Dr. Ed's Blog

March 29 (Wednesday)

Latest Morning Briefing Executive Summary: Churning Earnings
The SVB debacle has depressed the S&P 500 Financials sector’s market-cap share further below its earnings share. And the S&P 500 Bank Composite hasn’t ever been this cheap relative to the S&P 500 (i.e., since the mid-1980s start of the data). We liked the Financials sector before SVB imploded and like it even more since, as the fallout we expect doesn’t include systemic contagion and does include more M&A activity. … Also: While analysts have been cutting their 2023 earnings estimates for S&P 500 companies, the index’s forward earnings increasingly reflects the higher 2024 estimates and has stopped falling. … Also: Joe discusses some impacts of Standard & Poor’s sector and industry reclassifications.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on March 27.

Markets
How To Beat The Market With Boring Stocks | FO
SVB Collapse Shows US Treasuries Aren’t a Risk-Free Asset | B
Retail Traders Explain Why They Risk it With Zero-Day Options | B
Oil firms halt or cut output in Iraqi Kurdistan after pipeline closure | R

Central bankers
SVB Collapse: Federal Reserve Blame Game Stretches From DC to California | B
Shifting monetary policy lags confuse markets and central bankers | The Hill

US
Why the US banking crisis is like winter in Europe | P
US Pending Home Sales Jump in February, 3rd Month of Gains | B
Pending home sales rose in February, mortgage rates jumped | C
How the Bank Mess Can Hit Home Buyers | W
Dumb phones are on the rise in the U.S. as Gen Z limits screen time | C
Remote working: Is the trend over? | The Week

Geopolitics & trade
China Threatens Retaliation if Kevin McCarthy Meets Taiwan’s Tsai Ing-wen | W
Factbox: EU keeps on doing business with Russia despite sanctions | R
Ukraine hits Russian-held city deep behind front as talk of counteroffensive grows | R

Industries & companies
Financials: As Interest Rates Rose, Banks Did a Balance-Sheet Switcheroo | W
Financials: Credit Suisse whistleblowers say bank has been helping Americans dodge U.S. taxes | C
Financials: Sergio Ermotti returns as UBS CEO to steer Credit Suisse takeover | R
Pharma: J&J bows out of RSV vaccine race after scrapping trial | R
 
Technology
AI ChatGPT Chatbot Related Prompt Engineer Jobs Pay Up to $335,000 | B
Elon Musk, other tech leaders: Pause training A.I. beyond GPT-4 | C
Amid manufacturing loss and ‘woke’ universities, America still benefits from technology | WT

March 28 (Tuesday)

Latest Morning Briefing Executive Summary: ‘Yes, There Will Be Growth in the Spring!’
Stock market bears have long expected a recession, but now the prospective credit crunch that could cause one seems more plausible after the SVB crisis. … We expect that the Fed and FDIC will contain the crisis. But we do see regional banks paying higher deposit rates now to prevent disintermediation. That’s likely to hurt their profitability and prompt more cost-saving M&A activity among them. … Also: The latest batch of economic indicators supports a soft-landing scenario.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on March 27.

Markets
BlackRock Says Markets Wrong on US Rate-Cut Bets | B
 
Central banks
ECB’s Enria says market nervousness is a concern | R
Fed’s Barr Calls Silicon Valley Bank a ‘Textbook Case of Mismanagement’ | W

US
America’s Housing Markets: Home Prices Fall in the West and Rise in the East | W
 
China
Alibaba to break up empire into six units as Jack Ma returns to China | R
China Boosts Lending to Struggling Belt and Road Borrowers | W
Column: China’s Q1 coal imports jump to new highs as factories throttle up | R
Column: China’s 2023 crude oil imports set for 6.2% rise, but risks prevail | R

Europe
Britain raises domestic threat level for Northern Ireland to “severe” | R
More food shortages could add to Britain’s price pressure | R

Geopolitics & trade
For Chip Makers, a Choice Between the U.S. and China Looms | W
No ‘Social Policy’ in Chips Act Rules, Commerce Secretary Gina Raimondo Says | W
Russia says it has rerouted all oil exports hit by Western embargo | R
Russia Supplies Iran With Cyber Weapons as Military Cooperation Grows | W
How facial recognition is helping Putin curb dissent | R
Kim Jong Un Says He Will Expand Production of Nuclear Material | W

Industries & companies
Autos: U.S. and Japan Strike Deal on Minerals Used in Batteries for Electric Cars | W
Financials: To Some Investors, Banks Look Like Bargains | W
Media: Disney Eliminates Its Metaverse Division as Part of Company’s Layoffs Plan | W

Climate
Opinion | Climate Change, Deglobalization, Demographics, AI: The Forces Really Driving Our Economy | NYT
Biden’s latest target in his war on appliances: air conditioning units | P
 
Beyond markets
NYT op-ed about remote work does not live in the same universe most workers do. | Slate.com
The Jobs Most Exposed to ChatGPT | W

March 27 (Monday)

Latest Morning Briefing Executive Summary: ‘Is It Safe?’
The recent banking crisis has heightened fears of a recession. But still the S&P 500 is up ytd—buoyed greatly by the MegaCap-8 stocks. … The SVB debacle hasn’t changed our economic outlook, which pegs the odds of a recession at a relatively high 40%, as we’re not convinced it will lead to a credit crunch that triggers a recession. … We’ll know if the banking system isn’t as resilient as we think if we see deterioration in the Fed’s weekly H.8 data, showing the assets and liabilities of commercial banks. … So far, we think that the SVB crisis will be contained thanks to the Fed’s emergency liquidity facility. … Dr. Ed reviews “Boston Strangler” (+).
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on March 20.

Markets
The Floor Could Still Fall Out of This Stock Market | BR
The U.S. Might Be Losing Its Crown as the Go-To Spot for Global Investment | BR
Preferred Stocks Offer a Better Way to Bet on Banks | BR
A Cash-Bond Mix May Let You Sleep More Soundly | BR
How Options-Hedging Turbocharged Oil Volatility | W

Global & supply chains
Banking Strains, Inflation Threaten Global Economic Rebound | W
What Barbie tells you about near-shoring | E

Central banks
Policymakers face two nightmares: stubborn inflation and market chaos | E
Central banks face an excruciating trade-off | E
The Fed Should Choose Inflation Over Banks. Why a Rate Cut Would Be Bad. | BR
Why The Federal Reserve “Playing Dumb” Is a Genius Move | InvestorPlace

Banks
IMF: Risks to financial stability have increased, calls for vigilance | C
Where Financial Risk Lies, in 12 Charts | W
After the Bank Crisis Clears, Consolidation Looms | BR
How much longer will America’s regional banks hold up? | E
Banking crisis: Deposit drain from small banks into JPM, WFC, C slowed | C
 
US
Why there may be no return to ‘normal’ for the used vehicle market | C
Most Americans Doubt Their Children Will Be Better Off, WSJ-NORC Poll Finds | W
Work-From-Home Era Ends for Millions of Americans | W
New York Poised to Ban Gas Stoves in New Buildings as Part of All-Electric Mandate | W
The cases against Donald Trump are piling up | E
Trump Suggests New York Indictment Could Bring ‘Potential Death and Destruction’ | W
Banks Might Have Stabilized, But The Biden Contagion Is Still Spreading | I&I

China
The world according to Xi | E
China wants the world to forget about its crimes in Xinjiang | E

Geopolitics & trade
Loophole Allows U.S. Tech Exports to Banned Chinese Firms | W
TikTok Has No Good Options. What It Faces Next. | BR
Banning TikTok in the U.S. Is Easier Said Than Done | W
Why Chinese Apps Are the Favorites of Young Americans | W
Younger Americans are friendlier to China | E
How the EU should respond to American subsidies | E
Behind Adani Deals, an ‘Elusive’ Elder Brother | W

Industries & companies
Defense: Pentagon Woos Silicon Valley to Join Ranks of Arms Makers | W
Energy: Fusion power is coming back into fashion | E
Media: As video games grow, they are eating the media | E
Retail: Retailers Are Growing More Cautious. So Is This Analyst. | BR
Retail: Dollar General’s Record of Overcharging | BR
Retail: Shrinking food stamp benefits challenge retailers | C

Climate
Is the world running out of water? | The Week

March 24 (Friday)

Latest Morning Briefing Executive Summary: Communication Services & AI
The S&P 500’s Communication Services sector has outperformed all ten of its counterparts so far this year, up 18% ytd. Jackie examines the constituent industries and companies that have been driving the sector’s strong showing, with a particular focus on Meta, up 68% ytd. … Also: Companies in diverse industries are harnessing the power of AI in manifold ways to help people work faster, smarter, and even more deceptively (beware of AI fakes!). This week’s disruptive technologies segment highlights some of the players in the AI space and the innovative products they’re turning out.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on March 20.

Markets
Stock Market Today: Dow Drops, Deutsche Bank Slumps | W
 
Banks
Banks ramp up use of new Fed facility created in crisis | C
Companies Big and Small Lose Access to Credit Amid Bank Stress | W
SVB Debacle Brings The Fed One Step Closer To Becoming Provider Of First Resort | FO
Yellen: Treasury to take ‘additional actions if warranted’ to stabilize banks | C
Janet Yellen is selling bank crisis short as execs fear dozens more teeter on brink | P
Janet Yellen’s Blurred Lines on Bank Depositors | W
Omarova: My ‘Golden’ Idea Could Save Bankers | NYT
The most dangerous part of the Silicon Valley Bank bailout | FO
What Argentina’s economy and inflation tell us about the current banking crisis | Vox

US
Here’s What Retirement With Less Than $1 Million Looks Like in America | W
Pulitzer-prize author has a theory on why poverty persists in the U.S. | C

Japan
Morning Bid: Japan CPI a distraction amid thickening global fog | R

Geopolitics & trade
TikTok CEO Testifies, Is Pressed on App’s Chinese Ties at House Hearing | W
US must ban TikTok. Only Google, Facebook should get my data. | USA

Industries & companies
Autos: Ford Says It Will Lose $3 Billion on EVs This Year as It Touts Startup Mentality | W
Autos: Ford’s plan for EV profitability by 2026 | C
Pharma: Sanofi, Regeneron shares pop, data shows asthma drug Dupixent may treat COPD | C
Retail: Walmart lays off hundreds of workers at e-commerce facilities | C

Technology
A 16-Month-Old Chatbot Startup With No Revenue Is Now a $1 Billion Unicorn | W

Crypto
Crypto rebounds from post-Fed sell-off as investors shake off regulatory concerns | C
Binance employees, volunteers tell users how to evade China crypto ban | C

March 23 (Thursday)

Latest Morning Briefing Executive Summary: Communication Services & AI
The S&P 500’s Communication Services sector has outperformed all ten of its counterparts so far this year, up 18% ytd. Jackie examines the constituent industries and companies that have been driving the sector’s strong showing, with a particular focus on Meta, up 68% ytd. … Also: Companies in diverse industries are harnessing the power of AI in manifold ways to help people work faster, smarter, and even more deceptively (beware of AI fakes!). This week’s disruptive technologies segment highlights some of the players in the AI space and the innovative products they’re turning out.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on March 20.

Markets
US Households Likely to Sell $750 Billion in Stocks, Goldman Sachs Estimates | B
Big Oil Eyes New Deals in North Africa Amid Rising Energy Demand | W
 
Central banks
Fed Raises Rates but Nods to Greater Uncertainty After Banking Stress | W
Fed Chair Powell’s Bond Market Guide to Recessions Shows Rate Cuts Are Coming | B
Fed Walks Tightrope Between Inflation and Financial Instability—but for How Long? | W
Central banks keep hiking rates amid banking turmoil | R
The sure-footed Fed of the past year now in doubt about next policy step | R

Banks
BOE Governor Says Global Banking System More Robust Than in 2008 | B
Chief Risk Officer: The Most Thankless Job in Banking | W
Evaluating demise of Silicon Valley Bank and role of ‘regulators’ | WT

US
Steady Jobless Claims Show Labor Market Remains Strong | W
Donald Trump Grand Jury Is Called Off for Wednesday | W

Europe
It Wasn’t Just Credit Suisse. Switzerland Itself Needed Rescuing. | W

Industries & companies
Financials: Credit Suisse Collapse Creates New York, London Run for Jobs in Finance | B
Pharma: Moderna to Price Its Covid-19 Vaccine at $130 a Dose | W
 
Geopolitics & trade
China Is Starting to Act Like a Global Power | W
China’s Economic Lifeline to Russia Gives Beijing Upper Hand | W
China Says It Opposes Forced Sale of TikTok | W
 
Technology
These Employees Aren’t Scared ChatGPT Is Taking Their Jobs | W
Panera Bread debuts contactless palm payment through Amazon One | Nation’s Restaurant News

March 22 (Wednesday)

Latest Morning Briefing Executive Summary: Looking Ahead To Earnings Season
Industry analysts and company managements have an optimism bias that blinds them to encroaching recessions. So when a recession looms, forward earnings’ reliability as an indicator of actual earnings to come falters. … While analysts have been cutting their 2023 and 2024 earnings estimates for S&P 500 companies since last summer, their expectations for next year are still higher than for this year. As long as that remains the case, forward earnings, which have been declining since last summer, soon should stop falling and start moving higher unless a recession happens. … And: S&P 500 earnings growth ex Energy sector could turn positive in Q2 as Energy de-energizes.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on March 20.

Markets
Anxiety Strikes $8 Trillion Mortgage-Debt Market After SVB Collapse | W

Central banks
Fed likely to raise rates by a quarter point but it must also reassure markets on banking system | C

Banks
SVB-Fueled Turmoil Junks Lessons of the Global Financial Crisis | W
SVB Loans to Insiders Tripled to $219 Million Before It Failed | B
What are Credit Suisse’s AT1 bonds, or CoCos, and why do they matter | C
Credit Suisse Write-Off Upends European Bank Capital Bonds | W
Despite US Bank Failures, Congress Is Slow-Walking a Fix | B
UBS set for talks with Michael Klein to terminate Credit Suisse investment bank deal – FT | R
 
US
Rising Interest Rates, Inflation and Now a Banking Crisis Pile On American Consumers | W
Home sales spike in February, median price drops | C
Home Prices Fell in February for First Time in 11 Years | W
Yellen Says U.S. Could Move to Protect Deposits at Other Banks | W
Which Sectors Have the Most Job Cuts Worldwide | B

Geopolitics & trade
Russia-China Summit Showcases Challenge to the West | W
U.S. Warns China Not to Use Taiwan President’s U.S. Stop to Raise Tensions | W

Industries & companies
Real Estate: Commercial Property Debt Creates More Bank Worries | W
Tech: Chip Makers Find Out How to Get 25% Investment Tax Credit | W

Technology
Bill Gates: OpenAI GPT most important advance in technology since 1980 | C
Google CEO Pichai memo to employees on Bard AI: ‘things will go wrong’ | C
A Psychologist Explains How AI and Algorithms Are Changing Our Lives | W
U.S. State-Government Websites Use TikTok Trackers, Review Finds | W
FDA Clears California Company’s Lab-Grown Chicken as Safe to Eat | W

Beyond markets
Personality tests: Why the Enneagram is trending again | C
Elon Musk’s Twitter Purchase May Have Put Him Out of Reach of Washington | B
Deadly Fungus, Candida Auris, Spreading Across U.S. in Healthcare Facilities, CDC Says | W

March 21 (Tuesday)

Latest Morning Briefing Executive Summary: Giving Credit Where Credit Is Due
The spread between the 10-year Treasury bond yield and the federal funds rate inverted in November; such inversions are predictive of credit crunches and recessions. They also tend to predict financial crises that halt Fed tightening. It’s too early to credit the yield-curve inversion for calling a recession, but it was spot on in presaging a crisis like SVB. … Small banks seem vulnerable now to depositor flight, which could prompt a credit crunch impacting small businesses. … But we don’t think a credit crunch would hurt consumer spending and homebuying as much as lower interest rates will boost them. … Our message to the FOMC: Give it a rest.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on March 20.

Markets
U.S. Stocks Gain; First Republic Keeps Falling | W
Market stress indicators flash warnings as banking worries continue | R
`Minsky Moment’ Chances Increasing, JPMorgan’s Marko Kolanovic Says | B
JPMorgan Owned the LME ‘Nickel’ That Was Actually Bags of Stones | B

Central banks
Federal Reserve Faces Tough Decision on Rate Increase | W
The canary is alive and chirping a year into Fed’s rate hiking cycle | R
Let’s Please Stop Insulting Silicon Valley With the Assertion That the Fed Made It | FO

Banks
US Studies Raising FDIC Bank Deposit Guarantee Beyond $250,000 Cap in Crisis | B
$17 billion of Credit Suisse bonds worthless following UBS takeover | C
JPMorgan advising First Republic on strategic alternatives, including a capital raise, sources say | C
The Financial Risks of Regulatory Panic | W

US
Biden is subverting democracy with his CHIPS rules | Washington Examiner

Geopolitics & trade
Putin meets ‘dear friend’ Xi in Kremlin as Ukraine war grinds on | R
Japan PM Kishida announces new Indo-Pacific plan during India visit | C
US report lists ‘significant human rights’ abuses in India | R

Industries & companies
Consumer discretionary: Amazon’s post-Bezos experiment hasn’t gone exactly as planned | C
Consumer discretionary: Amazon Plans to Lay Off an Additional 9,000 Workers | W
Pharma: Moderna (MRNA) Paid the US More than Enough for Covid Shot, Executive Says | B
Financials: JPMorgan, Deutsche Bank ordered to face lawsuits over Jeffrey Epstein ties | R

Technology
In San Francisco, some people wonder when A.I. will kill us all | C

Beyond markets
Long COVID: The truth about it is emerging, and it’s not what we thought. | slate.com
Covid Report Based on Wuhan, China Samples Puts Suspicion Back to Animal Origins | B

March 20 (Monday)

Latest Morning Briefing Executive Summary: Other People’s Money
Will SVB be the financial domino that sets off an economy-wide credit crunch that leads to a recession? Maybe not given the Fed’s intervention; but if so, we don’t see another Great Financial Crisis. …  Why have banking crises been a recurring cause of US recessions anyway? The crux of the problem is that bankers tend to take excessive risks because it’s not their own money on the line and the government has their backs. … Also, we take close looks at: how Fed tightening has eroded the value of banks’ bond portfolios, the SVB blame game, and SVB’s economic ripple effects. … And: Dr. Ed reviews “Living” (+).
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on March 13.

Markets
Bank Stocks Are Cheap, but Mind the Deposit Doom Loop | BR
Banks Survived Another Week—and the Biggest Ones Look Like Winners | BR
First Republic falls: S&P credit rating downgrade | C

Central bank
Fed, other central banks set joint liquidity operation | C
The Fed’s New Bind: Taming Inflation While Preventing Financial Mayhem | BR
Is It Bear Stearns II, or Just a Bear Market? The Fed Is Watching. | BR
The Banking System Was an Accident Waiting to Happen After the Fed’s Quantitative Easing | BR
Elizabeth Warren says Jerome Powell has ‘failed’ as Federal Reserve chair | C

Banks
Credit Suisse Bond-Wipeout Threatens $250 Billion Market | W
$17 billion of Credit Suisse bonds worthless following UBS takeover | C
What UBS’ rescue of Credit Suisse (CS) means for markets and banks | C
What’s wrong with the banks | The Economist
Elizabeth Warren Calls for Investigation of SVB and Signature Bank Collapses | W
FDIC announces agreement to sell Signature Bank assets | C

US
Smaller Banks’ Critical Role in Economy Means Distress Raises Recession Risks | W
That Plum Job Listing May Just Be a Ghost | W
Why America is going to look more like Texas | The Economist

Geopolitics & trade
Biden’s ‘Go It Alone’ Trade Deals Draw Warnings From Congress | W
China’s Xi Arrives in Moscow as Beijing Seeks to Position Itself as a Peacemaker in Russia-Ukraine War | W
Vladimir Putin Harshly Criticizes West as Xi Jinping Strikes Softer Tone | W

Technology
Microsoft, Nuance announce clinical notes application powered by OpenAI | C

Corporate finance
The Cash Risk: How Corporate America Is Handling Trillions in Cash | BR

Beyond markets
IPCC report on climate: UN scientists call for course correction | C

March 18 (Saturday)

Latest Morning Briefing Executive Summary: Banks, Tech & Batteries
SVB wasn’t last week’s only bank run: Two crypto-friendly banks that served as the major gateways to the crypto world also succumbed to depositors deciding to take their money and run. Jackie performs brief autopsies and looks at their impact on the crypto markets and the banks positioned to take their place. … Also: Counterintuitively at this time of economic uncertainty, the Technology sector has been outperforming the broader index since its February 2 peak. … And our Disruptive Technologies focus today is on the quest to build a better EV battery.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on March 13.

Markets
Europe stocks log worst week of the year as Credit Suisse rattles sentiment | C
 
Central banks
Fed poised for quarter-point rate hike next week, despite turmoil | C
Why ‘Frisco Fed chief missed Silicon Valley Bank’s warning signs | P

Banks
Goldman Sachs cuts outlook for European bank debt over Credit Suisse crisis | R
The Banking Sector Turmoil in Charts | W
UBS is in talks to take over all or part of Credit Suisse, sources tell the Financial Times | C
UBS examining takeover of Credit Suisse to stem banking turmoil | R
BlackRock denies report that it’s preparing a takeover bid for Credit Suisse | C
First Republic Stock Plunges After Bank Rescue Plan, Dividend Suspension | W
Local Banks Could Leave Gaps That Are Hard to Fill | W
How Did Silicon Valley Bank’s Management Team Get It So Wrong? | W

US
Bank Failures, Like Earlier Shocks, Raise Odds of Recession | W
Pain In the Tech Industry Is Beginning to Hit the Rest of Us | W
Trump says he’ll be arrested Tuesday as DA eyes charges | C
Pricey Child Care Is Keeping Many Parents Out of the Workforce  | W
The Math Behind the New Super Commute | W

Europe
Dilemma for France’s Macron: to Govern, or Not to Govern, as an Imperious ‘Jupiter’ | W

China
China Frees Up Liquidity in Sign of Wariness About Recovery | W
China’s M&A Star Told His Employees to Be Bold—Then He Disappeared | W

Geopolitics & trade
Analysis: China’s Xi takes ‘diplomatic dance’ to Russia | R
TikTok Creators Contemplate Life After Possible Ban: ‘It All Can Be Taken Away’ | W
 
Industries & companies
Autos: Ford, GM Engage in China Price War as Car Sales Slump | W

March 16 (Thursday)

Latest Morning Briefing Executive Summary: Banks, Tech & Batteries
SVB wasn’t last week’s only bank run: Two crypto-friendly banks that served as the major gateways to the crypto world also succumbed to depositors deciding to take their money and run. Jackie performs brief autopsies and looks at their impact on the crypto markets and the banks positioned to take their place. … Also: Counterintuitively at this time of economic uncertainty, the Technology sector has been outperforming the broader index since its February 2 peak. … And our Disruptive Technologies focus today is on the quest to build a better EV battery.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on March 13.

Markets
Credit Suisse: Investors wary of contagion amid banking crisis fears | C
Tech Stocks Appear to Be a Haven From the Banking Crisis, for Now | W
Where wealthy investors are putting their cash after SVB collapse | C
JPMorgan Joins TD, Others Saying Cash in Bond Gains as Fed Hikes Possible | B

Central banks
Long-awaited Fed digital payment system to launch in July | C
Cramer: Federal Reserve may need to take drastic measures | C
ECB rate hike plans clouded by banking turmoil | R

SVB & banks
Credit Suisse shares soar over 20% on Swiss National Bank loan announcement | C
Credit Suisse’s $54 billion lifeline gives global banks tentative respite | R
Yellen Seeks to Reassure Congress on Banks Amid Oversight Angst | B
Yellen tells senators US banking system ‘remains sound’ | R
How Goldman’s Plan to Shore Up Silicon Valley Bank Crumbled | W
These Biotech Companies Were Told Their SVB Funds Were Available. It Wasn’t That Simple. | W
Getting Money Out of SVB Was Hard—For Chinese Customers, It Was Harder | W

Energy
G-7 Opposes Lowering Russian Crude Price Cap From $60 a Barrel | W

US
A recession could come sooner on cooling bank lending | C
U.S. Producer Prices Dropped in February | W
Biden’s budget is a declaration of war on American businesses that will hit you hard | FO
How to Stop 2024 From Looking Like 2016 | W
U.S. Maternal Mortality Hits Highest Level Since 1965 | W

Europe
Column: Europe must prepare for next winter to be colder | R

China
Column: China’s uneven economic recovery to be mirrored in commodity imports | R

Japan
Japan, South Korea Break Long Chill and Pledge Cooperation at Summit | W

Geopolitics & trade
North Korea Fires ICBM Hours Before Japan-South Korea Summit | W
U.S. grapples with forces unleashed by Iraq invasion 20 years later | R
TikTok says US threatens ban if Chinese owners don’t sell stakes | R
Russia Makes a Habit of Harassing U.S. Planes, Pentagon Says | W

Industries & companies
Retail: Supplier, Buyer Relations Are Shifting Again as Pandemic Strains Ease | W

Technology
China’s answer to ChatGPT? Baidu shares tumble as Ernie Bot disappoints | R