What I Am Reading

April 27 (Thursday) Latest Morning Briefing Executive Summary: Tech, Staples & Robotaxis Before long, every large corporation will be following in PricewaterhouseCoopers’ footsteps and trying to leverage AI to their advantage. Microsoft is well positioned to benefit via its OpenAI investment and Azure cloud computing service. … Consumer Staples companies have turned investors’ heads with stellar March-quarter results, buoyed by pricing power. But their unit sales growth might be vulnerable to price-sensitive consumers’ disloyalty. … And in our Disruptive Technology segment, Jackie explores the Achilles’ heel of autonomous vehicles: situations they haven’t been programmed for. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on April 24. Markets A stronger yen could jolt global markets | R Central banks Powell Faces Pushback Inside Fed Over Need to Cool Wage Gains | B US US GDP April 2023: Economic Growth Slows to 1.1% as Business Investment Slumps | B Demand for Beer and Handbags Help Temper Recession Fears for Now | B Recession and inflation fears stoking investor confusion: strategist | C Economy is in a ‘freight recession,’ with China trade heading lower | C Profit Margins Are Sliding for Americans Who Sell Their Homes | B Solar, EV firms say Republicans’ debt limit a ‘stunt’ that could cost jobs | R How McCarthy mollified the right on his debt plan — for now | PO   Europe Column: Poland’s pushback on EU climate goals no surprise, but a worry | R   China Analysis: China’s small steps on offshore use of yuan are starting to add up | R   Geopolitics & trade U.S., South Korea Pledge Cooperation on Potential Use of Nuclear Arms | W   Industries & companies Autos: Jeep Maker Stellantis to Offer Buyouts to Hourly, Salaried Workers | W Financials: Deutsche Bank Steps Up Cost Savings After Traders Trail Peers | B Pharma: Congress Considers Paying Developers of New Antibiotics | W Real Estate: Fire Sale: $300 Million San Francisco Office Tower, Mostly Empty. Open to Offers. | W Real Estate: How cities could turn offices into apartments | The Week Tech: Google Is All About Cost Control Now | W   Corporate finance Microsoft hits back at UK after Activision acquisition blocked | R Chinese Liquor Maker Sinks After Serving Up Hong Kong’s Biggest IPO in Months | W   Beyond markets Fed’s Powell Tricked By Russian Pranksters Posing as Zelenskiy | B Chronicling of the Collapse of Public Transit in the US | B SpaceX Starship explosion caused 3.5-acre fire, U.S. FWS says | C

April 26 (Wednesday) Latest Morning Briefing Executive Summary: Fiscal Dystopia If Congress doesn’t increase the federal debt ceiling soon, the government will no longer be able to pay its bills. Jim Lucier of Capital Alpha Partners reports on the progress of the Limit, Save and Grow Act, which may well pass the House this week. … The government has been in such pickles before, and the debt limit usually got raised before the 11th hour and a couple of times at the 12th hour. Of course, the recent consequences of the government’s unprecedented fiscal excesses have been massive federal deficits and inflation boosted by helicopter money. But doomsday as predicted by the doomsters has yet to arrive. We examine why. … Also: Joe looks at the profit margins that analysts expect for S&P 500 sectors and industries. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on April 24. Markets Column: Oil market has absorbed surprise production cut by OPEC+ | R Russian Oil Prices Surge, Put Sanctions to Test | W Yuan overtakes dollar to become most-used currency in China’s cross-border transactions | R Column: The world is not dumping its dollars | R US Economic Turmoil: Summers See 5% Inflation Sticking Without Major Downturn | B How the U.S. Economy Is Faring Under Joe Biden in Six Charts | W Biden’s impending Watergate | Washington Times Ironically, Biden’s the one making America great again | The Hill US House Republicans revise debt ceiling bill after dissension in ranks | R Geopolitics & trade India’s Population Surpasses China, Shifting Global Order | W China’s Xi Makes First Call to Ukraine’s Zelensky Since Russian Invasion | W China’s Expanded Spy Law Adds to Chilling Effect of Detentions | W China Dominates U.S. Solar Market as Lawmakers Tussle Over Tariffs | W Kremlin warns of more asset seizures after move against Fortum and Uniper | R U.S., South Korea Pledge Cooperation on Potential Use of Nuclear Arms | W   Industries & companies Autos: Look Out, Tesla, There’s a Really Tiny Competitor in Your Rearview Mirror | W Banks: SVB Financial Group Stuck in Bankruptcy Stalemate with FDIC | B Banks: Banking Problems May Be Tip of Debt Iceberg | W Media: Disney sues Florida’s DeSantis over efforts to ‘weaponize’ government over free speech | R Pharma: Merck Keeps Striking Out on Expanding Its Cancer-Drug Juggernaut | W   Corporate finance U.K. Regulator Blocks Microsoft’s $75 Billion Activision Blizzard Takeover | W The $11.8 billion mistake that led to Bed, Bath & Beyond’s demise | NN SPACs Delivered Easy Money, but Now Companies Are Running Out | W Climate ‘The Greenest Bullet Train In The World’: Wes Edens Wants To Kickstart U.S. High-Speed Rail With A Vegas-L.A. Line | FO Beyond markets Elon’s Musk’s Twitter verification check mark debacle is getting worse | Vox Schools Are Ditching Homework, Deadlines in Favor of ‘Equitable Grading’ | W So Many Ways to Communicate at Work, So Many Ways to Misfire | W

April 25 (Tuesday) Latest Morning Briefing Executive Summary: The Economy Is Beige The stock market’s resilience since October 12 in the face of Fed rate hiking reflects the economy’s resilience. Measures of breadth for industry analysts’ estimates of S&P 500 revenues and earnings have been improving since early this year, and their optimism is supported by surveys of corporate purchasing managers. … The Fed’s latest Beige Book confirms that the banking crisis hasn’t knocked the economy off its rolling-recession path. … Also: We’ve known that QT and the banking crisis exert tightening forces equivalent to some amount of federal funds rate hiking. Now the SF Fed has quantified it, finding that the “effective” federal funds rate is currently over 6%. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on April 24. Markets Russia War Triggers Record Wave of East Europe Bond Sales | B Sliding Diesel Prices Signal Warning for U.S. Economy | W Global Here’s How Supply Chains Are Being Reshaped for a New Era of Global Trade | W US Can the US economy avoid a recession and defy odds? | Vox Megatrends: The Longevity Economy | Investing | U.S. News The debt ceiling is the least of our nation’s fiscal concerns | The Hill Joe Biden announces 2024 reelection campaign | C China China completes landmark national real estate registration system | R Geopolitics & trade ByteDance pushes Lemon8 app in the U.S. as TikTok faces a ban | C Industries & companies Autos: GM Raises 2023 Profit Outlook as Car Buyers Continue to Splurge | W Banks: First Republic Lost $100 Billion in Deposits in Banking Panic | W Banks: How a Star Banker Supercharged a Struggling Financial Stock | W Real Estate: Commercial Real-Estate Woes Run Deeper Than in Past Downturns | W Retail: How IKEA Chopped, Hollowed Out and Flattened Its Furniture to Cut Costs | W Technology A Satellite Phone That Works Anywhere? The U.S.-China Rivalry Makes That Harder. | W Beyond markets Opinion | Your $12 Shirt Was Made in Functional Slavery | N

April 22 (Saturday) Latest Morning Briefing Executive Summary: Health Care, Financials & Hydrogen Two of the S&P 500’s 11 sectors have staged impressive comebacks in recent weeks, Financials and Health Care. Jackie tells their laggards-to-leaders stories. … Also: Large banks’ sharp y/y increases in net interest income are making up for weaker areas of their business, enabling happy Q1 earnings surprises for some. NII gains likely peaked in Q4, but a reopening of the capital markets could help the industry as 2023 progresses. … And in our Disruptive Technologies segment: EVs have been heralded as the cars of the future, but it might be hydrogen powered cars that go the distance. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on April 17. Markets Stocks end Friday’s session little changed, Dow snaps 4-week win streak | C A recession is coming — and stock markets won’t come through it unscathed, strategist says | C Global Economy Gets Boost but Inflation Worries Linger | W Column: Evaporating equity risk premium herds funds to bonds | R More Lessons From the Do Nothing Portfolio | Morningstar Central banks Fed tilts toward rate hike, with a possible pause in view as lending slows | C Fed Rethinks Loophole That Masked Losses on SVB’s Securities | W   Commodities Column: U.S. diesel stocks tighten but fear of shortage eases | R Chile plans to nationalize its vast lithium industry | C US These US States Saw Their Unemployment Rates Fall to Record Low in March | B Home Prices in March Posted Biggest Annual Decline in 11 Years | W Donald Trump Tops Ron DeSantis in Test of GOP Presidential Field, WSJ Poll Finds | W When did mass layoffs become so normal? | Vox   Europe Europe’s Planes Keep Flying Despite Cyberattack | W Industries & companies Autos: Exclusive: Tesla’s Autopilot never claimed to be self-pilot, juror says | R Banks: ‘Utterly irresponsible’: SVB failure was caused by a banking — not tech — crisis, top VC says | C Banks: Treasury proposes new process to spot risks after SVB, Signature Bank failures | C Banks: A Schwab (SCHW) Brokerage Divorce From Its Bank Will Unlock Value, JPMorgan Says | B Mobile: U.S. Begins Planning for 6G Wireless Communications | W Pharma: Big drug company CEOs to testify at Senate Health committee on insulin prices | C Tech: Google’s 80-acre San Jose mega-campus is on hold as company reckons with economic slowdown | C Tech: Apple Plans iPhone Journaling App in Expansion of Health Initiatives | W Musk Elon Musk had a rough week across his empire — Tesla, Twitter and SpaceX | C After SpaceX’s Starship Rocket Explosion—Debris, Data and Analysis | W So what was that? Was Starship’s launch a failure or a success? | Ars Technica Elon Musk Sows Confusion on Twitter After Removing Legacy Check Marks | W Beyond markets ‘It totally backfired’: The pitfalls of Alzheimer’s genetic testing | R NYC Subway Hits 4 Million Rides, Most Since Covid | B

April 20 (Thursday) Latest Morning Briefing Executive Summary: Health Care, Financials & Hydrogen Two of the S&P 500’s 11 sectors have staged impressive comebacks in recent weeks, Financials and Health Care. Jackie tells their laggards-to-leaders stories. … Also: Large banks’ sharp y/y increases in net interest income are making up for weaker areas of their business, enabling happy Q1 earnings surprises for some. NII gains likely peaked in Q4, but a reopening of the capital markets could help the industry as 2023 progresses. … And in our Disruptive Technologies segment: EVs have been heralded as the cars of the future, but it might be hydrogen powered cars that go the distance. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on April 17. Markets High-Yield Savings Accounts Draw Customers With 4% Rates | B Oil prices at three-week low as strong dollar, rate hikes weigh | R Central banks Column: ‘Peak Fed’ aggravates U.S. debt ceiling strains | R BOJ open to tweaking YCC this year if wage momentum holds – sources | R US McCarthy unveils debt ceiling bill that targets Biden agenda | C When Will I Retire? How About Never | W China China’s CCTV slams Western hype of its population decline | R Column: China boosts crude oil inventories despite record refinery processing | R Geopolitics & trade Janet Yellen to Say Security Comes Before Economy in U.S.-China Relationship | W Yellen calls for ‘constructive and fair’ US economic ties with China | R Opinion | America, China and a Crisis of Trust | N China plans to ban rare earth magnet exports | American Military News Apple CEO Tim Cook Meets Prime Minister Modi, as Tech Giant Looks to Expand in India | W Japan’s Kishida Says He’ll Lead G-7 in Pushing for Protection of Journalists | W Industries & companies Media: ESPN layoffs to start as Disney cuts costs | C Media: Ron DeSantis Disney fight intensifies despite criticism | C Tech: Musk threatens to sue Microsoft over Twitter data being used in A.I. | C Transportation: Drop in Transportation Stocks Foreshadows Weakening Economy | W Corporate finance Wall Street’s Deal-Making Lull Crimps Earnings at Morgan Stanley, Goldman | W Technology Sony World Photography Award 2023: Winner refuses award after revealing AI creation | BBC Beyond markets Taylor Swift asked a simple question that turned her off FTX | QZ TikTok Effects on Mental Health In Focus After Teen Suicide | B MIT scientists find way to treat, reverse Alzheimer’s disease | P

April 19 (Wednesday) Latest Morning Briefing Executive Summary: Construction, MegaCap-8 & Financials Even as the rolling recession rolls through segments of the real estate market, areas of the construction industry have never been stronger. Residential construction isn’t one of them, but nonresidential and public construction each hit new record highs in February. Construction industry employment did the same in March. … Also: If industry analysts’ forecasts are on the mark, the eight MegaCap-8 companies that exert outsized influence over the S&P 500’s performance can look forward to a rebound of their collective y/y earnings comparisons starting in Q2-2023. … And: The S&P 500 Financials sector’s growth prospects improved overnight when the Transaction & Payment Processors industry was added. Joe takes a look. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on April 17. Markets Column: As funds bake in recession, junk bonds surf the stress | R Fidelity and State Street Push to Make 401(k)s More Like Pensions | W   Global Has Globalization Failed? Much of the World Economy Is Going in Reverse | B   Commodities Why all that glitters isn’t gold when it comes to investing Global rice shortage is set to be the biggest in 20 years | C US Inflation, High Car Prices Hurt US Consumers and Boost Repo Demand | B Mortgage demand from homebuyers drops 10% as interest rates jump | C Despite stable jobs and decent wages, essential workers still can’t afford the rent | The Boston Globe History of destructive capital gains taxes and inflation | Washington Times Europe Column: Germany goes all in on energy transition with nuclear shutdowns | R German cabinet approves bill to phase out oil and gas heating systems | R Industries & companies Autos: Biden’s push for electric vehicles hits deep in the heart of Texas | R Autos: Tesla Earnings Expected to Show Impact of Elon Musk’s Price Cuts | W Banks: The $1.2 Trillion Question Hanging Over Banks in Europe | W Banks: Banks Leaned on a Little-Known Lender in March as Customers Fled | W Health Care: Nurse Shortage Pushes Hospitals Into the Gig Economy | W Media: Fox resolves Dominion case, but $2.7 billion Smartmatic lawsuit looms | R Tech: Meta layoffs: Latest cuts start, focused on technical employees | C   CHIPS TSMC Seeks Up to $15 Billion From U.S. for Chip Plants but Objects to Conditions | W Europe approves its $47 billion answer to Biden’s CHIPS Act | C   Corporate finance Kidney-Care Specialist Diaverum to Be Sold in $2 Billion Deal | W Beyond markets Single Dose of Omicron-Targeting Vaccines to Become Main Covid-19 Shot in U.S. | W

April 18 (Tuesday) Latest Morning Briefing Executive Summary: Pandemic Pandemonium The pandemic effectively accelerated the latest business cycle. Government interventions including lockdowns, rent moratoriums, stimulus payments, and ultra-easy monetary policy altered the behavior of economic actors including businesses, workers, consumers, landlords, tenants, home buyers, and home sellers. The result was a business cycle on warp speed. … Pandemic-altered consumer behavior escalated inflation, first for goods and then for services. … That disproves the theory that inflation is simply a monetary phenomenon, fully within the Fed’s power to control. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on April 17. Markets Stock Market Keeps Going Up, But Skeptics Hold Tight to the Bear Case | B U.S. Stocks Edge Up, With Earnings in Focus | W US warns companies over Russian oil price cap evasion via ESPO pipeline | R US BofA Says Tough Earnings Season Is Off to Best Start in a Decade | B America needs to sort out its industrial policy confusion | The Hill Free tax preparation taught me where the US tax code falls short | Vox How Much Money Do I Need to Retire? A Quarter of Americans Have No Savings | B Nikki Haley enjoys early billionaire support in 2024 race | C China Chinese Millennials Look to Stocks, Bonds and Crypto in Seeking Ways to Wealth | B China’s electric car drive, led by BYD, leaves global brands behind | R Japan Japan Hotels Draw Foreign Investors at Scale Unseen in Years | B India India’s Worthless College Degrees Undercut World’s Fastest-Growing Major Economy | B Industries & companies Financials: HSBC shareholder Ping An to vote for bank’s break-up at annual meeting -source | R Financials: State Street, Schwab See Deposits Drop | W Media: Opinion | Twitter Is Broken. Thanks, Elon. | NYT Tech: Alphabet shares fall on report Samsung may dump Google Search for Bing | R Geopolitics & trade U.S., Allies Weigh How to Reduce Economic Ties With China | W U.S. Arrests Two, Charges Dozens for Alleged Illegal U.S. Activities by Chinese Security Agents | W Taiwan to Buy 400 US Anti-Ship Missiles Intended to Repel China | B   Crypto Bitcoin dips below $30,000, and backlash brews as SEC moves toward DeFi oversight | C

April 17 (Monday) Latest Morning Briefing Executive Summary: The Sky Isn’t Falling JPMorgan CEO Jamie Dimon’s ambiguous warnings about the economy broadly and banks specifically, voiced intermittently since last summer, have probably led many an investor astray. JPM stock has soared 34% since October, and the S&P 500 has leapt 7% in the month or so since SVB imploded, with every sector participating. … One thing Dimon said is on the mark: The economy isn’t headed for a credit crunch. That’s substantiated by US banks’ balance-sheet data, which we monitor. … Another alarmist creating disconcerting background noise is Fed Governor Christopher Waller. He’s not bothered by the economy or the banking crisis but by inflation, which he says requires further tightening. We strongly disagree. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on April 10. Markets Case for US Stocks Is Seen in Model Showing Economic Bottom Is Past | B Most Funds Couldn’t Beat the Stock Market in 2022, Despite Advantages | NYT Morning Bid: Are we calling it a banking crisis, shock … or blip? | R Fed Pause Wouldn’t Necessarily Refresh Stock Market | W Bond Buyers See ‘Best Bang for Buck’ in EM as Hiking Cycles End | B Commodities Commodity ‘Super-Cycle’ Will Take Gold and Oil Much Higher, Strategist Says | BR LNG Gas Supply Levels and Pricing Set to Drop in Spring 2023 | B Big copper deals to take centerstage in Santiago as demand heats up | R Central banks Yellen says U.S. banks may tighten lending and negate need for more Fed rate hikes | C Analysis: New BOJ head’s message to world: We’re staying the course – for now | R US Inflation has yet to dent big food’s earnings | E The lessons from America’s astonishing economic record | E Europe Column: Europe only has space for a small gas refill in 2023 | R China China Fiscal Crisis: Can It Contain This $8.3 Billion One? | B Communist Party members must study Xi Jinping’s thinking | E Japan After decades of stagnation, wages in Japan are finally rising | E Japan’s prime minister has recovered from a rough patch | E How Japan is losing the global electric-vehicle race | E Geopolitics & trade EU warns against unilateral steps after Poland, Hungary ban Ukrainian grain | R Industries & companies Autos: The $25,000 EV is coming, with big implications for car buyers | C Banks: Banks Are Finally Facing Pressure to Pay Depositors More | W Banks: More and more Americans are gaming the deposit-insurance system | E Consumer Discretionary: Amazon services AWS and Alexa back up after brief outage | R Financials: Life Insurance Stocks Look Cheap and Inviting | BR Financials: Morgan Stanley CEO Race: Why Andy Saperstein Is the Man to Watch | B Logistics: FedEx Stock Is Soaring. Director Amy Lane Bought Up More Shares. | BR Retail: Retail Sales Report Shows Americans Pulled Back on Big-Ticket Purchases as Interest Rates Rose | W Technology These are the tech jobs most threatened by ChatGPT and A.I. | C AI Should Write Its Own Dictionary | B Google ‘Racing’ to Build New AI Tools for Search, NYT Says | B Climate A different way to measure the climate impact of food | E CEO of Nutrien: How the Invasion of Ukraine Will Remake the Food Supply | BR EU Says Poland, Hungary Halts on Ukraine Grain ‘Unacceptable’ | B Corporate finance Merck to buy Prometheus Biosciences for about $11 billion | C Beyond markets Gen Z travel trends: Travel often, save money and seek adventure | C The role of bacteria and viruses in world history | E

April 14 (Friday) Latest Morning Briefing Executive Summary: Materials, Earnings & Bricks Banking-crisis-stoked recession fears knocked the S&P 500 Materials sector off its top-performing perch; now with those fears allayed, it’s been rebounding. Jackie examines the earnings prospects of two Materials industries, steel and copper, and the economic prospects of their biggest consumer, China. … Also: While analysts have lowered their earnings sights for S&P 500 companies collectively in recent weeks, forward earnings have risen for more S&P 500 industries than have fallen. The outlooks for travel and commodities related industries have improved the most. … And: A promising new energy storage solution comes from improbably low-tech sources that have been right under our feet: bricks and stones. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on April 10. Markets Nasdaq Jumps 2% After Signs of Easing Inflation | W Jeremy Grantham can spot market bubbles. Now he’s warning of an ‘ominous’ bust | NN Gold Prices Near Record as Investors Bet Inflation Is Here to Stay | W Central banks Why Ron DeSantis Is Taking Aim at the Federal Reserve | N US U.S. producer prices unexpectedly fall in March | R US labor market gradually losing steam; producer inflation cooling | R On Inflation, the Price Is Still Wrong | W The Primary Breadwinner Is Disappearing From More Homes | W More women out-earn their husbands, but still do more work at home | C Japan Warren Buffett’s trip is a ‘stamp of approval’ for investing in Japan | C Geopolitics & trade North Korea says tested new solid-fuel ICBM, warns of ‘extreme’ horror | R Air Guardsman Jack Teixeira Arrested in Connection With Leaked Documents | W Industries & companies Autos: Biden’s EPA Remakes the Auto Industry | W Retail: Walmart sells Bonobos to WHP Global and Express | C   Technology Artificial Intelligence Can’t Close Sales As Well As a Human | W AWS launches Bedrock generative AI service, Titan LLMs | C Amazon Joins Microsoft, Google in AI Race Spurred by ChatGPT | W Crypto The U.S. Cracked a $3.4 Billion Crypto Heist—and Bitcoin’s Anonymity | W

April 13 (Thursday) Latest Morning Briefing Executive Summary: Materials, Earnings & Bricks Banking-crisis-stoked recession fears knocked the S&P 500 Materials sector off its top-performing perch; now with those fears allayed, it’s been rebounding. Jackie examines the earnings prospects of two Materials industries, steel and copper, and the economic prospects of their biggest consumer, China. … Also: While analysts have lowered their earnings sights for S&P 500 companies collectively in recent weeks, forward earnings have risen for more S&P 500 industries than have fallen. The outlooks for travel and commodities related industries have improved the most. … And: A promising new energy storage solution comes from improbably low-tech sources that have been right under our feet: bricks and stones. (subscribers’ link) YRI Daily Markets Overview Replay of Dr. Ed’s webinar on April 10. Stocks Stocks Close Lower After Fed Minutes | W Shorter-Term Bonds Gain After Data Showing Cooler Inflation | W The 10 Best Dividend Stocks | Morningstar Global U.S., China to Lead Growth in Government Debts | W Central banks Fed Keeps May Interest-Rate Increase on Table Despite Expected Recession | W Fed expects banking crisis to cause a recession this year, minutes show | C US Here’s the inflation breakdown for March 2023 — in one chart | C Inflation Eases to 5% In March, Lowest in Nearly Two Years | W US consumer prices rise moderately; underlying inflation too hot | R New vehicle prices fall below sticker price after nearly two years, Kelley Blue Book data shows | R A New Way to Push People Back to Offices: Tying Pay to Attendance | W Industries & companies Financials: For Regional Banks, Surviving Won’t Be the Same as Thriving | W Retail: Online Shopping’s Fast-Delivery Race Is Slowing Down | W   Geopolitics & Trade North Korea fires missile, Japan retracts take-cover warning | R Germany foreign minister embarks on post-Macron ‘damage control’ in China trip | R Technology ChatGPT Can Give Great Answers. But Only If You Know How to Ask the Right Question. | W ChatGPT may be able to predict stock movements: finance professor | C ‘Overemployed’ Hustlers Exploit ChatGPT To Take On Even More Full-Time Jobs | vice.com Beyond markets Elon Musk BBC interview: Twitter boss on layoffs, misinfo and sleeping in the office | BBC News