Another blow to the Petrodollar

• A 3rd bid for U.S. Steel: ArcelorMittal (MT), the world's second-largest steelmaker, is considering a potential offer for U.S. Steel (X), three people familiar with the matter said on Wednesday (Reuters)
  

• Stocks waver after Fed minutes: Most Fed officials backed an increase in interest rates in July as they saw "significant upside risks to inflation”; this spooked traders, sending stocks down after the minutes were released at 2pm ET (Barron’s)
  

• 10 yr yield hits 15 year high: The benchmark 10-year Treasury yield rose for a fifth straight session to 4.258%, its highest end-of-day level since June 2008. Readers might remember what happened in the economy after that (WSJ)
  

• Target sales drop: Target (TGT) rose after the retailer reported higher-than-expected quarterly profits, despite slagging sales due to controversy over Pride Month merchandise (Forbes)
  

• Small regulatory win for crypto: Coinbase (COIN) said it's received regulatory approval to bring federally regulated crypto futures trading to eligible customers in the U.S., sending shares sharply higher before the opening bell yesterday. (CNBC)
  

• Initial VinFast euphoria fades: After Vietnamese EV maker VinFast's (VFS) stock market valuation soared above Ford (F) and General Motors (GM) on its first day of trading to $85b, shares fell more than 20% yesterday (Yahoo)
  

• Another blow to the Petrodollar: India and the United Arab Emirates settled an oil trade without converting local currencies to dollars for the first time, as India’s top refiner made a payment for oil in rupees. (Reuters)

• Cava results: Cava (CAVA), a Mediterranean restaurant chain, reported a Q2 net income of $6.5M and saw a 62% increase in net sales, boosting its stock following its IPO in June (CNBC)
  

• A focus on beer cans: Defense giant BAE Systems (BAESY) is set to acquire Ball Corp.’s (BALL) aerospace unit for $5.6 billion in cash. Ball, the world's largest supplier of beer cans, will use the proceeds to pay down debt and return cash to shareholders (Proactive)
  

• What happens to all the stuff we return? (New Yorker)

• Americans can’t afford their pets. It’s pushing animal shelters to the brink (Vox)

• YouTube Introduces NFL Sunday Ticket Payment Plans, Teases Student Deal (Youtube)

• What if generative AI turned out to be a dud? (Gary Marcus)

• Harvard University Shows Students How To Milk Welfare System (ZeroHedge)

• LK-99 isn’t a superconductor (Nature)

• Doctors Transplanted a Pig Kidney Into a Person a Month Ago. It’s Still Working. (WSJ)

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