Good morning, Quartz readers!
What to watch for today
Decision day for the Fed. The US central bank is expected to hold interest rates steady, but will reaffirm that two more hikes are likely this year—despite Donald Trump’s misgivings.
Tesla reveals highly anticipated quarterly earnings. In light of its heavy cash burn, CEO Elon Musk’s disparaging treatment of analysts, and a drop in the carmaker’s stock over the past year, things could get interesting.
The Trump administration ups the pressure on China. The White House reportedly plans to propose 25% tariffs on $200 billion of Chinese imports, after initially setting duties at 10%. Meanwhile, economic advisors from Washington and Beijing are engaged in private conversations to reduce tensions.
While you were sleeping
A federal judge blocked an attempt to post blueprints for 3D-printed guns. Starting today, a gun-rights activist in Texas would have been allowed to usher in what he dubbed “the age of the downloadable gun.” However, a Seattle judge granted a temporary nationwide injunction blocking the plan, amid dire warnings about risks to public safety.
Huawei surpassed Apple. The Chinese smartphone giant is now the second-largest smartphone seller in the world, behind Samsung, according to several research firms. Huawei is blocked in some Western countries due to security concerns, which has forced it to double down on capturing market share elsewhere.
All 100-plus passengers and crew survived an Aeromexico jet crash. The plane crashed in a field in stormy weather shortly after takeoff from Durango state, on its way to Mexico city. The aircraft was billowing smoke and fire, and dozens were injured, but remarkably no one died.
Lloyds had a bumper first half. Britain’s biggest mortgage lender announced a 23% jump in pre-tax profit, to £3.1 billion ($4.06 billion), for the first half of 2018. But the bank’s heavy focus on the UK could leave it vulnerable to market instability in the run-up to Brexit.
Zimbabwe’s ruling party won a majority in parliament. In the first election since Robert Mugabe was ousted, incomplete results indicate that the Zanu-PF party has the most seats in parliament by far, and incumbent president Emmerson Mnangagwa (nicknamed “the crocodile”) will win by a substantial majority. The opposition MDC Alliance claims the vote was rigged.
Quartz Obsession interlude
Gwynn Guilford on how the weakening Chinese currency might affect Trump’s trade war. ”Since July 6, the yuan has dropped around 2.5% against the US dollar… The [weaker] yuan makes Chinese exports to the US relatively cheaper, dampening the effects of US tariffs. And for Chinese businesses and consumers, a weaker yuan makes imports of American goods even more expensive—amplifying the impact of China’s retaliatory tariffs.” Read more here.
Matters of debate
The US has bigger problems than 3D-printed guns. Other types of unregistered guns have long been widely available.
Uncertainty helps us learn. Unpredictable circumstances make our brains work harder and absorb more information.
Stock buybacks are ruining the economy. The transfer of trillions of dollars to shareholders increases inequality and reduces corporate investment.
Surprising discoveries
A daylight heist left the Swedish royal family reeling. Thieves stole two priceless crowns and a royal orb before escaping in a speedboat.
“Bigfoot erotica” is an election issue. US House candidate Denver Riggleman’s sensual Sasquatch drawings have been causing a stir.
Dating apps are hooking up singles… with jobs. One photographer says he’s landed about 10 gigs through them.
Obese tourists are crippling Greek donkeys. Activists said Americans and Brits are injuring donkeys’ spines while riding them on vacation.
The kangaroo that recently ran amok in an Australian home is free again. It leapt a 7-foot fence at its wildlife shelter and escaped into the forest.
Our best wishes for a productive day. Please send any news, comments, sturdy burros, and untameable roos 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 Annabelle Timsit and edited by Jason Karaian.