“The worse a situation becomes the less it takes to turn it around, the bigger the upside.” — George Soros

1. FDA Clears “Viagra For Women” — the first drug to treat low sexual desire in women has won approval from U.S. health regulators. Addyi (flibanserin), produced by privately-held Sprout Pharmaceuticals, will only be available through certified health care professionals and pharmacies due to its safety issues. The drug can result in potentially dangerous side effects such as low blood pressure and fainting, especially when taken with alcohol.
2. FOMC Meeting Minutes — according to the latest July meeting minutes, policymakers didn’t sound too convinced that its time for an initial rate hike but “noted that conditions were approaching that point”. Participants worried about China and currency swings before last week’s yuan devaluation.
3. Germany OKs Greek Bailout — Germany lawmakers approved a 3rd rescue deal, despite significant conservative opposition. That clears the way for Athens to receive money to make a 3.2 bil-euro debt payment to the European Central Bank. Greece PM Alexis Tsipras is weighting whether to hold a confidence vote or snap elections amid a rebellion within his left wing coalition.
4. Kazakhstan Devalued Currency — Kazakhstan’s tenge plunged a record 23% late last week, following a surprise announcement the government would allow the currency to float freely. The move continues a currency war being fought in the emerging markets. Vietnam devalued its currency for the third time this year after a similar move in China, while Russia is allowing the ruble to track the drop in crude.
5. Oil Poised for Eighth Weekly Decline — WTI crude is heading for its eighth straight weekly decline, the longest weekly losing streak in about thirty years. In late 1985, oil prices slumped to $10 from around $30 over five months, after OPEC raised output to counter an increase in production outside the group. Weaker global stock markets and data from China’s factory slowdown are particularly weighing on the commodity today, adding to worries about lower demand.

The week ahead — Economic data from Econoday.com: