Good morning. As we speak we’re overlaying:
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Airbnb’s warning about weak shopper demand
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The dangers to Apple after Google’s landmark antitrust case loss
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China’s plans to co-operate with the US to curb fentanyl unfold
However first, vice-president Kamala Harris introduced Minnesota governor Tim Walz as her working mate for November’s election yesterday, making their first joint public look at a rally in Philadelphia to hundreds of rapturous followers.
Walz has a document of profitable over voters within the Midwest, having represented a largely rural district in congress from 2007 to 2019. His folksy, colloquial enchantment might additionally assist counterbalance perceptions that Harris represents a Californian elite, analysts have stated.
On the rally, they championed the Democratic providing as one which defends private freedoms, together with on abortion rights and security from gun violence. This represents a shift in technique from the Biden-Harris pitch, which led with a pledge to defend democracy.
Notably, the duo sidestepped the thorny financial and international coverage questions that would dominate the race for the White Home. Furthermore, the Trump marketing campaign has since attacked Walz as a radical leftist.
However, talking yesterday, Walz stated of the previous president: “Donald Trump — he sees the world in another way. He doesn’t know the very first thing about service — as a result of he’s too busy serving himself.”
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And right here’s what I’m conserving tabs on immediately:
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Outcomes: Shopify, Ralph Lauren, Inter & Co, McKesson, Bumble, Warner Bros Discovery, Robinhood, Past Meat, Lyft, Maersk, Novo Nordisk and Walt Disney report.
5 extra high tales
1. Cori Bush, a leftwing consultant from Missouri, has turn into the second member of the Democratic get together’s progressive “Squad” to be ousted by a mainstream main challenger this 12 months. Bush was defeated within the get together main yesterday by Wesley Bell, an area prosecutor.
2. The Biden administration has stated that China will impose controls on the manufacturing of chemical substances important to producing fentanyl, after having pressured Beijing to take motion for a number of years. The drug claimed nearly 75,000 American lives final 12 months, in line with official estimates.
3. Airbnb warned yesterday that extra cautious US shoppers would weigh on gross sales in what is generally its peak quarter, making it the most recent in a string of companies battling weaker shopper demand.
4. The US has warned Turkey of “penalties” over exports to Russia of US military-linked {hardware}, together with chips and different parts playing crucial roles within the battle in Ukraine.
5. Hamas has chosen Yahya Sinwar, the architect of the October 7 assault, to be its new political chief. Sinwar, who’s Israel’s most wanted man, has a hardline strategy which might toughen ceasefire talks, analysts have stated.
Information in-depth
Coca-Cola might owe $16bn in again taxes after hiding “astronomical ranges” of earnings in low-tax international locations to defend it from the US Inner Income Service, in line with a withering courtroom judgment which the corporate plans to enchantment. The mounting stakes have been seen solely within the wonderful print of Coke’s regulatory filings lately, due to this quirk of accounting guidelines.
We’re additionally studying . . .
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Large Tech: Billions of {dollars} in funds which have flowed between Apple and Google could be at risk after a landmark antitrust verdict in opposition to the search big.
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Federal Reserve: The Federal Reserve will not let markets dictate a charge lower and the inventory market is just not the financial system, Professor Barry Eichengreen writes.
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Most cancers: Rising charges of the illness amongst younger folks have profound public well being implications, writes Anjana Ahuja. What could be the culprit?
Chart of the day
Is the world’s largest financial system headed for a recession? Most economists imagine jittery traders have overplayed fears and a “gentle touchdown” remains to be extra probably, however the years of bumper growth are over.
Take a break from the information
The very best Modernist homes will not be often in cities, however São Paulo is the exception, the FT’s Edwin Heathcote writes. The Brazilian metropolis is replete with creative, experimental homes that punctuate the city material, hidden down tight streets and lurking amid remnants of rainforest. Learn extra concerning the new annual artwork present making an attempt to protect this fragile architectural legacy here.
Further contributions from Tee Zhuo and Benjamin Wilhelm
