Good morning, Quartz readers!
What to watch for today
The US and China finally put pen to paper. The two countries are scheduled to sit down and sign off on a “phase one” deal that suspends an existing plan for more tariffs, and halves an existing levy on certain Chinese imports. $360 million in tariffs will remain on the books.
Jeff Bezos braves protesters in India. Amazon’s CEO takes the stage at Smbhav, an annual event in New Delhi connecting Amazon India to small and medium-sized business owners. He’s also asked for a meeting with prime minister Narendra Modi—and some Bollywood stars—amid planned protests decrying Amazon’s regional business practices.
Banks do some math. After JP Morgan announced all-time record profits yesterday, investors have raised their expectations for Goldman Sachs and gobbled up Bank of America stock. BlackRock will also post earnings, fresh off its announcement of a major strategy shift…
While you were sleeping
BlackRock announced the aforementioned major strategy shift. The world’s biggest asset manager said it will divest from thermal coal projects and gear future investments toward helping to solve climate change.
US tariffs on Chinese goods will stay in place until November. Washington will decide whether to reduce existing tariffs after the US presidential elections, depending on Chinese compliance with tomorrow’s deal, Bloomberg reports. US stocks fell from all-time highs.
France, Britain, and Germany accused Iran of breaking the nuclear deal. The European countries formally triggered the deal’s “dispute mechanism” after Iran said it would ignore limits on enriching uranium, but stressed they aren’t joining the US’s maximum pressure campaign.
Huawei projected optimism about expanding UK 5G. British PM Boris Johnson said he wouldn’t put national security at risk, but challenged Huawei critics to come up with an alternative technology. “We are confident the UK government will make a decision based upon evidence,” Huawei VP Victor Zhang said.
Boeing posted abysmal sales figures. The aerospace giant lost orders for the first time in 30 years, with 87 more cancellations than new purchases in 2019. To add insult to economic injury, Boeing delivered less than half as many planes as its rival Airbus.
Quartz membership
The Big Four accounting firms now get the majority of their revenue from consulting, not their core auditing businesses. But can an auditor remain independent when it’s competing for lucrative consulting contracts? Discover what can go wrong in this week’s field guide.
Quartz daily obsession
Lisa Frank brought color to the lives of millennials—but where is she now? Her folders, backpacks, and lunch boxes took over US schools in the 1980s and 1990s, netting $60 million in annual sales before 2000. Although management turmoil, a toxic working environment, and legal battles stymied her brand’s growth, Lisa Frank’s work forms a key part of today’s 90s nostalgia—spotted at Coachella and on a magazine cover with BTS. Join the wild and colorful ride at the Quartz Daily Obsession.
Matters of debate
Go to a concert on your own. Hip-hop and K-pop gigs sell the most single tickets, so you’ll be in good company.
China blames everyone but itself for Taiwan’s election. Its strategy towards the territory isn’t working, but Beijing doesn’t want to hear about it.
Ghana is home to a new “Harlem Renaissance.” An influx of visitors from the African diaspora has kickstarted an important cultural moment.
Surprising discoveries
Nitrous oxide is scarily good at trapping heat. Our maps show where this greenhouse gas is doing the most.
The British government secretly funded Reuters in the 60s and 70s. An anti-Soviet propaganda unit paid the wire agency to expand its Middle East and Latin America coverage.
Earth’s oldest material was found in a meteorite. The stardust formed between five to seven billion years ago.
Chinese vendors are selling “quantum” socks. Eager to cash in on a new wellness fad, retailers attach the buzzword to everything from underwear to wine.
The US has one of the world’s least protective constitutions. Unlike most other UN member states, it doesn’t guarantee gender equality and access to healthcare and education.
Our best wishes for a productive day. Please send any news, comments, stardust, and constitution tips to hi@qz.com. Get the most out of Quartz by downloading our app on iOS or Android, and becoming a member. Today’s Daily Brief was brought to you by Susan Howson and Nicolás Rivero.