A 3-way deal? President Trump says the U.S. Treasury should receive a significant cut of Microsoft’s bid for Chinese social media app TikTok, as he says the companies have until 15 September to reach an agreement. U.S. major averages start August in the green with the Nasdaq hitting another record high. Google parent Alphabet issues a record $10bn in corporate debt at a rock-bottom coupon price. And in Europe, German lender Commerzbank goes against the advice of its second-largest shareholder, private equity group Cerberus to appoint Hans-Jorg Vetter as chairman.

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