Q-MHI Daily Brief ;

Good Day, Q-MHI readers!

WHAT TO WATCH FOR TODAY

Tiffany shows off its sparkle. The diamond business is in rude health; shares in the high-end jeweler have climbed more than 20% so far this year. Tiffany has proven largely immune to online competition and investors are optimistic about its quarterly results.

The Federal Reserve’s notes from May. Minutes from the Fed’s monetary policy meeting this month will be examined for clues (paywall) about when it might start trimming its $4.5 trillion balance sheet and the implications for interest-rate hikes.

A glimpse at the state of US housing. The National Association of Realtors’ report on existing-home sales (paywall) is expected to show a 1.1% decline in April from the month before due to rising prices and tight inventory. New-home sales plunged 11% over the same period.

WHILE YOU WERE SLEEPING

                                             https://widgets.scmp.com/video/video_iframe.php?id=6w2j6b

A Taiwan court ruled in favor of gay marriage. Judges ruling on a lawsuit filed by gay rights activist Chi Chia-wei found that the current law barring same-sex unions is a violation of the island’s constitution. The decision makes Taiwan the first country in Asia to have marriage equality.

Donald Trump went to the Vatican. Pope Francis met the president in the Apostolic Palace this morning. The two hold diametrically opposed views (paywall) on matters including immigration, arms sales, and climate change—the pope has openly criticized Trump’s plans to build a Mexican border wall and turn away Muslim refugees from the US. After the private meeting the pope wished Trump “good luck.”

Moody’s downgraded China’s debt for the first time since 1989. The ratings agency warned that the nation’s financial strength would erode as debt rises and growth slows, which rattled the renminbi on Wednesday morning. The downgrade will likely increase the cost of borrowing for the government and state-owned enterprises, but still keeps China within investment-grade status.

Marks & Spencer reported unfashionable results. A costly overhaul and a drop in clothing sales caused a 64% drop in annual pre-tax profit at the bastion of Britain’s high street. Brits still love that expensive M&S food though, and the company is planning to open 250 new food stores by 2020.

Ikea named a new CEO. The Swedish flat-pack giant said Jesper Brodin, the head of Ikea in Sweden, will replace (paywall) Peter Agnefjäll in September. Agnefjäll has been with the company for 22 years. Ikea is planning to radically expand in India, China, and the US to meet its sales goal of €50 billion ($55 billion) by 2020.

A video-game toolmaker scored a $400 million investment. San Fransisco-based Unity Technologies is now valued at $2.6 billion following a hefty investment by private equity firm Silver Lake. The startup’s game-making software (which underpins Pokémon Go, for example) is tied less to individual game successes than to a booming industry overall.

Q-MHI OBSESSION INTERLUDE

Ana Campoy on the surprising demographics of illegal immigration in the US: “By the end of fiscal year 2016, some 630,000 visitors had failed to leave the US, far exceeding the 415,000 people who were intercepted crossing the US-Mexico boundary during the same time period. According to Homeland Security, Canadians, not northbound Latin Americans, were the biggest group of violators.”

MATTERS OF DEBATE

Should you consider bitcoin for your retirement savings? It’s a risky way to achieve steady asset growth but also a bet on a transformed financial sector.

…And what about asteroid mining? Goldman Sachs sees a trillion-dollar opportunity for investors.

Malls are not dead. In the face of online retail’s dominance, many are reinventing themselves (paywall) to offer smaller specialty stores that suit local needs.

SURPRISING DISCOVERIES

The rice industry is angry about “cauliflower rice.” The faux grain—made by finely chopping cauliflower florets into tiny granules—may end up in court.

Flamingos stand on one leg to save energy. The signature pose requires no active muscular effort, even allowing them to snooze.

India’s horrific rush hour is primetime for Netflix. Peak streaming occurs at 5pm, the earliest of any market, as users cope with lengthy commutes.

Mango maniacs take their obsession to another level. Under the patronage of the Sheherwali Jains, Murshidabadi mangoes were cultivated to become icons of flamboyant sophistication.

Conservative Americans are furious that their favorite sitcom has been canceled. Last Man Standing is standing no longer.

Q-MHI