Biden Makes Case, More Democrats Bail

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In Today’s Brief

• Cancer: Preventable deaths

• Canada: NATO promise

• Harris: Leading Trump in poll

• Inflation: More cooling

• Shelley Duvall: Dies at 75

... and more

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Top Tips

1) ‘Keep moving’

President Joe Biden offered gaffes and substance as he fought to save his re-election bid, but Democrats did not seem swayed.

• What happened: Biden insisted he will “keep moving” as the party's presidential nominee during a nearly hour-long press conference. "I've got to finish this job because there is so much at stake," he said. The president acknowledged he must assuage fears about his fitness and said he would take a cognitive test if suggested by his physician. Biden also said Vice President Kamala Harris is capable of being president and appeared to blame his staff for his poor debate performance.

• Up and down: Biden delivered in-depth answers to foreign policy questions. But his voice also trailed off at times and he made two high-profile flubs. Biden accidentally referred to Ukrainian President Volodymyr Zelensky as "President (Vladimir) Putin" during the NATO summit, although he quickly caught himself. Biden then said "Vice President (Donald) Trump" while discussing Harris in the press conference.

• Drip, drip: The press conference was not a debate-level debacle, but it did not end calls for Biden to leave the race. Over a dozen Democrats in Congress had broken with the president as of last night and Washington Rep. Marie Gluesenkamp Perez said he should resign from office.  There is an expectation even more lawmakers will call on Biden, who said he plans to "keep moving," to drop out today and over the weekend.

• Obama lurks: CNN reported Democrats who want Biden out are appealing to former President Barack Obama and former Speaker of the House Nancy Pelosi to intervene. They reportedly believe Biden would not listen to Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries is not close enough with the president to persuade him.

2) Kremlin foiled

The U.S. and Germany stopped a Russian plot to kill the lead of a major European arms manufacturer.

• The news: Russia has reportedly angled to assassinate several defense industry executives for supporting Ukraine. But the scheme to kill Rheinmetall CEO Armin Papperger was the most advanced. His firm is one of the biggest in Europe and has produced artillery shells for the Ukrainians to use in their war with Russia.

• Plan thwarted: U.S. intelligence unearthed the effort and alerted Germany. Officials in Berlin were then able to protect Papperger, who is German, and prevent the assassination attempt. Rheinmetall is also on the verge of opening an armed vehicle plant in Ukraine, which may have motivated the Kremlin.

• Big picture: Russia is increasingly waging a hybrid war on European and NATO soil, including a wave of arson incidents and maritime provocations attributed to the Kremlin. A plot to kill a civilian is a significant escalation and it comes as NATO pledged Ukraine has an "irreversible" path to bloc membership if it implements anti-corruption reforms. It has also begun European Union negotiations.

3) Charged up

The federal government is throwing more money at the U.S. electric vehicle industry.

• What happened: The White House announced it will invest $1.7B to help automakers increase EV production efforts. The funds will come under the Inflation Reduction Act and will go toward 11 projects; the bulk involve expanding and retrofitting existing plants that are closed or about to close.

• Economic impact: The Biden Administration said the projects will create about 3K new jobs and save 15K jobs. The funds will impact projects in Michigan and other battleground states. The announcement comes as Chinese EV manufacturer BYD announced plans to open a $1B plant in Turkey as it aims to compete with Tesla and other manufacturers.

• Big picture: EV production is a campaign issue, with Biden and former President Trump clashing over their impact on the auto industry. It is also an economic issue, as Biden quadrupled tariffs on Chinese EVs earlier this year while domestic companies struggle to make EVs a mass market product.

Quick Tips

U.S. News

• About 50% of U.S. cancer deaths are avoidable, according to the American Cancer Society. A new study concluded about 40% of new cancer cases among adults ages 30 and older are attributed to preventable health issues (More)

• Texas Attorney General Ken Paxton's claim he will face a second impeachment effort was denied by state lawmakers. Paxton was previously acquitted on corruption charges; he reportedly may be the subject of a federal criminal probe (More)

• Dartmouth College suspended a fraternity following a student's death. A member of Beta Alpha Omega was foundnear the Connecticut River following a social event in the area; police are investigating whether hazing was involved (More)

World News

• Canada will meet NATO spending benchmarks by 2032. Prime Minister Justin Trudeau made the pledge amid criticism the country has failed to hit the alliance's target of spending 2% of GDP on defense (More)

• Kenyan President William Ruto fired the vast majority of his cabinet. Only one official was retained; the African nation has seen weeks of protests over a since-withdrawn tax bill (More)

• A Chinese woman swept out into the Pacific Ocean was rescued by the Japanese coast guard after 37 hours at sea. She drifted 50 miles on an inflatable ring; the woman appeared to be in good health (More)

Campaign News

• Vice President Harris beats former President Trump, 49% to 47%, in a new national poll commissioned by ABC News and The Washington Post. The same survey found President Biden and Trump are tied at 46% (More)

• Over 60% of U.S. voters think Biden and Trump are "embarrassing." Over 50% believe both men should be replaced by their parties, according to Pew Research Center (More)

• A Republican National Convention rule change could create more vice presidential suspense. The amendment appears to allow Trump to wait until the last minute to place a name into nomination as his running mate (More)

Business & Markets

• Major indexes closed mixed yesterday. The S&P 500's hot streak came to an end with its worst session since April (Dow +0.08%, Nasdaq -1.95%, S&P 500 -0.88%).

• Inflation was down 0.1% MoM in June and was 3% YoY. The continued economic cooling generated more optimism the Federal Reserve will cut interest rates in September (More)

• Dollar General will pay a $12M penalty to settle workplace security violations with the U.S. Department of Labor. The retailer has also paid an additional $21M in fines for the claims; it must also reduce store inventory and increase stocking efficiency (More)

Entertainment & Sports

• Shelley Duvall died at 75 due to complications from diabetes. The actress starred in The Shining and also appeared in Annie Hall, McCabe & Mrs. Miller and Popeye; she also produced television shows for children (More)

• The NFL may allow private equity firms own up to 10% of a team. Commissioner Roger Goodell said the league is considering ending its prohibition on PE ownership as franchise values skyrocket (More)

• Minions 3 will be released in 2027. Illumination and Universal set a release date after Despicable Me 4 scored $230M at the box office over the July 4 holiday period; the animated franchise has grossed almost $5B across six films to date (More)

Quick Hitters

• Fun Stuff: Someone in Canada is abducting lawn gnomes and making them like new. The Gnome Restoration Society has people north of the border appreciative, but perplexed.

• Go Deep: A small Texas town outside of Fort Worth became the site of a bitcoin mine. Then dozens of people in the area began to suffer from serious and sudden health issues.

• Take Note: Ever gone to a restaurant and experienced sticker shock when perusing the wine list? Here is how sommeliers price their bottles and a peek at the logic that goes into mark-ups.

• New Idea: Researchers enabled people with prosthetic legs to walk at the same speed as people who have not had leg amputations in a clinical study at MIT. An experimental surgery technique reconnects leg muscles to create electric signals that spur the prosthetic to move; one participant said she feels like she has her leg back.

• Life Hack: It is possible to beat the heat without air conditioning. Here are some tips on cooling down if you don't have AC (or if you want to save on your electric bill).

• OPTIMIZE ME: Researchers “found convincing evidence that higher intake of ultra-processed foods was associated with 50% increased risk of cardiovascular disease-related death, a 48% to 53% higher risk of anxiety and common mental disorders, and a 12% greater risk of type 2 diabetes.”

Want more health and wellness news? Subscribe to our brand new newsletter, Optimize Me, and start living a healthier life through diet, exercise, sleep, and mindfulness:

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Looking Ahead …

Bill Belichick has another television job lined up for the fall. The former New England Patriots head coach will be an analyst on Inside The NFL; the eight-time Super Bowl winner will also appear on ESPN's ManningCast.

Question of the Day

Yesterday’s results:

Should Congress be banned from stock trading?

• Yes, it is unfair and ripe for corruption (86%)

• It should be allowed, but there should be restrictions based on committee assignments (11%)

• No, being in office does not exclude them from capitalism and bad actors will be addressed (3%)