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🌎 Recession fears

A spike in interest rates fueled investors’ recession fears.

An NYSE official gestures in despair
REUTERS/Lucas Jackson/File Photo
An NYSE official gestures on the floor of the New York Stock Exchange, July 8, 2015.
This story was published on our Quartz Daily Brief newsletter, The concise, conversational rundown you need to start your day.
  • Morgan Haefner
By Morgan Haefner

Deputy email editor

Published

Good morning, Quartz readers!


Here’s what you need to know

Markets fell further into bear territory. A spike in interest rates fueled investors’ recession fears, but President Joe Biden told the Associated Press a recession is “not inevitable” and pointed to the low unemployment rate as a reason for optimism.

Elon Musk met with Twitter employees. In his first Q&A with staff, he laid out his vision for the platform he’s proposed to buy. Meanwhile, Tesla and SpaceX are embroiled in HR issues, and to top it all off their billionaire CEO faces a $258 billion lawsuit over dogecoin.

The WTO finally sealed a deal. The agreement includes loosening intellectual property protections for covid-19 vaccines, but critics argued the measure does not go far enough.

Florida was the only US state that did not order covid-19 vaccines for kids under 5. Governor Rob DeSantis rejected vaccinations for toddlers and infants.

Art collectors are still splurging. Several big-ticket items sold at the first Art Basel fair to be held in person since the pandemic, including a $40 million giant spider sculpture.

FIFA revealed which North American cities will host the 2026 World Cup. The games will take place in 16 locations—three in Mexico, two in Canada, and 11 in the US.

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What to watch for

Bebe, a Skye Terrier, is displayed by its owner during the Westminster Kennel Club Dog Show Press Preview.
Image copyright: Reuters/Brendan McDermid
Bebe, a Skye Terrier, is displayed by its owner during the Westminster Kennel Club Dog Show Press Preview at Hudson Yards in New York City, U.S., June 16, 2022. REUTERS/Brendan McDermid

The 146th Westminster Kennel Club Dog Show starts Saturday in Tarrytown, New York, and will bring thousands of pedigreed pooches and their owners together to compete for best in show, announced on June 22.

It’s not clear what effect, if any, the show has on the types of pets people want. The Labrador Retriever has been America’s most popular dog for 31 consecutive years, but has never won the show. Beyond criticizing dog shopping, adoption advocates argue Westminster promotes breed standards that encourage cruel practices, such as lopping off dogs’ ears or tails.

The $2 billion US dog and pet breeder market has been shrinking since 2016, with the adoption push and pandemic travel restrictions playing a role. But Westminster hopefuls continue to spend up to $100,000 a year on a chance at four-legged glory.


Leaded gasoline is still being used—just in the air

Leaded gasoline was banned almost 50 years ago from American roads. But most of the 170,000 small airplanes taking off and landing in general airports across the US continue to use the toxic fuel. This is especially dangerous for the 3 million children living in the areas surrounding those airports, since any amount of lead is known to damage their brain and nervous system.

Almost 19 million people in total live near enough to a general aviation airport to be exposed to  lead. Quartz developed maps where you can check whether you live in areas with dangerous lead exposure.

But how is it still legal to use such poisonous fuel for airplanes, after it was banned for everything else? It’s a tale of bureaucracy, technical challenges, and oil companies fighting to protect their profits at the detriment of millions of children’s (and adults’) health.


Do you even ESG?

The greenwash police have their eyes set on Wall Street. Last week, US regulators targeted their biggest potential perpetrator to date, Goldman Sachs, for possibly overstating the environmental, social, and governance (ESG) credentials of some mutual funds.

But as lawmakers crack down on financial firms for greenwashing globally, it’s revealing a deeper problem in how ESG standards are being used. The next edition of the Weekend Brief will look at the future of ESG and the bureaucracies that complicate it.

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Surprising discoveries

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Sweden’s trash-talking bins have a big problem. Few people enjoy dirty talk in the street.



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