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 is visiting Russia 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.
Iran’s nukes will now be monitored, but who’ll pay? 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, for 15 years.
Brazil’s deficit will likely have ballooned. The July figure announced by the country’s central bank today is forecast to be $6.7 billion, up from $2.6 billion in June. But Brazil may also have attracted $6 billion in foreign direct investments in July.
Earnings reports are due. BHP Billiton, Bank of Montreal, Best Buy, Toll Brothers, DSW, and others report their quarterly results.
While you were sleeping
China’s stocks crash continued… The Shanghai and Shenzhen stock markets fell by another 7.6% and 7.2%, respectively. Hong Kong’s stock market also fell and Japan’s Nikkei closed 4% lower. But markets in Australia and South Korea rose.
…while Europe looked positively cheerful in comparison. The FTSE Eurofirst 300 was up 1.6% in morning trading, an uptick from the previous session where it fell 5.4% to a seven-month low (paywall). Germany’s Dax and Paris’s Cac indexes were both up about 1.4%. The bounces could signal that global investors are ready to shrug off China’s stock market woes, but the picture’s far from clear. In commodities, precious metals are the worst affected by the slump.
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.
Spain and Morocco jointly arrested alleged ISIL recruiters. The countries cooperated to make 14 arrests in the suburbs of Madrid and in the Moroccan cities of Fez, Casablanca, Nador, al-Hoceima, and Driouech, targeting “recruiters” for the Islamic State. Separately, ISIL has killed at least 30 people for sodomy, the United Nations was told.
Singapore’s president dissolved parliament. The move by Tony Tan is an indication that a general election will soon be announced—the first since the death of the country’s founder, Lee Kuan Yew. The vote is expected to take place in September.
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 prototype 3D-printed robotic hand won a British engineering prize. It takes less than two days to print.
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 graphic novel Fun Home compromised their religious beliefs.
Someone decided to autotune cows. The result is both hilarious and terrifying (video).
Our best wishes for a productive day. Please send any news, comments, bovine mixtapes, and controversial required-reading materials to firstname.lastname@example.org. You can follow us on Twitter for updates throughout the day.