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The aerospace and travel industries are setting their sights on the Farnbor= ough Air Show, which takes place this week for the first time since the pan= demic. More than 80,000 people are expected to attend the five-day event, w= here more than a thousand exhibitors will showcase their products and aviat= ion services. With demand for flights soaring this summer, much of the focu= s will be on manufacturing giants Boeing (NYSE:BA) and Airbus (OTCPK:EADSY)= , which hope to pick up some big orders as airline passenger numbers bounce= back. Backdrop: It's been a bruising past few years for the aviation titan= s, but Boeing is clearly coming into the contest on the back wheel. Even be= fore the pandemic, the U.S. manufacturer was in crisis mode following two f= atal crashes of the 737 MAX in 2018/19, and the plane is still awaiting app= roval to return to the Chinese market. Boeing is also dealing with quality = issues related to its 787 Dreamliner (deliveries have been largely halted s= ince late 2020), while it's unlikely that the stretched 737 MAX 10 variant = - which is coming to Farnborough - will be certified by regulators by the e= nd of the year.On the other side of the aisle, Airbus has moved up to busin= ess class, according to aviation data provider Cirium, conquering nearly 60= % of the narrow-body segment with its A320. The French planemaker has also = scored 259 total orders this year, compared to the 186 of its U.S. rival. A= ll those dynamics can be clearly seen in their stock prices, with Boeing sh= ares plunging 60% since the Paris Air Show in June 2019 (which alternates e= very year with Farnborough) and Airbus shares off by 20% over the same peri= od. Go deeper: The aviation titans will be asked how well they can make goo= d on delivery commitments as engine and parts shortages become the latest c= hallenge in ramping up output. Make sure to tune in at the end of the week = as there are generally last-minute announcements that can change the order = tally and possibly offer Boeing an opportunity to turn the corner. Decarbon= ization strategies will also be in the spotlight at the show, with several = panels focusing on sustainable fuels, low-emissions technology and electric= vertical take-off and landing (eVTOL) aircraft.
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Top News
Battle for the skies
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The aerospace and travel industries are setting thei= r sights on the Farnborough Air Show, which takes place this week for the f= irst time since the pandemic. More than 80,000 people are expected to atten= d the five-day event, where more than a thousand exhibitors will showcase t= heir products and aviation services. With demand for flights soaring this s= ummer, much of the focus will be on manufacturing giants Boeing (NYSE:BA) and Airbus (OTCPK:EADSY), whic= h hope to pick up some big orders as airline passenger numbers bounce back.=

Backdrop: It's been a bruising past few years for the avi= ation titans, but Boeing is clearly coming into the contest on the back whe= el. Even before the pandemic, the U.S. manufacturer was in crisis mode foll= owing two fatal crashes of the 737 MAX in 2018/19, and the plane is still a= waiting approval to return to the Chinese market. Boeing is also dealing wi= th quality issues related to its 787 Dreamliner (deliveries have been large= ly halted since late 2020), while it's unlikely that the stretched 737 MAX = 10 variant - which is coming to Farnborough - will be certified by regulato= rs by the end of the year.

On the other side of the aisle, Airbus ha= s moved up to business class, according to aviation data provider Cirium, c= onquering nearly 60% of the narrow-body segment with its A320. The French p= lanemaker has also scored 259 total orders this year, compared to the 186 o= f its U.S. rival. All those dynamics can be clearly seen in their stock pri= ces, with Boeing shares plunging 60%= since the Paris Air Show in June 2019 (which alternates every year with Fa= rnborough) and Airbus shares off by 20% over the same period.

Go deeper: The aviation = titans will be asked how well they can make good on delivery commitments as= engine and parts shortages become the latest challenge in ramping up outpu= t. Make sure to tune in at the end of the week as there are generally last-= minute announcements that can change the order tally and possibly offer Boe= ing an opportunity to turn the corner. Decarbonization strategies will also= be in the spotlight at the show, with several panels focusing on sustainab= le fuels, low-emissions technology and electric vertical take-off and landi= ng (eVTOL) aircraft.

     
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Tech
Chip funding

The Senate could vote on a slimmed-down measure to b= oost the U.S. semiconductor industry as soon as this week as lawmakers stru= ggle to compromise on broader legislation targeting Chinese competitiveness= . The scaled-back bill would likely provide $52B in grants, tax credits and= other financial incentives to build out the American chip sector, but unti= l now, it has been held up over R&D subsidies, as well as the possibili= ty of it being attached to a broader reconciliation package. Congress will = need to kick things into high gear before the August recess, which is only = several weeks away.

Quote: "If we don't pass this, we're go= ing to wake up, other countries are going to have these [chip] investments,= and we're going to say, 'why didn't we do it?'" U.S. Commerce Secretary Gi= na Raimondo declared, urging lawmakers to pass the legislation. "We want as= robust of a bill as possible, but all options are on the table because we'= re out of time."

Funding is even more critical to corporate investme= nt plans, with Intel (NASDAQ:INTC) recently threatening to ditch its ambitious $20B foundry proje= ct in Ohio if the bill remains in limbo. "We've made super clear to McConne= ll, to the Democrats, to the Republicans, that if this doesn't pass, I will= change my plans," announced CEO Pat Gelsinger. "The Europeans have moved f= orward very aggressively, and they're ready to give us the incentives that = allow us to move forward." According to the Semiconductor Industry Associat= ion, the U.S. share of global chip-making capacity has tumbled from 37% in = 1990 to 12% at the present.

Should you buy chip stocks? Market direction has been uncertain in recent weeks, though some buyer= s seem to be keen on the advancing chip legislation. Last Thursday, it was = revealed that House Speaker Nancy Pelosi and her husband, e= xercised 200 call options (20,000 shares) in Nvidia (NASDAQ:NVDA), which is one of the world's l= argest semiconductor companies. The stake, which could be worth up to $5M, = comes at a time when Congress is debating whether its members and spouses s= hould be allowed to trade individual stocks, though a vote on such bills ha= s not yet been scheduled. (22 comments)

     
Outlook
Glob= al health emergency?

As the number of monkeypox cases rises in the U.S., = requests for vaccines are increasing, and in many areas, there are even rep= orts of demand greatly outstripping supply. In response, the federal govern= ment has ordered an additional 2.5M Jynneos doses from Bavarian N= ordic (OTCPK:BVNKF), which is the only FDA-approved product against mo= nkeypox. As of July 15, there were 1,814 confirmed cases across the country= , with all but seven U.S. states recording cases of the disease.

Explainer: Monkeypox is an orthopoxvirus that is mostly spread by clo= se physical contact and results in similar symptoms to smallpox. People who= contract the virus experience flu-like conditions and a blistery rash that= lasts anywhere from two to four weeks. A very small percentage of infected= people develop sepsis or other life-threatening reactions (only three peop= le have died worldwide from the current outbreak).

The World Health = Organization is set to reconvene its expert committee this week to decide w= hether monkeypox now constitutes a global health emergency. Back in June, a= majority of the expert panel felt the situation had not met that threshold= , which could release additional resources to combat the crisis. There have= been a total of six "Public Health Emergency of International Concern" dec= larations since 2009, otherwise known as PHEIC, with the last one being pro= claimed for COVID-19 in 2020.

Outlook: Even if decl= ared a PHEIC, monkeypox is unlikely to become as devastating as the coronav= irus pandemic. It's much less contagious due to its "person-to-person" tran= smission (rather than spreading through the air). It has also been mostly o= bserved in young urban men who identify as members of the LGBT community, s= uggesting that it won't cross age and other demographics so easily. Additio= nally, the fatality rate is less than one death per every 1,000 adult cases= , which in perspective, is lower than the percentage of unvaccinated people= who die after getting COVID.

     
Global
Over in Co= lombo

Things aren't looking better in Sri Lanka as acting = President Ranil Wickremesinghe issued orders late Sunday for a fresh state = of emergency. The specific legal provisions of the edict have yet to be ann= ounced, but in the past it has been used to deploy the military and dampen = public protests. It comes ahead of Wednesday's vote in parliament to elect = a new president, after Gotabaya Rajapaksa fled to the Maldives (and then Si= ngapore) to escape a widespread uprising against his government.

The candidates: As six-time prime minister, Wickremesinghe is one of = the top contenders to take on the presidency, but many protesters want him = gone and further unrest could ensue if he is elected. Other leading candida= tes are Sajith Premadasa, leader of the main opposition Samagi Jana Balaweg= aya party, as well as Dullas Alahapperuma, a senior ruling lawmaker who pre= viously served as former Cabinet Minister of Information and Mass Media.
Stable leadership will need to be in place before the country can nego= tiate with the IMF over a bailout to shore up the island's economy. Sri Lan= ka ran out of money for fuel imports in May, its inflation rate topped 50% = in June and it declared bankruptcy in early July. The country is also heavi= ly indebted to China, Japan and India, and recent restructuring talks durin= g the G20 Finance Ministers meeting in Bali, Indonesia, did not appear to y= ield too much progress.

As mentioned previously on WSB: Sri Lanka could be the first domino to fall in a global economic crisi= s set to envelop many poorly-managed developing countries. Pakistan is havi= ng major problems with its debt, as well as a number of African and Latin n= ations, spelling trouble across the emerging markets. "With the low-income = countries, debt risks and debt crises are not hypothetical," World Bank Chi= ef Economist Carmen Reinhart declared. "We're p= retty much already there."

     
Today's Markets
In Asia, Japan closed. Hong Kong +2.7%. China +1.6%. India +1.4%.
In Europe, at midday, London +1.4%. Paris +1.5%. Frankfurt +1.4%.
Futures at 6:20, Dow +0.9%. S&P +1%. Nasdaq +1.2%. Crude -1.2% to $96.40. Gold +0.7% to $1716.80. Bitcoin +4.7% to $22,262.
Ten-year Treas= ury Yield +3 bps to 2.96%
Today's Economic Calendar
10:00= NAH= B Housing Market Index
4:00 PM Treasury International Capital

Companies reporting earnings today = =C2=BB
What else is happening...
The software slowdown arrives: Here's how investors can deal with it.

GlaxoSmithKline (GSK) spins off U.K. consumer health unit Haleon.

Cry= pto winter forces Riot Blockchain (RIOT) and others to sell Bitcoin.

After Biden visit, Saudi Arab= ia says oil decisions to be made= by OPEC.

Stellantis (STLA) terminates Jeep venture with China's GAC.

Starbucks (SBUX) explores potential = sale of its operations in the U.K.

Elon Musk p= ushes back at Twitter's (TWTR<= /a>) request for expedited trial.
Report suggests Disney (DIS) will hike ESPN+ monthly price by 43%.
Novo (NVO), Eli Li= lly (LLY) to domina= te $54B obesity market - Mor= gan Stanley.
Seeking Alpha=E2=80=99s Wall Street Breakfast Podcast
Seeking Alpha's Wall Street Breakfast podcast brings you all the news you n= eed to know for your market day. Released by 8:00 AM ET each morning, it is= a quick listen that you can put on as you get ready to start your working = day.
 
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