Good evening,
The Dow hit an almost six month low Monday after Chinese stocks dropped. The Dow was down 0.7%, the S&P 500 fell 0.6%, and the Nasdaq dropped 1%. …The dollar fell Monday against the euro and yen. The Euro was up 1.1% against the dollar at $1.1096, the highest the euro been in a couple weeks. …The Apple Watch will be entering Best Buy next month. The chain retailer will be the first to carry the Apple Watch.
Baidu falls short. Chinese Internet search company Baidu missed forecasts, reporting third quarter predictions for net revenue of 18.17 billion to 18.58 billion yuan, below the analyst prediction of 18.79 billion yuan. Stocks fell 5% in extended trading. Yahoo
McGraw Hill Financial to buy SNL Financial. McGraw Hill, which owns S&P’s rating services, will buy SNL for $2.23 billion in cash. The Virginia-based SNL provides data and other services for financial firms. Wall Street Journal
Bye bye Boston. Boston Mayor Marty Walsh pulled his city’s bid to host the 2024 Summer Olympics. Walsh said the city cannot commit today to covering any financial shortfalls of the games, something the USOC has pressured Walsh for. Boston has also lacked public support for hosting. Boston.com
Try not to get murdered in Mexico. Of the millions of Americans that travel abroad each year, most come home safely But over the last 10 years, more than 8,000 Americans died from unnatural causes abroad. Statistically, more people die via coconuts than from shark attacks, but those don’t top the death lists. Murder was the number one cause in Mexico and Central America, while motorcycles take out the most Americans in Indonesia and Vietnam. Bloomberg
Shame on you, Lord Sewel. British lord and deputy speaker of the House of Lords appeared on the cover of The Sun Sunday snorting a white powder with two women the publication says are prostitutes. Slow clap for Lord Sewel, who is in charge of standards and discipline for House of Lords. In the House of Commons, speaker John Bercow is also in trouble for making some very questionable expenses. Time for Parliament to check itself. Reuters
NFL bullying victim to retire. Jonathan Martin is retiring from the NFL at age 25 due to a serious back injury that will require surgery. Martin has played football professionally for three years, most recently for the Carolina Panthers. Martin was subjected to bullying while with the Miami Dolphins his first year, causing him to leave the team over emotional distress. Bleacher Report
UBS earnings beat forecasts. UBS shamed more than a few analysts today as the Zurich-based bank blew away forecasts and reported $1.26 billion in net profits for the second quarter. MarketWatch
Turkey and the U.S. agree on outline to create zone free of ISIS. The safety zone would be controlled by “moderate” Syrian rebels. Turkey says it would also be a safe place for Syrian refugees who have flooded the country since the violence overtook Syria. The plan also involves the use of American warplanes but details are still sketchy. New York Times
Chinese equity markets slammed in worse one-day performance in eight years. First, the numbers: The Shanghai Composite fell nearly 8.5% to close at its two-week low. The selloff spilled onto Hong Kong and Shenzhen as well, with the Hang Seng Index slipping nearly 3.3% — its second-largest drop for the year — while the Shenzhen composite sank 7%. Japan’s Nikkei Average meanwhile slid 1%. Interestingly, the Aussie strongly clung to its inverse correlation with the nation and turned sharply up just as Chinese shares fell.
Yanis Varoufakis hacked into the Greek finance ministry. Former Greek finance minister Yanis Varoufakis recently admitted to having a five-man team hack his former offices systems in order to create a “contingency plan to create euro liquidity if the European Central Bank cut off emergency funding to the Greek financial system.” The Telegraph
A hacker brought down New York Magazine online edition. Because he hates New York. The cover story is a blockbuster piece — 35 women who say they were sexually attacked by actor Bill Cosby. Gawker
Photo: Shawn Carpenter