Economy
Last month's decision to allow exports of condensate by the Commerce Department has paved the path for the U.S. energy industry to become a main supplier in the market. South Korea's GS Caltex and Japan's Cosmo Oil (OTCPK:CMOOY) were the first to purchase the first new exports. As Europe and Asia seek alternative supplies due to the disruption fears of geopolitical crises, stable U.S. condensate demand is set to increase.

EU diplomats will convene today to determine an extensive set of economic sanctions to impose upon Russia. The meeting follows the failed attempt of EU foreign ministers earlier this week to formulate a sanctions program. Many new measures have been outlined in a 10-page options memo prepared by the European Commission and sent to European national capitals, including a wide-ranging capital markets ban, an arms embargo and targeting Russia's energy sector.

U.S. regulators have voted 3 to 2 to pass the new restrictions on the $2.6T U.S. money market industry to avoid a recurrence of the jeopardized corporate lending which arose during the 2008 financial crisis. The rules "will reduce the risk of runs in money market funds and provide important new tools that will help further protect investors and the financial system," says SEC chairwoman Mary Jo White.

France's Prime Minister Manuel Valls has declared that the EU should help member states carry out their reforms and stressed the overvaluation of the euro. The French government is not alone. Many member states have been complaining about the strength of the euro and have called on both the European Central Bank and governments to take action.

Troubles at the European Central Bank continued this morning after it announced that a database on its public website has been hacked. The ECB states that no internal systems or market-sensitive information had been part of the data theft. Most of the information stolen relates to email addresses and other contact information and users that were part of the breach are now being contacted.

Stocks
General Motors has given federal safety regulators new details regarding 19 fatal crashes involving three older models recalled this year for defective ignition switches. GM's (NYSE:GM) new information covers fatal crashes that dates as far back as 2009 and was supplied to the U.S. National Highway Traffic Safety Administration and posted on its Early Warning Reporting database.

UBS is being investigated in France and faces accusations of money laundering and tax fraud for helping French clients hide funds from the national tax administration from 2004 to 2012. The bank faced similar allegations from the U.S. Justice Department in 2009. French authorities have ordered UBS (NYSE:UBS) to post bail of €1.1B ($1.5B).

EBay is offering a new $3.5B bond sale to fund general operating activities as well as pay down outstanding short-term loans. The bond sale comes in the the middle of eBay's (NASDAQ:EBAY) consideration of whether to transfer $9B held in cash overseas to the U.S. The online retailer took a charge of nearly $3B this past April in anticipation of repatriating the funds to be used for acquisitions or other operating activities.

After beating consensus of EPS and revenue, Facebook (NASDAQ:FB) posted consistent ad revenue for Q2. Ad revenue rose 67% Y/Y to $2.68B, with mobile ad sales making up 62% of ad revenue. Payments revenue also rose 9% Y/Y to $234M. "Facebook will make efforts to accept more payments on its platform," says Mark Zuckerberg following a question about Facebook's new Buy button and related payments tools. However, he adds that advertising will remain the company's main source of business.

AT&T had 1.03M mobile postpaid net adds in Q2, above June guidance of 800K+. 707K smartphone and 366K tablet net adds fueled the increase, which compares with 1.4M postpaid adds for Verizon (NYSE:VZ). However, prepaid subscribers fell by 405K, a decline much worse than Q1's 50K. Part of the decline stemmed from the loss of Cricket (Leap Wireless) subscribers. Wireless service revenue fell 1.4% Y/Y to $15.1B, and contributed to AT&T's (NYSE:T) Q2 miss.

Thirty banks are ready to sign a $7.5B loan next month for the U.S. Cameron LNG project that could offer Japan an alternative fuel source. Japan has been running record trade deficits after the nuclear industry shutdown forced it to boost energy imports following the 2011 Fukushima disaster. The $10B Cameron project is owned by Sempra Energy (NYSE:SRE), GDF Suez (OTCPK:GDFZY), Mitsui & Co. (OTCPK:MITSY), and a joint venture between Mitsubishi Corp. (OTCPK:MSBHY) and Nippon Yusen KK (OTCPK:NPNYY).

American Apparel has appointed four new directors who will join the two remaining co-chairmen of its old board. The retailer's new future took another interesting turn after the news of RadioShack (NYSE:RSH) CEO Joseph Magnacca's election to the board. Magnacca has served as CEO of the struggling electronics retailer since February 2013. The new board faces the tough decision of whether fired CEO Dov Charney will return to American Apparel (NYSEMKT:APP) in some capacity.

Today's economic calendar:

8:30 Initial Jobless Claims
9:45 PMI Manufacturing Index Flash
9:45 Bloomberg Consumer Comfort Index
10:00 New Home Sales
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
4:30 PM Money Supply
4:30 PM Fed Balance Sheet