Financial Markets and Economy
High Yield Rolls On Even After Wheels Come Off Energy Markets (Bloomberg)
The well-oiled machine that linked junk-bond indexes to energy prices may be sputtering.
Treasuries Set to End Two-Day Slide as Traders Look to Jobs Data (Bloomberg)
Treasuries gained, halting a two-day slide, as investors look to U.S. jobs data to gauge the Federal Reserve’s path on interest rates.
Why oil bears shouldn’t count on U.S. shale rebound (Market Watch)
Oil market bears argue that rebounding production in U.S. shale regions will add to the global glut of crude, slowing the rebalancing of the market. Don’t be so sure, say skeptics.
U.S. Weekly Crude Imports Jump to a Three-Year High (Bloomberg)
U.S. crude imports soared to 8.74 million barrels a day for the week ended July 29, the highest since October 2012. Purchases from Canada, Saudi Arabia and Venezuela jumped, while Mexico imports slumped. Arrivals in the East Coast rose 52 percent.
College Endowments Seen Posting Worst Returns Since 2009 (Bloomberg)
U.S. college endowments are poised to take the worst slide in performance since the 2009 recession.
Fed fines Goldman Sachs for unauthorized use of confidential data (Business Insider)
The U.S. Federal Reserve Board said on Wednesday it has ordered Goldman Sachs Group Inc to pay $36.3 million in fines for the unauthorized use and disclosure of confidential information.
The Fed Board also said it is seeking to impose a fine on former Goldman managing director, Joseph Jiampietro, and bar him from the industry.
Bitcoin Plunges, Rebounds After Hackers Steal $65 Million (Bloomberg)
Bitcoin plunged, then erased losses Wednesday as one of the largest exchanges halted trading because hackers stole about $65 million of the digital currency.
Two of the financial world’s most high-profile, outspoken investors, Bill Gross and Jeffrey Gundlach, have some eye-catching advice for investors.
Paul Tudor Jones Calls on Quants to Revamp Firm Hurt by Losses (Bloomberg)
Even for Paul Tudor Jones, who became a hedge fund legend by trading the old fashioned way, it’s time to bring in the quants.
Massive funding, Apple backing helped Didi outrun Uber in China (Business Insider)
Apple Inc's $1 billion investment in car-hailing app Didi Chuxing in May helped accelerate Uber's decision to agree a halt to a costly two-year battle with its rival in China, people close to the companies and analysts said.
Didi Chuxing Technology Co and Uber Technologies Inc raised billions of dollars in funding and spent heavily on discounted rides as they slugged it out for drivers, passengers and market share in the world's second-biggest economy.
Tesla Loss Widens as Deliveries Fall Short, Expenses Rise (Wall Street Journal)
Tesla Motors Inc. ’s loss widened in the second quarter amid higher costs, but the company stuck to an ambitious plan that calls for building nearly 80,000 cars in 2016 and pulling forward a cheaper sedan aimed at the mass market.
The Silicon Valley electric car maker’s report follows a tumultuous period capped by a traffic fatality related to the company’s semiautonomous Autopilot system. Regulators also dinged the company’s practice of having certain buyers sign nondisclosure agreements and the company faced continued questions about the quality of its Model X sport-utility vehicle.
Gold Daily and Silver Weekly Charts – Hang On (Jesse's Cafe Americain)
These markets are certainly seeming to be winding up for a move.
Smart Beta ETFs/ETPs listed globally hit record $429 billion AUM (Value Walk)
ETFGI, the leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, today reported assets invested in smart beta ETFs/ETPs listed in globally reached a new record high US$429 billion at the end of June 2016, according to data from ETFGI’s June 2016 global smart beta ETF and ETP industry insights report.
Nike to Stop Making Golf Equipment in Latest Blow to the Sport (Bloomberg)
Nike Inc., the worlds largest maker of sporting goods, will stop selling golf equipment, striking another blow to a pastime hurt by slowing participation rates.
The Worst ETFs You Can Own (ETF)
Bloomberg’s resident ETF expert, Eric Balchunas, shared some interesting stats today on the habits of millennial investors. Their use of ETFs has exploded in recent years, up nearly 60% over the last year.
Politics
Republican Party Burns Down One Last Institution: Itself (Bloomberg View)
There used to be some exceptions to the Republican Party's war on American institutions.
The party began aggressively attacking the news media and the academy in the era of Nixon-Agnew, undermining confidence in the validity of news reports and the integrity of journalists, while condemning the pernicious ideological influence of university professors.
The Executive Mr. Trump (Politico)
The tens of millions of Americans who watched The Apprentice on television have a pretty clear impression of what it’s like to be fired by Donald Trump. He’s seated in a big boardroom at a long table across from the anxious contestants. He’s scowling and stern. He has all the power in the room, and none of the doubt. The verdict drops like an ax. You’re fired.
Meg Whitman, Calling Donald Trump a ‘Demagogue,’ Will Support Hillary Clinton for President (NY Times)
Meg Whitman, a Hewlett Packard executive and Republican fund-raiser, said Tuesday that she would support Hillary Clinton for president and give a “substantial” contribution to her campaign in order to stop Donald J. Trump, whom she berated as a threat to American democracy.
“I will vote for Hillary, I will talk to my Republican friends about helping her, and I will donate to her campaign and try to raise money for her,” Ms. Whitman said in a telephone interview.
Technology
Programmable ions set the stage for general-purpose quantum computers (Phys)
Quantum computers promise speedy solutions to some difficult problems, but building large-scale, general-purpose quantum devices is a problem fraught with technical challenges.
To date, many research groups have created small but functional quantum computers. By combining a handful of atoms, electrons or superconducting junctions, researchers now regularly demonstrate quantum effects and run simple quantum algorithms—small programs dedicated to solving particular problems.
Health and Life Sciences
Crystal mimics brain cell to sift through giant piles of data (New Scientist)
There’s nothing quite like the human brain. Today, researchers at IBM unveiled their latest attempt to mimic it: an artificial neuron that switches between crystal and glass-like states as information comes in.
It is designed to better handle huge volumes of data at a fraction of the energy cost of conventional chips. “The challenge here is to receive data that is increasingly big and complex, and extract useful knowledge out of it with a small power and energy budget,” says Tomas Tuma at IBM Research-Zurich in Switzerland.
Brain's thirst circuit 'monitors the mouth' (BBC)
Scientists have glimpsed activity deep in the mouse brain which can explain why we get thirsty when we eat, and why cold water is more thirst-quenching.
A specific "thirst circuit" was rapidly activated by food and quietened by cool temperatures in the mouth.
Life on the Home Planet
We’re on the path to losing large animals (Futurity)
What will the world look like as rhinos, tigers, and other large animals go extinct?
In a new call to action, scientists warn the fallout will include diminished biological diversity, fewer ecotourism job opportunities, and the loss of benefits science is only beginning to discover.
Miami tourist destination now a Zika hotspot (BBC)
Things are not normal in the Wynwood Art District in downtown Miami. where mosquito repellents are placed next to napkins and hot sauce in one restaurant.
Three TV stations have set up a presence on Wynwood's main avenue.
