Good morning, Quartz readers!
What to watch for today
The European Central Bank speaks for the first time since Brexit. The bank isn’t expected to announce any major policy decisions, but investors will be paying close attention to what president Mario Draghi says about Brexit, stimulus plans, or the parlous state of Italy’s banks at the press conference afterwards.
US June home sales data. The annualized sales pace in May was the strongest since February 2007, according to the US National Association of Realtors. June is expected to be down slightly, but that would still be a strong showing (paywall).
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
Guess who wouldn’t endorse the Donald? During his speech at the Republican National Convention, his former rival Ted Cruz told Americans to ”vote your conscience” and refused to endorse Donald Trump, drawing boos from Trump supporters. Cruz’s wife Heidi had to be whisked to safety. Trump called it “no big deal.”
Elon Musk revealed part two of his Tesla “master plan.” The electric-car firm CEO—in a sequel to a celebrated 2006 blog post—outlined four goals: delivering solar power to the masses, producing vehicles any home or business can buy (including heavy-duty trucks), making all Teslas fully self-driving, and building a car-sharing service. And, oh yes, weaning humanity off fossil fuels.
EasyJet said the Brexit vote has already cost it $53 million. The increase in costs—in just four weeks—is due to the pound’s drop in the wake of the EU referendum. Airport strikes in France, runway closures, terrorist attacks, and currency volatility combined to push the low-cost airline’s third-quarter revenue down by more than 2% to $1.59 billion.
Malaysia’s former premier called for a leadership referendum. With more details emerging (paywall) about the US’s seizure of $1 billion worth of assets of the state-owned 1MDB fund, former premier Mahathir Mohamad urged Malaysians to demand the removal of prime minister Najib Razak. The US said the fund ”defrauded” Malaysians.
Unilever had some positive news. The Anglo-Dutch consumer goods giant reported a 2% profit rise (paywall) for the first half of the year, from the same period last year, as the maker of Magnum ice cream and Axe deodorant raised prices. Its shares have climbed around 10% since the Brexit vote, as investors see a potential earnings boost from the weakened pound.
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 (paywall).
Surprising discoveries
They still make VCRs in Japan. But they won’t by the end of August.
South Korean soldiers are battling stress with ballet. Dance classes at the border are a way to find balance and forge friendships.
The recipient of Vincent van Gogh’s severed ear has been named. The Dutch painter gave it to a young woman named Gabrielle Berlatier in December 1888.
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.
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