Opening Bell: 8.3.18

Jobs!; Trade war!; Tesla!; Vagina beer!; and more!
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Big jobs report Friday: Strong payrolls growth expected for July with unemployment rate set to fall to 3.9% [CNBC]
The unemployment rate is expected to improve to 3.9 percent from 4 percent, and average hourly wages are expected to grow by 0.3 percent, or 2.7 percent on a year-over-year basis, according to Thomson Reuters. In June, 213,000 nonfarm payrolls were created, and average wages grew by 0.2 percent or 2.7 percent year over year. The July report is expected at 8:30 a.m. ET Friday.

WilburRossChina

China Rejects U.S. Request to Cut Iran Oil Imports [Bloomberg]
Beijing has, however, agreed not to ramp up purchases of Iranian crude, according to the officials, who asked not to be identified because discussions with China and other countries continue. That would ease concerns that China would work to undermine U.S. efforts to isolate the Islamic Republic by purchasing excess oil.
Teams of U.S. officials have been visiting capitals around the world to try to choke off sales of Iranian oil by early November, when U.S. sanctions are due to snap back into effect. While the Trump administration has said it wants to cut Iranian oil exports to zero by Nov. 4, most analysts viewed that target as unlikely.

Tesla Shorts Stand Their Ground After $1.7 Billion Loss [WSJ]
Heading into the electric car maker’s earnings report Wednesday, investors who had placed wagers on Tesla shares falling had racked up about $10.5 billion in short interest—making Tesla the most shorted stock in the U.S. on a dollar basis, according to financial-analytics firm S3 Partners. Short sellers borrow shares and then sell them, hoping to buy back the shares at lower prices and then pocket the difference.
Those bets turned into a $1.7 billion loss Thursday after Tesla’s results showed it burned through less cash than investors expected. Tesla shares jumped 16% to $349.54, notching their biggest one-day gain since 2013 and wiping out all of short sellers’ profits for the year.

Italian government debt hit by fresh sell-off [FT]
The yield on Italy’s two-year bond, which moves in the opposite direction to its price, rose 40 basis points to 1.353 per cent in Friday morning trade, after having risen by 17 bps on Thursday. The yield on 10-year paper was up 16 bps in early trading to 3.06 per cent, after rising 12 bps the previous day.
The move in the two-year yield is the biggest one-day rise since the height of the previous Italian bond sell-off in late May, when concern rose over whether the new government would include advocates of leaving the eurozone.

Exclusive: Deutsche Bank reports show chinks in money laundering armor [Reuters]
In the 13-page June report, which was shared with the European Central Bank (ECB), Deutsche Bank found a pass rate of zero percent in countries such as Russia, Ireland, Spain, Italy and South Africa when it checked how client files had been processed.
The pass rate measures the percentage of files that meet the bank’s own “Know Your Customer” standards. Deutsche Bank strives for 95 percent, according to the documents.

Leslie Moonves Speaks on CBS Earnings Call but Not About Harassment Allegations [NYT]
With characteristic verve, Mr. Moonves spoke to Wall Street analysts on Thursday about the company’s second-quarter financial results, predicting the network would end the season in first place for the 11th year in a row.
“We’re as confident as ever that the strategy we have in place is setting us up for continued long-term success,” he said. “We feel very good about the future.”
Conspicuously absent was any discussion of allegations of sexual harassment by six women against Mr. Moonves, which were detailed last week by The New Yorker in an 8,000-word article.

Vagina beer made with 'essence of hot underwear models' goes on sale for first time [Mirror]
A beer made from the 'vaginal lactic acid of hot underwear models' has gone on sale in Poland.
The vagina beer has been launched by a brewery known as "The Order of Yoni" from the Polish capital city of Warsaw.
Yoni is the Sanskrit word for female genitals.

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