Financial Markets and Economy
U.S. economy grows 1.2 percent in second quarter as inventories fall (Bloomberg)
The U.S. economy grew far less than expected in the second quarter as inventories fell for the first time since 2011, but a surge in consumer spending pointed to underlying strength.
Yellen Chases Elusive U.S. Wage Gains With Georgia On Her Mind (Bloomberg)
When Janet Yellen decides she’s ready to raise interest rates again, her impetus may be her go-to source on wage trends: the Federal Reserve Bank of Atlanta.
Global funds cut share holdings to five-year lows as Brexit bites (Reuters)
Global investors dumped equities in July and raised bond allocations after Britain's vote to leave the European Union and subsequent signs of damage to economic growth prompted a dash toward fixed income.
The Glut Strikes Back as Oil Returns to Brink of a Bear Market (Bloomberg)
The bullish spirit that gripped oil traders as industry giants from Saudi Arabia to Goldman Sachs Group Inc. declared the supply glut over is rapidly ebbing away.
The TPP Isn't Just a Trade Deal (Bloomberg View)
The Trans-Pacific Partnership, a multilateral trade deal involving the U.S. and many countries on the Pacific Rim, has become something of a bugaboo for those both on the left and the right. Republican nominee Donald Trump has denounced TPP, declaring it a sop to China, even though China isn't included in the agreement. Bernie Sanders is against it as well. President Barack Obama and Democratic vice presidential nominee Tim Kaine are for it, while Hillary Clinton, who helped negotiate the deal, has now turned against it.
Here's a Reason Baby Boomers Will Curb U.S. Growth this Decade (Bloomberg)
Population aging is expected to drag on U.S. growth, and the hit could be substantial.
Yen, bond yields rise as Bank of Japan action underwhelms (Reuters)
The yen jumped on Friday and Japanese government bond yields rose the most in eight years, lifting global sovereign borrowing costs, after the Bank of Japan's latest steps to boost growth and inflation fell short of investor expectations.
Oil rally to resume later this year, demand to offset glut (Reuters)
Oil analysts still expect a rise in the crude price this year, thanks to improving demand growth that should help offset any bearish headwinds from a stubborn supply surplus, a Reuters poll showed on Friday.
These sorry stocks are soaring — and that’s a red flag for this rally (Market Watch)
The stock market looks set to coast into the weekend with yet another up month under its belt.
Chinese Banks With Global Dreams Eye Middle East Mega Bonds (Bloomberg)
Bank of China Ltd. is heading down the old Silk Road marketing new goods: Debut bonds from Saudi Arabia to Kazakhstan.
Harley Davidson and Cheesecake Factory reveal how bad the oil crash really is (Business Insider)
A growing number of companies are revealing the fallout of the oil crash on their businesses in the metros that drill the most.
Turkey's Crackdown on the Economy (Bloomberg View)
Political turmoil in Turkey is putting new stress on an economy that was already coping with depressed export markets, weak investment and sagging business confidence. The economy has many strengths and great potential, but to make the most of these it also needs political stability, the rule of law and a commitment to international economic engagement. The July coup and its aftermath have put all three in doubt.
Speed Traders Invade Sleepy Corner of England, Locals Bristle (Bloomberg)
The farms, Roman ruins and narrow lanes of southeast England hardly look like fertile ground for high-tech finance.
Facebook May Owe Billions More in Taxes (Wall Street Journal)
Facebook Inc. said it could be on the hook for $3 billion to $5 billion in additional taxes as a result of an Internal Revenue Service investigation into how the social network transferred assets overseas.
Politics
Clinton’s Image Among Democrats at a Historic Low (Wall Street Journal)
Hillary Clinton heads into the biggest speech of her political life Thursday night suffering from a more negative image within her own party than any previous Democratic nominee on the eve of the party convention in the last quarter century, a new analysis of Wall Street Journal/NBC News polling shows. Only her husband Bill in 1992 comes even close.
Two Conventions, Two Distinct World Views (Wall Street Journal)
Hillary Clinton and her Democratic Party launched into the general election campaign Thursday night by presenting a portrait of the country that is not just different from the one Donald Trump and the Republicans offered last week, but almost its opposite.
Why the Democratic Party Can’t Escape Mass Incarceration (The Atlantic)
Bridge-building is the dominant theme of this year’s Democratic National Convention. Likely intended as a counter to the “build a wall” chants of the Republican National Convention in Cleveland last week, the image of building bridges evokes unity, connectedness, and effort to promote good-faith communication between different identity groups.
Technology
Defense Companies Propose Launching Drones From Airborne Carriers (Popular Science)
Airplanes are expensive, powerful, fancy targets. To protect their pilots and keep the investment in the planes safe, the United States Air Force has for decades pursued stealth technologies, designed at hiding planes from hostile sensors. Yet stealth, too, is expensive, and with the increased abilities of unmanned aircraft, in the future there doesn’t have to be a pilot that needs protecting onboard every aircraft.
Health and Life Sciences
Hour of Exercise a Day May Offset Sitting's Toll on Health (Medicine Net Daily)
Just one hour of physical activity a day — something as simple as a brisk walk or a bicycle ride — may undo the increased risk of early death that comes with sitting eight hours or more on a daily basis, a new study suggests.
Autoimmune diseases may be side effect of a strong immune system (New Scientist)
Evolution could be to blame for our autoimmune diseases, such as lupus, multiple sclerosis and rheumatoid arthritis. For the first time, we have evidence that people who are more susceptible to disorders of this kind are that way because their immune system is better equipped to combat dangerous infections, enabling them to live longer.
Life on the Home Planet
Civic pride 'can help sustain urban biodiversity' (BBC)
The establishment of community gardens in inner city areas can boost social and ecological sustainability, suggest researchers.
A study found those that produced food were the ones most likely to deliver "win-win" scenarios.
U.S. military prepares for biggest Okinawa land return since 1972 (Reuters)
The United States military said on Friday it was preparing for the biggest land return in Okinawa since 1972, as it faces a surge in opposition to its presence following the arrest of one its civilian contractors for the murder of a local woman.
