Tuesday, July 23

ByKevin Sheekey

Bulletin: IMF Cuts Global Growth Outlook Again Citing ‘Missteps’ on Trade and Brexit (Bloomberg)

UK Today:
-Boris Johnson Wins Race to be Next Prime Minister; Ability to Govern Already in Doubt (Bloomberg)
The ability to govern is in doubt even before entering No. 10 Downing Street. Boris Johnson will become Prime Minister with no clear majority in Parliament, an economy on the brink of recession, the currency sliding and an open revolt within his party over the most pressing issue facing the nation – Brexit.
-A New Prime Minister’s First Day in No. 10: A Step-By-Step Guide (Bloomberg)
-The 10 Ages of Boris Johnson: A Guide to his Road to Power (The Guardian – UK)
From bullied schoolboy to betrayer of women and voters, his career trajectory has been a controversial one.
-Donald Trump, Boris Johnson and Lessons from the 1930’s (Financial Times – Gideon Rachman)

Meanwhile for the Lib Dems: Jo Swinson Becomes Party’s First Female Leader (BBC News)
In a rousing speech last night to supporters of her party, which came second in the recent European elections on the back of its support for another Brexit referendum, she said the party had enjoyed a remarkable turnaround over the last two years and it was clear “liberalism is alive and thriving”.

In perspective: Globalization Isn’t Dying, It’s Just Evolving (Bloomberg)
We are entering a new era in which data is the new shipping container and there are far more disruptive forces at work in the world economy than Trump’s tariffs. New manufacturing techniques such as 3D printing and the automation of factories are reducing the economic incentives to offshore production.

The smartphones we carry with us are not just products of globalization but accelerants for it. For good or bad, we are more exposed to a global culture of ideas than we have ever been. And we are only becoming more global as a result.

Survey Says: China and India will Surpass the U.S. as the World’s Centers of Tech Innovation by 2035 (Bloomberg New Economy Forum)
More than 2,000 business professionals in 20 markets participated in the survey.

Today in Financial News:
-Donald Debt: More Spending, Trump Tax Cuts Set Stage for Record $1 Trillion Deficits (Bloomberg)
-UBS CEO Warns of `Dangerous’ Bubbles Spurred by Central Banks (Bloomberg TV)
-Chinese Money in the U.S. Dries Up as Trade War Drags On (New York Times)
-Bond ETFs Hit $1 Trillion, Now Set for Takeoff and Could Double in 5 Years (Pensions & Investments)

Set your DVRs: Robert Mueller Testifies Tomorrow at 8:30AM ET.

Important Reminder – U.S. Elections are Still at Risk from Interference (Sheekey Daily Read)
I’ll say it again: Don’t forget Robert Mueller’s closing statement in his May 29 press conference on the report: “I will close by reiterating the central allegation of our indictments — that there were multiple, systematic efforts to interfere in our election. That allegation deserves the attention of every American.”

2020 Poll Watch: Democratic Primary Polls from CBS News/YouGov (Hindsight 2020)
Iowa: Biden 24, Sanders 19, Warren 17, Harris 16, Buttigieg 7
New Hampshire: Biden 27, Sanders 20, Warren 18, Harris 12, Buttigieg 7
South Carolina: Biden 39, Sanders 17, Warren 12, Harris 12, Buttigieg 5
Sign up here for the daily Hindsight 2020.

Puerto Rico Update: New Hope for Political Change After Hundreds of Thousands Protest in San Juan (New York Times)
The eruption of fury is due to years of recession, mismanagement, a major natural disaster and corruption that have fueled a recent exodus from the U.S. territory.

Not Right: 17-Year-Old Guatemalan Boy Describes Sleeping on Pile of Trash in Crowded Detention Cell in Yuma, Arizona (NBC News)

History Lesson: The 1930’s Were a Dark Period for Immigration Policies. Trump’s Gutting of Asylum Could be Worse. (Washington Post)

In Memoriam: Cesar Pelli, Designer of Iconic Buildings Around the World, Dies at 92 (New York Times)
Pelli’s work included the Petronas Twin Towers in Malaysia, the International Financial Center in Hong Kong, and the Bloomberg Tower at 731 Lexington in New York.

‘Everyone Else Bring Data’: How New York City Became a Real Estate Data Mecca (Commercial Observer)
Thanks in part to legislation passed nearly a decade ago by Mayor Michael Bloomberg, New York City is “20 years ahead of the rest of the country,” becoming one of the best spots in the country to access free data in an easily accessible format, experts said.


Best of late night.

“Former London Mayor and pro-Brexit leader Boris Johnson is expected to be named Prime Minister of Great Britain this week. I’m not saying it’s a bad sign, but this guy looks like someone took Trump and put him in a Dickens’ novel.”
— Seth Meyers

On the 50th anniversary of the Apollo 11 Moon landing:

“It’s crazy — only 12 people have ever set foot on the moon, and nobody’s been there since 1972. It’s basically the JCPenney of space!”
— Jimmy Fallon

On the heatwave on the U.S. East Coast:

“It was so hot in New York this weekend, they had to cancel the New York City Triathlon. Which means 4,000 people were just wandering the streets going, ‘Now what do I brag about on Instagram?’”
— Jimmy Fallon