What to watch for today
Typhoon Goni disrupts air travel in Asia. The typhoon made landfall in Japan and is set to continue on to South Korea, bringing with it winds of up to 175km/h (109 mph). It has already caused 15 deaths in the northern Philippines, a number of injuries in Japan, and more than 140 canceled flights in Shanghai and Hong Kong.
Egypt’s president and Vladimir Putin talk in Moscow. Abdel Fatah al-Sisi visits his Russian counterpart to discuss economic cooperation. In February the leaders announced that Moscow would help Cairo build its first nuclear power plant; the two countries have been cozying up for the past year.
A discussion over paying to monitor Iran’s nukes. The International Atomic Energy Agency meets to discuss how to pay for monitoring the nuclear deal signed between Iran and world powers in July, a condition for the lifting of sanctions. One report puts the expected cost at €9.2 million ($10.5 million) a year, over 15 years.
US home prices continue their upward trend. The Commerce Department reports new home purchases, which are expected to rise after June’s surprising slump. The S&P/Case-Shiller index is also expected to show that home prices in 20 cities increased over the year leading up to June.
Earnings, earnings. BHP Billiton, Bank of Montreal, Best Buy, Toll Brothers, DSW, and others report their quarterly results.
While you were sleeping
Asian markets decoupled from China’s crash… The Shanghai and Shenzhen stock markets fell by 4.3% and 5.9% respectively in Asia’s morning, but markets in Australia, Hong Kong, Japan, and South Korea rose (paywall). That could be a sign that investors are taking the approach that China’s stock market has little real impact on the global economy—but it could also only prove temporary.
…After Wall Street had its worst day in four years. The S&P index officially entered a correction after tumbling by 4% yesterday; the Dow Jones, an industrial-heavy index already in a correction, fell by 3.6%. The Nasdaq, a tech-heavy index, dropped by 4%.
Boeing announced “hundreds” of layoffs. The aerospace company told staff at its satellite division it expects to make the cuts this year, due to lower US military spending and a lag in commercial satellite orders, according to Reuters. An effective freeze on the US Export-Import Bank, which lends to large companies, is contributing to delays in commercial orders.
Elon Musk increased his stake in SolarCity. The chairman of the rooftop solar power company bought $5 million in stock to increase his stake by 0.6%. The move was to counter a 13% drop in share price value after hedge fund manager Jim Chanos announced on Friday that he is shorting the company, publicly betting its value will drop.
North and South Korea stepped back from the brink. After three days of negotiations, the neighbors agreed to end one of their tensest military standoffs in years. The impasse began on Aug. 20, after the north began shelling a set of loudspeakers broadcasting anti-Pyongyang broadcasts from across the border.
Quartz obsession interlude
Marc Bain on how China’s luxury fashion is tumbling along with the market. ”The luxury sector is particularly exposed to catching a cold when China sneezes. Swatch and Richemont, both high-end makers of watches and jewelry, derive more than 40% of their revenue from Chinese shoppers, according to a recent Deutsche Bank report. Salvatore Ferragamo, Gucci, Hermès, Burberry, and Prada all get more than 30% of their revenue from Chinese shoppers.” Read more here.
Matters of debate
Don’t get smug about plunging oil prices. OPEC may be unpopular, but nobody wants chaos in the Middle East.
American political debates have descended into trolling. Donald Trump is a perfect example (paywall).
We should listen to firefighters on climate change. They’re the ones experiencing global warming at the sharp end.
Ashley Madison has a stupidity problem: men. They were foolish for thinking married women need such a site to find a sexual partner.
Holocaust trauma can be passed on at a genetic level. It moves from parents to children through “epigenetic inheritance.”
A Dutch teen is the creator of the best maps covering ISIL. He learned Arabic on YouTube.
US college students have boycotted their required reading. The students at Duke University claimed the graphic novel Fun Home compromised their religious beliefs.
Someone decided to autotune cows. The result is both hilarious and terrifying (video).
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