This is what’s in the news for Wednesday, June 29th. The Wall Street Journal reports that Bank of America (NYSE:BAC) is set to close an $8.5B deal that would settle claims from investors who lost money on mortgage-backed securities. Bloomberg reports that Morgan Stanley (NYSE:MS) was burned by a wager on U.S. inflation expectations in Q2. The bank's interest-rates trading group lost at least tens of millions of dollars on the trade, which the firm has been unwinding. Reuters reports that Deutsche Boerse (ETR:DB1) and NYSE Euronext (NYSE:NYX) formally asked the European Commission's competition regulators to approve their planned merger. Finally, the Wall Street Journal reports that U.S. auto makers, led by Ford (NYSE:F) and GM (NYSE:GM), want regulators to let them slowly progress toward a proposed, 56 miles-per-gallon fuel-economy standard by 2025.