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The Power Brief

A man walks past the Quicken Loans Arena on July 11, 2016, in Cleveland, Ohio.
Getty Images
A man walks past the Quicken Loans Arena on July 11, 2016, in Cleveland, Ohio.

A daily morning look at the financial stories you need to know to start the day

STOCKS/ECONOMY

-Stock futures are just a bit higher as earnings season gets going in earnest this week. Bank of America's earnings have just beaten expectations.

-The White House has cut its economic growth forecasts for the next two years.

OIL/ENERGY

-Crude prices are flat and holding at the $45/barrel level. The attempted coup in Turkey is having no real market effect.

-Gasoline prices fell to $2.20/gallon overnight. That's 14 cents/gallon less than a month ago today.

-Exxon is now in a bidding war with Total for InterOil's stake in a Papua New Guinea gas field. Exxon's current bid is $2.2 billion.

DEALS/NO DEALS

-Japan's SoftBank is buying UK semiconductor giant ARM for $31 billion.

-The deal is boosting the post-Brexit pound, which is back up to $1.32 right now.

WAR ON COPS

-Yesterday's killing of three police officers in Baton Rouge was a planned ambush by an African American ex-Marine who posted anti-police videos on the Internet.

-In a poll taken BEFORE the Baton Rouge shooting, 58% of respondents said they do believe there's a war on police in America. 52% of all minorities polled said the same thing, but only 34% of Black Americans agreed.

ELECTION

-Heading into back-to-back convection weeks, with the GOP kicking off in Cleveland tonight, Hillary Clinton's lead in most polls has come way down from a month ago.

TURKEY LATEST

-Turkish President Erdogan is cracking down after a failed coup Friday night. Thousands have been detained. And Turkey is demanding the Obama administration hand over a US-based Islamic cleric it says instigated the uprising.

DEFENSE

-US military personnel favor Donald Trump over Hillary Clinton by nearly 2-1. But 61% of all troops surveyed rate both candidates very unfavorably.

-It looks like the Obama administration will not budge on requiring Israel to spend almost all its American military aid on US-made defense products. This will cause layoffs and other cutbacks at Israeli defense companies.

-Elbit Systems has unveiled a new jamming system to protect drones from missiles and other shoot down weapons.