Pierre Metivier / Flickr cc

WPP, the world's biggest advertising agency and holding group, saw shares fall over 10% Wednesday morning after the group reported slowed growth in sales during its second quarter. The company also said that ad spend for the remainder of the year is expected to drop even further due to economic volatility affecting the advertising industry in key markets, like the U.K. and U.S. The company revised its second-half of the year sales forecast down further to 0-1% growth — its lowest point in nearly a decade.

Why it matters: WPP's estimates mainly reflect a slump in advertising for consumer goods, which the company says make up roughly 1/3 of its revenue. Some of the biggest consumer goods companies, like Procter and Gamble and Unilever, have been pulling back ad spend, particularly on digital, as a results of the overall economic volatility within the retail and packaged goods industries that are being upended by technology. In a separate interview Wednesday, WPP Chief Sir Martin Sorrell alluded to this, suggesting that tech giant Amazon was earning nearly twice what market estimates had projected on advertising this year.

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Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. EST: 32,135,220 — Total deaths: 981,660 — Total recoveries: 22,149,441Map.
  2. U.S.: Total confirmed cases as of 10 p.m EST: 6,975,980 — Total deaths: 202,738 — Total recoveries: 2,710,183 — Total tests: 98,481,026Map.
  3. Politics: House Democrats prepare new $2.4 trillion coronavirus relief package.
  4. Health: Cases are surging again in 22 states — New York will conduct its own review of coronavirus vaccine.
  5. Business: America is closing out its strongest quarter of economic growth.
  6. Technology: 2020 tech solutions may be sapping our resolve to beat the pandemic.
  7. Sports: Pac-12 will play this fall despite ongoing pandemic — Here's what college basketball will look like this season.
  8. Science: Global coronavirus vaccine initiative launches without U.S. or China — During COVID-19 shutdown, a common sparrow changed its song.
7 hours ago - Sports

Pac-12 will play football this fall, reversing course

A view of Levi's Stadium during the 2019 Pac-12 Championship football game. Photo: Alika Jenner/Getty Images

The Pac-12, which includes universities in Arizona, California, Colorado, Oregon, Utah and Washington state, will play football starting Nov. 6, reversing its earlier decision to postpone the season because of the coronavirus pandemic.

Why it matters: The conference's about-face follows a similar move by the Big Ten last week and comes as President Trump has publicly pressured sports to resume despite the ongoing pandemic. The Pac-12 will play a seven-game conference football season, according to ESPN.

Dave Lawler, author of World
8 hours ago - World

Global coronavirus vaccine initiative launches without U.S. or China

Data: Gavi, The Vaccine Alliance; Map: Naema Ahmed/Axios

A global initiative to ensure equitable distribution of coronavirus vaccines now includes most of the world — but not the U.S., China or Russia.

Why it matters: Assuming one or more vaccines ultimately gain approval, there will be a period of months or even years in which supply lags far behind global demand. The COVAX initiative is an attempt to ensure doses go where they're most needed, rather than simply to countries that can produce or buy them at scale.

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