Financial Markets and Economy
Here's your complete preview of this week's big economic events (Business Insider)
How much would you give to never read about the Greek debt crisis or the crashing Chinese stock market ever again?
They're important stories with global implications. But unless you live in or nearby Greece or China, it's hard to see exactly how much this impacts you.
Greece is responsible for a "trivial" amount of global output, while only accounting for around 0.006% of US exports.
Dow Futures 'Rally' 150 Points Off Opening Lows Into Positive Territory On Greek Makeshift "Deal" Chatter (Zero Hedge)
We have detailed just what a total farce of a day this has been in Brussels, but even more farcical is the reaction in equity markets in the last few minutes…
China expected to post worst growth since financial crisis (CNN)
China is poised to post its worst quarterly growth since the financial crisis, according to a CNNMoney survey of economists.
Gross domestic product is forecast to have expanded by 6.9% in the second quarter, compared to the same period last year, according to the survey's median estimate.
Euros Opening Drop Fades as Greek Impasse Has Currency in Limbo (Bloomberg)
The euro seems to be building up some resistance to Greek turmoil, even as it opened weaker for a third straight Monday amid the latest debt impasse.
Britain's government just made fintech one of its biggest priorities (Business Insider)
Well-known London seed investor Eileen Burbidge is now the UK Treasury's "special envoy" for fintech.
Chancellor George Osborne announced her appointment on Friday as part of a raft of plans to try and improve the UK's productivity.
Burbidge is a partner at Passion Capital, a London early-stage technology investment fund, and is well-known in London's tech scene — she was dubbed the "Queen of British VCs" by Fortune.
U.S. stock futures boosted by Greek bailout deal (Market Watch)
Wall Street was set for an upbeat start to the week, with U.S. stock futures pushing higher Monday morning after eurzone leaders reached an agreement for a third bailout program for Greece.
Futures for the Dow Jones Industrial Average YMU5, +0.71% climbed 119 points, or 0.7%, to 17,788, while those for the S&P 500 index ESU5, +0.70% picked up 14 points, or 0.7%, to 2,083. Futures for the Nasdaq 100 index NQU5, +0.87% added 37.25 points, or 0.8%, to 4,445.50.
China Stocks Mixed After Regulators "Bust Illicit Stock Sellers" And Unhalt Over 400 Securities (Zero Hedge)
A modestly positive open in China quickly turned negative as regulators un-halted 408 more stocks, reducing the number suspended to just 36% of all stocks. Along with disappointing trade data (and expectations of "extreme pressure in the next 2-3 months") and regulators cracking down on investors with multiple illegally-obtained margin trading accounts, early strength has faded (for now).
The euro spiked and stocks are rallying on the Greece deal (Business Insider)
Markets, understandably, reacted positively to the news that a deal on Greece was reached today.
Bureaucrats Go Hungry as Nigerias Oil Crisis Hobbles Economy (Bloomberg)
It’s been five months since Johnson Umeadi and his wife, Adaku, received their salaries as government workers in southeastern Nigeria.
With Nigeria’s finances shot by last year’s collapse in oil prices, they’re struggling with rent and can’t afford school fees for their three children. Shops and grocers are no longer willing to extend them the credit they need to buy basic items such as food and drinks.
GMO's Montier Shifts To 50% Cash, Sees 3 "Hellish" Scenarios For Markets (City Wire Global)
‘This is definitely the most difficult time to be an asset allocator. It’s very hard to find value,’ Montier told Citywire at the Value Intelligence Conference in Munich, an event hosted by Value Intelligence Advisors (VIA).
The fund manager recently cut his equity exposure to US ‘quality’ names and, as such, has upped cash in his Global Real Return fund. He currently holds 20% in liquid assets, i.e. cash and derivatives, while a further 30% is invested in fixed income.
Thoughts On Life And Trading (Trader Feed)
There are many ways to achieve, but I know of none that does not involve a willingness to tolerate discomfort. Our boundaries are what make us feel comfortable; pushing our boundaries is what achievement requires. In life as in the gym, if you're not breaking a sweat, you're not building your fitness. If you want to develop a part of yourself, that development requires regular workouts.
Europe has made Greece a terrible offer, and the Greek government thinks it's 'very bad' (Business Insider)
Greece isn't thrilled with the latest offer it's been presented by the Eurogroup.
And, of course, they shouldn't be: The offer is indeed terrible (as well as insulting).
Headlines from Bloomberg on Sunday afternoon indicate that a Greek government official said the Greek government views the offer put forth by its European creditors as "very bad."
Oil futures slide as Iranian nuclear talks continue (Market Watch)
Oil futures slid Monday as uncertainty over the Iranian nuclear deal carried over from last week.
Data showing strong Chinese oil imports for June also failed to limit losses, as investors remained cautious over the stability of Chinese stock markets and projections of persistent oversupply of crude oil in the coming months.
Light, sweet crude futures for delivery in August CLQ5, -1.50% fell $1.08, or 2%, to $51.66 a barrel on the New York Mercantile Exchange.
Markets cheer as leaders strike deal on Greece (CNN)
It's done. Investors have delivered a big cheer after Europe finally struck a deal to bailout Greece.
Eurozone leaders wrapped up marathon talks with an agreement after Greece said it would enact deep economic reforms under close supervision by its creditors.
Greece Is Not Finland and Mississippi Is Not Massachusetts (Bloomberg)
Greece is being given exactly two choices. It’s a rather black-and-white choice. — Alexander Stubb, Finance Minister, Republic of Finland
If Slovakia managed to carry out reforms then Greece has to be able to do it, too, there is no room for mercy from our side. For any negotiations on the third program to start, the Greeks have to adopt legislation in parliament. We want to see what they will do with VAT, with the pension system, individual laws. This is a basic pre-condition for the start of the talks and doesn’t necessarily mean that we will agree with the aid package. — Robert Fico, Prime Minister, Slovak Republic.
European stocks climb as Greece reaches long-awaited bailout agreement (Market Watch)
European stocks climbed Monday, with the new week ushered in by news that Greece has struck a deal that should unlock new funding for the cash-strapped country.
The Stoxx Europe 600 SXXP, +1.75% rose 1.5% to 394.56, with all sectors trading higher.
In Frankfurt, the DAX 30 DAX, +1.67% gained 1.6% to 11,494.18, and in Paris, the CAC 40 PX1, +2.16% popped up 1.6% to 5,002.08.
China Reality Check: Stocks Are Still Too Expensive for Mobius (Bloomberg)
Chinese shares have tumbled faster than any of their global peers, suffered the first bear-market retreat since 2012 and erased more value in a month than the annual economic output of the U.K.
KRUGMAN: 'The European project … has just been dealt a terrible, perhaps fatal blow.' (Business Insider)
Talks between Greece and its European creditors are going nowhere. Backwards, in fact.
And New York Times columnist and Nobel Laureate Paul Krugman thinks we could be watching the "European project" dissolve before our eyes.
In a blog post on Sunday afternoon, Krugman writes that, "The European project — a project I have always praised and supported — has just been dealt a terrible, perhaps fatal blow."
Asia Markets: Chinese rally gains steam, but many firms still halted (Market Watch)
China shares led Asia higher Monday, as Beijing’s efforts to reverse a massive selloff appear to be holding up, though a number of stocks remain halted.
The Shanghai Composite Index SHCOMP, +2.39% ended up 2.4% at 3971.14. The index has gained 13.2% since Wednesday’s close, the start of a three-day rally, though remains down 23.2% from its high reached in June.
The smaller Shenzhen Composite Index 399106, +4.18% rose 4.2% and the small-cap ChiNext 399006, +5.80% gained 5.8%. Both are down about a third since June peaks.
Oil prices fall as Iran nuclear deal seems likely (Business Insider)
Oil prices opened up lower on Monday as Iran and six world powers were close to nailing down a nuclear deal, while Greece and its creditors failed to find a bailout agreement over the weekend.
The potential of Iran soon adding to global oil oversupply and the demand side weakening over China and Europe led several analysts to say that crude would fall further.
Euro Summit Has Unanimously Reached Agreement on Greece (Bloomberg)
Greece reached an agreement with its creditors over the reforms needed to start talks for a third bailout in five years and remain in the euro.
Greek Prime Minister Alexis Tsipras yielded to their austerity demands after almost 17 hours of talks at a euro-area summit in Brussels ending about 9 a.m. Monday.
The Crony Capitalist Pretense Behind Warren Buffett's Banking Buys (Real Clear Market)
When Warren Buffet put $5 billion in Berkshire Hathaway funds into Goldman Sachs the week after Lehman failed, amidst total turmoil and panic, it appeared from the outside a high risk bet. Buffet had long tried to portray himself as a folksy engine of traditional stability, investing only in things he could understand, so jumping into a wholesale run of chained liabilities may have seemed more than slightly out of character. Some of that was explained later via Buffet's apparent hands on TARP, particularly version 1, but also later investments in Wells Fargo and US Bancorp.
U.S. economy hums along despite Greek fire, Chinese bears (Market Watch)
The latest Greek debt crisis and plunging Chinese stock market are capturing headlines and making Wall Street anxious, but to most ordinary Americans they are far-off events that have no impact on their own lives.
Understandably so. The American economy, the world’s largest, has rebounded after a winter freeze. Companies are adding more than 200,000 jobs a month, consumer confidence is at a post-recession high and people are spending a bit more. The U.S. is poised to grow almost 3% in the second quarter after a 0.2% contraction in the first three months of the year, according to a MarketWatch survey of economists.
Healthcare packages likely to be revised in UAW, Detroit Three talks: WSJ (Business Insider)
Healthcare packages are likely to be revised and profit-sharing agreements could be altered in talks for new contracts scheduled to begin on Monday between the United Auto Workers (UAW) and The Big Three U.S. automakers, the Wall Street Journal reported citing people familiar with the negotiations.
Health care costs will be a central issue in the talks, as the automakers face paying a so-called "Cadillac tax" of 40 percent on rich UAW medical plans starting in 2018.
Starbucks and Other Corporations to Announce Plan to Curb Unemployment of Young People (NY Times)
Spearheaded by Starbucks and its chief executive, Howard Schultz, nearly 20 big American corporations will unveil a plan on Monday to find jobs for 100,000 unemployed young people over the next three years.
The effort, to be called the 100,000 Opportunities Initiative, is aimed at the estimated 5.6 million Americans ages 16 to 24 who are neither studying nor working, and will offer full-time positions as well as apprenticeships and internships.
Operating With A Mission-Based Mindset (Trader Feed)
Shoutout to @BrianTracy for the graphic and message. It speaks to what I call a mission-based mindset. Think of the Special Forces team embarking on a mission to rescue their colleagues from enemy capture. Every one of those soldiers will be mission-focused. They will have drilled and prepared; their goals–and the actions they will take to reach those goals–are front and center.
When people live with a mission-based mindset, they are like those elite troops. Their thoughts, feelings, and actions are directed toward what they should be doing in life. Most of all, they immerse themselves in worthy missions, and those make life a challenge and adventure.
The Top Global Franchises (Entreprenuer)
Becoming a household name in the U.S. is no small feat. But brands with international aspirations won’t be satisfied until they are recognized around the world. Check out our list of the 200 top global franchises to find opportunities as varied as the four corners of the Earth.
Only companies seeking new franchisees outside the U.S. and with a minimum of five open international locations were considered for this ranking. To compile our list, we started with each company’s 2015 Franchise 500® score—based on objective, quantifiable criteria including system size, growth and financial strength and stability—then adjusted to give extra weight to international size and growth.
Futures aren't doing much after a third straight weekend of non-stop Greece news (Business Insider)
US stock futures are lower, but the market is more or less shaking off another weekend of headlines out of Greece.
-3.png)
Russia Readies Fuel Deliveries To Athens, Will Support Greek "Economic Revival" (Zero Hedge)
Russia and Greece have a "special relationship of spiritual kinship and religious and historical affinity," Vladimir Putin said yesterday, following the BRICS summit in Ulfa.
Over the course of the unfolding crisis in Greece, Athens has at various times gone out of its way to remind Angela Merkel that allowing the country to crash out of the currency bloc may force the Greeks to turn to their other international "friends" (to use Nigel Farage’s words) for assistance. Facing economic sanctions from the EU in connection with its alleged role in destabilizing Ukraine not to mention a spiteful anti-trust suit against Gazprom, the Kremlin has been more than happy to use the rising tensions between Athens and Brussels to its geopolitical advantage.
Politics
Courts Support Obama’s Contraceptive Policy, but Challenges Remain (NY Times)
Four federal appeals courts have upheld efforts by the Obama administration to guarantee access to free birth control for women, suggesting that the government may have found a way to circumvent religious organizations that refuse to provide coverage for some or all forms of contraception.
While pleased with the rulings, administration officials are not celebrating.
NAACP Ends 15-Year Boycott Of South Carolina After Confederate Flag Is Removed (Think Progress)
A day after South Carolina lowered the Confederate flag flying outside the Statehouse, the NAACP Board of Directors voted Saturday to end its 15-year economic boycott of the state.
The civil rights group introduced an emergency resolution at its annual convention this weekend in response to the removal of the flag from the state capitol.
The boycott began in 2000 in response to the state’s refusal to take the Confederate flag off the capitol grounds. The flag originally flew on top of the Statehouse dome starting in 1962, in a move seen as a protest against desegregation and civil rights.
If only Hillary could rope in Bernie Sanders: The primary nightmare she suddenly can’t avoid (Salon)
Although the Clinton campaign is expected to raise $2.5 billion, some things can't be purchased with money. Enthusiasm is a precious form of currency in American politics, and Bernie Sanders is filling arenas with thousands of people. Vermont's senator recently drew crowds of 10,000 in Wisconsin, 2,500 people in Iowa, a "packed to capacity" venue in New Hampshire, and a "huge crowd" of 7,500 in Maine. In contrast, Michael Calderone of the Huffington Post explained how the Clinton campaign is dealing with journalists in an article titled "Clinton Campaign Frustrates Journalists Yet Again By Roping Off Media at Parade."
Technology
‘In my heart, I am a gamer…’ Satoru Iwata (1959 – 2015) was the soul of Nintendo (The Next Web)
It is a rare kind of CEO whose death shakes not only their own company and the markets, but an entire culture. A single obituary or even a forest of them, could not encompass the influence of and affection for Satoru Iwata. This was a man whose infectious laughter became a meme, a leader whose warmth and affection made him almost as beloved as the characters whose destinies he helped define. Iwata joined Nintendo in 2000. In 2002, he became the first president of the company not to be a member of the founding Yamauchi family.
Are Robot Swans the Future of Water Testing? (PSFK)
The swans you might see floating around Singapore’s Pandan Reservoir are not what they seem. They’re not living birds but robots. And their purpose? Smart, efficient water testing.
According to Channel NewsAsia, the robot swans are a project from a team from the National University of Singapore (NUS) and the national water agency. The NUSwan monitors water conditions like pH, dissolved oxygen, turbidity and chlorophyll to determine whether there are problems with the water source.
Health and Life Sciences
Breast cancer warning to older women (BBC)
Many older women are unaware of some of the early warning signs of breast cancer, according to a survey.
Fewer than half of the women over 70 who were questioned could name a symptom, apart from a lump.
The government health agency, Public Health England, which organised the survey, said that older women were also more likely to delay going to their GP.
FDA adds heart attack and stroke warning to some painkillers (CNN)
The U.S. Food and Drug Administration (FDA) is calling on drug makers of some popular painkillers to strengthen their warning labels after a review of new safety information. The warning labels on non-aspirin nonsteroidal anti-inflammatory drugs, known as NSAIDs, must be udpated to identify an increased risk of a heart attack or stroke.
NSAIDs are typically given to relieve pain or fever that results from, but not limited to, arthritis, flu, headaches and menstrual cramps. Higher doses require a prescription, while lower doses are available over-the-counter. The warning applies to both. Brand names include Celebrex, Advil, Naprosyn, Aleve and Daypro, to name a few.
Life on the Home Planet
How Much Smog Did You Breathe Today? Wearable Sensors Measure Your Pollution Intake While You Bike (Fast Company)
Researchers are studying the health cost of being healthy on your commute.
Biking to work is often touted as a healthy alternative to driving or taking public transportation. Indeed, it's a great way to build exercise and stress-reduction into your daily routine. But biking isn't all that healthy if you're sucking down air pollution on your way to the office. It's possible to measure the background levels of air pollution in a city or even at specific locations, but quantifying just how much pollution cyclists are exposed to on their morning rides poses a bit more of a challenge.
