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 Here is what you need to know. Greece missed its debt payment. Greece's government missed its 1.6 billion euro ($1.8 billion) payment due Tuesday to the International Monetary Fund, and it is now in arrears along with Somalia, Sudan, and Zimbabwe. The missed payment is the largest ever owed to the IMF. Greek PM Tsipras reportedly will accept the latest bailout proposal 'with changes.' Tsipras reportedly wrote a letter to Greece's creditors asking for these two creditor demands to be amended. 1) "A 30% VAT discount to Greek islands to be maintained" and 2) "The process of raising the retirement age to 67 should not start immediately but in October," according to the letter, which was originally obtained by the Financial Times. European manufacturing reports were mixed. Growth in Germany's manufacturing sector accelerated in June as Manufacturing PMI hit 51.9, up from 51.1 in May. The reading was in line with estimates. Elsewhere, France's Manufacturing PMI returned to expansion with a reading of 50.7, up from 49.4 in May. The reading beat economist expectations of 50.5. The euro is down 0.3% at 1.1116. Chinese manufacturing disappointed. China's Manufacturing PMI held at 50.2, falling shy of the 50.3 that was expected. HSBC Manufacturing PMI also missed the mark, registering a reading of 49.4, compared with the 49.6 that economists were expecting. The number has been in contraction since November, aside from an aberration in February. Macau gaming revenue tumbled to levels last seen in November 2010. Casinos in Macau saw gaming revenue sink 36.2% year-over-year to 17.4 billion pacatas, according to data released by Macau's Gaming Inspection and Coordination Bureau. Bloomberg reports, "The decline in June has eased for a fourth straight month since February, when gaming revenue plunged 48.6% for the worst monthly drop on record." The recent weakness has not stopped new casinos from opening, as Galaxy Macau just launched a $3 billion expansion. Chinese stocks crashed. The Shanghai Composite collapsed 5.2% as trade continued its volatile ways. The index has not finished with a move of less than 1% since June 12, and it has experienced closes of -5.2%, +5.5%, -7.4% and -3.5% over the past week. Elsewhere, France's CAC (+2.2%) leads the advance in Europe after Hong Kong's Hang Seng (+1.1%) paced the gains in Asia. S&P 500 futures are higher by 17 points at 2,071.50. Phil Knight is stepping down as Nike chairman. Phil Knight, Nike's cofounder and chairman, says he wants president and CEO Mark Parker to succeed him as chairman of the board. Knight is said to be transferring most of his Nike stock to Swoosh LLC, where he, Parker, and Nike directors Alan Graf and John Donahoe will serve as directors. Reuters reports, "Because Knight owns a large amount of Nike's Class A shares, which aren't publicly traded, Swoosh now has the power to elect three-quarters of Nike's board." Ace is buying Chubb for $28.3 billion. Chubb shareholders will receive $62.93 per share in cash and 0.6019 in Ace shares. "We are thrilled to announce the acquisition of Chubb, a venerable company with a great brand," Evan G. Greenberg, chairman and CEO of ACE Limited, said in a statement. AT&T is expected to receive regulatory approval for its DirecTV acquisition. Reuters reports that people familiar with the matter suggest AT&T will receive regulatory approval for its proposed $48.5 billion buyout of DirecTV as early as next week. According to Reuters, "The FCC and AT&T have been in negotiations over conditions for the merger for several weeks, the people said, adding that none of the conditions are controversial enough to break the deal." If a deal is completed, it would be between the second-largest wireless carrier and the largest satellite-TV provider. US economic data is heavy. ADP Employment Change is scheduled to 8:15 a.m. ET and will be followed by construction spending and ISM Manufacturing at 10 a.m. ET. US crude-oil inventories are set for release at 10:30 a.m. ET. Auto and truck sales will cross the wires throughout the day. | 
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