Financial Markets and Economy
Futures lower ahead of economic data (Reuters)
U.S. stock index futures were slightly lower ahead of a set of economic data, including a report on consumer spending, and as investors assessed earnings from major companies.
These Government Rules Trap Millions of Americans in Poverty (Bloomberg)
Susanne Brasset has $5 in her bank account. She’s scared to save more.
Oil broke below $40 again (Business Insider)
Oil went below the psychologically important $40 a barrel mark again this morning — maintaining the dip it suffered on Monday.
Australia Rejoins Global Disinflation Fight With Record Low Rate (Bloomberg)
How the mighty have fallen.
Government Spending Makes a Comeback While Austerity Starts to Fade (Bloomberg)
Was Larry Summers right after all?
European banking stocks are diving once again (Business Insider)
European banking stocks are taking a hammering once again on Tuesday as Friday's stress tests continue to weigh heavily on the minds of investors in Europe's financial sector.
Abenomics Return to Fiscal Lever Shows Failure to Hit High Goals (Bloomberg)
Prime Minister Shinzo Abes return to the fiscal-stimulus lever that he first pulled three years ago showed how far he remains from hitting ambitious targets for reviving Japan's economy.
Dollar falls against yen as traders are let down by Bank of Japan (Market Watch)
The dollar was lower against the yen early Tuesday, as details of Japan’s latest stimulus package failed to impress traders.
China says willing to explore free trade deal with Britain (Reuters)
China has an open attitude towards a free trade deal with Britain and is willing to study it, China's Commerce Ministry said on Tuesday.
Yen Surges to Three-Week High as Japan Stimulus Underwhelms (Bloomberg)
The Japanese yen appreciated to the strongest level in three weeks against the dollar as extra spending announced by the government amounted to only a small part of a headline number flagged by Prime Minister Shinzo Abe last week.
Mutual-fund manager with No. 1 ranking is ready for accelerating inflation (Market Watch)
Low inflation and interest rates, a growing economy, near-full employment and central-bank support have enured U.S. investors to typical stock-market risks.
There's Something New in Businesses' Stagnant Inventories (Bloomberg View)
Friday's GDP report disappointed, showing the economy only grew by 1.2 percent in the second quarter of the year, meaningfully below the 2 to 2.5 percent that economists consider normal in the post-recession era.
European shares hit two-week lows, yen rises as Japan backs stimulus (Bloomberg)
European stocks fell to two-week lows on Tuesday, dragged down by banks, while the yen rose against the dollar and government bonds sold off after Japan's cabinet approved a fiscal stimulus package to revive the flagging economy.
Japan Cabinet Approves $274 Billion Stimulus Package (Wall Street Journal)
Japanese Prime Minister Shinzo Abe’s cabinet approved a ¥28 trillion ($274 billion) stimulus package Tuesday, the latest effort by Mr. Abe to jolt the nation’s economy back to life.
Overseas Yield Hunters Bag Record Share of U.S. Corporate Debt (Bloomberg)
Foreign buyers are poised to push their record 40 percent share of the U.S. corporate-bond market even higher as they seek to escape negative yields that have swept the globe.
Home prices are still on a tear, CoreLogic says (Market Watch)
National home prices were 5.7% higher in June compared to a year ago, data provider CoreLogic said Tuesday.
US Personal Income Growth Slumps To Lowest Since 2013, Spending Rises (Zero Hedge)
Savings are slumping (which means credit is surging) as the American consumer keeps on spending (+3.7% YoY near highest since May 2015) despite income growth at its slowest since Dec 2013 (+2.7% YoY). The diverging trend of the last 6 months (higher spending, lower income) is unlikely to last but with the savings rate at 5.3% (down from 6.2%)at March 2014 lows, we suspect the run way is running out.
Politics
So What About Trump's Bromance With Putin and Russia? (Bloomberg View)
Several years ago during a lengthy deposition taken as part of a lawsuit Donald Trump filed against me, he explained why he didn't want to provide details about a possible hotel deal that he said he and his son, Donald Jr., were orchestrating in Russia.
Donald Trump Calls Hillary Clinton ‘The Devil’ (Time)
On the campaign stump, Donald Trump has opened August by moving from “Crooked Hillary” to “the devil.”
Speaking in Pennsylvania on Monday, the billionaire real estate mogul derided Bernie Sanders’ capitulation in the Democratic primary race and Sanders’ decision to support Clinton.
Warren Buffett Takes On Donald Trump at Hillary Clinton Rally in Nebraska (Wall Street Journal)
Billionaire investor Warren Buffett lambasted Donald Trump Monday and challenged the Republican nominee to release his tax returns as Democrat Hillary Clinton campaigned for a single, up-for-grabs electoral vote in Nebraska.
Technology
Shirt Changes Form And Color As You Work Out (PSFK)
Smart clothing has come a long way, but it often requires bluetooth connectivity, meaning you need to be glued to your phone. German tech-designer Simone Schramm has created a shirt that lets you know just how hard you’re working out, not with sweat stains, but in colorful patterns.
Health and Life Sciences
How GSK And Google's Verily Will Tackle Diseases With Nerve-Altering Chips (Forbes)
GlaxoSmithKline and Alphabet unit Verily (formerly Google Life Sciences) made a splash yesterday when they announced the launch of Galvani Bioelectronics, a company that will build upon GSK’s three years of work to develop tiny nerve-altering devices that might one day be used instead of drugs to treat a variety of diseases.
Bridging the gap between science and music (BBC)
The World Music Festival, Womad, hosted a science pavilion this year. It's the latest attempt to reach non-scientific audiences by bridging the gap with the arts. But are such initiatives successful?
Life on the Home Planet
The first crocodile ancestors (Phys)
Did you know that birds and crocodiles are practically cousins? Around 230 million years ago, you wouldn't have been able to tell the difference between the two different lineages. This is because birds and crocodilians (which includes alligators, caiman, and gharials) are part of a much larger group called Archosauria, or ruling lizards, which means they share a common ancestor far back in time.
U.S. Launches Airstrikes Against Islamic State in Libya (Wall Street Journal)
The U.S. conducted airstrikes against Islamic State’s primary stronghold in Libya for the first time on Monday, aiding the U.N.-backed Libyan government’s attempt to retake the area and deepening American involvement in efforts to defeat the group in North Africa.
