What to watch for today
A strong US jobs report. Economists expect the US Bureau of Labor Statistics to report 225,000 new jobs in July, which would make it the sixth consecutive month of gains above 200,000.
Procter & Gamble updates investors. The consumer goods bellwether, which makes everything from toothpaste to diapers to make-up, will report quarterly earnings, which are closely watched for clues on the health of consumer speding.
Another roadblock for MH17 investigators. Pro-Russian rebels attacked a military convoy in eastern Ukraine, killing at least 10, near the site of the downed Malaysia Airlines flight. It is unclear whether Dutch and Australian investigators will be able to carry out a second day of work at the site, where 80 bodies are believed to remain.
The clock ticks for Edward Snowden. The one-year visa Russia granted to the US intelligence whistleblower expired at 4am GMT. He has applied for permanent asylum, and will reportedly receive a decision within 30 days (link in Russian).
While you were sleeping
A 72-hour ceasefire took effect in Gaza. Israel and Palestinians agreed to a halt in violence in a deal brokered by the US and UN, setting the stage for negotiations for a more lasting truce. But the peace may be fragile: Palestinians said an Israeli tank killed four and injured 15 several hours after the ceasefire began.
Euro zone manufacturing was generally positive. The Markit purchasing managers’ index for July held steady at 51.8. Ireland recorded the highest level of expansion while France, as usual, lagged behind the pack.
China’s manufacturing sector accelerated, but Japan’s didn’t. Both Beijing’s official purchasing managers’ index and the medium and small business survey conducted by HSBC/Markit rose to 51.7 in July, which suggests the government’s stimulus measures are working. Japan’s HSBC/Markit PMI for July fell to an adjusted 50.5, down from 51.5 in June, signaling slower growth in factory activity.
John Kerry pressured India on global trade. The US secretary of state said India’s veto of a World Trade Organization pact on customs undermined prime minister Narendra Modi’s goal of a business-friendly India.
British Airways swung back to profit. The holding company International Airlines Group recorded a 55% rise in second-quarter earnings to €380 million ($509 million), after cutting thousands of jobs at Iberia, the Spanish flag carrier it also owns. Iberia posted a second-quarter profit of €16 million, from a loss of €35 million the same period a year ago.
China confirmed its new nuclear-capable missiles can reach the US. The DF-41 intercontinental projectiles can carry multiple warheads over 12,000 km (7,456 miles), which is also far enough to reach European capitals, according to state-run media.
Quartz obsession interlude
Tim Fernholz on who’s to blame for Argentina’s debt default. “There are good cases to blame each party: If the vulture funds had exchanged their bonds earlier, they would have made a decent profit and saved us all this mess—but there’s no law saying they had to do that. If global finance hadn’t integrated the world’s economies, Argentina wouldn’t have suffered from capital flight—but it wouldn’t have had access to capital to begin with absent that system. If Judge Griesa hadn’t issued his controversial order…” Read more here.
Matters of debate
The tech IPO isn’t dying. But it seems that way because giant VC firms are keeping all the profits for themselves.
Yahoo should be broken up. Don’t let CEO Marissa Meyer sink the proceeds from Alibaba’s IPO into more failing businesses.
Global unrest is at an all-time high. Radicals, terrorists, and freedom fighters are all better-equipped than they used to be.
Kids’ clothes shouldn’t be gender specific. So what if girls have their own science-themed t-shirts?
A supposedly impossible space drive actually works. A propellant-less microwave thruster has been successfully tested by NASA.
Peaches are being dressed up as sexy butts in China. Just see for yourself (SFW).
Big Brother is watching London’s rowdiest drinkers. They’ll be forced to wear alcohol-monitoring anklets (paywall).
There’s a campaign to rename the kaffir lime. The k-word is considered racist in South Africa.
A little poison is good for you. It spurs our bodies to create antioxidants.