What to watch for today
EU ministers seek to fix the carbon-market mess. Environment ministers meeting in Dublin this week will talk about energy-market reforms, a week after the European Parliament derailed efforts to curb oversupply in carbon-emissions trading markets.
French parliament votes on gay marriage, amid ruckus. There have been major protests against the measure, and on Monday, one lawmaker was sent an envelope filled with gunpowder.
Is US housing still reviving? Markets will be watching for latest numbers on new home sales, after Monday’s slightly disappointing reading on existing home sales. FactSet reports a consensus expectation of 430,000 new home sales for March.
The Apple of investors’ eyes. Tech giant Apple is expected to report a drop in profit for the first time in 10 years. Can its share price recover its luster?
How funky is Yum’s chicken? When KFC owner Yum! Brands reports second quarter earnings, investors will be looking to see how badly the outbreak of bird flu in China has set the company back. Yum! has weathered worse outbreaks before.
While you were sleeping
China’s manufacturing index fell way short of expectations. The China PMI calculated by HSBC was only 50.5, barely above the level that designates economic expansion. The Shanghai stock index fell 1.5% in response.
Netflix hit a home run. The streaming video service added three million subscribers, returning to profitability and sending its stock up a whopping 25%.
The EPA criticized the Keystone pipeline. The conduit from Canada to the southern United States may be in trouble after the Environmental Protection Agency’s objections, which are in stark contrast to a favorable review from the US State Department.
The EU lifted sanctions on Myanmar. Officials are hoping more foreign investment means less human rights abuses.
The US charged Dzhokhar Tsarnaev. The 19-year-old injured suspect in the Boston Marathon bombings was charged with using “weapons of mass destruction,” which can apply to pretty much any explosive device. He was not, however, charged as an “enemy combatant,” as some Republicans had lobbied for.
Canada thwarted a terror plot. Canadian police arrested two people in connection with a plot supported by al-Qaeda. The accused, both Canadian citizens, apparently meant to derail a passenger train in the Toronto area.
Twitter inked its biggest ad deal yet. The social media company entered into a structured partnership (paywall) with Starcom MediaVest, part of ad giant Publicis Groupe, giving clients like Procter & Gamble, Walmart, Microsoft and Coca-Cola premium ad slots on Twitter and access to research and data.
Quartz obsession interlude
Matt Phillips on why Pimco’s Bill Gross no longer thinks UK bonds are “nitroglycerine.” “As long as countries have a central bank with the ability to print money and support domestic bond markets and economic growth (see the US, Japan, and the UK), investors see that as a strength, not a weakness. It’s when countries don’t have the flexibility—see Ireland, Italy, Spain, Greece, which are all in the euro—that excessive debt starts troubling the markets.” Read more here.
Matters of debate
The culprit behind China’s deadly earthquake? Maybe a giant dam.
Greece is going to be ok. No, really.
Ten ways to lower crime without taking away guns. A uniquely American perspective.
North Korea: We’ll nuke America, but we wouldn’t bomb a marathon.
Proof the internet doesn’t help dictators. There are no good examples of countries with rapidly growing internet populations and increasingly authoritarian governments.
Bikini ban on some Emirati beaches. The UAE put signs on some public beaches warning that bathers who wore skimpy attire—i.e. bikinis and briefs—could be fined.
Space trash crash! A study suggests that satellite orbits will become far more perilous. “Catastrophic collisions” could occur every 5-9 years.
McDonald’s Japan is suffering a disastrous drought of “amazing ideas.” Although this french fry caddy does look pretty cool.
A Chinese woman is suing the US Federal Reserve for issuing too much money, after the real value of her dollar deposits fell.