLY GAINS 

The Dow Jones Industrial Average slipped Friday but posted its sixth consecutive month of gains. The S&P 500 and the Nasdaq Composite also advanced in July.

U.S. GDP EXPANDS AT 1.2% RATE 

U.S. economic growth sputtered this spring-growing a meager 1.2% in the second quarter-with cautious business investment largely offsetting more robust consumer spending.

LOW CRUDE PRICES HAMMER BIG OIL COMPANIES 

Exxon Mobil's profit fell 60% and Chevron reported a third-straight quarterly loss on Friday, capping off a week of lackluster results for the biggest Western oil companies and underscoring the continued challenge they face as crude prices fall to just above $40 a barrel.

FIVE HERSHEY TRUST DIRECTORS TO RETIRE IN SETTLEMENT WITH PA. ATTORNEY GENERAL 

Five directors at a charitable trust that controls Hershey Co. will leave the board as part of a settlement agreement with Pennsylvania's top law-enforcement officer.

VIACOM BOARD SUIT AGAINST REDSTONE HOLDING COMPANY TO PROCEED 

A Delaware judge will hear arguments on whether 93-year-old Sumner Redstone had the competency to decide to replace five board members at Viacom.

FED'S WILLIAMS, UNWORRIED BY GDP DATA, TALKS POTENTIAL RATE RISES 

San Francisco Fed President John Williams said he sees positive underlying trends despite weak U.S. economic growth data, in comments that indicated higher short-term interest rates remain likely.

FED'S KAPLAN CALLS FOR STRUCTURAL REFORM, FISCAL POLICY TO PROD GROWTH 

Dallas Fed President Robert Kaplan called for "structural reforms and other fiscal policy" to help jump-start the U.S. economy, which he said would give the central bank more "operating room" to raise interest rates.

NEXTERA TO BUY ENERGY FUTURE'S ONCOR IN $18.4 BILLION DEAL 

NextEra Energy outbid rivals for Energy Future Holdings' stake in Oncor, the biggest power provider in Texas, in an $18.4 billion deal that will thrust the Florida company into the big leagues among U.S. utilities.

MONTE DEI PASCHI BOARD APPROVES PLAN TO SHED BAD LOANS 

The board of Banca Monte dei Paschi di Siena approved a plan to unload a large chunk of its nonperforming loans and raise fresh capital in an effort to resolve longstanding troubles and stave off a government bailout.

UPS PROFITS RISE ON E-COMMERCE 

United Parcel Service reported a 3.2% increase in profit fueled in part by e-commerce growth, but the delivery giant cautioned that a weaker industrial environment will continue to be a drag.

U.S. CONSUMER SENTIMENT FELL IN JULY 

A gauge of U.S. consumer sentiment dropped in July-as the University of Michigan survey fell to 90.0 from June's 93.5-in a sign that global economic uncertainty could ripple through domestic spending.

CANADA REGULATOR REACHES NO-CONTEST SETTLEMENT WITH SCOTIABANK UNITS 

Bank of Nova Scotia's retail brokerage units agreed Friday to repay about 20 million Canadian dollars ($15.2 million) to investors as part of a no-contest settlement with Canada's largest securities regulator over allegations of charging excessive fees.

CIGNA MISSES, CUTS GUIDANCE 

Cigna slashed its guidance for the year and posted second-quarter earnings sharply below expectations, dragged by weakness in the group disability and life segment.

MERCK REVENUE RISES ON CANCER, HEPATITIS TREATMENTS 

Merck posted an unexpected increase in second-quarter revenue thanks to new cancer and hepatitis treatments, and an increased profit versus a year-earlier period that was weighed down by foreign-exchange losses.

SPORTS AUTHORITY AND CREDITORS REACH NEW SETTLEMENT 

The feud between Sports Authority Holdings and landlords, vendors and other unsecured creditors is coming to an end as court papers were filed signaling a revised settlement between the retailer and its creditors.

AUTONATION HITS RECORD EPS, BUT COUNSELS CAUTION 

AutoNation Inc., benefiting from continued growth in demand for higher margin trucks and sport-utilities, will continue pairing back inventory levels as the wider auto industry braces for a plateauing of U.S. light-vehicle sales after six years of uninterrupted growth.

XEROX POSTS HIGHER-THAN-EXPECTED PROFIT 

Xerox said its profit rose more than expected in the latest period, helped by falling expenses as the company plows ahead with its planned separation.

U.S. ASKS PHILIPPINES TO HELP BANGLADESH FIND STOLEN FUNDS 

U.S. central bankers have asked their counterparts in the Philippines to help Bangladesh recover $81 million in stolen funds.

 
 
 
  ======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES ======= 
 
 
Politics and Policy 
TPP TRADE DEAL'S ODDS FADE 
 

The 2016 presidential campaign has dealt a potentially lethal blow to President Barack Obama's signature Pacific trade agreement, TPP, with the chances of congressional passage now looking slim either after the election or under the next administration.

 
Economics Blog 
SEVEN YEARS LATER, RECOVERY REMAINS THE WEAKEST OF THE POST-WORLD WAR II ERA 
 

Despite longevity, total growth during this economic expansion is lower than for much shorter business cycles.

(END) Dow Jones Newswires

July 29, 2016 17:14 ET (21:14 GMT)