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Five months in, the rest of the world is getting the hang of how to deal with U.S. President Donald Trump: Don’t react to his tweets, play down areas of conflict, and stand your ground. Most of those tactics were deployed during the G-20 summit in Hamburg, which ended Saturday with little consensus on the U.S. president’s goals. — Marc Champion and Andy Reinhardt
Russia troubles. President Trump’s oldest son met a Russian lawyer who promised potentially damaging information on Hillary Clinton during the 2016 election campaign. The younger Trump said in a statement that the meeting lasted about 20 to 30 minutes, and that the lawyer’s statements “were vague, ambiguous and made no sense.” Regardless, the revelation raises more questions about whether there was any collusion between members of the Trump campaign and Moscow.
Financial markets no longer make sense. After spending three decades focusing on things like economic trends, currency moves, politics and policy, macro manager Mark Spindel has been left confounded. Seeing markets shaped by low volatility, algorithms and more, he finally gave up and closed his nine-year-old hedge fund.
Who is the mystery trader? An unknown cryptocurrency trader turned $55 million of paper wealth into $283 million in just over a month. This person — or persons — boasts of making a 413 percent profit earlier this year from ether, the digital money of the Ethereum blockchain. Authorities are starting to get worried about the anonymity of digital currencies.
Investing in oil. Saudi Aramco plans to invest more than $300 billion over the next decade to maintain its spare oil-production capacity and boost exploration. The world’s biggest oil exporter plans to sell about 5 percent of itself next year in what could be a record IPO. Despite the big plans, Aramco’s CEO says the outlook for oil supplies is “increasingly worrying” amid the industry downturn.
It’s finally here. Tesla rolls out its first Model 3, and it’ll belong to CEO and co-founder Elon Musk. A single black Model 3 rolled off the production line Friday with a serial number all its own, kicking off a company-defining six months. Musk shared images of the $35,000 electric car on Twitter over the weekend. One down, millions more to go.
Brexit and breakfast. Leaving the European Union means British consumers could see the price of a fry-up — the classic English breakfast of eggs, bacon, sausages, baked beans and toast — increase by almost 13 percent, thanks to World Trade Organization tariffs. Foods likely to rise in cost the most include orange juice and olive oil from Spain and Italy, at 34 percent and 30 percent respectively.
Compiled by Andy Reinhardt and Leila Taha