What to watch for today
The Bank of Japan’s monetary policy. Analysts expect the central bank to keep interest rates and stimulus efforts unchanged, but investors will be on the lookout for updates on inflation and economic growth.
China’s second-quarter GDP figures. Economic growth may have fallen to 6.8%, which would be the slowest since 2009, as Beijing contends with a major stock-market sell-off. But there are some signs that the Chinese economy is beginning to stabilize.
Janet Yellen testifies before Congress. The Federal Reserve chief may have to field some tough questions about a leak of information about the Fed’s bond-buying plans, which is now the subject of a criminal investigation.
More blue chip US earnings. Delta, Netflix, Bank of America, Intel, BlackRock, PNC and Kinder Morgan report their results.
While you were sleeping
The long-awaited Iran nuclear deal was finally sealed. US president Barack Obama declared that the historic agreement to lift crippling Western sanctions in exchange for limits on Iran’s nuclear capabilities was built on “verification,” rather than trust alone. The deal was criticized by Israeli prime minister Benjamin Netanyahu and US Republican lawmakers, though they almost certainly don’t have the votes to block the deal.
An online dating giant hooked up with a new partner. IAC’s Match Group, which owns Match.com, Tinder, and OkCupid, is buying Vancouver-based PlentyOfFish for $575 million in cash, ahead of the spin-off IPO it is planning for the end of the year.PlentyOfFish is a free online dating service that started in 2003 and has 90 million registered users.
Mixed results on Wall Street. JPMorgan Chase’s quarterly profits beat expectations as the bank spent less on taxes, restructuring, and legal bills. CEO Jamie Dimon said it has not been affected by the Greek crisis or China’s stock market’s troubles. Wells Fargo, on the other hand, saw a drop in profits due to rising expenses and employee costs.
A Japanese company is buying British auto testing company Mira. Kyoto-based instrument maker Horiba is buying the former Motor Industry Research Association, which has a storied role in UK auto history, for an estimated £85 million ($130 million). Mira has one of the largest independent testing tracks in the world and also conducts testing for driverless cars.
Starbucks is heading to sub-Sarahan Africa. The US coffee chain said it would partner with local franchise operator Taste Holdings to open its first African outlets outside of Egypt and Morocco during the first half of 2016. South Africa has a competitive and fast-growing coffee scene that caters to the country’s growing middle class.
A NASA probe flew by Pluto, taking a historic photo. Nine years after it left Earth, the New Horizons spacecraft sped by Pluto, the last unexplored major body in the solar system. It has already taken the most detailed photo of Pluto ever, and there are more close-ups to come.
Quartz obsession interlude
Marc Bain on Nike’s newest sneaker, which was inspired by a teen with cerebral palsy. ”Most people have the luxury of not having to think about the complex motor skills required to put on and tie their shoes in the morning. But for people with disabilities that impair their hands, including those with cerebral palsy or who have suffered strokes, that task can pose major challenges.” Read more here.
Matters of debate
The Iran deal was the work of many, not just those in the spotlight. It’s a rare example of foreign policy shaped by the people.
Fears of contagion from China’s stock turmoil are exaggerated. The impact is more likely to be psychological.
Obama should grant clemency to every marijuana offender. The lesson is in past presidential pardons.
Stop the femininity police in sports. Body shaming of female athletes is all too common.
A hamburger should be pure and untainted. Shun the mustard, and ditch the veggies.
Germans are obsessed with Native American culture. It lets them delve into a past where the bad guys are not their grandparents.
The Swiss post office is testing delivery drones. They are meant to operate like bicycle couriers.
The “Game of Thrones” dragons are made in India. A Mumbai subsidiary of Prana Studios digitally created the fire-breathing beasts.
Spotless leopards actually have plenty of spots. You just have to look at them in the right kind of light.
Japanese elephants got a swimming pool of their own. They eat much more after a few laps.