June 28 (Tuesday)
Latest Morning Briefing Executive Summary: Right & Wrong Tracks
This year’s first half has been treacherous for most investors; what will the second half bring? Today, we take stock of what’s going right for the economy and financial markets—and may be bullish over the rest of the year—and what could prolong the bearish pain. … Among the bullish: sentiment indicators’ contrarian buy signals, super-low joblessness, strong bank balance sheets, the “CFO Put,” and (counterintuitively) the Fed’s QT. … The main bearish scenario is a familiar fear: Inflation proves so intractable that the Fed tightens to the point of recession, which sets off a credit crunch. And that’s not all that could morph bearish.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on June 27.
Markets
S&P 500 falls as stocks struggle to maintain their comeback from bear market lows | C
SPACs wipe out half of their value as investors lose appetite for risky growth stocks | C
Commodities
Russian Gas Cuts Threaten World’s Largest Chemicals Hub | W
'Off the charts' chemical shortages hit U.S. farms | R
Central banks
Central Banks Should Raise Rates Sharply or Risk High-Inflation Era, BIS Warns | W
US
How Much Wil July 4 Barbecue Cost? Beef, Chicken Prices Soar More Than Inflation | B
Big-Ticket Goods Orders, Pending Home Sales Point to Steady Demand | W
Pending home sales post surprise increase in May | C
Hottest US Housing Markets Now Have Bigger Share of Price Cuts | B
Bidding Wars Overheated the Home-Buyer Market, Now They’re Coming for Renters | W
Emerging
Shanghai Has Reopened, but Not Disneyland | W
Russia slides into historic debt default as payment period expires | C
Sanctions Push Russia to First Foreign Default Since Bolshevik Revolution | W
Industries & companies
Airlines: Airlines cancel over 700 U.S. flights as labor crunch, bad weather weigh | R
Consumer Discretionary: Amazon plans second Prime shopping event in Q4 | C
Tech: Action to break up ‘Big Tech’ will mean price hikes | The Hill
Crypto
Crypto fund defaults on $670M loan, and Bitfury CEO says prices aren't 'relevant': CNBC Crypto World
Beyond markets
Bee Hive Wipeout Is Crimping Harvests as Crisis Enters New Stage | B
June 27 (Monday)
Latest Morning Briefing Executive Summary: Green Bad Deal
The best laid plans of climate activists have gone majorly awry: Soaring fossil fuel prices haven’t increased demand for and supply of “clean” energy sources, as they’d expected, while demand for fossil fuels exceeds supplies. And activists’ pressure on European governments to suppress production of fossil fuels has really backfired, creating an unholy dependence on Russian oil with dangerous geopolitical ramifications. As a result, fossil fuel sources are making a remarkable comeback. … Also: US analysts still haven’t gotten the recession memo, blithely raising estimates even though investors and managements alike are girding for the worst. Even analysts overseas have on rose-colored glasses, particularly in Europe where the risk of a recession is rising as energy shortages worsen.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on June 21.
Markets
Stocks gain sharply for day and week, while copper falls further | R
What Do You Call the Market’s Cheapest Stocks? Bargains. | BR
Value Investors Bet Recent Market Leadership Is Just the Start | W
How an Income Fund Makes Stocks Safer With High-Yield Bonds | BR
Central banks
Central Banks Should Raise Rates Sharply or Risk High-Inflation Era, BIS Warns | W
How fighting inflation could imperil the euro zone | E
The Bank of Japan v the markets | E
Energy
Europe Turns to an Unlikely Source to Replace Russian Energy: Ukraine | W
US
Consumer Sentiment at Record Low Is Another Ominous Sign for Economy | W
Europe
Briefly united by Ukraine, Europe faces divisions on the home front | E
Op-ed: The EU’s rewiring due to the war in Ukraine is game-changing, if it doesn’t short-circuit before the job is done | C
China
China’s crackdown on the fun industry continues | E
Geopolitics & trade
G-7 nations to announce import ban on Russian gold as Moscow sanctions widen | C
British PM Boris Johnson warns Russian takeover of Ukraine would be ‘absolutely catastrophic’ for the world | C
Industries & companies
Airlines: United Airlines Stock Has Slumped. Director Edward Shapiro Bought Up Shares. | BR
Autos: Carvana Sought to Disrupt Auto Sales. It Delivered Undriveable Cars. | BR
Autos: Tesla, Ford and GM Raise EV Prices as Costs, Demand Grow | W
Consumer Discretionary: Amazon’s Prime Day Isn’t Quite the Blockbuster It Once Was | W
Pharma: Pfizer’s Omicron-Targeting Covid-19 Vaccines Generate Stronger Immune Response | W
Retail: Buy Starbucks Stock. The Coffee Giant’s Worst Problems Are Behind It. | BR
Tech: Recruiters say the tech job market is still red-hot, despite isolated layoffs and cautious words from execs | C
Climate & Sustainability
Electrifying everything does not solve the climate crisis, but it is a great start | E
Beyond markets
World Health Organization says monkeypox is not a global health emergency right now | C
June 25 (Saturday)
Latest Morning Briefing Executive Summary: Energy, EVs & Crypto
The price of oil has begun to come down. But countervailing forces are exerting both downward and upward pressure on oil prices. Among the former, production has ramped up greatly. Jackie examines the dynamics affecting oil industry pricing. … And: Electric vehicles are gaining traction in the marketplace. But they’re costing more to make with commodity prices so high and costing more to buy with manufacturers passing their cost increases onto consumers. … Also: Many of the many cryptocurrency players are bound to succumb to hypothermia during the brutal industry contraction dubbed “crypto winter.”
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on June 21.
Markets
Dow rallies 800 points on Friday to cap big comeback week for stocks | C
Energy
Breakingviews: Germany’s gas action plan pulls its punches | R
Germany looking at repurposing unused Nord Stream 2 pipeline for LNG use, report says | R
Central banks
Jerome Powell Takes a Pounding | W
Fed Confronts a ‘New World’ of Inflation | N
US
U.S. new home sales rebound in May; consumer sentiment at record low | R
Consumer sentiment survey followed by the Fed shows inflation expectations ease slightly | C
The Strange Art of Asking People How Much Inflation They Expect | W
Europe
Europe’s Workers Brace for Tough Times as Real Wages Fall | W
Geopolitics & trade
Ukrainian Troops Retreat From Severodonetsk After Weeks of Brutal Battle | W
Industries & companies
Financials: Passing Grades Aren’t Enough on Banks’ Stress Test | W
Tech: Lawmakers Want FTC to Investigate Apple, Google Over Mobile Tracking | W
Beyond markets
Supreme Court Overturns Roe v. Wade, Eliminates Constitutional Right to Abortion | W
June 24 (Friday)
Latest Morning Briefing Executive Summary: Energy, EVs & Crypto
The price of oil has begun to come down. But countervailing forces are exerting both downward and upward pressure on oil prices. Among the former, production has ramped up greatly. Jackie examines the dynamics affecting oil industry pricing. … And: Electric vehicles are gaining traction in the marketplace. But they’re costing more to make with commodity prices so high and costing more to buy with manufacturers passing their cost increases onto consumers. … Also: Many of the many cryptocurrency players are bound to succumb to hypothermia during the brutal industry contraction dubbed “crypto winter.”
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on June 21.
Markets
Stocks Close Higher After Fed Chairman Testifies | W
Central banks
Jerome Powell Pressed Over How Fed Would Respond to Economic Slowdown | W
Fed Official Calls for Additional Significant Rate Rises | W
Fed says U.S. banks can weather severe downturn comfortably | R
Energy & sustainability
IEA chief warns Europe to prepare for total shutdown of Russian gas exports | FT
U.S. Gas Sales to China Dry Up as Ukraine War Disrupts Energy Trade | W
Column: Diesel demand set to drop as economies enter recession | R
Nuclear Power Is Poised for a Comeback. The Problem Is Building the Reactors. | W
Column: Green hydrogen may be energy's future, but it's complicated | R
Joe Biden lowering gas prices is as likely as a purple cow on the moon | P
Global
U.S., European Economies Slow Sharply as Recession Risks Grow | W
US
Is Inflation About to Cause a Recession? | N
U.S. business borrowing for equipment rises 16% in May - ELFA | R
The dream of owning a home is out of reach for 4 million Americans | NN
Mortgage Rates Continue to Rise, Hitting 5.81% | W
Supreme Court strikes down New York gun law on Second Amendment grounds | C
Proposed changes to retirement system approved by Senate committee | C
Biden Administration Agrees to Cancel $6 Billion in Student Debt Over Fraud Claims | W
China
Chinese Internet Giants’ Ad Revenue Suffers as Business Confidence Wanes | W
Geopolitics & trade
EU grants Ukraine candidate status in 'historic moment' | R
Industries & companies
Airlines: United Airlines will cut 12% of Newark flights in effort to tame delays | C
Consumer Discretionary: Amazon to invest $23 million to increase Seattle's affordable housing | C
Energy: ExxonMobil at crossroads of clean energy transition, climate crisis | C
Media: Netflix Confirms Partnership Talks for Ad-Supported Service | W
Tech: Intel warns Ohio factory could be delayed | C
Beyond markets
CDC panel recommends Moderna two-dose Covid vaccine for kids ages 6 to 17 | C
June 23 (Thursday)
Latest Morning Briefing Executive Summary: Energy, EVs & Crypto
The price of oil has begun to come down. But countervailing forces are exerting both downward and upward pressure on oil prices. Among the former, production has ramped up greatly. Jackie examines the dynamics affecting oil industry pricing. … And: Electric vehicles are gaining traction in the marketplace. But they’re costing more to make with commodity prices so high and costing more to buy with manufacturers passing their cost increases onto consumers. … Also: Many of the many cryptocurrency players are bound to succumb to hypothermia during the brutal industry contraction dubbed “crypto winter.”
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on June 21.
Markets
Cramer says a ‘bull market within a bear market’ situation is possible if these 6 things happen | C
Russia’s ruble is at its strongest level in 7 years despite massive sanctions. Here’s why | C
Facebook, Netflix and PayPal Are Value Stocks Now | W
Putin signs decree on new scheme to service Eurobonds as default looms | R
Global
U.S. recession fears darken outlook for global growth | R
Citigroup sees chances of global recession nearing 50% | R
Central banks
Fed Chair Jerome Powell Says Higher Interest Rates Could Cause a Recession | W
Fed’s Jerome Powell to Head to the House With Interest Rates in Focus | W
Energy
Germany triggers ‘alert level’ of emergency gas plan, sees high risk of long-term supply shortages | C
Germany triggers gas alarm stage, accuses Russia of 'economic attack' | R
Biden calls on Congress to suspend the gas tax — Here’s what that means for prices at the pump | C
U.S. oil refiners to meet Biden officials in high-stakes price talks | R
Biden administration leans on Tesla for guidance in renewable fuel policy reform | R
US
Immigration Coverage Is Newest Benefit From Some Companies | W
Europe
Europe’s Economy Slows Sharply as Recession Risks Grow | W
France’s Emmanuel Macron Calls for Compromise After Losing Majority in Parliament | W
Britain’s Inflation Crisis Deepens, Fueling Strike Action | W
China
Analysis: Record numbers of Chinese graduates enter worst job market in decades | R
Geopolitics & trade
Ukraine takes tentative step toward EU membership as Donbas battles reach 'fearsome climax' | R
Why Ukraine’s Snake Island Is Key to Russia’s Strategy in the War | W
Russia Hits Grain Terminals in Latest Attack on Ukraine’s Food Infrastructure | W
Isolated Putin says trade with China and India is increasing | C
Russian oil tankers get India safety cover via Dubai company | R
Industries & companies
Airlines: American Airlines to stop flying to four small cities, citing pilot shortage | C
Communications Services: Mark Zuckerberg envisions a billion people in the metaverse | C
Retail: The retail industry is facing a potential wave of bankruptcies – here’s why | C
Retail: Nike to fully exit Russia, will scale down over coming months | R
Corporate finance
Chinese Battery Giant CATL Raises $6.7 Billion in Share Sale | W
Beyond markets
Musk says Tesla’s factories in Berlin and Texas are ‘gigantic money furnaces’ | C
June 22 (Wednesday)
Latest Morning Briefing Executive Summary: The Latest Business Cycle
The Census Bureau’s monthly “Manufacturing and Trade Inventories and Sales” report is chock-full of valuable information that often goes unnoticed by the media and economists alike. Last week’s release, with data through April, shows inventories starting to rise relative to sales, especially among retailers. That implies good and bad news—good for constraining inflation, bad for economic growth, increasing the risk of a goods-led recession. … And: With global inflation surging, are the major global central banks tightening with Fed-like fervor? Not exactly. Melissa examines the unique issues in Europe, Japan, and China that are tempering their monetary policy responses.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on June 21.
Markets
Stock Market Jumps After S&P 500’s Worst Week in Two Years | W
Energy
Biden’s proposed windfall profits tax will make America less energy secure | The Hill
As Biden weighs a federal gas tax holiday, here’s what that could mean for prices at the pump | C
How Biden got caught in Russia's oil and gas web — and who is paying the price | MSNBC
Global
Are supply chain woes being exaggerated? | The Hill
Central banks
Sick of inflation? Blame the Federal Reserve | Washington Examiner
US
U.S. Existing-Home Sale Prices Hit Record of $407,600 in May | W
Sales of existing homes fell in May, and more declines are expected | C
5 signs the housing market is starting to slow down | NN
Geopolitics & trade
Russia warns Lithuania of 'consequences' over blocked rail to enclave | R
Taiwan scrambles 29 jets to warn away Chinese planes in its air defense zone | R
Companies Find Leaving Russia Difficult, Though Many Are Trying | W
Industries & companies
Autos: Tesla sued by former employees over 'mass layoff' | R
Autos: Elon Musk clarifies Tesla will lay off 3.5% of total workforce as ex-employees sue company | C
Retail: Lowe’s expands into the metaverse with a tool to help visualize projects | C
Corporate finance
Kellogg Splitting Into Three Companies as It Shifts Focus to Global Snacks | W
June 21 (Tuesday)
Latest Morning Briefing Executive Summary: Revisiting Venus and Mars
“What planet are you from?,” analysts and investors may be wondering of each other these days, with the former super bullish and the latter super bearish. Analysts weren’t bullish enough about Q1 earnings. Yet investors are solely focused on the recession risk as the Fed fights inflation and have been pounding down valuations. … Barring a recession, the S&P 500 appears fairly valued, though we look today at a couple of still concerning valuation models. And of course, the odds of a recession aren’t trivial. … Also: The MegaCap-8 stocks are no longer “the Magnificent 8”; we examine their rise and fall. … And: Dr. Ed reviews “Jurassic World: Dominion” (- - -).
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on June 13.
Markets
Stocks Historically Don’t Bottom Out Until the Fed Eases | W
Energy & food
‘The situation is serious’: Germany plans to fire up coal plants as Russia throttles gas supplies | C
Less Russian Gas Puts Europe’s Winter Fuel Supply in Jeopardy | W
Why grain can’t get out of Ukraine | Vox
Central banks
Europe faces 'severe' risk of disorderly financial market correction: Lagarde | R
Fed’s Bullard Says He Expects Economic Expansion to Continue This Year | W
Fed's Bullard: I hope U.S. economy repeats outcome of 1994's soft landing | R
US I
Inflation and recession fears are squeezing some industries more than others | C
Here’s why this housing downturn is nothing like the last one | C
Biden says decision on pause on federal gasoline tax could come by end of week | R
US II
Labor Shortage Stymies Construction Work as $1 Trillion Infrastructure Spending Kicks In | W
School’s Out for Summer and Many Teachers Are Calling It Quits | W
Small Businesses Fall Behind on Hiring as Inflation Takes a Toll | W
Europe
France risks gridlock after Macron handed hung parliament | R
Geopolitics & trade
Putin fears "spark of democracy", Germany's Scholz says | R
Denmark keeps F-16 fighter jets flying due to Russia threat | R
Russia warns NATO-member Lithuania over Kaliningrad transit | R
Russia pounds villages in the Donbas; Mariupol residents said to be ‘on the brink of survival’ | C
WTO Steps Back from the Abyss of Irrelevance… but Crucial Issues Remain Unresolved | Cato at Liberty Blog
Israel’s parliament to dissolve, Foreign Minister Lapid to become prime minister | C
Industries & companies
Airlines: Emirates boss says travel demand unlikely to dissipate despite airport chaos | C
Airlines: Flight Cancellations and Delays Snarl Travel During Busy Holiday Weekend | W
Autos: How GM, Ford and Tesla are tackling the national EV charging challenge | C
Autos: Volvo says it has started testing trucks with fuel cells powered by hydrogen | C
Crypto
Bitcoin bounces back after falling to new 2022 lows over the weekend | C
Crypto lending firm Celsius asks users for more time to fix issues after halting withdrawals | C
Beyond markets
Yellowstone National Park to Partially Reopen After Devastating Floods | W
June 20 (Monday)
Latest Morning Briefing Executive Summary: Stocks & Crypto
Ready for an unflinching look at the mauling the bear market has inflicted on specific S&P 500 sectors and industries? Jackie assesses the valuation and share-price carnage among the worst and best performers relative to both one year ago and January 3, when the S&P 500 peaked at its record high. … Also: Crypto lending markets have blown up for the second time in as many months. We look at the unregulated business that’s been called the “Wild West” of lending—the players, their troubles, and the SEC’s concerns. … Also: Car-sharing companies like the soon-to-be-public Turo aim to disrupt the car rental industry with an Airbnb-like business model.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on June 13.
Markets
Stock Market Has a Very Bad Week. Why It Gets Worse Before It Gets Better. | BR
History says the next bull market is just months away | MW
Do Bear Markets Lead to Recessions? | Morningstar
Energy
Germany announces steps to boost gas storage as Russia cuts supply | R
Gasoline Tax Holiday ‘Worth Considering,’ Yellen Says | W
The Hidden Driver of High Gas Prices | The American Prospect
California Can’t Kick Its Fossil Fuel Addiction | OilPrice.com
Central banks
The Lords of Money Pose Massive Threats to Markets | W
The Fed and the ECB turn on a dime | E
The Bank of Japan will not be bullied | BOJ
Inflation will not fall to 2% target for two years, Fed's Mester says | R
The Fed’s Inflation Mistakes Have Damaged Its Credibility | BR
Emerging markets
Rising Inflation and Interest Rates Heap Pressure on Emerging Markets | W
US
Democrats Expect Joe Biden to Run in 2024. They’re Less Sure If He Should. | W
Recession Probability Soars as Inflation Worsens | W
Hot Housing Market Keeps Home Foreclosures at Bay | W
Europe
Macron loses absolute majority in parliament, initial projections show | R
Geopolitics & trade
NATO warns of long Ukraine war as battles grind on | R
The tricky restructuring of global supply chains | E
The EU should declare Ukraine a candidate for membership | E
Industries & companies
Consumer Discretionary: Amazon’s workforce turnover is so high that it could run out of people to hire by 2024 | Vox
Pharma: The Days of Big Pharma Are Over. Big Biotech Is on Its Way. | BR
Crypto
The ‘Crypto Winter’ Could Become a ‘Crypto Hell.’ What to Know. | BR
Climate
The property industry has a huge carbon footprint. Here’s how to reduce it | E
Mining Firms’ Cautious Spending Threatens Shift to Green Energy | W
June 18 (Saturday)
Latest Morning Briefing Executive Summary: Stocks & Crypto
Ready for an unflinching look at the mauling the bear market has inflicted on specific S&P 500 sectors and industries? Jackie assesses the valuation and share-price carnage among the worst and best performers relative to both one year ago and January 3, when the S&P 500 peaked at its record high. … Also: Crypto lending markets have blown up for the second time in as many months. We look at the unregulated business that’s been called the “Wild West” of lending—the players, their troubles, and the SEC’s concerns. … Also: Car-sharing companies like the soon-to-be-public Turo aim to disrupt the car rental industry with an Airbnb-like business model.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on June 13.
Markets
S&P 500 rises slightly Friday, but still posts worst week since 2020 | C
Look for more selling pressure next week as investors learn the hard way not to fight the Fed | C
How to Stand Up to a Bear Market | W
Why gas prices are so high, explained | Vox
Central banks
Fed promises 'unconditional' approach to taking down inflation in report to Congress | C
Interest Rates Are Well Below What Academic Formulas Suggest, Fed Report Says | W
New York Fed Model Shows Chance of ‘Soft Landing’ At Just 10% | B
Japan’s Kuroda Says He Won’t Raise Rates, Even With Weak Yen | W
US
How to Know When Switching Jobs Could Get Harder | W
U.S. Industrial Production Eased in May, Adding to Signs of Economic Slowdown | W
Credit Card Rates at 20%, Mortgages Near 6% After Fed's 75 Basis Point Rate Hike | B
Will Home Prices Fall? Builders Offer Discounts as Mortgage Rates Rise | B
Everyone knows inflation is on fire. Here's what's really fueling it | C
Biden Team Negotiates Fresh Economic Plan as Inflation Antidote | B
Energy Inflation Derails Biden’s Climate Agenda | W
Geopolitics & trade
Russia Steps Up Pressure on European Gas Supplies | W
Russia-Ukraine war: Putin hits out over Western sanctions ‘blitzkrieg' | C
EU backs Ukraine's membership bid to 'live the European dream' | R
Russia Ukraine war: Summary of weapons U.S. has given to Ukraine | C
China's Xi says trade with Russia to hit new records in coming months | C
See How Sanctions Changed Where Russian Private Jets Fly | N
Biden defends meeting with Saudi prince, says talks part of broader meeting | R
Crypto
Crypto Has a Crazy Week, With Bitcoin Dropping and Celsius Freezing | W
Forget Crypto Winter. In Biotech, It’s Been Freezing for Months | B
Technology
China Tests Tech That Could Beam Solar Power From Space to Earth | B
Climate
Fertilizer Stockpiles Swell as Farmers Shun High Prices, Easing Harvest Worries | B
Beyond markets
Chie Hayakawa Imagines a Japan Where the Elderly Volunteer to Die | N
June 17 (Friday)
Latest Morning Briefing Executive Summary: Stocks & Crypto
Ready for an unflinching look at the mauling the bear market has inflicted on specific S&P 500 sectors and industries? Jackie assesses the valuation and share-price carnage among the worst and best performers relative to both one year ago and January 3, when the S&P 500 peaked at its record high. … Also: Crypto lending markets have blown up for the second time in as many months. We look at the unregulated business that’s been called the “Wild West” of lending—the players, their troubles, and the SEC’s concerns. … Also: Car-sharing companies like the soon-to-be-public Turo aim to disrupt the car rental industry with an Airbnb-like business model.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on June 13.
Markets
Dow Closes Below 30000 as Post-Fed Rally Reverses | W
Stock-Market Traders Coming to Grips With a Fed as Baffled as They Are | B
Bear Markets and Recessions Happen More Often Than You Think | N
US Junk-Bond Spreads Top 500 Basis Points in First Since 2020 | B
Oil Set for Weekly Loss as Traders Weigh Monetary Tightening | B
Central banks
A day after Powell's assurances, markets are worried something breaks | C
By Design, the Fed May Be Tightening Too Much | W
BOJ to maintain ultra-low rates, sound warning over weak yen | R
US
U.S. Economic Growth Shows Signs of Slipping | W
President Biden says a recession is ‘not inevitable’ | C
Joe bummer: Biden says Americans ‘are really, really down’ | P
Rates on U.S. 30-year mortgages see biggest one-week increase since 1987 | R
Mortgage Rates Hit 5.78%, Highest Level Since 2008 | W
Mortgage Rate Increases Could Cut More Homebuyers Out of US Housing Market | B
High U.S. Fuel Exports Are Contributing to $5-a-Gallon Gas | W
Everyone knows inflation is on fire. Here's what's really fueling it | C
China
As US Envoy Warns China Covid Zero to Last to 2023, Beijing Steps Testing | B
Europe
European leaders visit Ukraine, dangling hope of EU membership | R
Geopolitics & trade
Russia Slashes Gas Flows, Aiming Economic Weapon at Europe | W
France, Germany, Italy, Romania Back Ukraine’s Bid for EU Membership | W
Industries & companies
Airlines: Airline stocks tumble as economic concerns overshadow travel surge | C
Financials: U.S. banking stress indicator could worsen after Fed hike | R
Crypto
EXCLUSIVE State securities regulators investigating Celsius accounts freeze | R
June 16 (Thursday)
Latest Morning Briefing Executive Summary: Stocks & Crypto
Ready for an unflinching look at the mauling the bear market has inflicted on specific S&P 500 sectors and industries? Jackie assesses the valuation and share-price carnage among the worst and best performers relative to both one year ago and January 3, when the S&P 500 peaked at its record high. … Also: Crypto lending markets have blown up for the second time in as many months. We look at the unregulated business that’s been called the “Wild West” of lending—the players, their troubles, and the SEC’s concerns. … Also: Car-sharing companies like the soon-to-be-public Turo aim to disrupt the car rental industry with an Airbnb-like business model.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on June 13.
Markets
Stocks rally, Treasury yields rise after Fed lifts rates by 75 bps | R
Oil prices fall over 2% as Fed hikes interest rates | R
Generation Z Is Getting a Harsh Lesson in Stock Risk | B
Energy
Nord Stream 1 gas supply cut aimed at sowing uncertainty, Germany warns | R
EU Signs Gas Deal With Israel, Egypt in Bid to Wean Itself off Russian Supplies | W
Biden Pushes Fuel Makers to Boost Capacity, Criticizes Profits | W
Central banks I
Fed hikes its benchmark interest rate by 0.75 percentage point, the biggest increase since 1994 | C
Powell says Fed could hike rates by 0.75 percentage point in July | C
Fed members predict more hikes with the benchmark rate above 3% by year-end | C
Here's what changed in the new Fed statement | C
Central banks II
Bond Market Spooks ECB Into Doing...Nothing | B
ECB pledges new crisis tool to help indebted southern states | R
ECB Prepares New Tool to Tackle Rising Borrowing Costs in Weaker Economies | W
US I
U.S. Retail Sales Declined in May as Inflation Stings Consumers | W
U.S. business inventories rise strongly; sales slow | R
U.S. Home Equity Hits Highest Level on Record—$27.8 Trillion | W
U.S. mortgage interest rates jump to highest level since 2008 | R
On Inflation, Economics Has Some Explaining to Do | W
The Real Problem With Inflation | Morningstar
US II
Inflation Puts Janet Yellen at Odds With Biden White House | B
Biden Administration to Start Spending on Cleanup of ‘Forever Chemicals’ in Drinking Water | W
China
China’s Economy Shows Signs of Recovery, but Covid Lockdown Threat Remains | W
China bank protest stopped by health codes turning red, depositors say | R
Geopolitics & trade
China’s Xi Reaffirms Support for Moscow in Call With Putin | W
U.S., Allies Pledge New Help to Ukraine Against Russia Amid Growing Strains | W
Ukraine ignores Sievierodonetsk ultimatum, urges faster arms deliveries | R
Industries & companies
Autos: Tesla Tops List of Crashes Thought to Involve Driver-Assistance Technology | W
Autos: Foxconn Starts Building a Plant for Electric-Vehicle Batteries in Taiwan | W
Corporate finance
Lego to Spend $1 Billion on New U.S. Factory | W
Climate & sustainability
Nuclear Is Back on the Table for a Green Future | N
Inside the MARVEL micronuclear reactor project at Idaho National Lab | C
Beyond markets
Caterpillar and Boeing Show Headquarters Don’t Matter | B
June 15 (Wednesday)
Latest Morning Briefing Executive Summary: It’s Fed Day!
Now that May’s CPI report has dashed hopes that inflation has peaked, it’s clear to investors that tethering inflation will take more aggressive tightening by the Fed. Today we will find out if the FOMC has decided to put more muscle into the fight. Will Powell show the same conviction to stay the course as his predecessor Volcker did decades ago? This may be Jerome Powell’s Volcker Moment. … Also: We look at what various Fed officials have said recently about the battle against inflation. … And: Tuesday’s inflation numbers mostly showed that inflation isn’t getting worse, but it isn’t getting better either.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on June 13.
Markets
S&P 500 falls for a fifth day, slips deeper into bear market territory ahead of Fed decision | C
U.S. bonds: 10-year Treasury yield in focus ahead of Fed meeting | C
U.S. to sell up to 45 mln bbls oil from reserve as part of historic release | R
Central banks
Former New York Fed Chief Dudley Expects 0.75-Point Rate Rise This Week | W
US
Analysis: U.S. stocks' bear market growl could beckon recession | R
30-year mortgage rate surges to 6.28%, up from 5.5% just a week ago | C
Opinion: 3 signs the labor market isn't as great as it looks - CNN
China
Beijing Probes Bar Staff Linked to Covid-19 Outbreak, as Cases Spread | W
Geopolitics & trade
Biden touts grain silos on Ukraine border to help exports; Kyiv wants ports open | R
U.S. and partners enter pact to secure critical minerals like lithium | R
Biden to meet with Saudi crown prince despite 'pariah' pledge | R
Biden Weighs Ending Some China Tariffs Soon in Response to Inflation | W
Industries & companies
Airlines: FAA, airlines scramble to reduce summer travel delays | C
Energy: Natural gas plummets as Freeport delays facility restart following explosion | C
Industrials: Caterpillar to Move Global Headquarters to Texas From Illinois | W
Media: Netflix considers ads, password sharing crackdown, live sports | C
Climate & sustainability
Texas power demand breaks record as severe heat wave hits the state | C
Plan to Label Gas, Nuclear Energy as Sustainable Stumbles in Europe | W
Beyond markets
Baby Formula Shortage Spurs Stockpiling, Data Show | W
June 14 (Tuesday)
Latest Morning Briefing Executive Summary: Bull Market, R.I.P.
The S&P 500 breached bear market territory yesterday, and this week’s economic releases could drive the index deeper into bear terrain by highlighting the persistence of the inflation problem. … Bear markets nearly always are accompanied by recessions. But while we did recently raise our odds of recession to 45%, we’re still not in the recession camp; notably, analysts’ earnings expectations are still rising to record-high levels. Our higher recession odds combined with the unfolding bear market have lowered our sights for the S&P 500’s valuation multiple and price index for the rest of 2022 and for 2023.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on June 13.
Markets
Dow Drops Over 800 Points; S&P 500 Falls Into Bear-Market Territory | W
When You’re Forced to Cash Out in a Bearlike Market | N
How Inflation Is Affecting Money Market Funds | N
Soybean Prices Hit Record as Inflation Stays Hot | W
Credit
10-year Treasury yield rockets above 3.39% in biggest move since March 2020 | C
Inflation Fears Send U.S. Bond Yields Surging Ahead of Fed Meeting | W
Explainer: U.S. yield curve inverts again: What is it telling us? | R
Central banks
Fed Likely to Consider 0.75-Percentage-Point Rate Rise This Week | W
Inflation Reports Raise Chances for Surprise 0.75-Percentage-Point Rate Rise This Week | W
Another big Fed rate hike is coming. But how many more after that? | NN
Higher Unemployment Rate Looms as the Fed Fights Inflation | W
US
Morgan Stanley CEO James Gorman sees 50-50 odds of recession ahead | C
Joe Biden says 'Exxon made more money than God this year' | Daily Mail Online
Biden Plan for EV Chargers on Highways Meets Skepticism in Rural West | W
Europe
U.K. Unveils Brexit Bill to Change Northern Ireland’s Trade Status | W
Industries & companies
Airlines: American Airlines regional carriers hike pilot pay as shortage persists | C
Consumer Discretionary: Amazon to Make Deliveries by Drone in California Later This Year | W
Tech: FTC Chair Lina Khan’s plan to take on Big Tech | Vox
Geopolitics & trade
Latest Shanghai quarantines add more pressure to global supply chain | C
Some European Factories, Long Dependent on Cheap Russian Energy, Are Shutting Down | W
U.S. holds ‘candid’ and ‘productive’ talks with China in nearly 5-hour meeting | C
Corporate finance
Prologis to Buy Duke Realty in $26 Billion Deal, Including Debt | W
Beyond markets
Why We Still Haven’t Solved the Unpaid Internship Problem | N
How Covid Did Away With the Sick Day | N
June 13 (Monday)
Latest Morning Briefing Executive Summary: That ’70s Show On Fast-Forward
May’s CPI report showed scant signs of inflation peaking, though we still expect peaking soon. The report also suggests a more hawkish Fed and higher recession risk. We’re raising our odds of a mild recession to 45% from 40%. … Investor and consumer sentiment both have soured. But this time, pervasive bearishness may not be as useful a contrarian bullish signal as in the past. There may not be much upside for stocks until the Fed is done tightening later this year. … Also: We revisit the question of the decade: Will the 2020s resemble the Great Inflation of the 1970s or the Roaring 1920s? … And: Dr. Ed reviews “Gaslit” (+ + +).
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on June 6.
Markets
Earnings Are Under Threat, Another Blow to Sagging Stock Market | W
Japan’s Yen Usually Benefits When Markets Get Ugly. Not This Time | W
Central banks
Hot Inflation May Mean an Even More Aggressive Fed | Morningstar
Sizzling Prices Complicate Fed’s Inflation-Fighting Strategy | W
Why controlling inflation should be the Federal Reserve’s primary goal | The Hill
How Did Yellen and Powell Get Inflation So Wrong? | The Atlantic
Column: ECB sowing messy 'some of what it takes' signal | R
US
An ‘Ugly’ Inflation Report Upended Hopes That Price Gains Would Ease | N
‘Peak Inflation’ Keeps Peaking | W
Why Is Gas So Expensive? Don’t Blame Gas Stations for Painful Prices, Exclusive Data Show. | BR
Millennials and Gen Zers want to buy homes—but they can't afford it | C
Business Travel Is Rebounding—Slowly and Unevenly. ‘There Is No More Normal.’ | BR
Geopolitics & trade
Ukraine says it still controls Sievierodonetsk plant sheltering hundreds of civilians | C
Ukraine's Zelenskyy on food crisis, prices amid war with Russia | C
Ukraine grain exports via Poland, Romania face bottlenecks, deputy foreign minister says | R
Rice prices are rising amid rising food inflation, export bans | C
French, German and Italian Leaders to Meet With Zelensky in Kyiv | W
Shangri-La: Chinese defense minister on U.S.-China tensions, Taiwan | C
Factbox: Impact of strike by South Korean truckers on autos, steel, others | R
Industries & companies
Energy: This Industrial-Gas Giant’s Is Steady in a Volatile Market. It Also Scores High on ESG. | BR
Media: Some Ads Play on Streaming Services Even When the TV Is Off, Study Finds | W
Media: 'Jurassic World: Dominion' opening weekend box office | C
Pharma: Three-Dose Pfizer Covid Vaccine Works Safely in Young Children, Review Says | W
Technology
How smarter AI will change creativity | E
Beyond markets
Baby-Formula Shortage Has Spurred Competition, but Tough Road Remains to Unseat Similac, Enfamil | W
Swim lessons are impossible to find right now. What’s going on? | Slate.com
June 11 (Saturday)
Latest Morning Briefing Executive Summary: Energy & Consumers
President Biden says he wants to bring down gas and other energy prices. But his actions on the margin have been ineffectual so far. We doubt he’ll solve the problem without unshackling the US oil and gas industry’s production. Environmentalists wouldn’t be happy, but American citizens likely would. … And: We’re starting to notice industry analysts trimming earnings estimates for companies in the S&P 500 Consumer Discretionary sector. We examine which industries have seen estimates drop the most. … Also: A look at some innovative new products for these high-energy-cost times.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on June 6.
Markets
Stock Market Valuation Trauma Is Refusing to End for S&P 500 in Free Fall | B
June’s Looking Like a Game Changer for Beleaguered China Stocks | B
Oil falls as U.S. inflation data surges, China imposes lockdowns | R
U.S. Bonds: Treasury yields in focus amid key inflation data | C
Central banks
Soaring inflation fuels bets on sharper Fed rate hikes | R
Inflation Pickup Complicates Fed Outlook Beyond June Meeting | W
Fed will raise rates next week, but Powell remarks may matter most | C
Larry Summers Says Fed Forecasts Look Ridiculous, Warns on Rate Delay | B
ECB Fuels Market Jitters Over Italy’s Debt | W
Column: ECB sowing messy 'some of what it takes' signal | R
US
U.S. Inflation Hit 8.6% in May | W
Gasoline, Groceries and Housing Drove Inflation in May | W
Gasoline Prices Reach $5 a Gallon Nationwide for the First Time | W
Joe Biden jabs Exxon Mobil over gas prices after May CPI inflation report | C
Inflation, consumer woe add to worries that recession is already here | C
Emerging
Business Losses From Russia Top $59 Billion as Sanctions Hit | W
Geopolitics & trade
Ukraine pleads for more weapons, cholera spreads in Mariupol | R
U.S., China Defense Chiefs Dial Down Tensions Over Taiwan | W
Industries & companies
Airlines: U.S. drops Covid testing requirement for international travelers | C
Communications Services: Meta Scrutinizing Sheryl Sandberg’s Use of Facebook Resources Over Several Years | W
Homebuilding: Big landlords jump into the homebuilding as demand for single-family rentals surges | C
Technology: Chip Shortage Threatens Cutting-Edge Tech Needed for Next-Generation Smartphones | W
Corporate finance
JetBlue CEO 'optimistic' airline can acquire Spirit | R
Virus
Moderna’s Covid-19 Vaccine Works Safely in Kids, Including Those Under Age 5, FDA Says | W
June 10 (Friday)
Latest Morning Briefing Executive Summary: Energy & Consumers
President Biden says he wants to bring down gas and other energy prices. But his actions on the margin have been ineffectual so far. We doubt he’ll solve the problem without unshackling the US oil and gas industry’s production. Environmentalists wouldn’t be happy, but American citizens likely would. … And: We’re starting to notice industry analysts trimming earnings estimates for companies in the S&P 500 Consumer Discretionary sector. We examine which industries have seen estimates drop the most. … Also: A look at some innovative new products for these high-energy-cost times.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on June 6.
Markets
Stocks, euro slip as ECB sets rate hikes, CPI looms | R
Beware of a Bear Market That Is More Than a Cub | WP
Oil falls on demand worries over Shanghai's new partial lockdowns | R
Natural-Gas Prices Swing in Volatile Trading After Fire in Texas and New Inventory Data | W
Central banks
ECB Plans July Rate Increase as Inflation Problem Deepens | W
Central Banks Are Still Far Behind the Inflation Curve by Willem H. Buiter & Anne C. Sibert | PS
US I
May consumer inflation expected fiery hot as gas, food and rent rose | C
Consumers changing eating, shopping habits as inflation pushes up prices | C
As Gas Prices Near $5 a Gallon, Record Fuel Costs Upend Businesses, U.S. Economy | W
What Is Stagflation? What to Know About the World Bank’s Global Economic Outlook | W
The more gasoline rises above $5, the greater risk there is of recession | C
US II
Yellen says U.S. recession unlikely, but no drop in gasoline prices soon | R
Bringing inflation down is going to take time, patience — and pain | C
Home Buyers Finding Creative Ways to Make All-Cash Offers in Hot Market | W
Median Rent in Manhattan Reaches a New High | N
China
Shanghai faces unexpected round of COVID testing for most residents | R
China's producer inflation eases to 14-month low in May | R
Geopolitics & trade
After veto on North Korea, China says 'let's see' on U.N. action over a nuclear test | R
Industries & companies
Tech: The Billionaires Behind a Push to Reinvigorate U.S. Chip-Making | N
Beyond markets
Seeking a Return to Offices, Bosses Lost Leverage | N
German Brewers Face ‘Unprecedented’ Beer Bottle Shortage | N
June 09 (Thursday)
Latest Morning Briefing Executive Summary: Energy & Consumers
President Biden says he wants to bring down gas and other energy prices. But his actions on the margin have been ineffectual so far. We doubt he’ll solve the problem without unshackling the US oil and gas industry’s production. Environmentalists wouldn’t be happy, but American citizens likely would. … And: We’re starting to notice industry analysts trimming earnings estimates for companies in the S&P 500 Consumer Discretionary sector. We examine which industries have seen estimates drop the most. … Also: A look at some innovative new products for these high-energy-cost times.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on June 6.
Markets
Stocks Slip Amid Worries of an Economic Slowdown | W
Tech’s Decade of Stock-Market Dominance Ends, For Now | W
Chinese Internet Stocks Hit Three-Month High | W
Yen Hits 20-Year Low, Fueling Price Rises and Apology | W
Central banks
Powell’s Opinions on Inflation Matter, Not Biden’s | W
Energy & Climate
Freeport LNG plant to shut for 3 weeks, roiling global energy markets | R
EXCLUSIVE Venezuela demands prepayment on spot oil sales after buyer defaults -sources | R
Fertilizer Price Surge Drives Brazil to High-Tech Alternatives | W
US
Mortgage demand falls to the lowest level in 22 years | C
White House Struggles to Talk About Inflation, the ‘Problem From Hell’ | N
U.S. Considering Reducing Tariffs on China to Ease Inflation, Yellen Says | W
America needs to go back to work — in person | P
Europe
Stagflation and Recession Warnings Plague U.K. Businesses | N
Emerging
Russia's economic slump will wipe out 15 years of gains - IIF | R
Industries & companies
Energy: Exxon’s Stock Hits First Record High in Eight Years | W
Health Care: Hospitals Face Penalties for First Time for Failing to Make Prices Public | W
Pharma: Startup Cerebral Soared on Easy Adderall Prescriptions. That Was Its Undoing. | W
Retail: Target CEO Says Unloading Excess Inventory Is a Necessary Pain | W
Crypto
How ‘Trustless’ Is Bitcoin, Really? | N
Technology
Israeli Tech Firm Rolls Out Tracking Devices the Size of Postage Stamps | W
June 08 (Wednesday)
Latest Morning Briefing Executive Summary: Whip Inflation Now!
There’s no disputing it anymore: America’s inflation problem isn’t transitory. It has been persistent. The question now is whether it is protracted or not. Biden’s response to “our top economic challenge” is lame. … On a brighter note, we expect the release of May’s CPI report on Friday to show that consumer durable goods inflation is rapidly moderating. On a dimmer note, that positive should be partially offset by the unabated climb of prices for gasoline, groceries, and rent. … Also: Europe’s economy has been remarkably resilient in the face of its formidable challenges. Melissa examines the headwinds and tailwinds for Europe’s economy and MSCI index.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on June 6.
Markets
Dow rises more than 200 points as traders try to shake off Target's profit warning | C
Stocks Finish Volatile Session Higher | W
Global
World Bank Warns of Stagflation Risk, Cuts Global Growth Forecast to 2.9% | W
Global Growth Will Be Choked Amid Inflation and War, Says World Bank | N
US I
Fed GDP tracker shows the economy could be on the brink of a recession | C
The Potential Dark Side of a White-Hot Labor Market | N
U.S. Imports Slowed in April, Shrinking Trade Deficit From Record | W
US II
As Biden dithers, states are enacting meaningful inflation policy | The Hill
Biden to relax China tariffs in lame bid to address inflation | P
Yellen says U.S. inflation 'unacceptable' but likely to stay high | R
Japan
Japan Adopts View That Huge Government Debt Doesn’t Matter | W
Geopolitics & trade
Ukraine's Zelenskiy says it will fight for all territory amid fierce battle in east | R
Russia Is Weaponizing Food Supplies in Ukraine, Europe Says | W
EXCLUSIVE Russia hikes oil exports from major Eastern port to help offset EU ban | R
Industries & companies
Airlines: Want to Fly This Summer? Good Luck Traveling to a Small City. | W
FinTech: Apple expands fintech ambitions in iOS 16 | C
Retail: Target warns of squeezed profits from aggressive inventory plan | C
Beyond markets
The Diablo Canyon control room turned this mom into a nuclear advocate | C
June 07 (Tuesday)
Latest Morning Briefing Executive Summary: Jamie’s Hurricane
Jamie Dimon spooked the financial markets last week with his forecast of an economic hurricane headed straight for us. Today, we take a balanced look at Dimon’s three big worries—the Fed’s quantitative tightening bursting financial asset bubbles, the Ukraine war driving commodity prices skyward, and consumers using up their stimulus savings. … Our perspective: Don’t be alarmed by the metaphor; hurricanes come and go. What matters is their magnitude, which Dimon admits is unknown. … However, the term “self-fulfilling prophecy” is bound to apply to some extent when the head of the nation’s largest bank says it’s going to batten down the credit hatches to prepare for a storm.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on June 6.
Markets
Investors Get Back Into Corporate Bonds | W
Nasdaq rises slightly to start week, shaking off jump in bond yields | C
US
Housing wealth sets unprecedented gain, but signs suggest market is cooling | C
Biden’s inflator in chief Brian Deese is an awful pick | P
Inflation, Political Division Put U.S. in a Pessimistic Mood, Poll Finds | W
Biden Administration to Waive Solar Import Tariffs for Two Years | W
Europe
UK's Boris Johnson wins confidence vote but suffers big rebellion | | R
China
Beijing Cautiously Reopens After Covid-19 Wave | W
Human Rights Concerns in Xinjiang Are Redefining Entire US-China Relationship | B
Geopolitics & trade
DOJ moves to seize 2 planes from Russian oligarch Roman Abramovich | C
Industries & companies
Autos: Solid Power begins pilot production of solid-state EV battery | C
Media: Paramount sued over 'Top Gun' copyright as 'Maverick' soars at box office | C
Pharma: Pfizer and Moderna Won’t Get a Shot in the Arm From Toddlers | W
Tech: Amazon executive encourages sellers to oppose Big Tech antitrust bill | C
Corporate finance
Musk threatens to drop Twitter deal if fake-account data not provided | | R
Climate & food
Why the global soil shortage threatens food, medicine and the climate | C
Crypto
How Binance became a hub for hackers, fraudsters and drug sellers | R
June 06 (Monday)
Latest Morning Briefing Executive Summary: Altitude Sickness
As analysts’ earnings estimates have scaled new heights this year, investors have experienced valuation altitude sickness, which may soon be resolved by the drop in P/Es since the start of the year. Or it may resolve in a much more sickening fashion if a recession sends earnings expectations—and valuations—hurtling downward. …. A recession still isn’t our base case; we give it 40% odds. Notably, our forecasts for S&P 500 earnings and price targets assume that no recession is coming anytime soon. … To us, the latest economic indicators suggest a slowly growing economy headed for a soft landing, not a hard one. … Also: Wage inflation may be peaking.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 31.
Markets
Natural-gas prices Will Stay High as Demand Outpaces Supply | BR
Dollar’s Climb Stalls Amid Mixed Economic Signals | W
Commodities
Ukraine Is Struggling to Export Its Grain, and Here’s Why | W
US
The Wedding Craze Is No Baby Boom. What’s at Stake for the Economy. | BR
The changing American consumer | E
Individual Income Tax Payments on Pace to Reach Record Level | W
There's a push in Congress for a new national retirement savings plan | C
Yellen Says She Never Urged Smaller Rescue Package Over Inflation Concerns | W
China
Xi Jinping bans grumbling inside the Communist Party | E
China’s dilemma over a curious breed of financial firm | E
Beijing to allow indoor dining, further easing Covid curbs | C
Geopolitics & trade
South Korea, U.S. launch missiles after North Korea's missile firings | C
How the U.S. Space Force plans to police outer space | C
Ukraine Counterattack Takes Back Parts of Strategic Donbas City | W
U.S. Urged to Step Up in the Pacific After China’s Whirlwind Trip | W
A new nuclear era | E
Industries & companies
Autos: Rivian’s Great EV Expectations Meet the Harsh Reality of Manufacturing | W
Financials: Power Play | BR
Retail: Changing shopping habits are transforming America’s malls | E
Retail: Macy’s, Gap and Other Clothing Stores Are Stuck With the Wrong Items | W
Beyond markets
Abbott Nutrition restarts baby formula production in reopened Michigan plant | C
June 04 (Saturday)
Latest Morning Briefing Executive Summary: Oil Trade & AI
Ever wonder why the US is still dependent on oil imports even though fracking has boosted the amount of oil produced domestically to about the same as that consumed? And with that being the case, why does the US bother exporting oil anyway? The answers involve both a mismatch between the kind of oil America produces and consumes as well as a 100-year-old shipping law that has outlived its usefulness. Eliminating the Jones Act could not only help the US oil industry but could also revive US shipping and improve supply chains. … Also: How Nvidia and others hope to capitalize on AI and high-performance computing.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 31.
Markets
Dow falls 300 points, Nasdaq drops 2%, as major indexes notch weekly losses | C
Global stock markets fall, U.S. yields rise after strong employment data | R
U.S. Stocks Are Trading at a Rarely Seen Discount | Morningstar
Energy
U.S. gas production must accelerate to meet LNG export demand: Kemp | R
Oil settles up despite OPEC+ output hike plan; supply still tight | R
EPA Trims Ethanol Fuel Mandate for 2020-21 But Raises It for 2022 | W
Pumped-Up Prices | N
The End of Energy Free Trade | W
Global
Russia’s War on Ukraine at 100 Days Has No End in Sight, Threatening Global Costs | W
Central banks
Fed’s Mester says inflation hasn’t peaked and multiple half-point rate hikes are needed | C
US
Hiring Remains Strong Even as Fed Tries to Cool Economy | N
U.S. labor market keeps Fed on aggressive rate hike path | R
Employers Added 390,000 Jobs in May; Unemployment Steady at 3.6% | C
Retailers Cut Jobs in May With Consumers Facing Inflation, Pivoting to Services | W
Corporate Executives Assess U.S. Economy as Clouds Form | W
Why a Not-So-Hot Economy Might Be Good News | N
Gen Z Workers Want Mission-Driven Jobs. A Big Paycheck Would Be Nicer. | W
China
Beijing Sticks to Xi’s Covid-19 Stance While Endorsing Premier as Economic Fixer | W
Geopolitics & trade
Ukraine says its troops have retaken ground from Russia in eastern city | R
Industries & companies
Autos: Tesla to Cut 10% of Salaried Staff, Musk Tells Employees | N
Communications Services: Who Is Mark Zuckerberg’s New No. 2? It’s a Trick Question. | N
Retail: Stores Are Stocked Like We’re All Still Working From Home | W
Corporate finance
Bristol-Myers to Buy Turning Point Therapeutics for $4.1 Billion | W
Crypto
Crypto firms say thousands of digital currencies will collapse, compare market to early dotcom days | C
Beyond markets
Is ‘Greedflation’ Rewriting Economics, or Do Old Rules Still Apply? | N
June 03 (Friday)
Latest Morning Briefing Executive Summary: Oil Trade & AI
Ever wonder why the US is still dependent on oil imports even though fracking has boosted the amount of oil produced domestically to about the same as that consumed? And with that being the case, why does the US bother exporting oil anyway? The answers involve both a mismatch between the kind of oil America produces and consumes as well as a 100-year-old shipping law that has outlived its usefulness. Eliminating the Jones Act could not only help the US oil industry but could also revive US shipping and improve supply chains. … Also: How Nvidia and others hope to capitalize on AI and high-performance computing.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 31.
Markets
S&P 500, Nasdaq Finish Higher in Volatile Session | W
Dow jumps 400 points, Nasdaq adds more than 2% to cut two-day losing streak | C
OPEC+ raises output faster as Russia's war roils global energy markets | C
Cloud stocks mount rally led by UiPath, as investors see market bottom | C
Global
The world may be careening toward a 1970s-style energy crisis -- or worse | NN
Central banks
Federal Reserve’s Portfolio Runoff Has Begun | W
Fed’s Loretta Mester Sees Need for Aggressive Rate Hikes at Next Two Meetings | W
Fed’s Logan Says Digital Money Could Affect Central Bank Operations | W
Fed Vice Chair Lael Brainard says it's 'very hard to see the case' for the Fed pausing rate hikes | C
US
Job growth seen cooling in May but wage increases were still hot | C
U.S. Jobless Benefits Fell Last Week, Extending Stretch of Low Filings | W
White House weighs oil profits tax to fund consumer rebate | R
Social Security Reserves Expected to Be Depleted in 2035, Year Later Than Prior Projection | W
Geopolitics & trade
White House praises Saudi royals on Yemen truce before expected Biden trip | R
As Shanghai reopens, California ports prepare for cargo surge | R
Russia limits exports of noble gases, a key ingredient for making chips | R
Industries & companies
Autos: GM draws target on Tesla with EV price cut | R
Corporate finance
Ford to Create Thousands of Factory Jobs, Invest $3.7 Billion in EV, Gas-Engine Production | W
Climate & sustainability
Why hydropower is the world's most overlooked renewable | C
June 01 (Wednesday)
Latest Morning Briefing Executive Summary: Braking Energy & Breaking China
The Biden administration’s energy policy is worrying us. The plan it’s pursuing—a.k.a. “the transition”—is to pry Americans off fossil-fuel dependence by forcing up oil and gas prices. Such a crude plan is bound to have unintended consequences that put the overall economy at risk. Notably, the past six pre-pandemic recessions coincided with rapidly rising oil prices. This is one of the reasons that last week we raised our odds of a recession scenario to 40% from 30%. … And: More investors are agreeing with us that China is uninvestible. Amid economic woes, some self-inflicted, China is losing its foreign investors. We take a look at what’s scared them away.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 31.
Markets
Dow drops 200 points, finishes month little changed in turbulent May | C
Global stocks fall, U.S. yields rise as oil prices reach new highs | R
Central banks
Biden vows to give Fed Chair Powell 'space' to fight inflation | R
President Biden, Fed Chairman Jerome Powell Meet With Inflation at Its Highest in 40 Years | W
Yellen says she was 'wrong' about inflation path, Biden supports Fed actions | R
ECB’s de Cos Sees Natural Rate Around or Slightly Above 1% | B
Energy
Gas Wars Deepen as Russia Curbs Supplies to More European Buyers | B
EU Sets Harshest Russian Sanctions, Targeting Oil and Insurance | W
US
Home prices surged over 20% in March as interest rates also rose, according to S&P Case-Shiller | C
Fed Fears Hit Mortgage Bonds, Attracting Investors | W
25% of Americans are delaying retirement due to inflation, survey finds | C
'This is not the retirement I envisioned.' How retirees are getting hit by inflation | NN
Geopolitics & trade
Russia takes most of Sievierodonetsk city in eastern Ukraine | R
Industries & companies
Autos: How a cheap component could help kill off combustion cars | R
Energy: Engine No. 1 opts for accommodation over confrontation with Big Oil and big banks | ImpactAlpha
Beyond markets
Adam Neumann’s blockchain-based redemption story now sponsored by a16z | TechCrunch
Opinion | Omicron Reveals the Need for Better Sick Leave | N
May 31 (Tuesday)
Latest Morning Briefing Executive Summary: Valuation Meltups & Meltdowns
Valuation is in the eye of the beholder, but the economic outlook that influences it isn’t as subjective or hard to forecast, with lots of data available to help. … We think forward P/Es may be range bound this year and next and the S&P 500 may remain volatile below its January 3 high before climbing to new highs in 2023 and 2024. … Recession fears are weighing on valuations. We raised the odds of a mild recession to 40%, up from 30%, last week and again explain why. … Also: We discuss the variables suggesting a moderation of inflation ahead, led by consumer durables. … Finally: Dr. Ed reviews “Benjamin Franklin” (+ + +).
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 23.
Markets
Stocks Fall, Oil Prices Gain as EU Commits to Partial Russian Crude Ban | W
China’s Tentative Reopening Gives Boost to Markets | W
Energy
Oil prices jump after EU leaders agree to ban most Russian crude imports | C
Russia hits back at the EU’s partial oil embargo, says it will find other importers for its crude | C
EU’s Ban on Russian Oil Adds Stress to Region’s Economies | W
Central banks
Bernanke: Why the Fed Didn’t Act Faster to Rein In Inflation | BR
Fed Fears Hit Mortgage Bonds, Attracting Investors | W
Fed Governor Christopher Waller says he’s prepared to take rates past ‘neutral’ to fight inflation | C
Biden, Fed Chair Powell to meet as inflation continues to weigh on consumers | R
US
Home-Price Growth Hit Record in March | W
Facing Inflation-Weary Shoppers, Grocers Fight Price Increases | W
Biden Pledges to Back Fed in Effort to Combat High Inflation | W
Inside a Biden White House adrift | C
Europe
Euro zone inflation hits yet another record high as food and energy prices soar | C
China
How Xi Jinping is damaging China’s economy | E
China’s Economic Downturn Shows Signs of Easing | W
China faces a nearly $1 trillion funding gap. It will need more debt to fill it. | C
As China’s Private Developers Retreat, State-Backed Rivals Gain Ground | W
Geopolitics & trade
Russia Extends Control Over Key Ukraine City as U.S. Plans to Boost Kyiv’s Firepower | W
China and the U.S. Are Arranging an In-Person Meeting Between Heads of Defense | W
Industries & companies
Financials: Big Banks Are Seeing Deal-Making Income Dry Up | BR
Financials: German police raid Deutsche Bank’s DWS unit | C
Crypto
Crypto’s Future Is Even More Exciting, and Maybe More Volatile, Than Its Present | BR
Top crypto firms go on the hunt for acquisition targets as market crashes | C
The luna cryptocurrency has been resurrected after its $40 billion collapse. It’s already crashing | C
Technology
Robots Pick Up More Work at Busy Factories | W
World Economic Forum Pushes Facial Recognition Technology | Brownstone Institute
Web3 Was Supposed to Save the Internet. It Has a Long Way to Go. | BR
Beyond markets
Britain urges people with monkeypox to abstain as cases rise | C
Americans who work from home are getting more productive | Vox
May 28 (Saturday)
Latest Morning Briefing Executive Summary: Energy, Retailing & Hydrogen
Spending on stuff was so yesterday. Long-cooped-up consumers now want to spend on experiences and have fun! Not even stratospheric gasoline pump prices will keep them home this holiday weekend. Today, Jackie examines the factors driving energy prices skyward. … Also, some retailers’ Q1 earnings reports revealed a have/have-not dichotomy in the consumer discretionary space. Specifically, high-end Nordstrom made out far better last quarter than did retailers to the masses. … And: An update on the expanding use of hydrogen to fuel trucks, trains, and even factories.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 23.
Markets
S&P 500, Dow snap losing streaks for best week since November 2020 | C
World stock markets rally, treasury yields fall on inflation data | R
Bets Against U.S. Treasurys Rake In Gains as Fed Raises Rates | W
Central banks
The Fed’s favorite inflation measure rose 4.9% in April in a sign that price increases could be slowing | C
Commodities
Column: Drought adds to pressure on U.S. gas inventories | R
Column: Prevent plant scenarios creep back in with clock ticking on northern U.S. | R
US
Households Boosted Spending in April but Drew Heavily on Savings | W
Goldman sees signs inflation is peaking, could be positive for stocks | C
A Federal Budget Warning for Joe Manchin | W
Memorial Day weekend car shopping is 'looking pretty bleak' | C
Europe
Boris Johnson Goes Bernie Sanders | W
China
China Tops Google, YouTube Results on Covid Origins and Beijing’s Human-Rights Record | W
Geopolitics & trade
Ukraine says troops may retreat from eastern region as Russia advances | R
Ukraine Is Accusing Russia of Again Using Thermobaric Weapons. Here’s What Makes Them So Devastating. | W
Keep the South China Sea free, Biden tells Navy graduates | R
Industries & companies
Airlines: Flight Cancellations Pile Up Heading Into Memorial Day Weekend | W
Consumer Discretionary: Amazon investor proposal to review plastic use narrowly fails to clear | R
Retail: Big Lots, Hibbett Become Latest Retailers to Show Inflation Pain | W
Retail: Glam makeup and dressing up are back, boosting Macy's and Ulta | C
Virus
Why a Massive New Covid Wave Has Escaped the Data | W
Beyond markets
How Influencers Hype Crypto, Without Disclosing Their Financial Ties | N
U.S.’s Baby-Formula Shortage Further Snarled, This Time by Ukraine War | W
May 27 (Friday)
Latest Morning Briefing Executive Summary: Energy, Retailing & Hydrogen
Spending on stuff was so yesterday. Long-cooped-up consumers now want to spend on experiences and have fun! Not even stratospheric gasoline pump prices will keep them home this holiday weekend. Today, Jackie examines the factors driving energy prices skyward. … Also, some retailers’ Q1 earnings reports revealed a have/have-not dichotomy in the consumer discretionary space. Specifically, high-end Nordstrom made out far better last quarter than did retailers to the masses. … And: An update on the expanding use of hydrogen to fuel trucks, trains, and even factories.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 23.
Markets
U.S., world stocks toast earnings, U.S. rate outlook | R
Gas Prices Are Surging, Demand Is Slipping Ahead of Memorial Day Weekend | W
Little-Known Commodity Traders Help Russia Sell Oil | W
Central banks
Digital Dollar Could Coexist With Stablecoins, Fed Vice Chairwoman Says | W
US
Home listings suddenly spike as sellers worry they'll miss out on red hot market | C
China
China's Xi urges infrastructure spending as Covid lockdowns hit | NN
No work and nowhere to live: a rural migrant's ordeal in locked-down Shanghai | R
China Excels in Google Rankings on Xinjiang and Covid-19 Searches | W
Industries & companies
Airlines: Expect more flight delays this summer — thank the government-driven pilot shortage | P
Consumer Discretionary: First Look: Amazon’s first-ever physical clothing store opens | Chain Store Age
Retail: U.S. retailer earnings show chasm among shoppers as inflation surges | R
Retail: American Shoppers Boost Retailers With Spending on Work Clothes, Discount Staples | W
Geopolitics & trade
Russian proxies claim control of key town in east Ukraine | R
Europe lambasted for failing to deter Putin's war | C
How the U.S. and South Korea Predict a North Korean Weapons Test | W
India needs to fill China gaps to become the "pharmacy of the world" | C
Corporate finance
EXCLUSIVE Evergrande discussing staggered payments, debt-to-equity swaps for $19 bln offshore bonds-sources | R
Virus
Why Covid Pandemic’s Daily Case Count Comes Up Short in the U.S. | W
Opinion | It’s Still Covid’s World. We’re Just Living In It. | N
Technology
Airbus sets up UK facility to focus on hydrogen tech for aircraft | C
Beyond markets
In home of world's biggest nuclear plant, a vote may shape Japan's atomic future | R
National Baby-Formula Stockpile Is Urged by FDA Commissioner | W
How to protect yourself against monkeypox, what to do if you catch it | C
May 26 (Thursday)
Latest Morning Briefing Executive Summary: Energy, Retailing & Hydrogen
Spending on stuff was so yesterday. Long-cooped-up consumers now want to spend on experiences and have fun! Not even stratospheric gasoline pump prices will keep them home this holiday weekend. Today, Jackie examines the factors driving energy prices skyward. … Also, some retailers’ Q1 earnings reports revealed a have/have-not dichotomy in the consumer discretionary space. Specifically, high-end Nordstrom made out far better last quarter than did retailers to the masses. … And: An update on the expanding use of hydrogen to fuel trucks, trains, and even factories.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 23.
Markets
Stocks rise after Fed signals further rate hikes, Dow jumps nearly 200 points | C
Global
World Bank's Malpass says war in Ukraine may trigger global recession | R
Central banks
Fed minutes point to more rate hikes that go further than the market anticipates | C
Fed embraces 50-basis-point rate hikes in June, July to curb 'very high' inflation | R
Fed Minutes Show Urgency for Raising Rates to Tame High Inflation | W
ECB Signals Delayed Bond Runoff, Diverging From Fed | W
Kansas City Fed Leader Esther George to Retire in January | W
US
CBO boosts U.S. GDP growth estimates, says inflation has topped and will cool to 2% by 2024 | C
Natural gas surges above $9, hits the highest since 2008 as inventories stay low | C
Orders for Long-Lasting Goods Rose Modestly in April | W
The lack of small-dollar mortgages is preventing Americans from purchasing affordable homes | C
A major cause of inflation may have peaked; that’s good news for consumers but bad news for trucking companies
Why Has the Inflation Calculation Changed Over Time? | N
China
China’s economy in battle to keep growing, says premier | FT
China’s Top Two Leaders Diverge in Messaging on Covid Impact | W
China’s Covid-19 Lockdowns Hurt Sales of Starbucks Coffee, Adidas Sneakers | W
Shanghai Scientists Have Adapted to Regime Priorities | Brownstone
Geopolitics & trade
Russia’s Absence at Davos Marks Unraveling of Globalization | W
The Middle East’s Indifference to Ukraine Is a Warning | CSIS
Iran Used Secret U.N. Records to Evade Nuclear Probes | W
Industries & companies
Energy: Tesla battery research group unveils paper on new high-energy-density battery that could last 100 years
Retail: Amazon CEO Andy Jassy says he’s focused on returning to ‘healthy’ level of profitability | C
Climate & sustainability
Ukraine War Threatens Transition to Cleaner Energy, Leaders Warn at Davos | W
Don’t write off coal. We need it to ensure power grid reliability | The Hill
The plant-based future of food doesn’t always taste that great | Vox
SEC unveils rules to prevent misleading claims and enhance disclosures by ESG funds | C
Beyond markets
Why Isn’t New Technology Making Us More Productive? | N
May 25 (Wednesday)
Latest Morning Briefing Executive Summary: The Recession Question: Raising the Odds to 40%
Might the only recession we have to fear be one triggered by recession fear itself? It’s possible that we could talk ourselves into one. So while we still expect the economy to grow through the end of next year, we are raising the odds we assign to a recession scenario from 30% to 40%. That lowers our stock-market sights for this year and next. … We have new estimates for S&P 500 revenues, earnings, profit margins, P/Es, and price targets, which we still see at a new high late next year. … Also, we explain what has caused recessions in the past and why we don’t see those dynamics developing now. We’re far from alone in our optimism: Analysts keep raising their earnings estimates, and insider buying has been on fire.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 23.
Markets
S&P 500 falls, Snap warning drags tech as Nasdaq loses 2% | C
Stocks slump on growth concerns, bond yields slip | R
Central banks
Fed Searches for the Magic Number to Cool a Red-Hot U.S. Housing Market | W
Global & food
Inflation, Rising Rates Curb Global Economic Growth | W
Food crisis fuels fears of protectionism compounding shortages | R
US
Sales of newly built homes tumbled over 16% in April while prices soared | C
Is the spike in gas prices good for America? | The Hill
U.S. Births Increase for First Time Since 2014 | W
What to Know About Gen Z in the Workplace | US News
Biden administration says it has not ruled out export curbs to ease fuel prices | R
Industries & companies
Autos: Electric vehicles are in short supply. Here’s what you can find as gas prices soar | C
Tech: Tech Stocks Continue to Fall After Snap’s Profit Warning | W
Geopolitics & trade
Biden says his Taiwan comments don’t reflect a change in U.S. policy after drawing ire from China | C
Russian and Chinese jets deliver pointed send-off on last day of Biden Asia trip | R
Russia wages all-out assault to encircle Ukraine troops in east | R
U.S. bars Russia from paying bondholders through American banks, increasing default risk | C
China Faces Growing Pressure to Iron Out Audit Deal With the U.S. | W
May 24 (Tuesday)
Latest Morning Briefing Executive Summary: Bear Anatomy
History and data offer perspective into what a prospective bear market in the S&P 500 may mean for investors. Today, we examine the past two bear markets’ longevity, quantify the index’s valuation slide to date from its peak, compare component indexes’ performances, and see how much better global stock markets have been faring. … Also: Rapidly rising rent inflation will offset some of the improvement we expect in several other categories of consumer prices. Perversely, the Fed is putting upward pressure on rents by reducing the affordability of buying homes.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 23.
Markets
Stock Market Ends Higher After Flirting With Bear Market | W
S&P 500 rises more than 1%, Dow adds 600 points as stocks try to recover from sharp sell-off | C
Central banks
Lagarde Signals End to ECB’s Negative Interest Rates Experiment | W
What Is the Federal Reserve’s Role in the Economy? Bernanke Knows. | N
Global & food
Egypt’s Bread Crisis Awakens Old Fears of Political Unrest | W
US
Biden Exploring Release of Diesel Fuel Reserves Amid High Prices | W
Americans Reported Strong Personal Finances Late Last Year, Fed Finds | W
Bank balances surged during Covid even as pandemic-era stimulus ended, BofA CEO says | C
JPMorgan Says U.S. Consumers Are Doing Just Fine | W
The Average Age of Vehicles on U.S. Roadways Hits a Record 12.2 Years | W
Geopolitics & trade
EU oil embargo 'in days' as Ukraine isolation drives Russia closer to China | R
U.S. still 'a ways away' from sending troops back into Ukraine -general | R
Analysis: Biden's Taiwan remarks show conviction to defend island but carry risks | R
Biden Says U.S. Would Intervene Militarily if China Invaded Taiwan | W
Kissinger says Taiwan cannot be at the core of U.S.-China negotiations | C
Industries & companies
Communications Services: Hello? Hello? Is This Facebook? Anybody There? (Nope.) | W
Corporate finance
Broadcom in Talks to Pay About $60 Billion for VMware | W
Climate & viruses
A Shell contractor quits because of the oil giant’s hypocrisy on climate change | Vox
Pfizer/BioNTech say 3 COVID shots elicit good response in children under 5 | R
Monkeypox explainer: Spread, symptoms, risk—how is this happening?! | Slate
Photos: Bangladesh and India endure catastrophic floods | C
May 23 (Monday)
Latest Morning Briefing Executive Summary: Bear Spray
Today, we zero in on stock market bears—why they’ve been wrong for 13 years (quantitative easing), why they’re right currently (quantitative tightening), and why we believe their outlook is too pessimistic. … Primarily, we don’t expect an imminent recession because conditions aren’t ripe for a credit crunch. Additionally, the recent tech stock weakness is no Tech Wreck 2.0; inflation, looking peakish already, won’t prove intractable; and wage pressures are stoking an economy-boosting productivity boom. … We stand behind our “Roaring 2020s” scenario following a brief interlude in the 1970s. … We’ll be taking bear spray to Yellowstone. … Finally, Dr Ed reviews “Downton Abbey.”
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 16.
Markets
Stock Market Bottom Remains Elusive Despite Deepening Decline | W
Deglobalization Would Be Bad for Equities. But It’s Not Here Yet. | BR
An Options Strategy Tailor-Made for a Tough Market | BR
The Debt Time Bomb Facing Closed-End Funds | BR
Global
The coming food catastrophe | May 21st 2022 | E
Central banks
Higher Rates Raise Risk of Future Fed Losses | W
US
Rising Risk of Recession Creates New Headache for Biden | W
Inflation is rising, but fans are paying for NBA, NFL, other sports tickets | C
Small Businesses Lose Confidence in U.S. Economy | W
In Battle for Workers, Companies Build Houses | W
Georgia Governor Race Is a Test for Trump. It Isn’t Going Well. | W
China
China’s Markets Are Tested by Foreign Outflows and a Falling Currency | W
Foreign investors are fleeing China | E
Is China “uninvestible”? | E
China Spends Far More Than Others to Help Favored Industries, Report Finds | W
Industries & companies
Pharma: Drugmakers propose swift pandemic response benefiting poorer countries | R
Geopolitics & trade I
Ukraine rejects concessions as Russians attack in east and south | R
Poland’s President Addresses Ukraine’s Parliament, Calls for Removal of All Russian Troops | W
Pentagon Weighs Deploying Special Forces to Guard Kyiv Embassy | W
The Putin Show | E
Geopolitics & trade II
Biden says 'hello' to North Korea's Kim amid tensions over weapons tests | R
Biden Says U.S. Is Prepared if North Korea Conducts Missile Test | W
Why Turkey is blocking bids by Sweden and Finland to join NATO | E
Israeli Prime Minister Naftali Bennett Avoids Government Collapse | W
Corporate finance
Elon Musk's SpaceX looks to raise $1.7 billion in new funding | C
Beyond markets
Explainer: Monkeypox - How concerned should we be? | R
Another baby formula shipment from Europe to arrive in the U.S. on Wednesday | C
May 21 (Saturday)
Latest Morning Briefing Executive Summary: Retailers, Materials & Fintech
First the good news: Retail sales rose solidly in both March and April. Now the bad news: Two retail giants missed their Q1 earnings marks, causing recession-fearing investors to jettison their stocks. Jackie recaps what their management teams had to say about the quarter. … Also: With recession fears running high among investors, why is the S&P 500 Materials sector in their good graces? It has outperformed the market and most other sectors ytd. Within Materials, we focus on one industry with a shiny outlook, Steel, and a single member, Nucor. … Also: A look at Walmart’s foray into fintech.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 16.
Markets
Nasdaq records first seven week losing streak since 2002 | C
Big Tech Is Getting Clobbered on Wall Street. It’s a Good Time for Them. | N
Stocks close flat in wild session Friday that saw the S&P 500 briefly fall into a bear market | C
Recession Trade Is On as Market Pain Spreads Beyond Tech | W
Oil settles up as supply risks outweigh economic worries | R
Central banks
China’s Central Bank Makes Unexpected Rate Cut as Growth Crumbles | W
US
Recession is ‘likely,’ former SEC chief economist says | C
Europe
Germany Warns Falling Euro Could Push Inflation Even Higher | W
Geopolitics & trade
Siege ends at Ukraine's Mariupol steelworks, Russia seeks control of Donbas | R
Biden and S.Korea's Yoon set to discuss nuclear cooperation, N.Korea | R
Industries & companies
Autos: Hyundai to invest $5.5 billion to build EVs and batteries in Georgia | C
Consumer: Does Your Mayo Need a Mission Statement? | W
Retail: Old Navy Made Clothing Sizes for Everyone. It Backfired. | W
Corporate finance
You bought. They sold. Meet some of the insiders who unloaded $35 billion in stock amid the tech IPO bonanza before it tanked. | MW
Beyond markets
Covid: CDC urges older Americans to get booster shots as hospitalizations soar | C
WHO confirms 80 cases of monkeypox with outbreaks in 11 countries | C
Mysterious Hepatitis Outbreak in Children Spurs Global Race for Answers | W
Why the Baby-Formula Market Is a Mess: Low Competition, High Regulation | W
May 20 (Friday)
Latest Morning Briefing Executive Summary: Retailers, Materials & Fintech
First the good news: Retail sales rose solidly in both March and April. Now the bad news: Two retail giants missed their Q1 earnings marks, causing recession-fearing investors to jettison their stocks. Jackie recaps what their management teams had to say about the quarter. … Also: With recession fears running high among investors, why is the S&P 500 Materials sector in their good graces? It has outperformed the market and most other sectors ytd. Within Materials, we focus on one industry with a shiny outlook, Steel, and a single member, Nucor. … Also: A look at Walmart’s foray into fintech.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 16.
Markets
Stock Markets Finish Volatile Session Lower as S&P 500 Extends Decline | W
Stock Market Is Top-Heavy, but Carnage Is Widespread | W
Jeremy Grantham Predicts Stock-Market Crash, Recession, Inflation Woes | BI
World stocks slide as growth fears persist, safe-havens gain | R
Oil steady as economic worries offset possible China demand rise | R
Central banks
Year-end view for Fed policy rate rises again as recession risks remain | R
Global & food
The coming food catastrophe | E
Column: Global soy crop outlooks are aggressive, maybe too much so | R
US
Existing home sales fell in April to lowest level since start of pandemic | C
U.S. Home Sales Cool Amid Higher Rates, Record Prices | W
Gas Prices Hit New Highs Again With All 50 States Above $4 a Gallon | W
Biden's road to record-high gas prices may lead to rationing | P
More Subprime Borrowers Are Missing Loan Payments | W
Senate Passes $40 Billion Aid Package for Ukraine | W
China
China's zero-COVID policy dashes global hopes for quick economic return to normal | R
Geopolitics & trade
'Hell' in Ukraine's Donbas as Russia piles on pressure, warns Zelenskiy | R
Europe’s Natural-Gas Buyers Defuse Standoff With Kremlin Over Ruble Payments | W
China Insists Party Elites Shed Overseas Assets, Eyeing Western Sanctions on Russia | W
Industries & companies
Retail: Investors jolted as U.S. retailers show inflation hitting consumers | R
Virus
Covid kids shots: CDC panel recommends Pfizer booster for children ages 5 to 11 | C
Climate
Explainer: Why is India facing its worst power crisis in over six years? | R
Oceans reached record heat, acidity in 2021: UN report | C
Beyond markets
Baby-Formula Shortage Leaves Families Desperate, Prompting WIC Program Revamp | W
Luna, Terra Collapse Reveal Crypto Price Volatility | B
May 19 (Thursday)
Latest Morning Briefing Executive Summary: Retailers, Materials & Fintech
First the good news: Retail sales rose solidly in both March and April. Now the bad news: Two retail giants missed their Q1 earnings marks, causing recession-fearing investors to jettison their stocks. Jackie recaps what their management teams had to say about the quarter. … Also: With recession fears running high among investors, why is the S&P 500 Materials sector in their good graces? It has outperformed the market and most other sectors ytd. Within Materials, we focus on one industry with a shiny outlook, Steel, and a single member, Nucor. … Also: A look at Walmart’s foray into fintech.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 16.
Markets
Dow Slides More Than 1,100 Points in Worst Day Since 2020 | W
U.S. bonds: Treasury yields fall, prices rise as investors huddle in bonds for safety amid stock sell-off | C
Tesla cut from S&P 500 ESG Index, and Elon Musk tweets his fury | R
Elon Musk Calls ESG ‘An Outrageous Scam’ After Tesla Was Removed From Index | W
Energy
European Union Sets Out Plan to End Russian Energy Imports | W
Central banks
Fed policymakers map out shift to 'measured' hikes | R
Senior Chinese Central Banker Is Probed for Corruption | W
Global & food
High Inflation, Slowing Growth Raise Risk of Global Downturn | W
Countries banning food exports amid rising prices, inflation | C
World Bank to offer $30 bln as Ukraine war threatens food security | R
US
Biden Invokes the Defense Production Act to Increase Baby-Formula Supply | W
Industries & companies
Retail: Target, Walmart Earnings Selloff Puts Retailers’ Inflation Pains on Display | W
Retail: What Walmart, Target, Home Depot and Lowe's tell us about the economy | C
Geopolitics & trade
EU Proposes Up to $9.5 Billion in Short-Term Funding for Ukraine | W
Biden, on a First Trip to Asia, Tries to Refocus on China Amid Ukraine War | W
Crypto
How a Trash-Talking Crypto Founder Caused a $40 Billion Crash | N
Covid
Latest Covid-19 Wave Expands to More of U.S. | W
As COVID cases rise, U.S. health officials mull widening additional booster eligibility | R
Latest Covid-19 Wave Expands to More of U.S. | W
New York Times Puts Return-to-Office Plans on Hold as Covid Cases Rise | W
Beyond markets
Climate change made India heat wave 100 time more likely | C
May 18 (Wednesday)
Latest Morning Briefing Executive Summary: Run(off) for the Hills?
It begins next month: the Fed’s plan to let its maturing securities run off its balance sheet without replacing them—a.k.a. quantitative tightening (QT). How right are investors to be freaked out? How legitimate are their suspicions that the Fed is erring on the side of overkill after having lost ground in the fight against inflation? … Today, we separate the fears from the facts and assess the likely impacts for the federal deficit, fixed-income markets, the stock market, and the economy. … Also: We lay out the runoff plan, review the last QT episode for insights, and put investors’ fears into perspective.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 16.
Markets
Stock Selloff Crunches SPAC Creators as They Race to Find Deals | W
Energy
EU makes plans to tackle energy price spikes, any Russian gas cut-off | R
EU unveils escape route from Russian fossil fuels by 2027 | R
How Germany Is Racing to Sever Dependence on Russian Energy | W
U.S. Floats Tariff on Russian Oil as EU Oil-Sanction Talks Drag On | W
U.S. Allows Chevron to Maintain Venezuela Operations but Won’t Permit Drilling | W
Central banks
Powell says the Fed will not hesitate to keep raising rates until inflation comes down | C
Powell Says Fed Has Resolve to Bring U.S. Inflation Down | W
Global
Countries banning food exports amid rising prices, inflation | C
US
U.S. Retail Sales Grew 0.9% in April | W
Weekly mortgage demand from homebuyers tumbles 12% | C
House Plans Vote on Baby Formula Legislation Wednesday | W
Europe
UK inflation hits 40-year high of 9.0%, squeezing households harder | R
China
Goldman Sachs cuts its China GDP forecast on Covid controls | C
China’s New Home Prices Fall for the First Time in More Than Six Years | W
China is second-biggest bitcoin mining hub as miners go underground | C
China Eastern Black Box Points to Intentional Nosedive | W
Geopolitics & trade
Finland, Sweden Apply for NATO Membership, Breaking Decades of Neutrality | W
Russia says nearly 700 more Mariupol fighters surrender | R
Russia Weighs Fate of Ukrainian Defenders in Mariupol | W
Russia military veteran Khodaryonok in damning assessment of Ukraine war | C
As inflation slows and ruble rallies, Russia is hoping to avoid a crisis | C
Industries & companies
Financials: JPMorgan investors hand Dimon rare rebuke, object to $53 million bonus | C
Covid
When Africans asked for COVID shots, they didn't get them. Now they don't want them | R
North Korean leader Kim slams officials' 'immaturity' in response to COVID outbreak | R
Beyond markets
Mother Sues TikTok After Alleging 10-Year-Old Daughter Died From Doing ‘Blackout Challenge’ | W
May 17 (Tuesday)
Latest Morning Briefing Executive Summary: Run(off) for the Hills?
It begins next month: the Fed’s plan to let its maturing securities run off its balance sheet without replacing them—a.k.a. quantitative tightening (QT). How right are investors to be freaked out? How legitimate are their suspicions that the Fed is erring on the side of overkill after having lost ground in the fight against inflation? … Today, we separate the fears from the facts and assess the likely impacts for the federal deficit, fixed-income markets, the stock market, and the economy. … Also: We lay out the runoff plan, review the last QT episode for insights, and put investors’ fears into perspective.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 16.
Markets
Yields slip, stocks struggle as economic fears grow | R
Oil settles higher on demand optimism, gasoline strength | R
Column: 'TINA' still driving hedge funds' bullish dollar view | R
A $100 Billion Comedown: Soaring Defaults Shrink Asia’s Junk-Bond Market | W
Commodities
Column: European smelter hits mean another year of zinc shortfall | R
US
How to fix our medical supply chain problems | Washington Examiner
White House hits back at Amazon's Bezos after Biden inflation spat | C
China
China’s Economic Distress Deepens as Lockdowns Drag On | W
Geopolitics & trade
European Foreign Ministers Fail to Sway Hungary on Russian Oil Ban | W
How Putin Drove Finland Into NATO’s Arms | W
Ukrainian force begins evacuating from last Mariupol stronghold | R
U.S., EU Boost Trade Ties to Remedy Supply Shortages, Counter Russia and China | W
U.N. Seeks to Ease Russian Blockade of Ukraine Grain Shipping to Avert Food Shortages | W
Biden’s Dance With a Latin Dictator | W
Yellen Pushes Polish Prime Minister on International Tax Deal | W
Corporate finance
JetBlue launches hostile takeover bid for Spirit Airlines | C
Musk says lower-price Twitter deal 'not out of the question:' report | C
Beyond markets
FDA Eases Baby-Formula Import Rules to Boost Supplies | W
Abbott reaches agreement with FDA to reopen baby formula plant | C
May 16 (Monday)
Latest Morning Briefing Executive Summary: Waiting for Something To Break
After many years of ultra-easy monetary policy, the realization that it’s going away has frightened investors to a degree unprecedented this early in a tightening cycle. The pre-tightening fear alone burst plenty of speculative bubbles, yet no dreaded credit-crunch/recession scenario has materialized. True, the inflation genie isn’t back in the bottle yet, but we expect it will be in coming months and without crashing the economy. … The Fed’s recently released Financial Stability Report was sanguine as well. … But our soft-landing scenario is a contrary one. So we’re keeping our eyes peeled for signs of both the recession that we don’t expect and the peaking of inflation that we do. … Also, we review “Ozark” (+ + +).
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 9.
Markets
Investors Stay Put, Because They Can’t Think of Better Options | W
Investors could get a reprieve from vicious stock sell-off in week ahead | C
The Stock Market Has Tumbled. The Best Stocks to Buy Now. | BR
Currency & commodities
The Dollar Is Winning in a Messy Global Economy—and That Matters in the Fight Against Inflation | W
Oil giant Aramco reports record first quarter as oil prices soar | C
Three Steel Stocks That Could Soar Even as Production Costs Rise | BR
Soybean Prices Look Set to Decline. That Could Dent Food Costs. | BR
Central banks
The Fed Has Gone From Friend to Foe for Investors. What to Do Now. | BR
US
How Workers Gained Leverage, and Why They Won’t Lose It Soon | BR
Walmart Anticipates a Store Manager Shortage Despite $200,000-a-Year Pay | W
They Signed Contracts for Their Dream Homes Last Year. Now Their Borrowing Costs Are Ballooning. | W
America Needs More Houses | W
CEO Pay Packages Rose to $14.7 Million in 2021, a New High | W
Amazon's Bezos criticizes Biden admin, says inflation hurts the poor | C
Ex-Goldman CEO says recession possibility is 'very high risk factor' | R
Asia
The Indian economy is being rewired. The opportunity is immense | E
Shanghai’s covid-19 lockdown is not even close to over | E
Geopolitics & trade
Battle rages for Ukrainian region of Donbas | R
Nations Aim to Secure Supply Chains by Turning Offshoring Into ‘Friend-Shoring’ | W
Finland will apply for NATO membership, president says | C
NATO expects Turkey not to hold up Finland, Sweden membership | R
Yellen Seeks to Win European Support for a Tax Deal Congress Hasn’t Approved | W
Industries & companies
Airlines: U.S. pilot shortage forces airlines to cut flights, scramble for solutions | C
Autos: Ford Unloads Further 7 Million Shares of Electric-Vehicle Startup Rivian | W
Autos: Rivian Recalling 502 Electric Trucks Over Potentially Faulty Air-Bag Sensors | W
Energy: Buy Shell Stock. The Energy Giant Looks Like a Bargain. | BR
Corporate finance
Behind Fake-Account Issue That Elon Musk Cited in Calling Twitter Deal ‘On Hold’ | W
Elon Musk says Twitter legal team told him he violated an NDA | R
Crypto
Panic in the crypto market has Janet Yellen's attention | NN
How TerraUSD, a Digital Token Designed to be Stable, Fueled a Crypto Crash | BR
Beyond markets
Suspect in racist shooting in Buffalo was detained for mental health check last year | R
Baby Formula Shortage Stuns States Including Tennessee, Kansas and Delaware | W
May 14 (Saturday)
Latest Morning Briefing Executive Summary: Tech Wreck, China Syndrome & Crypto Crash
Investors aren’t cutting tech stocks any slack these days. Jackie looks at how the mighty have fallen, with focus on two tech highfliers whose Q1 earnings didn’t make the grade. … The fallout from China’s Covid lockdowns is inflicting damage on sector after sector of the Chinese economy, with no end in sight. The government is stepping in with support programs for businesses and the unemployed. … Also: The innovation once hailed as an inflation hedge has proved to be anything but. Cryptocurrencies have shrunk in recent months to a shadow of their former value. The stocks of companies working in the crypto industry have been clobbered as well. TerraUSD breaks the buck, and investors flee the not-so-stablecoin.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 9.
Markets
Stocks Trim Weekly Losses With Friday Gains | W
Investors Face a World Where Stocks No Longer Reign | W
What to Know if You Want to Buy the Stock Market Dip | W
Nasdaq pops 3%, Dow jumps 400 points in comeback rally following steep losses earlier in the week | C
Energy
Oil jumps 4% as U.S. gasoline prices hit record high | R
Record Diesel Prices Pressure European Drivers, U.S. Deliveries | W
Biden Administration Cancels Oil-and-Gas Drilling Leases in Gulf of Mexico, Alaska Coast | W
Exxon challenges California county's denial of oil trucking permit | R
Central banks
Loretta Mester Says Fed Is On Track for Aggressive Rate Rises | W
US I
‘U.S. consumer is alive and well’ — Affirm CEO says market turbulence has no impact on business | C
Here’s why inflation may be less costly for some retirees | C
Where Did People From the Great Resignation Go? Back to Work. | N
US II
California Gov. Newsom unveils historic $97.5 billion budget surplus | C
Joe Biden asked to replace IRS chief Charles Rettig over tax document destruction | C
BARR: Biden’s ‘Infrastructure’ Bill Contains Backdoor ‘Kill Switch’ For Cars | The Daily Caller
China
China’s Covid Lockdowns Drive Middle-Class Citizens to Go Abroad | W
Geopolitics & trade
Ukrainian forces thwart Russians at river as fight shifts to Donbas | R
How Putin Drove Finland Into NATO’s Arms | W
Simon Schama: when history is weaponised for war | FT
A Ukrainian Boy’s War Diary Tells of Grief: ‘I Cannot Imagine My Life Without Parents.’ | W
Industries & companies
Airlines: Airlines press U.S. to lift pre-departure testing requirements | R
Media: Netflix to Employees: If You Don’t Like Our Content, You Can Quit | W
Tech: Is this another tech bubble bursting? | Vox
Technology
Unilever to offer robotic direct-to-consumer ice cream sales | Chain Store Age
Crypto
How More Than $1 Trillion of Crypto Vanished in Just Six Months | W
Regulators anxious about stablecoins like tether after UST collapse | C
Corporate finance
Elon Musk says Twitter deal on hold pending details on fake accounts | C
Elon Musk can't just walk away from Twitter deal by paying $1 billion | C
Beyond markets
U.S. Baby Formula Shortage Leaves Parents Scouring for Supplies | W
Exclusive: Maker of Walmart, Amazon store-brand baby formulas sees shortages through rest of 2022 | R
House to Vote on Easing WIC Rules to Address Baby-Formula Shortage | W
Graduation Is Chaotic This Season. Blame the Supply Chain. | W
May 13 (Friday)
Latest Morning Briefing Executive Summary: Tech Wreck, China Syndrome & Crypto Crash
Investors aren’t cutting tech stocks any slack these days. Jackie looks at how the mighty have fallen, with focus on two tech highfliers whose Q1 earnings didn’t make the grade. … The fallout from China’s Covid lockdowns is inflicting damage on sector after sector of the Chinese economy, with no end in sight. The government is stepping in with support programs for businesses and the unemployed. … Also: The innovation once hailed as an inflation hedge has proved to be anything but. Cryptocurrencies have shrunk in recent months to a shadow of their former value. The stocks of companies working in the crypto industry have been clobbered as well. TerraUSD breaks the buck, and investors flee the not-so-stablecoin.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 9.
Markets
Dow falls for a sixth straight day after another wild session | C
Big Investors Reconsider Oil and Gas Upside as Supplies Remain Tight | W
Oil climbs even as weaker demand concerns cap gains | R
Natural-Gas Prices Soar in Europe After Russia Sanctions Energy Companies | W
Global
China’s Economic Slowdown Is Rippling All Around the World | W
Central banks
Powell says he can’t guarantee a ‘soft landing’ as the Fed looks to control inflation | C
Senate Confirms Jerome Powell to Second Term Leading Federal Reserve | W
Federal Reserve Chair Jerome Powell confirmed by Senate for a second term | C
US I
U.S. labor market still tightening; producer price gains moderate | R
Producer Price Gains Slowed in April but Remain Elevated | W
U.S. Jobless Claims Rose to 203,000 Last Week | W
Is It Better to Rent or Buy? What to Do in a Hot Housing Market | W
US II
Inflation Is Headed Lower—but Maybe Not Low Enough | W
What's more expensive as inflation costs families extra $311 a month | C
What Biden can do to lower inflation but refuses to (nypost.com)
Biden's stagflation is another blow to millennials | The Week
Biden may need to 'claw back' funding for COVID, Jha says | R
Industries & companies
Autos: Electric vehicle stocks surge | C
Geopolitics & trade
Ukrainian Forces Hold the Line in Donbas as Western Heavy Weapons Join the Battle | W
Unvaccinated North Korea Locks Down After Reporting First Local Covid Infection | W
Crypto
Bitcoin (BTC) price falls below $26,000 as crypto sell-off intensifies | C
Crypto meltdown deepens as stablecoin Tether drops below dollar peg | R
Crash of TerraUSD Shakes Crypto. ‘There Was a Run on the Bank.’ | W
How bitcoin detectives at the IRS and FBI are catching crypto crimes | Vox
Corporate finance
SoftBank Lost $13.2 Billion on Tech Investments Amid Selloff | W
Beyond markets
Astronomers reveal 1st image of massive black hole at the center of Milky Way | C
Baby Formula Shortage Could Leave Parents Scrambling for Months | W
The Forgotten Stage of Human Progress | The Atlantic
May 11 (Wednesday)
Latest Morning Briefing Executive Summary: More on Inflation & Stocks
The S&P 500 is undergoing a correction more persistent than the 72 panic attacks we’ve counted during this bull market, but will it become a bear market? The jury is still out. There is precedent for a valuation-led bear market despite stellar corporate fundamentals, during 1987. There was no recession that time, and the bear market was short-lived. … Is the real earnings yield as bearish as it seems? … Also: We look at what stock markets do during inflationary periods. … And: The collective voice of small business suggests the economy is in a stagflationary funk. … Finally: A look at what’s happening on Japan’s monetary and fiscal policy fronts.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 9.
Markets
Stocks Turmoil Spreads to Junk Bonds, Hurts Deals | W
Energy & food
Oil rises as Russia gas flow to Europe falls, EU Russian oil ban looms | R
Ukraine claims battlefield successes, curbs Russian gas to Europe | R
Big Oil braces for shareholder revolt over climate plans in proxy voting season | C
Ukraine Accuses Russia of Stealing Its Grain | W
Central banks
ECB’s Lagarde cements expectations for upcoming rate hike | C
Senate confirms Lisa Cook as first Black woman on Federal Reserve Board | C
US
U.S. Inflation Eased in April to 8.3% Annual Rate | W
Americans Planning Summer Travel Face a New Hurdle: High Inflation | W
Adjustable-rate mortgage demand surges to 14-year high, as homebuyers try to afford this pricey spring market | C
Europe
EU proposes tax incentives for equity financing like those for debt | R
China
China Consumer Inflation Accelerates Modestly | W
China calls WHO chief 'irresponsible' for saying zero-COVID strategy 'not sustainable' | R
Japan
Japan is set to open its doors in June, but some locals aren’t happy about it | C
Geopolitics & trade
Russia’s War in Ukraine Sparks Bomb-Shelter Revival in Poland | W
Industries & companies
Airlines: Traveler satisfaction is down as planes fill up and airfare rises, survey finds | C
Autos: How Ford’s F-150 Lightning stacks up against Rivian and Hummer electric pickups | C
May 10 (Tuesday)
Latest Morning Briefing Executive Summary: Inflation, Bonds & Stocks
Since 2008, the Fed’s quantitative easing had kept a lid on bond yields. But with the Fed now tightening—releasing bond yields to move solely by market forces—will yields be pushed above the inflation rate (where they usually reside)? A reversal from negative to positive real bond yields could trigger a credit crisis and recession; but we put the odds of that scenario at only 30%. Rather, we expect a soft landing for the economy, inflation moderating soon, and the Treasury bond yield marking time between 3.00%-3.25%. … For the stock market, high inflation boosts earnings yet depresses the valuations investors are willing to pay for those earnings. The lower valuations reflect investors’ fears that this will all end badly.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 9.
Markets
Stocks Slide to Lowest in 2022 as Rout Continues | W
Tech giants lost more than $1 trillion in value in the last three trading days | C
Central banks
Fed Rate Hikes Are Good for Banks—Unless They End in a Recession | W
US
Inflation outlook for consumers falls from record high, Fed survey shows | C
Taming inflation: The role of businesses and employees | The Hill
Biden calls on Congress to ‘immediately’ pass major Ukraine aid package before new Covid funding | C
Yellen says financial system working well despite ‘potential for continued volatility’ | C
Geopolitics & trade
The EU can’t quite get it together on a Russian oil embargo | Vox
Hungary Holds Up European Oil Embargo on Russia | W
Putin Uses Russia’s Victory Day Parade to Justify Invasion of Ukraine | W
Putin's Victory Day speech gives no clue on Ukraine escalation | R
Putin’s Ukraine Adventure Unleashes Nuclear Genies | W
Crypto
Bitcoin Price Falls 54% From Its High | W
40% of bitcoin investors are now underwater, new data shows | C
Corporate finance
Tech’s latest IPOs are getting demolished, with Robinhood, Rivian, UiPath down over 70% from offer price | C
Rivian stock plummets as Ford unloads 8 million shares of EV start-up | C
Big Tech is subtly controlling our lives—and we need to fight back | P
May 9 (Monday)
Latest Morning Briefing Executive Summary: Inflation Peak-a-Boo
We concur with Fed Chair Powell that getting inflation back to Earth needn’t crash our strong, liquid economy. The Bond Vigilantes aren’t as far behind the inflation curve as the Fed: They’ve already tightened credit conditions in the financial markets significantly. We expect inflation to peak this summer between 6%-7% and to recede to 3%-4% next year with no recession. … We may have spotted the first signs of peaking inflation already, in lower three-month than y/y rises of several price and wage measures. … But there are certainly plenty of indicators that cast doubt on the peaking-soon scenario. … Also, a movie review: “Summit of the Gods” (+ + +).
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 2.
Markets
Market’s 2022 Slide Has Already Changed Investor Behavior | W
Rates Are Rising and Stocks Are Taking a Beating. It Won’t End Soon. | BR
The Stock Market Looks Like a Bear. How to Avoid Getting Eaten. | BR
Big Up Big Down Days - The Big Picture | ritholtz.com
Global
Port Labor Talks Pose New Complication for Supply Chain | W
US
With Higher Pay and Better Hours, Teens Jump Into the Job Market | W
Pay Raises Are Historically High. Inflation Is Still Eclipsing Those Gains. | W
Hospitals Look to Raise Treatment Costs as Nurses’ Salaries Increase | W
Why is there a union boom? | C
They Came, They Hiked, They Stayed: Retirees Lift Fortunes in Rural America | W
The cities Americans moved to the most in 2021, according to Penske | C
Energy secretary: Why feds are spending $2.5 billion on carbon capture | C
Economic growth is generally modeled exponentially. But, what if that’s wrong? | Vox
China
China Remains an Outlier in a World of Surging Inflation | W
'Stop asking why': Shanghai tightens COVID lockdown, Beijing keeps testing | R
Geopolitics & trade
EU edges towards oil sanctions on Russia, no deal yet | R
How the West should respond to China’s search for foreign outposts | E
Industries & companies
Autos: The Future of Transportation Is a Lot More Than Tesla. How to Invest. | BR
Autos: GM’s Stock Is a Buy—Even Though the Company Must Do More to Challenge Tesla | BR
Autos: Toyota Is Trying to Catch Up in the Crowded EV Race. It May Be Too Late. | BR
Autos: Ford is selling 8 million Rivian shares, sources say | C
Biotech: This Biotech Company Sees DNA Testing as Formula for Growth | BR
Communications services: Meta is opening a store as VR headset sales inch closer to mainstream | C
Health Care: Wearable devices are connecting health care to daily life | E
Tech: The Tech Industry’s Epic Two-Year Run Sputters | W
Travel: Travel Is Recovering, but Travel Stocks Aren’t. Here’s Where the Opportunities Are. | BR
Corporate finance
Mergers Have Slowed, but a Wave of Deals Could Be Coming | BR
Musk's $44 billion Twitter buyout challenged in shareholder lawsuit | R
May 7 (Saturday)
Latest Morning Briefing Executive Summary: Powell, Travel, Forward Earnings & Quantum Sensors
Investors liked the middle-of-the-road approach Fed Chair Powell laid out after yesterday’s FOMC meeting. We did too. … Travel-related industries are booming! Their Q1 earnings calls were brimming with optimism. Yet investors seem to have missed the memo: The share price indexes of most travel-related S&P 500 industries have plunged ytd ..: And it’s not just a travel thing: Most industries are seeing disconnects between earnings prospects and share price performance. Someone’s wrong: Either industry analysts are too optimistic in their estimates or investors too pessimistic about valuations. … Also: A developing technology with diverse potential uses: quantum sensors.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 2.
Markets
Stocks fall on Friday to close out tumultuous week, Dow drops for sixth straight week | C
Wall Street ends down on fears inflation will force tougher Fed tightening | R
Nasdaq records first five-week losing streak since 2012 | C
It’s the Worst Bond Market Since 1842. That’s the Good News. | W
Central banks
Ex-Fed Official Says Rates of at Least 3.5% Will Be Needed to Slow Inflation | W
The Fed could have trouble avoiding a double-dip recession | NN
US
U.S. unemployment rate expected to fall to 3.5% in April, job gains to slow | R
Rapid Pace of U.S. Job Growth Stretched Into April | W
Here's where the jobs were in April 2022 — in one chart | C
The U.S. Economy Is Desperately Seeking Workers | W
Pay Raises Are Historically High. Inflation Is Still Eclipsing Those Gains. | W
Used-car prices are down from record highs, easing the impact of inflation | C
Baby Formula Is Getting Even Harder to Find | W
Europe
Pent-up demand prompts European travel recovery as COVID curbs ease | R
Geopolitics & trade
Biden announces military aid package to Ukraine | C
Chinese Tech Giants Quietly Retreat From Doing Business With Russia | W
Climate
U.S. takes unprecedented steps to replenish Colorado River's Lake Powell | R
Crypto
Nvidia, SEC reach deal on cryptocurrency disclosures in 2017 | C
Opinion | What Is Happening to the People Falling for Crypto and NFTs | N
Technology
Unilever to offer robotic direct-to-consumer ice cream sales | Chain Store Age
May 6 (Friday)
Latest Morning Briefing Executive Summary:
Powell, Travel, Forward Earnings & Quantum Sensors
Investors liked the middle-of-the-road approach Fed Chair Powell laid out after yesterday’s FOMC meeting. We did too. … Travel-related industries are booming! Their Q1 earnings calls were brimming with optimism. Yet investors seem to have missed the memo: The share price indexes of most travel-related S&P 500 industries have plunged ytd ..: And it’s not just a travel thing: Most industries are seeing disconnects between earnings prospects and share price performance. Someone’s wrong: Either industry analysts are too optimistic in their estimates or investors too pessimistic about valuations. … Also: A developing technology with diverse potential uses: quantum sensors.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 2.
Markets
Dow Slides More Than 1,000 Points as Investors Reassess Fed Comments | W
Stocks are tumbling. Here's what to keep in mind | C
Elon Musk and Cathie Wood knock passive index investing, saying it’s gone too far | C
U.S. bonds: 10-year Treasury yield surges to 3.06% | C
Mortgage Rates Hit 5.27%, Highest Level Since 2009 | W
Central banks
Ex-Fed Vice Chair Richard Clarida Says Rates Must Rise to at Least 3.5% | B
Why the market is taking Powell's 'soft-ish' economic language so hard | C
Fed, Biden Administration Float New Lending Rules for Lower-Income Areas | W
BoE flags risk of recession and 10% inflation as it raises rates again | R
US
Worker output fell 7.5% in the first quarter, the biggest decline since 1947 | C
'Unretirement' is becoming a hot new trend in the sizzling U.S. labor market | C
E-commerce stocks plummet as consumers pull back online spending | C
Here's what Americans plan to spend more money on as inflation rises | C
Jim Cramer says he sees signs inflation is peaking | C
Why the child tax credit has not been expanded, despite Democrats' support | C
Karine Jean-Pierre to Be Next White House Press Secretary | B
Europe
Germany to help eastern EU states without ports access LNG -Scholz | R
China
China’s Services Sector in Doldrums as Covid-19 Lockdowns Bite | W
Geopolitics & trade
Unexplained Attacks Inside Russian Territory Raise Prospect of Wider Conflict | W
Inside Ukraine’s Besieged Azovstal Steel Plant: Siphoning Fuel, Singing Songs and Surviving the Night | W
How Elon Musk's Starlink Got Battle-Tested in Ukraine | foreignpolicy.com
Industries & companies
Consumer discretionary: Union leader slams Amazon's labor practices at Senate hearing | C
Communications services: Digital-Ad Giants Google, Facebook, Amazon Come Down From Pandemic Highs | W
Communications services: Facebook Parent Meta Hits the Brakes on Hiring as Growth Stalls | W
Energy: The Most-Hated Solar Company in America | W
Corporate finance
Shell Takes $3.9 Billion Charge Related to Russia Exit | W
Bausch + Lomb Expected to Price IPO at Low End or Below Targeted Range | W
Elon Musk Gets $7 Billion in Fresh Financing for Twitter Deal | W
Musk to lead Twitter temporarily after $44 bln takeover - source | R
May 5 (Thursday)
Latest Morning Briefing Executive Summary: Powell, Travel, Forward Earnings & Quantum Sensors
Investors liked the middle-of-the-road approach Fed Chair Powell laid out after yesterday’s FOMC meeting. We did too. … Travel-related industries are booming! Their Q1 earnings calls were brimming with optimism. Yet investors seem to have missed the memo: The share price indexes of most travel-related S&P 500 industries have plunged ytd ..: And it’s not just a travel thing: Most industries are seeing disconnects between earnings prospects and share price performance. Someone’s wrong: Either industry analysts are too optimistic in their estimates or investors too pessimistic about valuations. … Also: A developing technology with diverse potential uses: quantum sensors.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 2.
Markets
Wall Street closes with sharp gains after Fed's interest rate hike | R
U.S. Stocks Close Sharply Higher as Investors Digest Powell’s Comments | W
Why Surging Natural-Gas Prices Haven’t Sparked a Drilling Boom | W
Russian Oil Ban, Ukraine War Present Risks to Global Economy, Janet Yellen Says | W
Treasury Yields Fall After Powell Downplays Chance of 0.75 Percentage Point Rate Increase | W
Central banks
Fed raises rates by half a percentage point — the biggest hike in two decades — to fight inflation | C
Global
Shanghai Lockdown Reignites Supply-Chain Problems for U.S. Companies | W
US
American Consumers Are Shopping, Traveling and Working Out Like It’s 2019 | W
More Americans than ever say it’s not a good time to buy a home | C
Geopolitics & trade
EU Proposes Ban on Russian Oil Imports | W
Are sanctions against Russia working? | Vox
Prolonged truce needed for Mariupol evacuations, Ukraine's president says | R
Climate
The Salton Sea could produce the world’s greenest lithium, if new extraction technologies work | C
Beyond markets
Everything’s a WeWork Now | Wired
May 4 (Wednesday)
Latest Morning Briefing Executive Summary: Fed Set To Hike By 200 Basis Points
The financial markets have thoroughly discounted the Fed’s plan to raise the federal funds rate incrementally by a total of 200bps, so why not dispense with the increments and go for it? That’s not in the Fed’s data-dependent DNA. … Today, we examine the case for investing in bonds: The Fed is bound to tame inflation one way or another. If inflation drops back to 3.0%-4.0% next year and 2.0% in 2024, as we expect, then a 3.00% 10-year Treasury bond yield is quite interesting. … Also: A look at the ECB’s policy playbook, which is much less hawkish than the Fed’s.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 2.
Markets
U.S. Stocks Finish Higher Ahead of Fed Meeting | W
Stocks rise, U.S. yields slip as markets await Fed rate hike | R
China’s Covid-19 Outbreak Cools Metals Rally | W
Central banks
The Fed's half-point rate boost is expected; investors on edge | C
Fed’s Message on Interest-Rate Path, Destination Will Be Scrutinized | W
Energy
Oil gains 1% after U.S. crude stocks signal tighter supply | R
Europe Is About to Ban Russian Oil: What Happens Next? | NYT
Russia Wants to Sell More Energy to Asia, but Has to Slash Prices | NYT
High Electric Bills Get Ready for Another Energy Price Spike: High Electric Bills | NYT
US
U.S. Job Openings, Quits Reach March Records in Tight Labor Market | W
Immigrants to Get Extension for Expiring or Expired U.S. Work Permits | W
Starbucks Plans Barista Raises, Says Unionized Cafes Will Need to Bargain | W
Geopolitics & trade
Europe Moves to Sanction Russia Again, Closing In on Oil Embargo | W
Ukrainian Civilians Describe Desperate Efforts to Flee Bombed-Out Mariupol | W
Kremlin on high alert as coup rumors grow in Moscow: Disgruntled generals join FSB looking to oust Putin and end Ukraine war
Zelensky Says Companies Are Supporting Russia’s ‘War Machine’ if They Stay There | W
Biden Officials Divided Over Easing China Tariffs to Slow Inflation | W
Industries & companies
Tech: Global Chip Shortage’s Latest Worry: Too Few Chips for Chip-Making | W
Corporate finance
BP Takes $25.5 Billion Hit From Russia Exit | W
Virus
U.S. CDC says travelers should still wear masks on airplanes | R
May 3 (Tuesday)
Latest Morning Briefing Executive Summary: Too Much Pessimism?
To look at analysts’ record-high and rising estimates for the companies they follow, you’d never guess that investors are sweating bullets over prospects for the US economy. But are their fears of imminent recession justified? Today, we tackle that question, assessing both the negatives that investors are accentuating as well as the positives that some economic indicators are signaling. Importantly, the US economy is shipshape. … And we remind readers: Corrections, such as the S&P 500 is in now, tend to turn into bear markets only when investors’ recession fears materialize; when they fail to, valuation multiples tend to rebound.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on May 2.
Markets
U.S. stocks gain in seesaw session, benchmark Treasury yield hits 3% ahead of Fed | R
Stocks Climb After Worst Month Since 2020 | W
50% of market is in a bubble, Dan Suzuki warns as Fed gets ready to meet | C
U.S. Treasury: 10-year Treasury yield tops 3% for first time since 2018 | C
Central banks
Fears of a Fed mistake grow as this week's anticipated interest rate hike looms | C
Global
Facing a Wheat Crisis, Countries Race to Remake an Entire Market on the Fly | W
US I
U.S. manufacturing activity slowest in more than 1-1/2 years as workers quit | R
Mortgage rates surge as home affordability nears record worst | C
-1.4% GDP Just Reminds Us of the Abject Stupidity of GDP | FO
US II
Home Buyers Are Finding Ways to Take the Sting Out of Rising Mortgage Rates | W
How much in student debt could Biden forgive? What's on the table | C
New York’s Waldorf Astoria Hotel Finds a Rocky Path to Condo Conversion | W
Europe
Euro zone factory output growth stalled in April | R
Geopolitics & trade
In shift, Germany could back immediate EU ban on Russian oil | R
Ukraine evacuees flee to safety after ordeal in Mariupol steel works | R
Was Russia’s decision to cut off natural gas exports to Poland and Bulgaria a mistake? | Vox
Corporate finance
Spirit Airlines Rejects JetBlue Bid, Sticks With Frontier Deal | W
Crypto
Warren Buffett wouldn't spend $25 on 'all of the bitcoin in the world' | C
Beyond markets
California Four-Day Workweek Bill Is Shelved for Now | W
May 2 (Monday)
Latest Morning Briefing Executive Summary: The Big Leak
Spooked investors have driven valuation multiples down to the low end of our projected range and deposited the Nasdaq in a bear market and the S&P 500 back in correction territory. … Today we examine the causes and effects of global inflation. … Excessive US fiscal and monetary stimulus ignited the US inflation conflagration by triggering a demand shock that triggered a supply shock. When much of the stimulus leaked abroad (confirmed by trade data), it fueled global inflation. … Inflation has been deflating consumer spending on goods but not on services. But soon we expect durable goods inflation to peak and drop. Inflation has a history of being spikey. ... Finally, movie review: “WeCrashed” (+ + +) is about WeWork, not the stock market.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on April 25.
Markets
Warren Buffett Says Markets Have Become a ‘Gambling Parlor’ | W
After a Long Bull Run for U.S. Stocks, Emerging Markets Are Now the Place to Be, Says This Global Investment Strategist | BR
Central banks
Fed Prepares Double-Barreled Tightening With Bond Runoff | W
Climate & sustainability
An ESG Fund That Isn’t Afraid of Energy Stocks | BR
Global
Can Brazil help with food shortages around the world? | E
US
U.S. consumers shrug off high inflation, lean on savings to boost spending | R
Inflation forces consumers to ask: Can I live without it? | C
Americans Are Showing Inflation Fatigue, and Some Companies See a Breaking Point | W
Republican Hutchinson, at odds with Trump, eyes 2024 U.S. presidential run | R
Biden roasts Trump, GOP, himself at correspondents' dinner | C
The Great Resignation Is Just a Symptom of a Bigger Realignment | BR
Europe
Emmanuel Macron’s triumph, and the challenges he now faces | E
China
China 'in a very tough spot' as COVID-19 lockdowns hit economy, China Beige Book CEO explains
China claims Beijing is the true test of its pandemic policy | E
China’s martial rhetoric will not help it defeat covid | E
Geopolitics & trade
Russia Recasts Fight in Ukraine as War With the West | W
Putin Preparing Russians for War With NATO | Newsweek
Nancy Pelosi leads surprise delegation to Kyiv and Poland, and vows U.S. support | C
World War III is far more likely than anyone is prepared to admit
How rotten is Russia’s army? | E
Europe should levy a high tariff on Russian energy | E
How the war in Ukraine is changing Europe’s demography | E
Ukraine War Puts Spy Satellites for Hire in the Spotlight | W
Putin 'will have cancer operation in the near future' and 'hand over power to hardline ex KGB chief' | Daily Mail
Corporate finance
Elon Musk Needs to Make Twitter a Financial Success. Here’s How He Can Do It. | BR
Industries & companies
Cruise lines: The Cruise Crowd Is Back, Even if Investors Aren’t. Here’s Why It May Be Time to Take a Plunge. | BR
Pharma: Alzheimer’s Drugs Face a Crucial Test. It’s Unclear Whether Medicare Will Pay for Them. | BR
Retail: Retailers' Stocks Are Priced for a Recession. The Market May Be Too Negative. | BR
Virus
Covid-19 Cases Rise in the U.S., With Limited Impact | W
Covid Latest: Omicron Sublineages Can Evade Antibodies | B
Moderna says its vaccine for ages under 6 will be ready for U.S. review in June | C
Technology
Amazon’s Astro Robot Is Crazy, Creepy and Fun | W
April 30 (Saturday)
Latest Morning Briefing Executive Summary: China, Tech & Electricity
With nearly a quarter of China’s people locked in their homes by strict Covid policies, China’s economy is suffering, its policymakers are reacting, and ripple effects are spreading throughout the globe. Today, we examine some of these effects on US companies with business ties to China and on financial markets. … Also: Investors have sent tech stocks to the doghouse, their collective performance down nearly 20% ytd, and the MegaCap-8 hasn’t been spared. Indeed, Netflix and Meta are down 67% and 46% ytd. … And a look at virtual power plants, making electricity demand as adjustable as solar/wind supply is intermittent.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on April 25.
Markets
Dow tumbles 900 points and Nasdaq drops 4% to close out a brutal month | C
Tech Rout Drags Nasdaq to Worst Month Since 2008 | W
Amazon, Google close out their worst months on Wall Street since 2008 | C
Exxon and Chevron, Buoyed by High Oil Prices, Shower Investors With Cash | W
Central banks
Big Fed rate hikes ahead, amid early signs hot inflation is peaking | R
Trio of Former Fed Officials Lament Central Bank’s Actions, See Good Odds of Recession | W
US
U.S. consumers shrug off high inflation, lean on savings to boost spending | R
U.S. Consumers Boosted Spending in March | W
Inflation Rises to Four-Decade High, According to the Fed’s Preferred Measure | W
Worker Pay and Benefits Grow at Record Pace, Pressuring Inflation | W
College-Educated Workers Help Unionize Places Like Starbucks | N
Europe
Eurozone Economy Keeps Growing but Recession Risk Looms | W
Japan
Japan's consumer prices rise in January, but at slower pace | R
China
China signals easing of tech squeeze in bid to lift economy | R
China Plans Reprieve for Tech Giants, Including Delaying New Rules, as Economy Slows | W
Industries & companies
Pharma: Pfizer’s Covid-19 Pill Failed Study Testing Its Preventive Use | W
Corporate finance
Elon Musk sold more than $8 billion in Tesla stock in recent days | C
Breakingviews: Elon Musk probably won’t buy Twitter | R
April 29 (Friday)
Latest Morning Briefing Executive Summary: China, Tech & Electricity
With nearly a quarter of China’s people locked in their homes by strict Covid policies, China’s economy is suffering, its policymakers are reacting, and ripple effects are spreading throughout the globe. Today, we examine some of these effects on US companies with business ties to China and on financial markets. … Also: Investors have sent tech stocks to the doghouse, their collective performance down nearly 20% ytd, and the MegaCap-8 hasn’t been spared. Indeed, Netflix and Meta are down 67% and 46% ytd. … And a look at virtual power plants, making electricity demand as adjustable as solar/wind supply is intermittent.
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Daily Markets Overview
Replay of Dr. Ed's webinar on April 25.
Markets
Tech Stocks Lead Rally; Nasdaq Rises 3.1% | W
U.S. Dollar Surges Amid Investor Jitters, Rising Yields | W
Yen Hits New 20-Year Low After Bank of Japan Reinforces Low-Rate Policy | W
Energy
Germany Drops Opposition to Embargo on Russian Oil | W
Iran Ramps Up Oil Exports as China Pulls Back on Russian Crude | W
Oil Middlemen Fueled Putin’s War Machine. Now They’re Getting Out. | W
Global supply chains
The Permian Basin Oil Field Is Running Out of Workers, Materials—and Cash | W
Intel CEO Sees Chip Shortage Lasting Into 2024 | W
US
U.S. GDP Falls 1.4% as Economy Shrinks for First Time Since Early in Pandemic | W
Economy Contracted in the First Quarter, but Underlying Measures Were Solid | N
Is It Better to Buy or Rent? Rising Mortgage Payments Make It Harder to Decide | B
Biden says he's not considering $50,000 in student loan forgiveness | C
Joe Manchin Says ‘Ludicrous’ Electric Vehicle Tax Credit Not Needed | B
China
Op-ed: The four big threats to China's economy | C
China’s Impossible Dream of Order | City Journal
Geopolitics & trade
Putin Really May Break the Nuclear Taboo in Ukraine | W
How the Ex-Chancellor Gerhard Schröder Became Putin’s Man in Germany
Blasts rock Kyiv during U.N. chief's visit, U.S. pledges new aid | R
After Russian Retreat, Ukraine’s Farmers Discover Fields Full of Mines | W
N.Korea's Kim calls for stronger military as nuclear test work 'well underway' | R
Industries & companies
Consumer discretionary: Amazon shares fall on bleak forecast and slowest growth since dot-com bust | C
Consumer discretionary: Amazon results and outlook fall short as warehouse, fuel costs soar | R
Tech: Apple shares dip after Tim Cook warns of a possible $8 billion hit from supply constraints | C
Climate & sustainability
An Inconvenient Truth About ESG Investing | HBR
Wind Power’s ‘Colossal Market Failure’ Threatens Climate Change Fight | B
California subpoenas Exxon for details on role in plastic pollution | C
Malnourished kids crowd hospital as Ethiopia hit by worst drought in 40 years | R
Virus
Moderna Asks FDA to Clear Its Covid Vaccine for Kids Under 6 | W
Beyond markets
What Ford, a 9-to-5 workweek pioneer, is learning about hybrid work | C
April 28 (Thursday)
Latest Morning Briefing Executive Summary: China, Tech & Electricity
With nearly a quarter of China’s people locked in their homes by strict Covid policies, China’s economy is suffering, its policymakers are reacting, and ripple effects are spreading throughout the globe. Today, we examine some of these effects on US companies with business ties to China and on financial markets. … Also: Investors have sent tech stocks to the doghouse, their collective performance down nearly 20% ytd, and the MegaCap-8 hasn’t been spared. Indeed, Netflix and Meta are down 67% and 46% ytd. … And a look at virtual power plants, making electricity demand as adjustable as solar/wind supply is intermittent.
(subscribers' link)
YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on April 25.
Markets
Stocks Close Higher After Tech-Led Selloff | W
Nasdaq futures rise as market attempts comeback from April sell-off, Meta shares soar | C
U.S., European shares advance as euro dives to lowest since 2017 | R
Energy
Russia halts gas supplies to Poland and Bulgaria | R
Russian Supply Concerns Drive Natural-Gas Prices Higher | W
Russian Gas Stoppages Spur Europe’s Race for New Energy Supplies | W
Can Japan Keep the Lights On? The Ukraine War Upends a Big Energy Bet. | N
Oil edges lower as mass COVID testing begins in China | R
US
Hot Job Market, an Economic Relief, Is a Wall Street Worry | N
Administration signals student loan forgiveness decision may come soon | C
Geopolitics & trade
Russia’s New Economic Data Is Inconsistent on Impact of War and Sanctions | W
Industries & companies
Aerospace: Boeing Looked for Flaws in Its Dreamliner and Couldn’t Stop Finding Them | W
Aerospace: Boeing shares plunge on array of charges, 737 MAX target in doubt | R
Corporate finance
Investors fret over potential Musk U-turn in $44 billion Twitter buyout | R
Elon Musk wins shareholder lawsuit over Tesla-SolarCity deal | C
April 27 (Wednesday)
Latest Morning Briefing Executive Summary: Inflated Economy
Inflation is inflating corporate revenues: All 11 sectors of the S&P 500 boast rising forward revenues ytd, eight of them to record highs. It’s also inflating nominal economic growth even as real economic growth slows. This is bullish for earnings provided that companies can keep offloading higher costs to customers via pricing and provided that no recession comes along to stop that. … Also: We review the latest economic releases, which jibe with our stagflationary outlook for 2022. … And: The global food crisis. Food shortages and food inflation are bound to worsen, with dire implications for poorer nations around the world.
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YRI
Daily Markets Overview
Replay of Dr. Ed's webinar on April 25.
Markets
Stocks Fall as Dow Drops More Than 800 Points | W
Real Yields Wade Toward Positive Territory, Denting Stocks | W
Bitcoin
Fidelity to Allow Retirement Savers to Put Bitcoin in 401(k) Accounts | W
Millennials have solved the retirement crisis | MW
Central banks
Senate Confirms Brainard as Federal Reserve’s Vice Chairwoman | W
US
March Orders for Long-Lasting Goods Rose on Auto, Computer Demand | W
Opinion: Spending on consumer goods will likely plummet in the second half of the year | NN
Home-Price Growth Accelerated in February | W
The Hottest Places to Live Now Are Often the Most Affordable | W
Biden Seriously Considering Student-Loan Forgiveness, Officials Say | W
China
Covid Lockdowns Show Xi Jinping Puts Ideology Before China's Economy | B
China’s Xi Pushing to Beat the U.S. in GDP Growth Despite Covid Lockdowns | W
Geopolitics & trade
Poland and Bulgaria face Russian gas cut as Ukraine crisis escalates | R
Russia Tried to Sell a Huge Slug of Oil. Nobody Wanted It. | W
Industries & companies
Autos: GM will start tying executive compensation to electric vehicle targets | C
Autos: GM has 140,000 reservations for Chevrolet Silverado EV | C
Autos: Tesla stock closes down more than 12% after Musk's Twitter deal | C
Corporate finance
Twitter in Elon’s Hands Is No Idle Distraction | W
Virus
Weekly Covid deaths have dropped to lowest since March 2020, WHO says | C
More than half of Americans have had COVID infections, U.S. study shows | R
Climate & sustainability
Enphase 'tripling down' on Europe as Russia war sends power prices up | C
Consumer Brands Push for Clean-Energy Tax Credits | W
April 26 (Tuesday)
Latest Morning Briefing Executive Summary: Waiting for a Break
Investors are fretting that the Fed will slam on the monetary brakes, sending the economy hurtling down a ravine, but how legit are their concerns? Historical behavior of stock valuations and earnings estimates prior to feared and actual recessions offers perspective. Corrections usually reflect false alarms about impending recessions, whereas sustained bear markets reflect the real thing. … We also check more conventional leading economic indicators for perspective. … Plus: Fresh supply-chain disruptions resulting from China’s widespread lockdowns could trigger a recession there and potentially weigh on growth here. … And: We examine the latest stats on another of China’s homegrown problems: its birth dearth.
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Daily Markets Overview
See subscribers' link below for today’s Morning Briefing.
Replay of Dr. Ed's webinar on April 25.
Markets
U.S. Stocks Finish Volatile Session With Gains | W
Forget the FAANGs. It's a stock picker's market now | NN
Chinese Markets Tank as Investors Worry About Covid-19 Lockdowns | W
Currency & commodities
Column: Oil prices paralysed between Russia sanctions and China lockdowns: Kemp | R
Oil slumps 4% as Shanghai lockdowns stoke demand fears | R
Dollar ascends on China COVID fears, Fed rate hike pace | R
Central banks
Do Serious People Still Take Seriously the Fed and ‘Soft Landings’? | FO
US
Sen. Joe Manchin Pushes for Democratic Compromise on Climate Agenda | W
Biden reverses Trump move to open up more oil drilling in Arctic | C
Europe
Even in Defeat, Marine Le Pen Leads France’s Far Right Closer to Power | W
China
Beijing Orders Citywide Covid-19 Testing as Fears of Lockdown Spark Panic-Buying | W
Geopolitics & trade
Russia warns 'serious' nuclear war risks should not be underestimated | R
Higher inflation factors into review of tariffs on Chinese goods- White House | R
Corporate finance
Twitter Accepts Elon Musk’s Offer to Buy Company in $44 Billion Deal | W
Elon Musk’s deal to buy Twitter leaves many key questions unanswered | C
What Elon Musk Would Do With Twitter | W
Virus
U.S. FDA approves Gilead’s Covid-19 drug remdesivir for young children | C
April 25 (Monday)
Latest Morning Briefing Executive Summary: The Forces of Inflation vs The Forces of Deflation
The stock market is correcting again, fear is rising again, and valuations are sagging under the weight of a hawkish Fed and rising bond yields. Yet consensus expected S&P 500 earnings continues breaking records. With 2022 shaping up as a volatile year for stocks, we anticipate a rally following the current selloff. … Also: Might “stayflation” frustrate the Fed’s 2.0% inflation goal? … We explain our view of inflation as a tug-of-war between four inflationary forces and four deflationary ones. … And: Treasury Secretary Yellen calls for a new world order featuring a “unified coalition of sanctioning countries,” the exclusion of pariah nations, and the “friend-sharing” of supply chains. Movie: “Inventing Anna” (+ + +).
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Daily Markets Overview
See subscribers' link below for today’s Morning Briefing.
Replay of Dr. Ed's webinar on April 18.
Markets
Oil prices extend losses as Shanghai lockdowns hit demand outlook | R
Central banks
Why the Federal Reserve has made a historic mistake on inflation | E
After getting inflation so wrong, can the Fed now get it right? | E
The perils of expanded balance-sheets | E
The danger of excessive distraction | E
The Fed Wants to Raise Rates Quickly, but May Not Know Where to Stop | W
US
Workers Are Changing Jobs, Raking In Big Raises—and Keeping Inflation High | W
Europe
Macron beats far-right rival Le Pen in French presidential election | C
China
China’s two-front fight to quash the virus and revive its economy | E
Covid-19 Cases Jump in Beijing as New Deaths Triple in Shanghai | W
Geopolitics & trade
Brussels prepares to hit Russia with 'smart sanctions' on oil imports, The Times says | R
Top U.S. Officials Meet With Zelensky in Kyiv | W
Poland’s prime minister says the West’s appeasement of Vladimir Putin must stop | E
Chinese political interference has Western spooks worried | E
Industries & companies
Communications services: Facebook Is Broken. Execs Say a Fix Won’t Come Fast. | BR
Media: What doomed CNN+? How rival strategies and executive intrigue fueled the streaming service’s rapid demise | C
Retail: Apple Store Workers Seek to Unionize, Following Efforts at Amazon, Starbucks | W
Corporate finance
Twitter is reportedly taking another look at Musk takeover bid | C
Climate
Russia’s War in Ukraine Could Have Environmental Impact That Lasts Decades | W
A Different Kind of Solar Power Attracts Attention | W
Virus
Have People Been Given the Wrong Vaccine? | BI
April 23 (Saturday)
Latest Morning Briefing Executive Summary: LNG, Credit & Green Buildings
Natural gas prices are higher than they’ve been in over a decade owing not to demand but supply issues. The crux of the problem: Europe’s need to find non-Russian sources of gas. Jackie reports on the factors that have been turning the screws on the natural gas market and looks at where the S&P 500 Energy sector stands after its huge runup. … Also: A look at how the high-yield, asset-backed, and municipal areas of the bond market are faring with the Fed in tightening mode. ... And: Some innovative green buildings blur the lines between indoors and out.
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YRI
Daily Markets Overview
See subscribers' link below for today’s Morning Briefing.
Replay of Dr. Ed's webinar on April 18.
Markets
Dow Tumbles Nearly 1,000 Points as Stocks Extend Selloff | W
Why Midterm Election Years Are Tough for the Stock Market | N
U.S. bonds: Treasury yields rise following Powell rate hike remarks | C
Central banks
Fed's Mester casts doubt on the need for 'shock' interest rate hikes ahead | C
Global
Global Growth Ebbs in Face of Ukraine War, China Slowdown | W
US
How America Gave Up on Overtime for Workers | Time
The Best Job Markets Aren’t in the Biggest Cities | W
China
New Details of Shanghai Nursing Home Covid Deaths Suggest City Is Overwhelmed | W
Europe
Marine Le Pen’s Far-Right French Party to Pay Nearly $13 Million to Russian Military Contractor | W
Geopolitics & trade
'And who will come next?' warns Zelenskiy after Russian general eyes southern Ukraine | R
Ukraine Accuses Russia of Digging Mass Graves for Civilian Victims | W
Industries & companies
Consumer discretionary: How the “Amazon Way” is transforming the future of work - Vox
Communications services: Verizon Loses Subscribers and Warns of Inflation’s Toll | W
Media: Netflix and Facebook stock have plunged since tech's November peak | C
Retail: American Eagle pitches internal supply chain platform to retail rivals | C
Tech: As Europe Approves New Tech Laws, the U.S. Falls Further Behind | N
Tech: EU agrees on internet rulebook for Google, Facebook, other tech giants | R
Technology
Ukraine Sounds Alarm on Chinese Drones, Opening Skies to U.S. Startups | W
Climate
Democrats want EPA to investigate impacts of crypto mining | C
April 22 (Friday)
Latest Morning Briefing Executive Summary: LNG, Credit & Green Buildings
Natural gas prices are higher than they’ve been in over a decade owing not to demand but supply issues. The crux of the problem: Europe’s need to find non-Russian sources of gas. Jackie reports on the factors that have been turning the screws on the natural gas market and looks at where the S&P 500 Energy sector stands after its huge runup. … Also: A look at how the high-yield, asset-backed, and municipal areas of the bond market are faring with the Fed in tightening mode. ... And: Some innovative green buildings blur the lines between indoors and out.
(subscribers' link)
YRI
Daily Markets Overview
See subscribers' link below for today’s Morning Briefing.
Replay of Dr. Ed's webinar on April 18.
Markets
U.S. Stocks Finish Lower as Bond Yields Rise | W
Wall Street ends down, oil gains as Powell suggests aggressive Fed policy | R
The West Is Still Buying Russian Oil, but It’s Now Harder to Track | W
Global
U.S. Treasury's Yellen, White House say World Bank needs major 'reboot' | R
Central banks
Powell says taming inflation 'absolutely essential,' and a 50 basis point hike possible for May | C
Fed's Powell, half-point hike in view, completes hawkish pivot | R
Fed’s Powell Seals Expectations of Half-Point Rate Rise in May | W
Chicago Fed President Charles Evans to retire in early 2023 | C
US
Mortgage Rates Continue to Rise | W
How the Supply Chain Crunch is Hurting California Farmers. | N
China
Shanghai says its lockdown will only be lifted in batches | R
China Covid lockdown: Workers in Shanghai struggle to get back to work | C
China's overseas coal ban sees 15 projects cancelled - research | R
Geopolitics & trade
Biden Says U.S. to Send Ukraine $800 Million in Military Aid | W
'I'm a Former Marine Training Ukrainians—The Russians Are Worse Than ISIS' | ampproject.org
Industries & companies
Autos: Honda developing three new electric vehicle platforms by 2030 -executive | R
Media: Netflix, Facing Reality Check, Vows to Curb Its Profligate Ways | W
Media: CNN+ Streaming Service Is Shutting Down a Month After Launching | W
April 21 (Thursday)
Latest Morning Briefing Executive Summary: LNG, Credit & Green Buildings
Natural gas prices are higher than they’ve been in over a decade owing not to demand but supply issues. The crux of the problem: Europe’s need to find non-Russian sources of gas. Jackie reports on the factors that have been turning the screws on the natural gas market and looks at where the S&P 500 Energy sector stands after its huge runup. … Also: A look at how the high-yield, asset-backed, and municipal areas of the bond market are faring with the Fed in tightening mode. ... And: Some innovative green buildings blur the lines between indoors and out.
(subscribers' link)
YRI
Daily Markets Overview
See subscribers' link below for today’s Morning Briefing.
Replay of Dr. Ed's webinar on April 18.
Markets
Dow jumps 249 points on Wednesday, but the Nasdaq is dragged down by a big plunge in Netflix | C
Dollar’s Upward March Reaches a Nearly Two-Year High | W
Central banks
Fed's Daly says the economy can handle rate hikes, but a mild recession is possible | C
US
U.S. Economy Grows Moderately Amid High Inflation, Ukraine Invasion | W
March existing home sales fall, median price sets new record | C
This Inflation Is Demand-Driven and Persistent by Jason Furman | Project Syndicate
“The Great Resignation” Is a Great Exaggeration | The Nation
Bernie Sanders' team says he has 'not ruled out' 2024 bid | C
Europe
Macron, Le Pen clash in heated French election debate | R
Geopolitics & trade
Ukraine Needs $5 Billion Monthly to Keep Its Economy Afloat, IMF Chief Says | W
Russian Offensive Bears Down on Donbas as West Races to Supply Ukraine With More Weapons | W
Russia tests nuclear-capable missile that Putin calls best in world | R
From YouTube to Rutube. Inside Russia’s Influence Campaign. | W
Industries & companies
Autos: Tesla races ahead of rising raw material costs on price hikes | R
Airlines: Opinion: Get ready for crowded planes and higher fares this summer | NN
Media: Netflix stock plunges on shocking subscriber loss | C
Media: Legacy media disrupted Netflix with streaming offerings, now it risks similar fate | C
Climate & sustainability
Lithium costs a lot of money—so why aren’t we recycling lithium batteries? | Ars Technica
Corporate finance
Startup investors are worried the pandemic boom is about to end | Vox
Virus
Relief, confusion and disappointment as masks come off on planes | C
April 20 (Wednesday)
Latest Morning Briefing Executive Summary: Corporate Finance In Focus
Today, we roll up our sleeves, lift the hood, and take a close look at the mechanics of corporate finance. … We show how corporate America’s record levels of profits and cash flow are deployed. … We also show how a lack of understanding of corporate finance has given rise to some blatantly false notions of progressives—e.g., that share buybacks drive better stock-price performance and that money used repurchasing shares and paying dividends detracts from what’s available to spend on workers and capital investments.
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YRI
Daily Markets Overview
See subscribers' link below for today’s Morning Briefing.
Replay of Dr. Ed's webinar on April 18.
Markets
Dow adds 499 points, Nasdaq climbs 2% as investors shake off slow start to week | C
Stocks Close Higher as Earnings Season Ramps Up | W
Oil prices rise 1% after sinking in previous session | R
Central banks
Fed's Bostic expresses caution about the pace of interest rate hikes | C
Global
IMF cuts global growth forecast due to "seismic waves" from Russia's war in Ukraine | R
US
Bank of America CEO says spending is healthy despite roaring inflation | C
U.S. forgives 40,000 student loans, provides aid to 3.6 million more | R
Why did Congress let the expanded child tax credit expire? | Vox
Geopolitics & trade
Russia begins a new phase of its war in Ukraine | E
New surrender deadline in Mariupol as West promises Ukraine more arms | R
Industries & companies
Airlines: Airports, Other Transit Split on Requiring Masks After Federal Mandate Is Dropped | W
Media: Roku, Disney, other streaming stocks slide after Netflix report | C
Media: Netflix is exploring lower-priced, ad-supported plans after years of resisting | C
Media: Netflix warns password sharing crackdown is coming | C
Pharma: How China’s Sinovac compares with BioNTech’s mRNA vaccine | E
Virus
Covid: TSA will not enforce mask mandate on public transit after court ruling | C
Biden administration will appeal lifting of mask mandate, if CDC agrees | R
Corporate finance
Blackstone Bets on Campus Housing With $13 Billion Acquisition | W
April 19 (Tuesday)
Latest Morning Briefing Executive Summary: How Will the Fed Stop The Wage-Price Spiral?
Can the Fed pull it off? Can it surgically subdue inflation without inflicting much collateral damage on the US economy? The now unanimously hawkish FOMC intends to try. Their current game plan seems to anticipate five increases of 50bps each, possibly at the next five FOMC meetings. … Meanwhile, we are on the lookout for signs of peaks in the latest inflation indicators; used car and truck prices are the first. … Rent and wages, on the other hand, are spinning upward along with prices in a mutually reinforcing spiral—calling into question the Fed’s optimism. … Also: A look at the causation loop between inflation and fiscal policy. ... Movie review: “Super Pumped: The Battle for Uber” (+ + +).
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YRI
Daily Markets Overview
See subscribers' link below for today’s Morning Briefing.
Replay of Dr. Ed's webinar on April 18.
Markets
Stocks waver on Monday as a big week for earnings gets underway, rates rise | C
Price of corn hits 9-year high as surge in commodities continues | C
Natural gas surges to highest level since 2008 as Russia's war upends energy markets | C
Central banks
Hot Economy, Rising Inflation: The Fed Has Never Successfully Fixed a Problem Like This | W
Global
World Bank Cuts 2022 Global Growth Outlook on Russia's Invasion of Ukraine | B
Treasury Secretary to meet with top finance ministers to address global food crisis | C
The taxman cometh… for the internet | The Hill
US
Fears of recession are everywhere — except the White House | P
Small Businesses Object to Rerouting of Covid-19 Aid | W
Homebuyers Discouraged by Rising Mortgage Rates, Prices, N.Y. Fed Survey Finds | B
Homeowner Groups Seek to Stop Investors From Buying Houses to Rent | W
Is College Worth It: Most Graduates Work in Other Fields | B
China
China’s Economy Grew 4.8% in First Quarter, Beating Expectations | W
China’s Covid-19 Restrictions Threaten Economic Recovery | W
Industries & companies
Autos: Rivian CEO on growth, Amazon vans, SPAC bubble and lower-priced EVs | C
Homebuilder: Homebuilder sentiment drops for fourth straight month | C
Retail: Apple retail union organizers want to be paid at least $30 per hour | C
Geopolitics & trade
In Ukraine’s South, Russian Occupiers Tighten the Screws | W
Russia Has Found No Place Yet to Invest Reserves After Sanctions | B
Corporate finance & crypto
Musk: Twitter board will be paid nothing if he acquires the company | C
Cutting-Edge Crypto Coins Tout Stability. Critics Call Them Dangerous. | W
Climate
European Green Energy Firms Often Fall Short on Financing | N
Virus
BA.2 Proves the Pandemic Isn’t Over, but People Are Over It | W
Florida judge overturns CDC mask mandate for planes and public transit | C
Leaving Covid safety to personal choice will 'come back to bite us,' ex-Obama health official says | C
April 18 (Monday)
Latest Morning Briefing Executive Summary: Inflation, Semis, Banks & Grocery Shopping
We’ve been on the lookout for signs of peak inflation, and we are deflated to report none to be seen in the latest PPI and small business survey releases. Instead, they telegraphed higher-for-longer inflation in a weakening stagflationary environment. … Semiconductor-related stocks have been beaten down ytd, but analysts expect double-digit earnings growth this year and next, aided by some fast-growing end markets. … Also: Expect smaller domestically focused banks to report stronger Q1 results than their big multinational counterparts. … And: Grocery shopping with no waiting in checkout lines or schlepping bags to the car? Yep: The supermarket industry is going high tech.
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Daily Markets Overview
See subscribers' link below for today’s Morning Briefing.
Replay of Dr. Ed's webinar on April 11.