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Investors no longer 'apocalyptically bearish', Bank of America poll says [Reuters]
BofA, which polled investors overseeing $836 billion in assets between Aug. 5-11, said on Tuesday they had cut back a net underweight position in equities to minus 26%. That was an improvement on the low of minus 44% in July, a level last seen in the 2008 global financial crisis.
But fears of economic slowdown continued to rise, with 58% of investors anticipating a global economic recession in the next 12 months, up from 47% last month and the highest since May 2020.

Wall Street Doesn’t Hate This Spending Bill [DealBook]
The market has climbed nearly 10 percent since news of a deal between Senators Joe Manchin of West Virginia and Chuck Schumer of New York, the majority leader, which let the legislation pass.
That’s because there are plenty of positives, analysts say. The legislation is expected to provide a big lift to the green energy sector…. The act comes as Wall Street’s worries about inflation are easing, and concerns about a recession are growing.

Elliott Looms Over $16 Billion Philip Morris Deal [WSJ]
“It’s crystal clear that Elliott is trying to get a better price from Philip Morris,” said Massimo Stabilini, a hedge-fund manager at London-based Sinclair Capital. Mr. Stabilini said he started buying Swedish Match’s shares after the deal’s announcement, taking advantage of the stock initially trading below the offer price.
Swedish Match’s stock is now trading slightly above Philip Morris’s offer of 106 Swedish kronor a share, equivalent to about $10, a sign that the market expects a higher bid to emerge.

Elon Musk Says He Was Joking About Buying Manchester United [Bloomberg via Yahoo!]
Musk’s Manchester United tweets could attract fresh regulatory attention, since the club has traded on the NYSE since 2012…. Musk did tweet that if he were to buy any one team, it would be Manchester United because it was his favorite growing up.

Former US Rep. TJ Cox indicted on federal money laundering and wire fraud charges [CNN]
Over the course of nearly a decade, Cox created a number of off-the-books bank accounts and lied to receive hefty loans, according to the indictment…. In a fourth scheme, Cox allegedly received mortgage loan funds to buy property by submitting fabricated bank statements to the lender, and falsely claiming he intended to make that property his primary residence…. Cox also set up a plan to fund and reimburse donations to his 2018 congressional campaign from friends and family members, according to the indictment.

Genesis CEO Steps Down as Crypto Broker Slashes Its Workforce [Bloomberg]
The New York-based company also said it is eliminating 20% of its 260-person workforce to reduce costs, starting Wednesday…. Chief Operating Officer Derar Islim will take over as interim CEO during a search for a permanent replacement, Genesis said in a statement. Moro will advise the firm through the transition. Tom Conheeney, formerly president of SAC Capital and Point72 Asset Management, will join as board member and senior adviser…..

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