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Around 140 London police officers injured during protests, illegal parties
June 27, 2020 View Online | Sign Up TOGETHER WITHGood morning. Last week was the final edition of the Brew’s Saturday New Normal series exploring the long-term effects of the pandemic, because, well, there’s no more need to speculate on the New Normal—we’re living in it.Enjoy your normal day.MARKETS
NASDAQ9,757.22- 2.59%S&P3,009.01- 2.42%DJIA25,015.48- 2.84%GOLD1,785.40+ 0.84%10-YR0.647%- 3.80 bpsOIL38.25- 1.21%*As of market close- Economy: Consumer spending rebounded 8.2% in May, the biggest monthly jump on record. But if you celebrate now, you risk looking like DeSean Jackson—the boost from federal stimulus measures will soon run out of steam and the economy is about to enter a minefield.
- Markets: Investors are well aware of the dangers ahead. Stocks turned sharply lower yesterday to close out the week.
- World: When the EU opens its borders to visitors on July 1, it's preparing to bar most travelers from the U.S., Russia, and many other countries. China is not expected to be on the ban list.
ADVERTISING
Advertisers Swing, Zuck Dekes
Francis ScialabbaYesterday’s advertising news offers an important lesson for all younger siblings: It doesn’t matter if you didn’t start it.As the Facebook ad boycott continued to gain momentum, consumer goods giant Unilever said it would stop ad spend on both Facebook properties and Twitter through the end of the year.- These platforms need to improve “in the areas of divisiveness and hate speech during this polarized election period in the U.S.,” the company said in a statement.
Later in the evening, Coca-Cola said it would be pausing advertising on social media globally for at least 30 days, asking for more accountability and transparency from its "social media partners." This isn't part of the official boycott, but it is a big deal—it includes not only Facebook and Twitter but Snapchat and Google's YouTube.The backstory
Several weeks ago, civil rights groups including the NAACP, called on brands to stop spending on Facebook ads for the month of July to protest the company’s policies on hate speech and misinformation.- Outdoors companies like Patagonia, REI, and The North Face signed on early.
- Other big spenders, like Verizon, jumped in later to varying degrees.
Facebook did make a few announcements yesterday. In an unusual 180, Zuck said the company will start labeling posts that violate its policies but are deemed “newsworthy”—posts from public figures like politicians, for example. Zuck also made moves to ban hate speech in ads and prevent voter suppression on the platform. He never mentioned the boycott.Will it change anything?
Before yesterday, analysts doubted Facebook would suffer any significant financial hit from the boycott. But the announcements from Unilever and Coke may have changed the calculus—for all of social media.- Shares of FB fell more than 8% yesterday, and Twitter stock also dipped 7.4%.
Bottom line: Facebook’s U.S. ad revenue will rise 5% this year to $31.4 billion, says eMarketer, which shows just how resilient a marketing channel it is even during a recession. But storm cells are emerging that could blow it off course.REOPENING
A Guy Walks Into a Bar…
SERGIO FLORES/AFP via Getty ImagesAnd asks for a Tito’s to go. Yesterday, Texas and Florida announced that bars would once again have to be shut down as officials tried to slow the rapid spread of coronavirus cases.- Texas took other measures to slow the outbreak, including putting caps on restaurant capacity and closing tubing and rafting companies.
But bars, which don’t lend themselves to social distancing but do lend themselves to slurring through “Mr. Brightside” at close quarters, have been identified as coronavirus hotspots during phased reopenings. “It is clear that the rise in cases is largely driven by certain types of activities, including Texans congregating in bars,” said Texas Gov. Greg Abbott.- Some of that is showing up in recent infection data. The median age of the new cases in Florida is in the 30s.
- While younger people with COVID-19 are less likely to suffer the most serious health outcomes, they could spread it to people who are more vulnerable.
Zoom out: Thursday, the U.S. recorded almost 40,000 new COVID-19 infections—a new daily record.YeezyKanye West, the rapper, rancher, fashion icon, tweeter, and honorary Kardashian has taken his talents to the malls of America, signing a reported 10-year deal with Gap to produce a line of clothing dubbed “Yeezy Gap.” Call it the Kanye bump: Gap added $700+ million to its market cap as shares rose almost 19% yesterday.Gap's had a rough couple of months...and years
- The rough months: Sales dropped 43% in Q1, and it's being sued by mall landlord Simon Property Group for skipping rent payments during the pandemic.
- The rough years: The rise of e-commerce and fast fashion overwhelmed the khaki shorts and t-shirt look Gap rode to prominence in the '90s.
One solution? Less khaki, more Kanye. Kanye might appear to be an odd partner for Gap, but this gives 1) an uncool retailer major style points and 2) Kanye a chance to bring his typically upscale fashion sense to the masses.+ Even more style points: Kanye has tapped Nigerian-British designer Mowalola Ogunlesi to lead the new collab.SPONSORED BY BLACKROCK
Meeting Uncertainty With Sustainability
In times of market uncertainty, more and more investors are turning to sustainability. And sustainable investments have shown resilience in the recent downturn. So why is that, and what's next? Brian Deese, BlackRock's Global Head of Sustainable Investing, explains on this episode of the BlackRock Bottom Line.Andrej Sokolow/picture alliance via Getty ImagesAmazon is exploring its autonomy. It agreed to buy self-driving car startup Zoox yesterday in a deal reportedly worth more than $1.2 billion.The self-driving space is crawling with competitors as Alphabet, Uber, Tesla, GM, Ford, and many others have shelled out the big bucks to make autonomous inroads.- Amazon said that Zoox will operate as a standalone unit within the company, but many expect the acquisition to support Amazon's never-ending quest for cheaper and faster toothpaste delivery.
Where there are cars, there's Elon
On Twitter, Musk called out Amazon boss Jeff Bezos for being a "copy."
- Musk and Bezos have clashed before, so it will be interesting to see the logistical and delivery expertise of Amazon pitted against the innovation chops of Tesla.
- FWIW, at least early on in their commercial life self-driving cars are expected to carry more goods than people.
Bottom line: Self-driving trucks with Zoox tech won't be pulling into your cul-de-sac anytime soon—CNBC reports that Amazon will likely have to spend $2 billion a year to bring Zoox's self-driving magic to market.SPORTS
Team Sports Are Back
Streeter Lecka/Getty ImagesWe know we have lots of National Women's Soccer League fans in the house, so be assured we’re just as excited as you are for the return of the NWSL today. The monthlong tournament in Utah represents the return of professional team sports to the U.S. after who-knows-how-long off.In other beautiful game news…- On Thursday, Liverpool won the English Premier League for its first top-flight title since 1990. #YNWA.
- The 2023 Women’s World Cup will be hosted by New Zealand and Australia.
WHAT ELSE IS BREWING
- L’Oreal will stop using words like “white” and “fair” in its skin products.
- American Airlines said it would start filling planes to capacity beginning on July 1.
- Microsoft is closing all its retail stores. This is the point at which you're supposed to say, "Wait, Microsoft has retail stores?"
- Nike CEO John Donahoe warned of job cuts after a rough earnings report this week.
- Luckin Coffee will be delisted from the Nasdaq following a major accounting scandal.
SPONSORED BY BLACKROCK
How can we measure the impact of climate change? Better data has revolutionized how we measure the effect of weather events like wildfires and hurricanes on our world—and our investments. On a recent episode of The Bid podcast, BlackRock’s Mary-Catherine Lader and Rhodium Group’s Trevor Houser explore.BREW'S BETS
Exercise your brain with some famous thought experiments. There’s the trolley problem, as seen in The Good Place, and our personal favorite: brain in a vat (its progenitor is Descartes’s Evil Demon.) You can also contemplate the age-old question: Why did the chicken cross the road?Saturday conversation starters, food edition:- Pineapple on pizza: Delicious or a mortal sin?
- Ketchup on eggs: Tragedy or miracle?
- Milk or melk? Say it out loud.
- Oat milk = Oat juice, right?
SATURDAY HEADLINES
While the future of cities post-coronavirus has been a hot topic of discussion, apparently there’s already a lot of funky stuff happening in towns around the world. We assembled some stories to highlight the funkiness, but one of these headlines just ain’t true. Can you spot the fake?- "Thousands sign petition to rename Columbus, Ohio to 'Flavortown' after native son Guy Fieri"
- "An entire old west town is for sale. But it’s in New Zealand"
- "Arizona town of 3,765 goes naked for a week to protest climate change"
- "A Rhode Island town has declared itself a 'First Amendment Sanctuary'"
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morningbrew.com/daily/r/?kid=a17a7110 SATURDAY HEADLINES ANSWER
You'd get a nasty sunburn if you went naked for that long in Arizona.You Might Like Breaking News Trump blasts Illinois governor, Chicago mayor for Sat, 27 Jun 2020 07:55:16 +0000 PatriotsNews Read More Trending Now Arizona AG tells church to stop claiming it can 'purify' the air of coronavirus Read More Judge: US must free migrant children from family detention Read More Defunding Police ‘Could Cost Thousands of Black Lives’ Read More SATURDAY 6.27.20203 Stocks Set To Skyrocket From The Market Crash Of 2020 by Bearded PatriotMedia Hypocrisy Over ‘Kung Flu’ Exposed by Fox News
SATURDAY 6.27.2020
BREAKING NEWSby National Insiders
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June 27 FEATURED BIOGRAPHY Jack Lemmon READ MORE FEATURED EVENT 1871 Yen made official monetary unit of Japan READ MORE MORE EVENTS ON THIS DAY 2007: After having served as chancellor of the Exchequer (1997–2007), British Labour Party politician Gordon Brown became prime minister of the United Kingdom. [ Test your knowledge of British culture and politics.] 1977: Djibouti gained its independence from France. [ Sort fact from fiction in our quiz about Africa.] 1930: American businessman and philanthropist Ross Perot, who was an independent candidate for U.S. president in 1992 and 1996, was born. [ Test your knowledge of U.S. presidential elections.] 1917: During World War I, Greece declared war on the Central Powers. [ Take our quiz about World War I.] 1862: During the first Battle of Cold Harbor in the American Civil War, Confederate General Robert E. Lee attacked Union troops, driving them back in disorder and forcing them to withdraw to the south side of the Chickahominy River. [ Test your knowledge of the American Civil War.] 1846: Charles Stewart Parnell, Irish nationalist and leader in the struggle for Irish Home Rule, was born in Avondale, County Wicklow. SEE ALL EVENTS ON THIS DAY ALSO BORN ON THIS DAY 1966 J.J. Abrams
American writer, director, and producer1880 Helen Keller
American author and educator1930 Ross Perot
American businessman1869 Emma Goldman
American anarchist1927 Bob Keeshan
American television producer and entertainer1550 Charles IX
king of FranceSEE ALL BIOS ON THIS DAY
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