Good morning, Quartz readers!
What to watch for today
Elon Musk releases his “master plan” for Tesla. The CEO has been teasing a big reveal about the electric car company, likely related to its proposed merger with Solar City. An announcement is expected at about 5pm California time (8am HK time).
The European Central Bank speaks for the first time since Brexit. The bank isn’t expected to make any major policy decisions, but president Mario Draghi’s press conference afterward should be considerably more interesting.
An earnings bonanza. AT&T, Biogen, Chipotle, Daimler, Domino’s Pizza, Dunkin’ Donuts, GM, Starbucks, Unilever, and Visa are among the many companies cracking open their books to release quarterly results.
While you were sleeping
Turkey declared a three-month state of emergency. President Recep Tayyip Erdogan vowed to wipe out the “virus in the military” that attempted a coup. He said citizens should not have “the slightest concern with regards to democracy, rule of law, fundamental rights and freedoms”—but didn’t mention the economy, which is tanking.
The US may have its first homegrown Zika infection. Florida health officials are investigating a case of the virus that did not involve travel to a Zika-infected country. Over 1,300 people in the US have been infected, but they all contracted the disease abroad, or had sex with someone who did.
Dozens of Syrians died in an alleged US air strike. At least 56 civilians, including 11 children, were reportedly killed in the bombing. International aid groups said the US-led coalition likely mistook the civilians for members of ISIL, which controls a nearby city; the US military is investigating the incident.
US prosecutors arrested a senior HSBC banker for forex front-running. Mark Johnson, HSBC’s global head of foreign exchange cash trading, was charged with using inside client information to make profitable trades, along with ex-coworker Stuart Scott. The arrests were part of a long-running investigation into foreign exchange trading at international banks.
A Trump staffer took the fall for Melania Trump’s speech. Meredith McIver apologized for plagiarizing a 2008 Michelle Obama speech and submitted her resignation, which Donald Trump declined to accept.
Quartz markets haiku
Earnings have been good
The economy, decent
Why shouldn’t stocks rise?
Quartz obsession interlude
Marc Bain on Americans who won’t buy full-price clothes. “Department stores such as Macy’s continue to struggle. Specialty apparel stores including J. Crew and Gap are withering. Many can only find customers by discounting. Meanwhile, they’re losing shoppers to off-price stores selling goods that are permanently on sale.” Read more here.
Matters of debate
Pokémon Go glorifies animal cruelty. The popular game is essentially a virtual cockfight with enslaved creatures.
Video games are shrinking the labor force. Unemployed young men are less inclined to seek work when they’re gaming up to 45 hours a week.
Student debt isn’t hurting the US economy. The downside of $1.3 trillion in unpaid loans is outweighed by the benefits of an educated workforce.
Surprising discoveries
South Korean soldiers are battling stress with ballet. Dance classes at the border are a way to find balance and forge friendships.
Lime juice and sunlight can give you a “margarita burn.” Citric acid makes skin extra-sensitive, sometimes causing second degree burns.
The International Space Station has its first 3D printer. If emergencies occur, astronauts can simply print the parts they need.
Egypt is the most rectangular country on earth. That’s according to a new algorithm that ranks national shapeliness.
There’s a summertime feud over outlandish pool floats. One manufacturer is suing Amazon and two vendors for selling counterfeit inflatable donuts, pineapples and flamingos.
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