Good morning, Quartz readers!
What to watch for today
It’s a bumper day for earnings… Investors’ heads will spin today, as 74 companies on the S&P 500 report quarterly results, including Comcast, American Airlines, Starbucks, and Expedia. McDonald’s is expected to post a rise in second-quarter profit on the success of its “value” meals and fresh-beef burgers.
… But all eyes are on Amazon. The e-commerce behemoth, whose stock price is near a record high, reports earnings after the market closes. Investors expect a rise in second-quarter sales, thanks to robust growth in its web services and retail businesses.
Congress holds a hearing on Xinjiang. The Congressional-Executive Commission on China will discuss human rights violations in the western Chinese region, including mass government surveillance and the alleged incarceration of Muslim Uyghurs in re-education camps.
While you were sleeping
There was a small explosion near the US embassy in central Beijing. The government said the assailant was slightly injured after he set off a “firework device” in the embassy compound, but no one else was hurt. A state newspaper tweeted that police arrested a woman, who had tried to self-immolate near the embassy a few hours earlier.
Diageo and AB InBev raised their glasses. Diageo, the world’s biggest spirits company, posted a rise in sales and profits in the first half. The world’s largest brewer, AB InBev, said the soccer World Cup boosted lager sales—it reported an 8% rise in half-year net profits. It also said it will begin a company overhaul (paywall).
Former cricket star Imran Khan looks set to win the Pakistan national election. Khan will likely fall short of an overall majority, and his rivals are claiming the vote was rigged. Election day was marred by violent clashes and a bomb that killed some 30 people at a polling station.
The US-China trade fight cast a cloud over Daimler. Mercedes-Benz’s parent company posted a drop in revenue and profits (paywall) in the second quarter. CEO Dieter Zetsche also blamed its vehicle recall and costs of new emissions tests for the carmaker’s woes.
Venezuela lopped a few zeros off its bills. With inflation likely to hit 1 million percent this year, president Nicolás Maduro said the country will print new banknotes with five fewer zeros. The new currency will be called the Sovereign Bolivar and linked to the country’s Petro cryptocurrency.
Quartz Obsession interlude
Annaliese Griffin on Norway’s copy-cat Kit Kat. “[T]he bar is considered a tursjokolade, or ‘tour chocolate,’ a bite to enjoy and energize with while skiing, hiking, or otherwise being generally rosy-cheeked and Nordic. The wrappers feature trekking maps and profiles of famous trekkers, and Freia, the Norwegian confectioner that makes Kvikk Lunsj, has a website that suggests that the rest of the world is not having nearly as much fun eating chocolate as they are in Scandinavia.” Read more here.
Matters of debate
Sergio Marchionne saved Fiat, but did little for Italy. The former CEO’s restructuring culled Fiat Chrysler employees in Italy to a fraction of the company’s global workforce.
Don’t confuse Pride parades with LGBTQ equality. Awareness might be on the rise, but there are still huge hurdles to overcome in the workplace.
Indians are paying the price for their tech addiction. The spread of smartphones and availability of cheap data just deepens social fissures in the country.
Surprising discoveries
Scientists have detected what could be a huge underground lake on Mars. The discovery requires more analysis, but, if true, increases the likelihood of life on the planet.
The US embassy in London is having a sale. Some 1,200 rolls of toilet paper are up for grabs.
Domestic abuse victims in New Zealand will get paid leave to find a new home. The country has one of the highest rates of domestic violence in the developed world.
Switzerland banned fireworks because of the European heatwave. It has also cancelled the fireworks on its Aug. 1. national holiday.
China is making AI-powered sex dolls. They can answer basic questions but can’t hold long conversations.
Our best wishes for a productive day. Please send any news, comments, Norwegian chocolate, and elite toilet paper to hi@qz.com. You can follow us on Twitter for updates throughout the day or download our apps for iPhone and Android. Today’s Daily Brief was written by Jill Petzinger and edited by Lianna Brinded.