What to watch for today
Wells Fargo makes it rain. The US mortgage giant is expected to report second-quarter earnings of $1.01 per share, up from $0.98 a year ago. But its 17-quarter streak of rising profits could be over, with the bank reporting a 2.6% revenue drop due to a slower mortgage market.
Europe ups the ante in Ukraine. Expanded EU sanctions aimed at targeting the pro-Russian separatists destabilizing Ukraine will go into effect by mid-day if no member of the 28-country bloc objects.
Wyoming hosts its own playdate for moguls. While the world’s biggest tech and media moguls congregate in Sun Valley, economists and entrepreneurs gather one state over in Wyoming for the sixth annual Rocky Mountain Economic Summit. Highlights include musings on entrepreneurship by Federal Reserve Bank of Philadelphia president Charles Plosser and monetary policy lessons by the Chicago and Atlanta Fed presidents.
Argentina begs China and Russia for cash. Argentine president Cristina Fernandez will court Chinese and Russian leaders at the upcoming BRICS summit of emerging market economies to help the country avoid default on a bond bill due by month’s end.
While you were sleeping
A ground invasion loomed over Gaza. Israel is readying 20,000 soldiers for a ground invasion of the violence-stricken Gaza strip after a predawn raid upped the Palestinian death roll to more than 80.
Australia wallowed in bad jobs data. The unemployment rate unexpectedly rose to 6% from 5.9% in May, an 11-year high, as more employers slashed full-time work and more workers sought part-time gigs.
Apple (ostensibly) fended off European copycats. Europe’s highest court ruled it will allow the company to trademark the layout of its retail stores across the EU. The ruling is a win for Apple’s European business despite German opposition, after the company secured a US trademark on stores in 2010.
OPEC lamented the shale boom. Making its first prediction for 2015, OPEC said it expects its share of the world oil market to shrink with the rise of US shale oil, even as global demand for petroleum continues to rise.
The Bank of England snoozed on. The central bank held interest rates at their record low benchmark rate of 0.5%, but the first rate hike since 2007 looms in early 2015.
Quartz obsession interlude
Jenni Avins dons 30 pairs of women’s white jeans, in search of the perfect one. ”Just think of the women who’ve famously worn—and wear—white jeans. Stateside, Jackie Kennedy played with little John Jr. on the beach in hers; Ali MacGraw wore them boating in the iconic 1970 film Love Story; American Vogue fashion director Tonne Goodman wears them daily—a chic, fuss-free foil to the high fashion pomp that surrounds her. French Vogue editor-in-chief Emmanuelle Alt is similarly devoted, lending her insouciant sex appeal to the pants with sleek heels and tousled hair. See also: St. Tropez whites, suntanned feet in driving loafers, Breton striped shirts, fashion photographers, and Ines de la Fressange. You get the idea.” Read more here.
Matters of debate
Afghanistan isn’t Iraq, and vice versa. With starkly different pasts, internal divisions and geopolitics, these countries can’t be compared to predict their respective responses to the withdrawal of international forces.
We’ve reached peak Facebook. A new study suggests the social media sites’ popularity is destined to decline.
Cool your jets, Carlos Slim. Yes, the telecom mogul volunteered to break up America Movil before the government got to it, but that doesn’t mean the move will benefit Mexico.
Terrible job on that medical marijuana law, New York. It falls short of laws created by 22 other US states that are catering to patients who need it.
Martha Stewart loves drones. The lifestyle queen is using a flying bot to take aerial shots of her farm.
Microsoft’s Bing and this 9-year-old have a perfect record of predicting World Cup matches. With both accurately predicting the final, we’re eager to see if they make the right call on the champion.
No one likes fat, infertile roosters. Their impotence is pushing up the price of chicken.
Mike Tyson and Luis Suarez get each other. The former world heavy-weight boxing champion with a biting history defends the Uruguay striker’s behavior during the World Cup.
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