Hello friends and Fortune readers.
Wall Street is quiet this morning as U.S. stock futures remain little changed. European shares are down as investors watch the brewing Greek drama carefully. Asian indexes ended the day mostly mixed.
Greece is a focus for investors today, as the finance minister of Greece, Yanis Varoufakis, is set to meet with his euro zone counterparts in Brussels. Varoufakis is expected to propose a revamp of his nation’s bailout program.
Shares of Apple (AAPL) will also be in focus today. On Tuesday, the tech giant became the first U.S. company to see its stock close with a market value above $700 billion.
Among the companies reporting earnings today: Pepsi (PEP), Tesla (TSLA), AOL (AOL) and Whole Foods (WFM).
Here’s what else you need to know about.
1. The Greek negotiations continue.
European finance ministers will meet in Brussels later Wednesday, and Greece is set for tough talks with its creditors. Greek Prime Minister Alexis Tsipras has pledged not to return to an era of austerity, gaining a vote of confidence in the nation’s Parliament. Tsipras told Parliament that he would seek a short-term “bridge” agreement and a needed reduction of Greek debt. He is looking to strike a new deal rather than extend the current loan program. Germany has other ideas. It feels Greece must comply with the terms of its bailout, making the likelihood of a compromise minimal.
2. Tesla gives an update.
Tesla (TSLA) reports quarterly earnings later today, and investors will be looking for an update on the company’s battery plant construction, sales of its flagship Model S sedan, and details about the planned summer launch of the Model X SUV. Chief Executive Elon Musk may also provide an update on the 2017 rollout of the lower-priced, higher-volume Model 3 car, and more on weak sales in China. A report says Musk is prepared to fire overseas executives over the China sales issue.
3. Airbus wins $2.8 billion in new business.
Asiana Airlines, South Korea’s second-largest carrier, has tapped Airbus for 25 new planes. That nearly doubles the 36 it already has on order. The purchase of the single-aisle aircrafts is valued at $2.8 billion and will replace some of the airline’s existing jets. The 180-seat A321neo planes will be delivered between 2019 and 2025. Asiana recently returned to profit due to rising traffic between its South Korean base and China and is beefing up its fleet of mid-range aircraft amid intense competition from low-cost carriers like Jeju Air, which have been winning more market share from larger competitors.
4. Keystone XL comes to a vote.
The U.S. House of Representatives will vote today on the approval of the construction of the Keystone XL, a pipeline that would connect the oil sands of Alberta, Canada with refineries on the Gulf Coast. The bill is expected to easily pass the House, though President Obama has vowed to veto it. The Keystone has raised hackles on both sides of the debate: environmentalists are concerned about global warming and potential oil spills, while proponents say it will create jobs and ensure U.S. energy security.
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5. The fashion world descends on Lincoln Center.
New York Fashion Week kicks off today and will run through Thursday of next week. The glitterati will be seen both on the streets and on the catwalk as brands seek to show off their latest and greatest. Menswear, a nearly $61 billion industry, is expected to steal the show this year, including Kayne West’s debut of the Yeezy 750, a collaboration with Adidas. You may have even gotten a sneak peak of the canvas-colored shoes when he took to the Grammy’s stage Sunday night.
—Reuters contributed to this report.
