Frontrunning: August 1

  • As we predicted yesterday, the "big" Gaza ceasefire lasted all of a few hours (Reuters)
  • To Lift Sales, G.M. Turns to Discounts (NYT)
  • Espirito Santo Family’s Swift Fall From Grace Jolts Portugal (BBG)
  • Argentine Debt Feud Finds Much Fault, Few Fixes (WSJ)
  • Fiat Says Ciao to Italy as Merger With Chrysler Ends Era (BBG)
  • Euro zone factory growth eases in July as inflation fades away (Reuters)
  • CIA concedes it spied on U.S. Senate investigators, apologizes (Reuters)
  • Ukraine Reports Losses After Pro-Russian Ambush Near Malaysia Airlines Flight 17 Crash Area (WSJ)
  • U.S. says India refusal on WTO deal a wrong signal (Reuters)
  • Why Putin Has 2006 Flash Before His Eyes After Sanctions (BBG)
  • Falling Wages in Southern EU Vex Draghi as Youth Punished (BBG)
  • Congressman Cantor to resign seat early: Richmond Times-Dispatch (Reuters)
  • Eastern Europe Punished in Markets After Opposing Putin (BBG)


Overnight Media Digest


* Israel and Hamas agreed to a three-day cease fire in the Gaza conflict with the hope of forging a more lasting peace. (

* Central Intelligence Agency officers snooped on computers used by a Senate committee investigating the CIA's interrogation program, an internal agency report has concluded; a critical finding in a bitter standoff between two government branches. (

* A tanker of oil from Texas has set sail for South Korea, the first unrestricted sale of unrefined American oil since the 1970s. How that $40-million shipment avoided the nearly four-decade ban on exporting U.S. crude is a tale involving two determined energy companies, loophole-seeking lawyers, and an unprecedented boom in American drilling that could create a glut of ultra-light oil. (

* The Sprint Corp and T-Mobile US Inc deal that has been in talks for more than six months was lurched on Thursday when France's Iliad SA entered with a buyout offer for T-Mobile, causing a clash between the telecommunications industry's titans. (

* The calm that pervaded financial markets for months evaporated as stocks tumbled in Europe and the United States, with the Dow industrials erasing its gains for the year after suffering its worst one-day loss since February. (

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