President Donald Trump admitted Thursday morning that he was intentionally blocking federal funding to the U.S. Postal Service to discourage the use of mail-in ballots in November’s elections.

“Now, they need that money in order to make the post office work, so it can take all of these millions and millions of ballots,” Trump said in an interview with Fox Business Network’s Maria Bartiromo. “Now, if we don’t make a deal, that means they don’t get the money,” he added. “That means they can’t have universal mail-in voting, they just can’t have it.”

The next round of stimulus funding for businesses, local governments and individuals impacted by the virus is being held up largely due to Democrats’ desires to fund the USPS, the president said. House-backed legislation would provide the Postal Service with $25 billion and also undo restrictions imposed on the agency in relation to a $10 billion line of credit recently extended to them by the Treasury.  

Trump’s message comes as rapid changes at the Postal Service have left Americans, politicians and even postal workers and their union representatives scrambling to figure out what’s happening, why it’s happening, and what it all means. 

A slew of of new …

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Good morning. David Meyer here in Berlin, filling in for Alan.

As we head into a much-deserved weekend, I’d like to draw your attention to a couple of worthwhile reads.

The first is this LinkedIn post from HP CEO Enrique Lores, following an appearance before the California Senate yesterday by HP’s strategy chief, Kim Rivera. Rivera was there to express the company’s support for a state bill that would force firms to diversify their boards.

Here’s what Lores had to say on the matter:

“It’s an important piece of legislation. I urge the legislature to adopt it and Governor Newsom to sign it into law. But we shouldn’t have to rely on the Governor’s pen to make our boards more diverse. Business leaders should be doing that on our own.

“This isn’t just the right thing to do. Study after study has shown how gender and ethnic diversity can help power innovation and strengthen a company’s performance. For example, McKinsey has found that companies with more women and more ethnic diversity at the executive level are more profitable, and they’ve also

This is the web version of the Bull Sheet, Fortune’s no-BS daily newsletter on the markets. Sign up to receive it in your inbox here.

Happy Friday, Bull Sheeters. Solid U.S. labor data couldn’t save the Dow and S&P 500 from finishing in the red yesterday. But the benchmark S&P 500 is still up more than 50% since its March lows as it nears a new all-time high. Alas, U.S. futures point to a flat open today.

Let’s check in on the action.

Markets update


  • The major indexes are mostly higher, with the Shanghai Composite leading the way, up 1.2% in afternoon trade.
  • China’s industrial output continues to crank into high gear, rising 4.8% YOY in July. Elsewhere, China’s retail sales were flat.
  • There are just 48 total active coronavirus cases, but New Zealand isn’t taking any chances. It’s extending a lockdown in Auckland as a 102-day streak of being COVID-free was snapped a few days ago.


  • The European bourses were down at the open with travel and energy stocks leading the way lower. The benchmark Stoxx Europe 600 dropped 1.6% two hours into the trading session.
  • Daimler shares fell 1.4% in mid-morning trade after