What to watch for today
Can Chinese stocks sustain their rebound? The country’s decimated markets rose more than 5% yesterday, bolstered by the government pressuring state-owned companies and their employees to buy up shares. But it remains to be seen whether the reversal will stick, or is just another dead cat bounce.
Janet Yellen offers her views on the US economy. The chair of the Federal Reserve will speak in Cleveland, Ohio on her outlook on the US job market, inflation, and economic growth.
South Carolina takes down the Confederate flag. Governor Nikki Haley signed a law for the contentious flag to be relegated to the state capitol’s “relic room.”
A Canadian jobs update. Canada is forecast to have lost 10,000 jobs in June, after a gain in May, with unemployment at 6.9%. The new data could provide a clue about the Bank of Canada’s decision on interest rates next week.
While you were sleeping
The UK warned its citizens to leave Tunisia. The British Foreign Office said “non-essential” travel should cease in the wake of the June 26 shooting that killed 38 people, including 30 Brits, which was claimed by the extremist Islamic State group. The UK Said it has intelligence suggesting another attack is “highly likely.”
Germany agreed that Greek debt needs restructuring. Finance minister Wolfgang Schaeuble outlined the conundrum faced by Greece’s creditors, saying its debt load needs to be reduced, but that reducing it would undermine the EU. Athens faces a midnight deadline to submit a reform plan to obtain much-needed loans.
Procter and Gamble sold 43 brands for $12 billion. Beauty products maker Coty agreed to buy a range of products, including cosmetics, hair products, and perfume lines. P&G is paring down its offerings to focus on about 10 core products such as Tide detergent.
Iran talks were extended, yet again. Several negotiators claimed a deal was reachable within hours, but US secretary of state John Kerry said he “will not be rushed.” If a deal is not reached by Friday, the US Congress will have 60 days rather than 30 to review a prospective agreement, giving Republicans more opportunities to undermine it.
IBM extended Moore’s Law a few more years. The company said it proved it’s possible to produce chips just 7 nanometers wide—or about the width of a few strands of DNA. That would extend the lifespan of Gordon Moore’s prediction that processing power doubles roughly every two years.
London descended into chaos during a Tube strike. Some 20,000 London Underground workers from four major unions walked out to protest against low pay, shutting down the Tube for 36 hours. A commuting nightmare ensued, with traffic congestion, packed bus lines, and complaints about Uber surge pricing.
Quartz obsession interlude
Dan Frommer on having your own personal cloud. ”I am now wearing several machines that are capable of talking to each other …This phenomenon—some are calling it the “personal cloud” or “personal mesh”—is one of the most important changes that will come out of the rise of wearable devices, such as the Apple Watch.” Read more here.
Matters of debate
Helicopter parenting tends to backfire. Rigorously structured childhoods are correlated with college-age depression.
The NYSE’s July 8 glitch was truly scary. Not because of cyberterrorism, but because crucial software generally sucks.
Africa’s ticket to wealth is the garment industry. Asian manufacturing is the blueprint.
Just give the homeless homes. It will save money and improve lives.
Finland can teach America a lot about baseball. An obscure variant called “pesäpallo“ (paywall) offers near-constant action.
People with re-usable grocery totes buy more junk food. They may be rewarding themselves for being so eco-conscious.
Pope Francis prepared for Mass in a Burger King. It was the only space available in Bolivia.
Four Colombians suffered an epic switcharoo. Two sets of identical twins were separated at birth, and raised as each other’s fraternal twins.
A McDonald’s children’s toy may have a potty mouth. Some parents hear a phrase commonly abbreviated as WTF.