Aposto World

Aposto delivers your daily briefing on markets, politics, business, tech and more - all under 5 minutes. Don't miss out on what's happening in the world.

Friday

• US inflation-adjusted GDP fell 0.6% year-on-year in the second quarter, Commerce Department data showed, while gross domestic income (GDI) climbed at a 1.4% rate in the same period, adding to the ongoing debate about whether the US economy is in a recession.

• What that means: GDP is the total value of all goods and services produced in the economy, while GDI is a measure of all income generated from producing goods and services. Theoretically, GDP and GDI should be roughly equal, but in reality, they tend to differ, especially in early estimates. But the current gap is particularly large.
• Why it matters: The GDP figures suggest an abrupt slowdown in economic momentum in the first half, with back-to-back negative quarters considered a common rule of thumb for recessions. GDI data, however, points to an economy supported by a robust labor market and resilient consumer spending, though one that’s starting to feel the surging inflation.

Thursday

• Ukraine prepared for potential heavy attacks from Russia, as the country celebrated its Independence Day which commemorates Ukraine's 1991 declaration of independence from the Soviet Union. Authorities in Kyiv banned large gatherings in the capital, fearing the national holiday might bring particularly harsh missile strikes.

• What Zelenskiy said: The commemorative day also marked the war's six-month point. President Zelenskiy said: "For us, the most terrible iron is not missiles, aircraft, and tanks; but shackles. Not trenches, but fetters."
• This just in: At least 15 people were killed and dozens wounded in a Russian rocket strike on a Ukrainian railway station on Wednesday, President Zelenskiy said in a video address to the UN Security Council.
• Show of support: As various EU leaders pledged to support and paid tribute to Ukraine, the outgoing UK PM Boris Johnson marked the holiday with a visit to Kyiv.
• On the same day: US President Joe Biden announced a major new long-term military aid package totaling nearly $3 billion to Ukraine.

Wednesday

• Intel and Canada’s Brookfield Asset Management agreed to jointly fund up to $30 billion for the former’s chip factories in Arizona. Brookfield will invest up to $15 billion and acquire 49% of the project while Intel will keep the majority ownership and operation control. 

• A step back: The US passed the CHIPS and Science Act into law this month, which includes $52.7 billion of aid for US chip production and research. Intel’s finance chief David Zinsner said the agreement with Brookfield "builds on the momentum from the recent passage of the CHIPS Act in the US."

Subscribe