Dr. Ed's Blog

November 09 (Wednesday)

Latest Morning Briefing Executive Summary: On Political Cycles, Earnings Estimates & Fiscal Fatigue
The stock market historically has performed well after midterm elections and during third years of presidential cycles, but none of these positive political cyclical trends will make much difference if inflation remains elevated, which would force the Fed to cause a hard landing of the economy. … Also: Analysts’ earnings estimates are falling mostly because their expectations for margins are falling. We review the relevant data for the S&P 500 sectors. … And: How fiscal policy has contributed to the deficit and inflation.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on November 7.

Markets
Investors face unclear outcome in midterms, with questions over spending, regulation | R
Oil prices fall 2.5% on U.S. inventory build, China COVID worries | R

Central banks
Some Investors Bet Fed Could Lift Rates to Two-Decade High | W

US
Republican ‘red wave’ turns into a ripple, Georgia Senate headed to runoff | R
Midterm Election Could Make Democrats Latest Governing Party to Pay Price for Inflation | W
Midterm election results: Trump candidates disappoint on Election Day | C
We’re using 1960s guidance to measure poverty in 2022 | The Hill
Maxwell Frost will be the first Gen Z member of Congress | C

Europe
Europe Doubles Down on Big Government | W
Europe’s retailers strive to keep prices low to win struggling shoppers | R

Japan
Japanese Companies Are Making Less but Profiting More Thanks to Weak Yen | W

China
China Producer Prices Turn Negative in Warning Sign for Global Economy | W
China’s Business Elite See the Country That Let Them Thrive Slipping Away | N

Geopolitics & trade
Treasury Chief Janet Yellen Heads to India as U.S. Seeks to Deepen Ties | W

Industries & companies
Communications Services: Meta laying off more than 11,000 employees: Read Zuckerberg’s letter | C
Media: Elon Musk’s Twitter is a case study of how not to lay people off | Vox
Media: Elon Musk took over a struggling Twitter and has quickly made it worse | C

Climate
US launches carbon offset program to help developing countries | C
China Resists Climate Pressure From West, but Makes Gains on Its Own | W

November 08 (Tuesday)

Latest Morning Briefing Executive Summary: On Labor, Productivity & Wages
For a variety of reasons, there’s a severe mismatch between the demand for and supply of labor in the US. That’s created a maelstrom in the market, with extraordinary levels of turnover: One third of payroll employees have quit their jobs over the past 12 months, most for higher-paying ones. That’s driving up wage inflation and driving down productivity. … But we still expect productivity to recover this decade as businesses react by investing in productivity-boosting technologies—our “Roaring 2020s” scenario. … While the latest data show some moderation in wage inflation, it probably won’t continue to moderate sustainably until turnover subsides.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on November 7.

Markets
U.S. stocks end higher, Meta jumps as investors eye midterms | R
Stocks Rise Ahead of Midterms, Inflation Data | W
China reopening hopes keep dollar on guard | R
Column: Rebound in China crude oil imports less impressive than it looks: Russell | R

Energy
EU Energy Crisis Sparked by Ukraine War to Create Blackouts in Poor Countries | B
Sanctions on Russian Energy Loom Over Oil Market | W

Central banks
Fed announces another rate hike. But inflation is even more painful. | USA
Fed Will Stick to the Task of Curbing Inflation, Thomas Barkin Says | B
Despite What You’re Told, There Are No ‘Bubbles’ and Certainly No ‘Fed Bubbles’ | FO
BOJ debated impact of future exit from easy policy amid rising prices | R

US
Homeowners have lost over $1 trillion in equity since May | C
Inflation Strains Voters Across Income Levels Ahead of Midterm Elections | W
More Professionals Need to Get Second Jobs Because of Inflation | W
Biden warns on risk to democracy, Trump hints at another run on eve of midterms | R
Musk encourages independents to vote Republican ahead of midterms | C

China
China Weighs Gradual Zero-Covid Exit but Proceeds With Caution, Without Timeline | W
Guangzhou’s COVID outbreak deepens as more lockdowns loom in China | R
China’s Exports Drop Sharply as Global Economy Slows | W
Who Is Li Qiang? What Does Xi’s New No. 2 Mean for China? | B
China’s super-rich see fortunes plunge as economy slows | R

Geopolitics & trade
From Teslas to BMWs, cars are piling up on land and sea at German port | C
Germany likely to block Chinese takeover of Elmos’ chip production | R
 
Corporate finance
Foxconn to become biggest shareholder in Lordstown Motors with up to $170 mln investment | R
Walgreens Unit to Buy Summit Health | W

Beyond markets
Covid’s Drag on the Workforce Proves Persistent. ‘It Sets Us Back.’ | W

November 07 (Monday)

Latest Morning Briefing Executive Summary: Powell Is From Mars, Brainard Is From Venus
Has the stock market been voting early? It‘s up 5% since the S&P 500’s October 12 bottom—which may turn out to be the bear market’s ultimate bottom. Tomorrow’s midterm elections may further boost stock prices in coming months if history is a guide. Our soft-landing economic outlook, if it pans out (60% subjective odds), may be another wind at the stock market’s back. … A headwind last week was Fed Chair Powell’s peak hawkishness, but we expect to hear counterbalancing views from other Fed officials now that their quiet period is over. … Much now—both the economic and financial market outlooks—hinges on inflation reports in coming months. … On inflation, Brainard makes sense. … And: Dr. Ed reviews “Don’t Worry Darling” (+ +).
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on October 31.

Energy
Mild autumn weather has sent European gas prices plummeting | E
Frackers Say Oil Production Slowing in the Shale Patch | W

Central banks
Housing-Price Inflation Is a Problem. The Federal Reserve Can’t Solve It. | BR

US
Elevated Inflation Presents Risk to U.S. Economy, Fed Report Finds | W
Why the October Jobs Report Is So Strong Despite Tech Layoffs | W
Midterm Election Campaigning Intensifies Across U.S. in Closing Days | W

China
China’s exports shrink in October, badly missing expectations for growth | C
The never-ending campaign against graft in China | E

Japan
Japan’s bond-market peg could snap | E

Geopolitics & trade
Senior White House Official Involved in Undisclosed Talks With Top Putin Aides | W
Ukraine warns of more Russian attacks on energy infrastructure | R
Who wins from the unravelling of Sino-American trade? | E

Industries & companies
Communications Services: Meta could begin large-scale layoffs this week, report says | C
Media: Twitter Is Elon Musk’s Biggest Test—and Tesla’s Biggest Challenge. How They’ll Make It Work. | BR
Retail: Inflation, Recession Fears Have Some Holiday Shoppers Trading Down | W
Tech: Apple warns Covid restrictions in China are hurting iPhone production | C

Climate
Climate: COP27 opens with a rallying call for rich nations to pay up | C
The world is missing its lofty climate targets. Time for some realism | E

November 05 (Saturday)

Latest Morning Briefing Executive Summary: On Powell, China, Consumers & AI
Fed Chair Powell’s hawkish press conference yesterday deflated the stock market, but we think the S&P 500 bottomed on October 12 and see a few potentially uplifting developments to come. … Also: What might it take for the China MSCI to start performing better? Jackie considers this question and examines two big issues holding it back. … And: The shift in consumer purchasing patterns from stuff to services was apparent in the Q3 earnings of companies affected both positively and negatively. … Finally, today’s Disruptive Technologies piece showcases the rapidly advancing technology of AI.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on October 31.

Markets
Stocks Finish Higher After U.S. Jobs Report | W
Goldman Wealth Strategist Sees Buying Opportunity in Stock Slump | B
Warren Buffett’s Berkshire Hathaway Swings to Loss, Stung by Battered Market | W

Climate
Climate Change Eclipsed by Inflation, Crime, Abortion in US Midterm Races | B
Climate activists block private jets at Amsterdam’s Schiphol Airport | R
 
Central banks
Fed Watchers Put ‘Finger in the Air’ and See Rate Peak Above 5% | B
China Investigates Central Bank Deputy Governor in First Major Probe Since Party Congress | W

US
Elevated Inflation Presents Risk to U.S. Economy, Fed Report Finds | W
Why the October Jobs Report Is So Strong Despite Tech Layoffs | W
Jobs Report Shows Payrolls Grew 261,000 in October | W
House hunting this weekend? There’s more out there now | C
Obama warns of ‘dangerous’ U.S. political climate ahead of midterms | R

China
Possible China Covid Reopening Prompts Jittery Markets, Intense Speculation | W
China vows to continue with ‘dynamic-clearing’ COVID strategy | R
 
Geopolitics & trade
North Korea Shoots Ballistic Missiles Off Its West Coast | W
Train crosses North Korea border into Russia after arms report, think tank says | R
Ukrainian forces brace for bloody fight for Kherson | R
Ukraine Curbs Power Use as Russian Strikes Take Toll on Electric Grid | W
 
Industries & companies
Media: Twitter co-founder Jack Dorsey speaks out after mass layoffs | C
Media: Elon Musk Says Twitter Has Had Massive Revenue Drop as Layoffs Begin | W
Retail: Travel has edge over shopping this holiday season amid inflation | C
Retail: Inflation to dampen holiday spending, retail trade group forecasts | C
Tech: For Chip Makers, the Flip from Shortage to Glut Intensifies | W

Crypto
Crypto Firms, Executives Step Up Campaign Donations, Lobbying Ahead of Midterms | W

Beyond markets
This School Took Away Smartphones. The Kids Don’t Mind. | W
What Moneyball Has Done to American Culture | The Atlantic

November 04 (Friday)

Latest Morning Briefing Executive Summary: On Powell, China, Consumers & AI
Fed Chair Powell’s hawkish press conference yesterday deflated the stock market, but we think the S&P 500 bottomed on October 12 and see a few potentially uplifting developments to come. … Also: What might it take for the China MSCI to start performing better? Jackie considers this question and examines two big issues holding it back. … And: The shift in consumer purchasing patterns from stuff to services was apparent in the Q3 earnings of companies affected both positively and negatively. … Finally, today’s Disruptive Technologies piece showcases the rapidly advancing technology of AI.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on October 31.

Markets
Stocks Finish Lower After Fed Signals Higher Rates | W
Traders scramble for protection after Fed spooks markets | R

Energy
Exclusive: G7 coalition has agreed to set fixed price for Russian oil | R
Oil prices drop as demand fears dominate | R
U.S. sells last batch of emergency reserve oil from historic release | R

Central banks
Fed’s Hard Line on Interest Rates Fuels Bond Rout | W
Bank of England raises rates by most since 1989 even as long recession looms | R

Global
Barclays cuts China GDP after forecasting U.S., Europe recession | C
 
US
Jobless Claims Remain Low in Tight U.S. Labor Market | W
The guy who inspired the “quiet quitting” movement is back to working 50 hours a week | qz.com

Geopolitics & trade
Taiwan, U.S. to hold in person trade talks next week | C
The Messy Unwinding of the New World Order—in Charts | W

Industries & companies
Media: General Mills, Audi and Pfizer Join Growing List of Companies Pausing Twitter Ads | W
Media: Twitter to begin layoffs Friday, days after Elon Musk’s $44 billion takeover | C

Central banks
You Can Thank the Fed for Boosting the $1.5 Billion Powerball Jackpot | W

November 03 (Thursday)

Latest Morning Briefing Executive Summary: On Powell, China, Consumers & AI
Fed Chair Powell’s hawkish press conference yesterday deflated the stock market, but we think the S&P 500 bottomed on October 12 and see a few potentially uplifting developments to come. … Also: What might it take for the China MSCI to start performing better? Jackie considers this question and examines two big issues holding it back. … And: The shift in consumer purchasing patterns from stuff to services was apparent in the Q3 earnings of companies affected both positively and negatively. … Finally, today’s Disruptive Technologies piece showcases the rapidly advancing technology of AI.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on October 31.

Markets
Stocks Fall After Fed’s Interest-Rate Decision | W
Strategists See EM Asia Getting Sold as Dollar Back on Ascent | B
Big Shorts Are Quickly Turning Dangerous in China’s Wild Market | B
China Says It’s Sticking to Covid Zero, But That Hasn’t Stopped Stock Frenzy | B
 
Central banks
Fed Statement Tracker | W
Federal Reserve Approves Fourth 0.75-Point Rate Rise, Hints at Smaller Hikes | W
Fed’s Powell: ‘Ultimate level’ of rates likely higher than earlier estimates | R
Fed rate hikes could go even further than expected as Powell commits to stomp out inflation | C
Fed’s Powell: ‘Soft landing’ chances have narrowed | R
Jerome Powell’s Not for Turning—Yet | W
To Solve Inflation, First Solve Deficits, This Theory Advises | W

Energy
Nord Stream 1 operator says it found craters at damaged pipeline site | R
CEOs fixing Biden’s Saudi oil mess because he won’t | P

US
There Is a Painless Way to Fix Inflation | Time
Biden blames extreme MAGA Republicans for intimidating voters and election officials, calling it ‘corrosive’ to democracy | C

China
Who Is China’s New No. 2? A Business Pragmatist or a Party Loyalist? | W
China Tells Officials to ‘Resolutely Adhere’ to Covid Zero | B

Geopolitics & trade
U.S. cautioned Germany against a Chinese controlling stake in Hamburg port | R
North Korea fires multiple ballistic missiles, residents in Japan told to shelter | R

Industries & companies
Airlines: The Weird-Looking, Fuel-Efficient Planes You Could Be Flying In One Day | W
Media: Netflix With Ads Launching as Talks Continue With Studios Over Content | W

Technology
Musk Plans to Eliminate Half of Twitter Jobs to Cut Costs | B

Climate
Climate Change Costs Are Eating Up the Money to Avert It | B

November 02 (Wednesday)

Latest Morning Briefing Executive Summary: On Powell, Inflation & Home Prices
After Fed Chair Powell’s press conference today, investors are bound to see more light at the end of the tightening tunnel. We’re hoping he’ll suggest that just two more 75bps turns of the federal-funds-rate screw—one announced today and another in December—may be tight enough. … Also: We assess the latest persistently high inflation data with an eye toward assessing whether our inflation forecast for the rest of this year is overly optimistic. … And: Housing prices are falling in the wake of rising mortgage rates. But we don’t see the market crashing as in 2007, Melissa explains. The downward drivers then and now are nothing alike.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on October 31.

Markets
Stocks finish lower as Wall Street braces for key Fed decision | C
China Markets Rally After Unconfirmed Social Posts on Reopening | B
Treasury: Series I bond rate is 6.89% through April 2023 | C

Central banks
Fed seen raising rates by three-quarters of a point, may slow pace ahead | C
Column: Fed may be alert to favoured yield curve alarm | R
Traders Expect Higher Interest Rates to Stay for Foreseeable Future | W

US
Food Prices Soar, and So Do Companies’ Profits | N
JOLTS September 2022 | C
Marcus vs Mortgage: High-Yield Savings Account Rates Beat Some Home Loans | B
Midterm Elections 2022: 5 Key Races That Could Impact Election Security | B
With deep recession coming, Biden prepares by blaming Republicans | P

Europe
Europe Braces for a Winter Without Russian Gas | N

China
Auditor exodus at embattled China property firms triggers governance concerns | R

Emerging
Brazil protests escalate, disrupting fuel, grain and meat industries | R
Brazil President Jair Bolsonaro Pledges to Respect Constitution After Election Loss | W

Industries & companies
Autos: Toyota cuts output target amid chip crunch as profit tumbles 25% | R
Financials: U.S. banks processed about $1.2 billion in ransomware payments in 2021 | C
Media: Elon Musk Wants More Paying Twitter Users, Hinting at $8 a Month for Verified Accounts | W
Pharma: Pfizer CEO reveals growth plan as company faces up to $18 billion revenue hit | C

Corporate finance
DuPont pulls the plug on $5.2 bln buyout of Rogers on clearance issues | R
China Evergrande unit gets notice for $4.48 bln loan from Shengjing Bank | R
 
Beyond markets
Taylor Swift holds top 10 spots in Billboard Hot 100, announces tour | C

November 01 (Tuesday)

Latest Morning Briefing Executive Summary: Back To The Old Normal?
The unconventional ultra-easy monetary policy that reigned from the Great Financial Crisis to the Great Virus Crisis—a.k.a. the “New Normal”—aimed to stimulate the economy and shore up inflation. Now the “Old Normal” is back, characterized by more conventional tight monetary policy aimed at taming inflation, even if that kickstarts a recession. … But this post-pandemic business cycle isn’t following the usual Old Normal script—instead featuring an oddly quick snapback of GDP growth and oddly vigorous comeback of inflation. … Today, we look at what’s been happening in various segments of the economy this year and forecast what’s in store for 2023.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on October 31.

Markets
European stocks hit six-week high on hopes for rate hike slowdown | R
Dollar drops as optimism spreads before Fed and BoE decisions | R

Energy
Biden Calls for Penalties on Oil-and-Gas Companies’ ‘Windfall’ Profits | W
Joe Biden threatens higher taxes on oil companies amid high gas prices | C
Energy crisis: Next winter will be worse than this one, oil CEOs warn | C

Global
Factory output weakens on widespread slowdown, China COVID curbs | R

Central banks
Fed Meeting to Focus on Interest Rates’ Coming Path | W
The Federal Reserve Has a Secret Weapon to Fight Inflation | B

US
Report on Worker Demand to Indicate if Labor Market Cooled Further | W
The Accountant Shortage Threatens Capitalism’s Future | B
Immigration and Education Are Key to Fixing the US Supply Chain | B
34% Of Millennials Report Being Behind On Their Retirement Savings | C
Meet the 6 Latina GOP Candidates That Are Driving Democrats Nuts | townhall.com
Bigger Affordable Care Act Subsidies Likely to Boost Enrollment | W

Europe
Eurozone Inflation Rate Rises to 10.7% as Recession Looms | W

China
Chinese Property Bonds Set Record Lows as Investors Lose Faith | W
Fearing COVID, workers flee from Foxconn’s vast Chinese iPhone plant | R
Apple iPhone maker Foxconn says no Covid deaths at China plant | C
China Docks Final Module to Space Station | W

Emerging
Brazilian President Remains Silent a Day After Losing Election | W

Geopolitics & trade
Biden Is All-In on Taking Out China, Whatever the Consequences | foreignpolicy.com
China’s Xi greets Vietnamese ally with ceremony, call for defiance
Ukraine Races to Restore Electricity, Water Supplies After Russian Strikes | W
North Korea demands the U.S., South Korea halt joint military drills | R

Industries & companies
Airlines: Delta pilots vote in favor of potential strike as contract talks drag on | C
Autos: Chip Shortages Still Plague Toyota, Some Other Auto Makers | W
Pharma: Pfizer RSV vaccine given to pregnant moms protects newborns, company data shows | C

Corporate finance
J&J to buy heart pump maker Abiomed in $16.6 billion deal | C

Beyond markets
LinkedIn Survey Finds Work-From-Home Trend May Have Peaked | B

October 31 (Monday)

Latest Morning Briefing Executive Summary: Bear Bottoms
The bear market has clawed 30% out of stock valuations, returning the S&P 500’s forward P/E to its historical average of 15. But October 12 may have marked the bear’s bottom. If GDP and inflation perform as we expect and the Fed does what everyone expects, that bottom should hold. … We think the stock market has discounted a soft-landing scenario (to which we give a 60% subjective probability) but is nervous about a hard landing (40%). … Also: The MegaCap-8 stocks’ outsized influence over their resident indexes has been diminished. … Movie review: “All Quiet on the Western Front” (+ + +).
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on October 24.

Markets
Good News: Bad S&P 500 Earnings Are Playing Into the Fed’s Hand | B
Rising Markets Seem to See the Fed Easing. It’s Too Early for That. | BR
Small-Cap Stocks Have Rarely Been So Depressed. 7 to Buy Now. | BR
Municipal Bonds Are Offering the Yields You’re Looking For. Here’s Where to Look. | BR
The Year That Changed How Wealth Grows | BR
U.S. Pensions Take a Fresh Look at China | W

Energy
Column: U.S. diesel shortage increasingly likely until economy slows | R
Diesel market in perfect storm as prices surge and supplies dwindle | C
Natural-Gas Prices Have Plunged Into Autumn | W
 
Central banks
Column: Fed may be alert to favoured yield curve alarm | R
Goldman Sachs Now Sees Fed Rates Peaking at 5% in March | B
Fed and BOE Prepare 75 Basis-Point Salvos on Inflation: Eco Week | B
Job Markets Are Defying Central Bankers’ Efforts to Cool Demand | B
Cash-Rich Consumers Could Mean Higher Interest Rates for Longer | W

US
Joe Biden attempts the biggest overhaul of America’s economy in decades | E
3 Potential Outcomes for the Midterms—and What Each Scenario Would Mean | BR
Inflation, Economy Are Top of Mind for US Voters in Midterm Poll | B
The Midterm Elections Are Almost Here. 5 Key Areas to Watch. | BR
How much is long COVID reducing labor force participation? Not much (so far) (brookings.edu)
Senate Republicans want the SEC to explain why staff are quitting | R

Europe
Storm clouds loom for Giorgia Meloni, Italy’s new prime minister | E

China
China Nods to Even Tighter Ties With Russia in Xi Jinping’s Third Term | W

Geopolitics & trade
U.N., Turkey Race to Save Ukraine Grain Deal | W
EU urges Russia to revoke Ukraine Black Sea grain deal suspension | C
Factbox: What is known about the drone attack on Crimea? | R
Russia says it recovers drones used in Black Sea fleet attack in Crimea | R
Russia’s Lavrov needles Biden over Cuban missile crisis and Ukraine | R

Industries & companies
Autos: Where Are the Air Bags? Russia’s Hobbled Auto Industry Struggles to Reboot | W
Materials: Steel Companies’ Profits Hurt by Falling Prices | W
Retail: JPMorgan, Macy’s and Other Companies Reveal What They Pay Workers as Deadline Looms | W
Tech: Digital Dollars Could Be a Boon for Amazon, Alphabet, and Other Tech Companies | BR
Tech: Rate Squeeze Punishes Once-Triumphant Tech Stocks | W

Corporate finance
A brief history of Twitter: From its founding in 2006 to Musk takeover | C

Beyond markets
The attack at the Pelosis’ home was part of a dangerous pattern | E

October 29 (Saturday)

Latest Morning Briefing Executive Summary: China and Semiconductors
Today, our focus is the semiconductor and semiconductor equipment manufacturing industries, both down on their luck these days. The US Commerce Department has barred the door to one of their major markets, China. Yet the CEOs have been curiously acquiescent. … Jackie examines the administration’s possible motivations and the impacts on specific players in the space. … This bad news couldn’t have hit at a worse time: The semiconductor cycle may be heading south. Earnings estimates have been getting slashed and stocks battered.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on October 24.

Markets
Dow closes 800 points higher on Friday, registers fourth straight week of gains | C
Dow Jumps More Than 800 Points as Apple Gains 7.6% | W
Why the Most Common Gas Price Is Far From Average | W

Central banks
U.S. data brings some encouraging signs for inflation-weary Fed | R
Opinion | The Federal Reserve deserves a new variation on the Peter Principle | WP

Global
International Discord Undercuts Global Growth, Worsens Inflation | W

US
U.S. Wages Rose Rapidly in Third Quarter, Keeping Pressure on Inflation | W
U.S. pending home sales tumble in September | R
Consumer Spending Rose in September as Prices for Rent, Transportation Increased | W
Rise in U.S. consumer spending beats expectations; wage inflation slows | R
Credit-Card Debt Returns to Levels Before Covid-19 Pandemic | W
Opinion | Republicans Have No Inflation Plan | N

Europe
Discontent Rises in Europe as Economic War With Russia Pushes Up Cost of Living | W

China
China Nods to Even Tighter Ties With Russia in Xi Jinping’s Third Term | W
Shanghai Disneyland reduces operations as China tightens COVID curbs | R

Japan
Japan Is the One Place Where Inflation Might Be About Right | W

Geopolitics & trade
Star Economist Roubini on the Global Crises: “World War III Has Already Effectively Begun”
Iranian Drones in Ukraine Project Tehran’s Power Beyond Mideast, Testing U.S., Europe | W
U.S. says North Korea policy unchanged after nuclear remark raises eyebrows | R
UN report: Accounts of rape, torture and executions by Russian troops | C

Industries & companies
Communications Services: GM temporarily suspends advertising on Twitter following Musk takeover | C
Energy: Exxon Hits Record Profits Again as Oil Industry Sees Banner Quarter | W

Beyond markets
Flu Hospitalizations Hit Decade-Plus High for October | W
FDA sees limits to omicron-booster studies from Columbia, Harvard | C
Paul Pelosi, Husband of House Speaker Nancy Pelosi, Attacked in San Francisco Home | W