What to watch for today (and this weekend)
The United States celebrates Independence Day. Financial markets and many businesses are closed as the country begins enjoying the July 4 long weekend.
Greece’s pivotal vote. Sunday’s somewhat confusing referendum hinges on whether Greeks are willing to accept an extended bailout from Europe and the IMF in exchange for more austerity measures. A “no” vote, as urged by prime minister Alexis Tsipras, raises the likelihood that Greece will leave the euro; polls put voters split down the middle.
Iran nuclear talks continue. Negotiators are expected to debate well into the weekend, and US secretary of state John Kerry sits down with Iranian foreign minister Mohammad Javad Zarif.
The summer of sport continues. The Tour de France begins in the Netherlands. Chile will host Argentina in the final of soccer’s Copa America on Saturday, while the US faces Japan for the Women’s World Cup in a rematch of the 2011 final on Sunday. And in England, Wimbledon is still on and Formula 1’s British Grand Prix is held.
While you were sleeping
Aetna agreed a $37-billion deal for Humana. The US’s second largest health insurer will pay cash and stocks for its smaller rival, representing a 23% premium on yesterday’s stock price close. Aetna’s acquisition was likely driven by the growing number of elderly residents in the US.
The euro zone had a bumper quarter. Markit’s composite purchasing managers’ index, which measures both the service and manufacturing sectors, rose to 54.2 in June, from 53.6 in May, further above the 50 level that separates expansion from contraction. That rise brought the quarterly average to a four-year high, and may suggest the European Central Bank’s stimulus measures are working.
China’s stock market rounded off an awful week… The Shanghai Composite Index ended Friday down 5.8% (paywall), bringing the week’s loss to 12.1%, and putting it well into bear market territory at 28.6% below its June peak. The largest three-week drop in 23 years comes despite heavy government interference, which may prove awkward for president Xi Jinping.
…as authorities scrambled to save it. The country’s market regulator announced it will assess whether some companies mis-sold financial products; it has already suspended more than a dozen short sellers. Separately, new rules mean property can now be used as collateral, meaning traders can now risk their homes—a new measure in China that analysts called “relatively desperate.”
Qantas gave out bonuses to 28,000 staff. Workers at the Australian airline will receive a 5% bonus after having their salaries frozen as part of a A$2 billion ($1.5 billion) cost-cutting plan. Qantas said much of its savings have already been achieved, amid lower fuel costs and weaker competition.
Quartz obsession interlude
Marc Bain on how to get a great-looking outfit made completely from garbage. ”Nike already makes jerseys out of it, and the popular Dutch denim brand G-Star Raw has a clothing line with musician Pharrell made from reclaimed ocean plastic. Soon you’ll be able to add sneakers to that list.” Read more here.
Matters of debate
Guacamole isn’t worth arguing about. Americans should really be arguing about barbecue.
Donald Trump is sabotaging the GOP. His fellow candidates should have ostracized him when they had the chance.
Greece is doing democracy wrong. A crisis requires a responsible, democratically-elected leader, not for everyone to have a say.
Don’t worry about getting murdered by robots. Robot-related deaths are on the decline.
Polygamy is not at all like gay marriage. Group marriage represents the past, not the future, of matrimony.
Surprising discoveries
Chinese college students are trading stocks. They’re funded by the bank of mom and dad.
Russian teens are kicking a cardboard cutout of Barack Obama. A civic exercise in “hitting back against sanctions.”
The world’s tallest cow has died. Blosom was 6’2 (190 cm) and certified by Guinness.
Bubble wrap’s manufacturer is creating a “popless” alternative. But the old stuff will still be available.
Thomas Jefferson was obsessed with mammoths. Something for Americans to ponder about the founding father this Fourth of July.
Our best wishes for a productive day. Please send any news, comments, vintage bubble wrap, and other record-breaking cows to hi@qz.com. You can follow us on Twitter for updates throughout the day.