wiar 12-01-22

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December 01 (Thursday) Latest Morning Briefing Executive Summary: Powell, Onshoring & Tech Reassurance from Fed Chair Powell yesterday that the Fed would proceed on its tightening course with “moderation,” to avoid setting off a recession, was music to investors’ ears—lifting stock prices and lowering bond yields. Today, we look at the words that had such a palliative effect on markets and recap Powell’s main points, especially about inflation. … Also: Rising reshoring and FDI trends suggest a revival of US manufacturing, which will benefit supply chains and labor markets. … And: Jackie examines the reasons for tech stocks’ recent malaise. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on November 28. Markets S&P 500 ends 3-day losing streak. Dow jumps 700 points after Powell signals smaller rate hikes | C Central banks Jerome Powell Signals Fed Prepared to Slow Rate-Rise Pace in December | W Fed Chair Jerome Powell says smaller rate hikes could come in December | C Fed’s Powell: Rate hikes to slow, but adjustment just beginning | R US House Approves Imposing Railroad Labor Deal, Paid Sick-Leave Measure | W Some Rail Workers, Seeking Sick Days, Say Biden Betrayed Them | N U.S. Economic Growth Slowed This Fall, Fed’s Beige Book Says | W Third-Quarter U.S. Growth Was Stronger Than Previously Thought | W Companies are cutting Zoom accounts and office space instead of jobs – Vox China Overseas Chinese step up protests as calls mount for change | R China’s Covid Protests Began With an Apartment Fire in a Remote Province | W Proud, Scared and Conflicted. What the China Protesters Told Me. | N Industries & companies Media: EU warns Musk that Twitter faces ban over content moderation -FT | R Media: Disney warns restructuring could result in impairment charges | R Tech: Mark Zuckerberg says Apple’s app store policies are not ‘sustainable’ | C Crypto Bitcoin Family moving more than $1 million into DEXs after FTX collapse | C ‘No Cooperation’: How Sam Bankman-Fried Tried to Cling to FTX | N UK charity backed by Bankman-Fried sounds alarm to British regulators | C Crypto exchange Kraken lays off 1,100 employees | C Technology Elon Musk’s Neuralink Hopes for Approval to Implant a Computer in a Human Brain | B Beyond markets Megalopolis: how coastal west Africa will shape the coming century | Africa | The Guardian

wiar 11-30-22

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November 30 (Wednesday) Latest Morning Briefing Executive Summary: 2024 Is Coming! As 2023 approaches and progresses, it will be the 2024 outlook that the stock market increasingly will discount. Today, we examine the stock market equation P = P/E x E, with E representing S&P 500 forward earnings, in the context of both the consensus and our expectations for earnings and the economic backdrop next year and in 2024. … Also: The inverted yield curve is predicting neither a credit crunch nor a recession, in our view. This time, it may be anticipating a hasty retreat of inflation. That could mean that the yields on both the 2-year and 10-year Treasuries are peaking. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on November 28. Markets The Best Stocks to Buy Next Year as Inflation Dies | InvestorPlace Junk Bonds Rally as Investors Speculate Inflation Has Peaked | W Central banks Eurozone Inflation Eased in November, but Further Rate Rises Likely | W Elon Musk says the Fed must cut rates ‘immediately’ to stop a severe recession | C US Job Openings Report to Indicate Tightness of Labor Market | W Private hiring increased by just 127,000 jobs in November, well below estimate, ADP reports | C Mortgage rates fall for the third straight week, but demand still drops further | C What Congress could do to avoid a rail strike — and why unions are upset | Vox China Two Chinese cities ease COVID curbs after protests spread | R Jiang Zemin, Leader Who Presided Over China’s Economic Rise, Dies at 96 | W Geopolitics & trade Chinese Startups Try to Make It Big in the U.S.—but Without the Backlash | W Why Macron? Biden state dinner highlights France’s U.S. appeal | R Industries & companies Media: Opinion | Why Disney Fans Celebrated the Firing of Bob Chapek | N Retail: Amazon records biggest ever Thanksgiving shopping weekend | Reuters Crypto European Central Bank says bitcoin is on the ‘road to irrelevance’ | C Early Alameda Staffers Quit After Battling Sam Bankman-Fried Over Risk, Compliance Concerns | W Climate COP27’s green agenda will leave many out in the cold this winter | WT

wiar 11-29-22

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November 29 (Tuesday) Latest Morning Briefing Executive Summary: Anxious Index If the economy is in for a hard landing next year, it would be the most widely anticipated recession ever. The Philly Fed’s survey of forecasters, the WSJ’s survey of economists, and even the Misery Index that reflects the sum of unemployment and inflation rates point to a recession. … But we think this time is different. There’s been no broad-based credit crunch, liquidity is ample, consumer incomes are growing, multi-family housing remains strong, capital spending does too, and fiscal stimulus has been gushing. Real GDP shouldn’t contract in such an environment but grow, slowly but surely. We’re in the soft-landing camp. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on November 28. Markets Dow tumbles 500 points but could actually end the year in the green | NN Stocks close lower, Dow drops nearly 500 points as supply chain concerns mount amid protests in China | C Central banks Fed has ‘a ways to go’ on interest rate hikes, Bullard says | R Fed’s Williams Says Inflation Fight Could Last Into 2024 | W Resolute and Mindful: The Path to Price Stability | FRBSF US 400 groups urge U.S. lawmakers to take ‘immediate steps’ to block potential rail strike | R Job Cuts in Tech and Banking Don’t Mean Mass Layoffs in Looming Global Recession | B Joe Biden wastes billions on COVID boosters vaccines | P China China Clamps Down on Protesters Against Zero-Covid Policies | W Chinese Protests Put Xi Jinping in a Bind | W Protests against Covid controls erupt across China | C Geopolitics & trade White House Says Chinese Have a Right to Peacefully Protest | W Russia Cancels Arms-Control Talks, U.S. Says | W Industries & companies Media: Elon Musk claims Apple has threatened to remove the Twitter app | C Retail: Returns Are the Retail Industry’s Quietly Mounting Logistics Problem | W Tech: Exclusive: Microsoft likely to offer EU concessions soon in Activision deal -sources | R Crypto BlockFi Bankruptcy: More Crypto Trader Funds Trapped After FTX Collapse | B How FTX ‘death spiral’ spelled doom for BlockFi, according to filing | C FTX: The Enron case on steroids, fueled by woke capitalism | The Hill Corporate finance Shell to Buy Biogas Producer in $2 Billion Deal | W Climate U.S. warns California cities possible water cuts in fourth dry year | C Hawaii’s Mauna Loa Volcano Is Erupting for the First Time Since 1984 | W Idealab, Heliogen founder Bill Gross sold solar energy kits in 1973 | C ESG Sign of the times: BlackRock closes ESG fund due to lack of interest, amid poor performance – Citywire | Twitter Populist House Republicans Picking a Fight With US Business Over ‘Woke Capitalism’ | R

wiar 11-28-22

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November 28 (Monday) Latest Morning Briefing Executive Summary: 2023 Is Coming! The consensus is now bracing for a 2023 recession that tempers inflation and ends the Fed’s reign of tightening but also depresses corporate earnings, suggesting more downside for stocks’ valuation multiples. We’re more optimistic, expecting no broad-based recession but a rolling one, no continued bear market in stocks but sluggish earnings limiting their upside. … Both scenarios hinge on inflation: If it remains persistently high despite having peaked, expect a broad-based recession and all that entails. If not, the 2023 outlook will be brighter. … Also: A look at data supporting both soft- and hard-landing scenarios. … And: What the Fed might do next. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on November 14. Markets Stocks Are on the Rise, but Earnings Could Drag Them Down Again | W Xi Jinping’s big bang for Chinese stock markets | E Oil Prices Face Fresh Volatility With New Russia Sanctions, OPEC Decision | W Global Globalized Supply Chain Brings More-Turbulent Food Prices | W Energy The Next U.S. Energy Revolution Is Here | BR The costs and consequences of Europe’s energy crisis are growing | E US I Why the nation is once again close to a devastating freight railroad strike | MSN With unions aligned, timeline for rail strike and railroad emergency prep is now clear | MSN Biden’s Railroad Deal Falls Apart | W US II New Help for a Group at Risk for Suicide: Middle-Aged Men | W California’s Homelessness Problem Pits Gov. Gavin Newsom Against Mayors | W Employers Rethink Need for College Degrees in Tight Labor Market | W   Europe German Consumers Are Boosting the Economy. These Stocks Stand to Gain. | BR Europe faces an enduring crisis of energy and geopolitics | E China China’s Economy Faces Challenges Despite Latest Moves to Stimulate Growth | W Clashes in Shanghai as COVID protests flare across China | R Protests against Covid controls erupt across China | C China Could Reignite Its Growth. How to Play It While Limiting Risks. | BR Geopolitics & trade In Ukraine, living as normal is an act of defiance | E Zelenskiy warns Ukraine to brace for more Russian attacks | R South Korea govt plans first talks with striking truckers | R Industries & companies Logistics: The Logistics and Supply-Chain Slowdown Has Begun. Here’s How to Take Advantage. | W Media: Disney is the biggest winner and loser at the Thanksgiving box office | C Retail: Black Friday online sales top $9 billion in new record | C Retail: Black Friday 2022: Walmart overtakes Amazon in shoppers’ search for bargains | C Tech: Tech’s reality check: How the industry lost $7.4 trillion in one year | C Technology Quantum Computing Will Change the World. How to Play the Stocks. | BR Beyond markets Caroline Ellison Was a Little-Known Crypto Trader. Then FTX Collapsed. | NYT What is long-termism? | E The U.S. is ‘certainly’ still in a Covid-19 pandemic, Dr. Fauci says | C

wiar 11-21-22

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November 21 (Monday) Latest Morning Briefing Executive Summary: Thanksgiving In The Twilight Zone While Covid-19 has upended life the world over, Americans have plenty of blessings to count this Thanksgiving. The US economy continues to grow, employment continues to expand, and consumers continue to spend. Although the single-family housing industry is in recession, multi-family housing starts are going strong. The auto industry is also doing well despite tighter credit conditions. Capital spending remains robust. The nasty supply-chain disruptions that had fueled high inflation appear to be over. And the US fossil fuel industry not only is meeting domestic energy needs but exporting to help meet Europe’s. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on November 14. Markets Energy shares, China COVID cases weigh on Wall St; Disney jumps | R Central banks Fed’s Aggressive Rate Hikes Are a Game Changer | W The Federal Reserve Is Surely Not the Cause of Silicon Valley’s Swinging Ax | FO Energy U.S. Crude Oil Price Falls Below $80 a Barrel | W Saudi Arabia Eyes OPEC+ Output Increase Ahead of Restrictions on Russian Oil | W America must future-proof its energy sector with nuclear power | Washington Examiner US Stressed-Out Americans Plan to Buy Fewer Christmas Gifts, Donate Less to Charity | W DeSantis, Others Draw Distinctions With Trump in 2024 GOP Nomination Race | W Democrats must protect Social Security by raising the debt ceiling | The Hill China Mainland China reports first Covid-related deaths since Shanghai lockdown | C Geopolitics & trade China Turns to Back-Channel Diplomacy to Shore Up U.S. Ties | W Top Russian official warns of possible nuclear accident at Zaporizhzhia | R Explainer: Ukrainian nuclear plant shelled: Here’s what we know | R Industries & companies Media: How Elon Musk is changing Twitter, from mass layoffs to check marks | Vox Media: ‘It’s over’: Twitter France’s head quits amid layoffs | R Media: Disney blindsided Chapek with decision to replace him with Iger | C Retail: Retailers Are Expecting Unpredictable Holiday Sales. These Companies Will Come Out On Top. | BR Corporate finance Biden grants PG&E $1.1 billion to keep Diablo Canyon nuclear plant open | C Crypto Is this the end of crypto? | E Collapsed crypto exchange FTX owes top 50 creditors $3 billion: Filing | C Beyond markets NASA’s Orion spacecraft flies by the moon on Artemis 1 mission | C Opinion | Musk, Bezos, Bankman-Fried, Trump: It Was a Bad Week for Billionaires | N Sam Bankman-Fried tries to broker FTX bailout from his Bahamas home | C

wiar 11-19-22

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November 19 (Saturday) Latest Morning Briefing Executive Summary: On Consumers, Chips & The Oceans Consumers are still spending robustly in many categories, as the surprisingly strong retail sales report for October showed. But Walmart and Target brass speaking on Q3 conference calls described heightened budget consciousness across income demographics. And while consumers have income, their balance sheets have been weakening as they take on more debt. … Are semiconductor stocks becoming attractive at their depressed valuations? Perhaps, but news this week reminds us why valuations are so depressed—demand is weak and analysts pessimistic. … Also: The oceans are about to get greener if innovative solutions employing AI, 3D printing, and low-tech dragnets succeed. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on November 15. Markets S&P 500 closes higher on Friday, but ends week with losses | C Higher Rates Mean “Bonds Are Back,” JPMorgan’s Michele Says | B Central banks NY Fed: Bank liquidity may be tighter than thought, with policy implications | R Fed’s Susan Collins Says Her View on Rate Hikes Unchanged by Recent Data | B US U.S. Home Sales Fell for Ninth Straight Month in October | W As Republicans Take Command in House, Fight Over 2023 Farm Bill Looms | W Geopolitics & trade North Korea’s Kim Reveals Daughter to Public at ICBM Launch | B Larry Summers Warns Very Risky for US to Aim at ‘Tearing China Down’ | B Industries & companies Airlines: What Do the Worst (and Best) Airports Look Like? Ask United Airlines | W Autos: Tesla recalls 321,000 U.S. vehicles over rear light issue | R Media: Musk’s Twitter Fix-It Team Fades Out as Billionaire Says Transition Is Almost Done | B Retail: Home Depot and Lowe’s are booming in a housing market bust | C Retail: Follow these rules from experts to get the most out of Black Friday | C Tech: Why Everything in Tech Seems to Be Collapsing at Once | The Atlantic Theme Parks: Disney Parks’ Ride Stoppages and Wait Times Grow as Ticket Prices Rise | W Corporate finance How Did AT&T’s $100 Billion Time Warner Deal Go So Wrong? | N Climate COP27 Agrees on Loss and Damage Fund for Vulnerable Countries, Officials Say | W Crypto They Lived Together, Worked Together and Lost Billions Together: Inside Sam Bankman-Fried’s Doomed FTX Empire | W FTX launches strategic review, seeks court relief to pay critical vendors | C Beyond markets Theranos founder Elizabeth Holmes sentenced to over 11 years in prison | C

wiar 11-18-22

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November 18 (Friday) Latest Morning Briefing Executive Summary: On Consumers, Chips & The Oceans Consumers are still spending robustly in many categories, as the surprisingly strong retail sales report for October showed. But Walmart and Target brass speaking on Q3 conference calls described heightened budget consciousness across income demographics. And while consumers have income, their balance sheets have been weakening as they take on more debt. … Are semiconductor stocks becoming attractive at their depressed valuations? Perhaps, but news this week reminds us why valuations are so depressed—demand is weak and analysts pessimistic. … Also: The oceans are about to get greener if innovative solutions employing AI, 3D printing, and low-tech dragnets succeed. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on November 15. Markets Wall Street seen opening higher but U.S. recession priced in | R ‘Exhausted’ sellers are behind the market’s strength | C Central banks Fed’s Bullard says rate hikes have had ‘only limited effects’ on inflation so far | C ECB begins great cash mop-up as banks repay 296 bln euros of loans | R Energy Nord Stream: Sweden says explosives found at site of Russian pipelines | C Oil heads for second weekly decline as demand concerns weigh | R ‘Indiscriminate use of hydrogen’ could slow energy transition: Report | C US Stagnant Scientific Productivity Holding Back Growth | W Inflation and Unemployment Both Make You Miserable, but Maybe Not Equally | W 60% of Americans live paycheck to paycheck heading into 2022 holiday | C Fearing Future Losses, More Republicans Look to Move On From Trump | W China Column: China’s fast-growing renewables limit coal generation | R Industries & companies Autos: GM investor day: Barra expects EV profit to be comparable to gas vehicles by 2025 | C Media: What Elon Musk memo to Twitter workers means for his FTC troubles | MSNBC Media: After Elon Musk’s ultimatum, Twitter employees start exiting | R Retail: Early Black Friday ‘deals’ abound, but actual bargains are scarce | R Tech: Meta Employees, Security Guards Fired for Hijacking User Accounts | W Crypto Opinion | Is This the End Game for Crypto? | NYT Crypto firm Multicoin says contagion fallout from FTX will continue | C Interview: Fallen crypto CEO Sam Bankman-Fried opens up about FTX, Alameda Research, and his regrets | Vox FTX filing reveals slipshod accounting, freewheeling expenses, perks | C FTX Disclosed Related-Party Transactions but Didn’t Name Names | W Beyond markets Taylor Swift public ticket sale canceled over extreme demand, Ticketmaster says | C

wiar 11-17-22

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November 17 (Thursday) Latest Morning Briefing Executive Summary: On Consumers, Chips & The Oceans Consumers are still spending robustly in many categories, as the surprisingly strong retail sales report for October showed. But Walmart and Target brass speaking on Q3 conference calls described heightened budget consciousness across income demographics. And while consumers have income, their balance sheets have been weakening as they take on more debt. … Are semiconductor stocks becoming attractive at their depressed valuations? Perhaps, but news this week reminds us why valuations are so depressed—demand is weak and analysts pessimistic. … Also: The oceans are about to get greener if innovative solutions employing AI, 3D printing, and low-tech dragnets succeed. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on November 15. Markets Stocks Slip After Retail Sales Top Forecasts | W Central banks Reducing Inflation Without a Recession Might Not Be Feasible, Fed Official Says | W Fed’s Waller says he’s open to a half-point hike at December meeting | C Yellen Meets China’s Central Bank Governor as U.S. Seeks to Repair Ties With Beijing | W US U.S. Consumers Show Strength With Jump in Retail Sales | W Republicans win U.S. House majority, setting stage for divided government | R How to stop inflation | WT Industries & companies Autos: Elon Musk Recently Floated Possibility of Having a Successor at Tesla, a Board Member Says | W Home Builders: Home-Builder Stocks Stage Big Rebound | W Tech: Micron to Cut Production of Memory Chips | W Theme Parks: Disney World Announces Another Round of Price Increases | W Geopolitics & trade Missile Blast in Poland Risked Russia-NATO Clash Before Both Sides Dialed Back | W Targeting of Ukrainian energy grid is a war crime, Pentagon says | C Putin calls for price controls as Russian car sales crash to record low | R Analysis: China’s freeze on Taiwan contact fuels worry as tensions build | R Crypto Gemini, BlockFi, Genesis announcing new restrictions as FTX contagion spreads | C Sam Bankman-Fried, FTX, and the beginning of the crypto ice age | Vox FTX wanted to let investors borrow to trade derivatives: CFTC head | C How Sam Bankman-Fried’s FTX-Alameda crypto empire vanished overnight | C Beyond markets ESG: BlackRock’s Hard Place | National Review

wiar 11-16-22

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November 16 (Wednesday) Latest Morning Briefing Executive Summary: On Inflation & Financial Stability The inflation-is-peaking euphoria that’s driven the stock market skyward in recent days adds to our confidence that the bear market bottomed on October 12. … The latest batch of inflation indicators was mixed but overall suggests progress in the right direction, which may mean the Fed has done enough tightening already. … Don’t fear systemic effects from the bursting of the cryptocurrency bubble—US banks are just fine. … Also: Melissa examines what the Fed thinks about the resilience of the US financial system, recapping points from its latest Financial Stability Report. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on November 15. Markets S&P 500 closes higher after another lighter-than-expected inflation report, Nasdaq jumps 1.4% | C Wall Street gains on inflation data, but rocky on geopolitics | R   Central banks Banking giants and New York Fed start 12-week digital dollar pilot | R Energy Russian Oil Exports Hold Up Despite Impending EU Ban | W Half of France’s Nuclear Plants Are Off-Line | N   US U.S. Supplier Price Increases Eased in October, Taking Pressure Off Inflation | W Mortgage Rates Are High Because Nobody Is Buying Mortgages | W Household debt soars at fastest pace in 15 years as credit card use surges, Fed report says | C Republicans on Verge of Retaking House as Counting Continues | W As Trump readies possible 2024 White House run, GOP megadonors back DeSantis, Youngkin, other Republicans | C Uncle Sam is playing the same game as broke, disgraced crypto king | P Gen Z Really Does Have It Harder Than Millennials | Manhattan Institute China China’s Economy Takes a Deeper Hit as Retail Sales Turn Negative | W Japan Japan’s Economy Shrinks Unexpectedly, Hit by a Weak Yen and Rising Inflation | N Geopolitics & trade Biden-Xi Talks Mark Shift in U.S.-China Ties Toward Managing Fierce Competition | W The U.S.’s Struggle to Wean Itself From Chinese Solar Power | W G20 Leaders Meet in Bali as Global Economy Faces Multiple Threats | N Poland says a Russian-made missile fell inside their country, killing 2 | C Industries & companies Autos: Consumer Reports: New technologies make EVs less reliable | C Autos: Tesla cuts delivery waiting time for all model 3, model Y cars | R Autos: Musk’s all-nighters at Twitter raise concern for Tesla investors | R Autos: Ford says making its own parts for electric vehicles could offset job losses | C Retail: Walmart Sales Rise as Retail Giant Gains More Shoppers | W Tech: Tech stocks have been crushed. What’s next for the FAANGs? | NN Tech: Microsoft, Meta, others face rising drought risk to their data centers | C   Corporate finance Estée Lauder Agrees to Buy Tom Ford Brand in $2.8 Billion Deal | N FTX How Sam Bankman-Fried’s FTX-Alameda empire vanished overnight | C FTX Founder Sam Bankman-Fried Attempts to Raise Fresh Cash Despite Bankruptcy | W FTX’s Collapse Casts a Pall on ‘Effective Altruism’ Movement | N Fed’s Michael Barr Says Crypto Turmoil Highlights Potential Risks to Financial System | W Climate New Climate Early Warning System Aims to Plug Weather Blind Spots Around the World | W

wiar 11-14-22

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November 14 (Monday) Latest Morning Briefing Executive Summary: On Earnings & Inflation Economic recessions invariably produce earnings recessions, but earnings slowdowns and downturns can occur without economic recessions: Nominal GDP and revenues growth can stay strong as profit margins narrow, causing earnings growth to falter. That’s what seems to be happening now, with the earnings weakness looking like that of a soft, not hard, landing. Whether that changes up ahead depends much on what happens to profit margins. … In this context, Joe discusses the latest earnings results for Q3, explaining how to interpret the results supplied by two different data providers. …And: A look at the components of October’s CPI results, which cheered the stock market at the end of last week. … Also: Feshbach sees trading range ahead. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on November 7. Markets These currencies have tanked this year — and one is down over 75% against the dollar | C Central banks Japanese Inflation Shows Signs of Easing, Kuroda Says | W Global IMF says global economic outlook getting ‘gloomier’, risks abound | R G-20 Discord Likely to Thwart Efforts to Boost Sagging Global Economy | W U.S. may skirt recession in 2023, Europe not so lucky – Morgan Stanley | R Energy & climate The global energy crisis may be accelerating decarbonisation efforts, says Fatih Birol | E ‘Vaccination-style’ intervention needed for UK energy crisis: Ovo CEO | C The ‘world’s largest floating wind farm’ produces its first power | C Used-Car Dealer Tricolor Became an ESG Favorite Amid Customer Complaints and Expensive Cars | BR US House Majority Undecided as Democrats Keep Senate Control | W Labor Market Mystery: Where Are the Older Gen Z Workers? | W China China Dials Back Property Restrictions in Bid to Reverse Economic Slide | W Industries & companies Autos: Ford vs. GM: Same industry, two increasingly different companies | C Retail: Retailers Are Already Offering More Holiday Sales. What to Watch. | BR Retail: Retailers’ biggest holiday wish is to get rid of all that excess inventory | C Tech: Tech Companies Won Big in the Midterm Elections. Here’s Why. | BR Geopolitics & trade Biden, Xi stress need to work together as they meet for talks | R Germany is open to trade with China — but we’re not stupid, vice chancellor says | C On what terms could the war in Ukraine stop? | E FTX The FTX debacle makes SEC Chair Gensler look bad—again | Fortune FTX’s Digital Coin Was at Heart of Crypto Exchange’s Fall | W Sam Bankman-Fried’s Alameda quietly used FTX customer funds without raising alarm bells, say sources | C Beyond markets Elon Musk says ‘I have too much work on my plate’ | R Can You Tell Whether This Headline Was Written by a Robot? | W