What's new... what's next

By Matt Egan, Patrick Gillespie and Julia Horowitz of CNNMoney

1. What big fat bubble? Trump cheers Dow 22K

The Dow broke through the 22,000 milestone for the first time ever. The index is now up more than 3,600 points since President Trump's election. Almost a year ago Trump dismissed the market's rise under President Obama as a "big bubble." Last September he even called the market a "big, fat, ugly bubble." Now, Trump has dropped the bubble talk and is taking to Twitter to cheer the records on Wall Street. While the initial rally was fueled by the Trump agenda, it's now being kept afloat by strong earnings and the steady economy.

2. Trump ready to go after China on trade

The Trump administration is moving closer to launching an investigation into whether China's trade practices are unfair, a senior official told CNN. Such a move could ratchet up tensions between the two nations. It could lead to tariffs on China, and runs the risk of retaliation in the same or similar form. Fears of a trade war, let alone the North Korean geopolitical crisis, would be elevated if Trump goes through with the investigation.

3. German carmakers confront a diesel rebellion

German automakers are frantically trying to save diesel. Execs representing the country's top car brands -- Volkswagen, Audi, Porsche, BMW, Opel and Daimler -- met with German government officials on Wednesday amid growing calls for cities to ban diesel cars over pollution concerns. The companies agreed at the meeting to retrofit over 5 million vehicles with a software update that reduces nitrogen oxide emissions by as much as 30%, according to a statement issued by the German Association of the Automotive Industry.

4. How about a beach vacation in Saudi Arabia?

Saudi Arabia wants the world's beach bums to come to its shores. The oil-rich country is planning an ambitious overhaul of its tourism industry. Part of the plan? Constructing resorts on about 100 miles of sandy coastline. The Red Sea Project will be completed by 2022, according to a statement from the country's sovereign wealth fund, and will cover 34,000 square kilometers (13,100 square miles).

5. Quick Takes:

Apple's Tim Cook hopes China will ease VPN restrictions

Horror show for AMC: Theater stock plunges to record low on box office slump

This millennial retired at 28 with $2.28 million

Young people use Instagram 32 minutes per day on average

This app lets Uber and Lyft drivers easily switch between the two

6. What's next:

Yum, Shake Shack and Kraft Heinz: Wall Street is hoping to feast on another batch of strong earnings reports on Thursday. Before the bell, results are due from Yum! Brands, the owner of Pizza Hut and Taco Bell, as well as Aetna, Viacom and Sotheby's. The after-the-bell earnings are headlined by Kraft Heinz, Shake Shack and Activision Blizzard.

Rate hike from England? The Bank of England is faced with a bit of a dilemma when it wraps up its policy meeting at 7 a.m. ET on Thursday. On the one hand, the U.K. is grappling with an economic slowdown amid all the Brexit uncertainty. But some analysts believe soaring inflation, caused by the very weak pound, could eventually force the BoE to hike interest rates.

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