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Emerging markets corporate earnings have outpaced estimates for the first time in 30 months as the economy is rebounding there as well. Both MSCI's stock and emerging currencies index are up this year. Signals of strength and stability are more that convincing investors who start fearing for the Delta variant's potential damages. Source: Bloomberg

The 2020 Olympics will take place in Tokyo, but behind close doors as Japan recorded 3,000 daily cases this week with less than 23% of the population vaccinated. Host cities usually bear high costs. Last time than Japan was the host for the 98 winter games, costs were relatively low at $2.2 billion, but for this year, they're expected to pay $28 billion. Overbudgeting has pushed up the costs drastically, and the country might not reap the financial benefits of hosting such an event with sanitary restrictions, even if those often only ease the cost of the event without making it profitable. Source: Statista, Nikkei, Forbes, Asahi

AT&T Inc. exceeded Wall Street profit estimates and blew past wireless subscriber targets, showing its newly concentrated focus on fiber and 5G network expansion is making progress. Second-quarter earnings rose to 89 cents a share, with revenue reaching $44 billion, AT&T said Thursday. That topped estimates of 80 cents and $42.8 billion. The most recent figure excludes a 52-cent charge for the Latin American video unit Vrio, which is being sold. Source: Bloomberg

Intel Corp., the world’s biggest semiconductor maker, gave a lackluster third-quarter sales forecast, indicating its data-center chip business continues to suffer market-share losses in the face of stiffer competition. Sales in the current period will be about $18.2 billion, Intel said in a statement Thursday. That compares with average analyst projections of $18.3 billion. Adjusted gross margin, a measure of profitability, will be about 55%, the company said, and per-share profit is forecast to be $1.10. Source: 

The median price for existing home sales went up 23.4% in June to $363,000. Source: Lohman Econometrics, NAR, Bloomberg