Here is what you need to know.

North Korea doubles down. In a statement released Wednesday, North Korea’s army repeated its threats to launch nuclear-capable missiles at Guam, saying President Donald Trump’s threats were “absolute nonsense” and “only absolute force can work on him.”

The UK and Scotland fail to reach an agreement on Brexit. Talks between UK and Scottish government officials were unable to produce an agreement on what powers should be handed over to Scotland after Britain leaves the European Union, the BBC reports.

Venezuela’s inflation explodes. Venezuela’s inflation rate climbed by 26% in July to 248.6%, Reuters says, citing data released by the opposition-led congress on Wednesday.

New Zealand’s central bank holds. The Reserve Bank of New Zealand held its key interest rate at 1.75% and said policy would “remain accommodative for a considerable period.”

Trump zeros in on his pick to head the FTC. Joseph Simons, a partner at the law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP who served as a top official at the Federal Trade Commission under President George W. Bush, is said to be Trump's top choice to lead the FTC.

New York City landlords may start cutting back on freebies. "We're getting to the point where tenants are reluctant to sign with heavy concessions because if the concessions are removed, say a year from now on renewal, many will not be able to afford the rent," Jonathan Miller, the CEO of the real-estate appraiser Miller Samuel, told Business Insider.

Facebook is officially launching its attack on TV. The social network's Watch, a platform for original TV shows, will launch "soon," people familiar with the matter told Business Insider.

Stock markets around the world are lower. Hong Kong's Hang Seng (-1.13%) trailed in Asia, and Britain's FTSE (-1.08%) lags in Europe. The S&P 500 is set to open lower by 0.31% near 2,467.

Earnings reports keep coming. Blue Apron, Canada Goose, and Macy's report ahead of the opening bell, while Nordstrom, Nvidia, and Snap release their quarterly results after markets close.

US economic data is light. Initial claims and PPI will be released at 8:30 a.m. ET. The US 10-year yield is down 1 basis point at 2.24%.