| Bloomberg Evening Briefing Americas |
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What You Need to Know Today | |
| Cardboard box sales are declining. That may sound like a nothing-burger, but hang on. This nontraditional economic indicator signals that retail demand across industries may be due for its own correction. US box shipments—that is, volumes of empty packaging materials sold to retailers, which in turn use them to ship orders to warehouses, storefronts and Americans' doorsteps—fell to the lowest second-quarter reading since 2015. Now, while the strength of the cardboard box industry isn't necessarily a one-to-one proxy for retail spending—like beauty-shop outlays or consumer sentiment—it can flash early warnings when things start to go amiss. | |
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| Trump's immigration crackdown is ensnaring more and more migrants with no criminal backgrounds. About 37% of arrests by American security agencies last month were of people with no US criminal convictions or pending charges, according to federal data compiled by the University of California at Berkeley's Deportation Data Project and updated this week. That's up from 13% in December, the last full month of President Joe Biden's presidency. | |
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| Peloton is planning its biggest product upgrades in years, a bid to rejuvenate sales with refreshed hardware, new accessories and artificial intelligence. The company is said to be planning a product launch as early as October to introduce an updated bike, treadmill, new branded peripherals, an integrated AI platform and major software features. The moves come less than a year into the tenure of a new management team led by Chief Executive Officer Peter Stern, a former Apple executive who is seeking to rebuild the brand into an AI-focused health and wellness company. | |
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| North American banks' return-to-office policies are stricter than their European counterparts. US and Canadian banks are summoning staffers back to their offices at a faster rate than European rivals, widening the divide in one of finance's defining workplace debates. The average requirement for staff to be in the office is 4.2 days a week in North America, compared to 3.4 days in Europe. | |
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| Trump is using his upcoming meeting in Alaska with Vladimir Putin to distract from issues closer to home—such as low polling numbers and criticism of the massive tax and spending bill he had Republicans push through Congress. That's according to Peter Trubowitz, professor of International Relations at the London School of Economics, who joined The Pulse to discuss Friday's summit. That Trump bill is set to end healthcare for millions of poor and disabled Americans, cut taxes for the rich and corporations while adding more than $3 trillion to the $37 trillion national debt. | |
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| However, Trump and senior officials have spent the week backpedaling on expectations ahead of the Putin face-to-face. Trump now calls the summit a "feel-out" meeting, and said he foresaw "a 25% chance" that it would "not be a successful meeting." Ukrainian leader Volodymyr Zelenskiy, excluded from the summit, has warned Trump that Putin is "bluffing" and has no intention of ending his war. (Russia recently made a series of battlefield advances in Ukraine.)
Still, US allies in Europe have expressed concern about the potential for unilateral terms coming out of the summit—terms that would disadvantage Ukraine and undermine Europe's safety. There are also worries Russia might insist on Ukraine conceding territory to make a deal, including the Donbas as well as Crimea, which was illegally annexed in 2014. Ukraine has rejected ceding territory to Russia, which over 11 years has killed tens of thousands of Ukrainians, flattened cities and towns and been accused of committing scores of war crimes. As for Putin, he's dangling a new chance for a deal with the Trump administration, announcing on Friday that Russia and the US can now begin to work on a a new arms control treaty. The Kremlin leader suspended participation in the New Strategic Arms Reduction Treaty, or New START, in 2023. | |
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| Israel is planning to expand its settlements into the E1 area of the West Bank, which would effectively bisect the enclave and "bur[y] the idea of a Palestinian state," according to Israel's finance minister. Over the past year, and in the face of global condemnation as a violation of international law, Israel's far-right government gave the green light to a large increase in settlement building in the Palestinian territory. The West Bank-based administration of Palestinian Authority President Mahmoud Abbas condemned the announcement. Along with the devastation in Gaza and recurrent violence by some settlers against Palestinians, it "will only lead to further escalation, tension and instability," said Abbas spokesperson Nabil Abu Rudeineh. | |
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What You'll Need to Know Tomorrow | |
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| Bloomberg Power Players: Join us in New York on Sept. 4. Set against the backdrop of the US Open Tennis Championships, we'll bring together influential voices from the business of sports to identify the next wave of disruption that could hit this multitrillion-dollar global industry. Learn more. | |
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