Dr. Ed's Blog

July 25 (Monday)

Latest Morning Briefing Executive Summary: Anatomy Of A Mid-Cycle Slowdown
Investors still have plenty to fear. But our earnings and economic data analyses plus recent stock market action tend to support our relatively constructive outlooks for the economy and stock market (especially relative to the fears). … Specifically, we think the S&P 500 likely hit its bear-market low of 3666 on June 16 and will remain range bound between 3666-4150 pending economic improvement; the peaking of inflation should limit further valuation downside. … As for the economy, we think it’s undergoing a mid-cycle slowdown that could flatten expected earnings growth—but not a conventional recession that causes earnings to tank.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on July 18.

Markets
S&P 500 sheds nearly 1% Friday on Snap-led tech sell-off, but finishes higher on week | C
Weak Earnings Reports Aren’t Fazing Investors After Brutal Year for Stocks | W
ESG should be boiled down to one simple measure: emissions | E
The Latest Euro Crisis Was Decades in the Making | BR
Gold Prices Hit by Renewed Bets on Higher Yields and Stronger Dollar | W

Central banks
Fed to Inflict More Pain on Economy as It Readies Big Rate Hike | B
Summers Says Fed Needs to Take Strong Action to Curb Inflation | B
U.S. Risks Deeper Downturn If Fed Has to Fight Inflation Alone | W
Why ECB Rate Hikes Risk Breaking the Euro—and Europe | BR

US
There Are Signs Inflation May Have Peaked, but Can It Come Down Fast Enough? | W
Rich Americans Keep Borrowing, Defying Economic Gloom | W
Yellen Says Signs of US Recession Aren’t in Sight for Now | B
Why Is U.S. Infrastructure So Costly—and What Can We Do About It? | W
Redfin: Homebuyers want to leave San Francisco, Los Angeles, New York | C

Europe
Mario Draghi, Italy’s reformist prime minister, resigns | E
 
China
Is China Headed for a Lehman-Style Crisis? This Property Bust Is Different. | BR
China Bets Big on Basic Chips in Self-Sufficiency Push | W

Emerging
Favored Emerging-Market Trade Loses Luster on Recession Fears | B
Emerging-market crises have become harder to resolve | E

Geopolitics & trade
Ukraine works to resume grain exports, flags Russian strikes as risk | R
World leaders slam Putin’s attack on Odesa following sea corridor deal | C
Odessa’s port may soon be reopened | E
Russia’s Natural-Gas Game Comes With Economic Risks | W
 
Industries & companies
Autos: Why CEO Mary Barra is confident GM can beat Tesla in electric vehicles | C
Consumer Discretionary: Buy Amazon Stock: It Could Double From Here | BR
Consumer Discretionary: Amazon: One Medical deal gives it access to my most personal info | C
Financials: Banks Are Better Off Than They Look. How to Profit With This Options Strategy. | BR
Retail: More Shoppers Buy Store Brands, Eating Into Big Food Companies’ Sales | W
Retail: Cheaper Beer, Cigarettes Gain Favor as Inflation Pinches Shoppers | W

Climate
Heat Wave Hits U.S. Farms, Stressing Crops and Ranchers’ Herds | W
U.S. Pushes for More Help for Drought-Stricken Eastern Africa | W
Wildfires burn coastal homes, forests in Greece as Europe’s heatwave spreads east | R
Evacuations underway amid fire near Yosemite National Park | C
Explainer: What is behind the heat waves affecting the United States? | R

Technology
A West Coast port worker union is fighting robots. The stakes are high | C

Beyond markets
WHO declares spreading monkeypox outbreak a global health emergency | C

July 23 (Saturday)

Latest Morning Briefing Executive Summary: Financials, China & Russian Gas
Banks have been navigating rising interest-rate seas remarkably well, managing to keep low the interest rates they pay out on deposits and raise the rates they take in on loans. As a result, net interest margins have been improving nicely from last year’s depressed levels. If banks can keep that up, the income upside would be substantial. … Also: China may regret not opposing Russia’s war in Ukraine if emerging market nations, struggling under the burden of war-induced food and energy inflation, aren’t able to make good on their debt payments to China. … And: A timely look at innovative ways to generate and store energy.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on July 18.

Markets
Stocks Drop, Ending Three-Day Rally | W
S&P 500 sheds nearly 1% Friday on Snap-led tech sell-off, but finishes higher on week | C
Broken Bulls, Big Breadth: Weighing a Case for a Turn in the Stock Market | B

Currencies & commodities
Column: Aluminum producers feel the margin pain as price slumps | R
What a Strong Dollar Means for the Rest of the World | W
Goldman Sachs Doubts Intervention on Euro, But Action on Yen Possible | B

US
U.S., Global Business Activity Slid in July | W
Consumer Confidence Drops as Inflation Hits Shoppers, Morgan Stanley Survey Says | B
Column: Oil and interest rate futures point to cyclical downturn before end of 2022 | R
You’re not the only one who’s confused about the economy. The experts are baffled, too | NN
Larry Summers Says Raise Taxes ‘Right Now’ to Help Battle Inflation | B
The One Place You Can Still Get a 3% Home Loan: Your Family | W
Shippers avoiding Port of Oakland as trucker protests stop trade | C

Europe
Europe Is Tested Anew, This Time by Energy, Inflation and Putin | W
Europe’s Diesel Market Slides From Mind-Blowing to Amazing | B
Gazprom says no additional obligations for Russia to get Nord Stream 1 turbine | R
Nord Stream 1 is flowing again. But Europe’s gas crisis isn’t going away. | Vox

Industries & companies
Autos: Apple CarPlay could be a trojan horse into the automotive industry | C

Geopolitics & trade
Ukraine’s Zelensky Says a Cease-Fire With Russia, Without Reclaiming Lost Lands, Will Only Prolong War | W
Russia, Ukraine Clear Way for Grain Exports to Resume Amid Fears of Global Food Crisis | W
Russia-Ukraine Grain Deal Won’t Translate Into Big Exports Immediately | W

Corporate finance
Steelmakers Pour On More Investments, Shaking Off Economic Concerns | W

Technology
Europe’s energy giants explore potential of floating solar | C
 
Beyond markets
Monkeypox: Biden administration considering public health emergency | C
U.S. identifies first cases of monkeypox in children | R
Monkeypox ‘panic’ is overblown and failing | P
Americans Endure Yet Another Day in Record-Breaking Heat Wave | W

July 22 (Friday)

Latest Morning Briefing Executive Summary: Financials, China & Russian Gas
Banks have been navigating rising interest-rate seas remarkably well, managing to keep low the interest rates they pay out on deposits and raise the rates they take in on loans. As a result, net interest margins have been improving nicely from last year’s depressed levels. If banks can keep that up, the income upside would be substantial. … Also: China may regret not opposing Russia’s war in Ukraine if emerging market nations, struggling under the burden of war-induced food and energy inflation, aren’t able to make good on their debt payments to China. … And: A timely look at innovative ways to generate and store energy.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on July 18.

Markets
Stocks Finish Higher as Earnings Continue; Tesla Jumps Nearly 10% | W
What Is the Yield Curve? Wall Street’s Recession Alarm Is Ringing. | N
Fund Managers Show ‘Dire’ Levels of Pessimism, Poll Finds | N

Central banks
The ECB Raises While Mario Draghi Falls | W
ECB Raises Rates by Half-Percentage Point in First Hike Since 2011 | W
European Central Bank surprises markets with larger-than-expected rate hike | C
Analysis: R.I.P. forward guidance: Inflation forces central banks to ditch messaging tool | R
 
US
2 Big Reasons the Housing Market Will NOT Collapse | InvestorPlace
Companies Swallow $2.1 Billion in Taxes as Executive Pay Climbs | W

Europe
Russia Resumes Nord Stream Natural-Gas Supply to Europe | W

China
Is China facing a balance sheet recession? | Quartz

Geopolitics & trade
Ukraine’s ports to reopen under deal to be signed Friday, Turkey says | R
Column: U.S. wheat steals world spotlight but Ukraine deal could interfere -Braun | R

Industries & companies
Airlines: Airlines temper flying ambitions after chaotic travel rebound | C
Energy: High Gas Prices Have Fuel Makers Raking In Cash | W

Corporate finance
Amazon to Buy One Medical Network of Health Clinics in Healthcare Expansion | W
 
Beyond markets
Japan decides to hold ex-PM Abe’s state funeral on Sept 27 -source | R

July 21 (Thursday)

Latest Morning Briefing Executive Summary: Financials, China & Russian Gas
Banks have been navigating rising interest-rate seas remarkably well, managing to keep low the interest rates they pay out on deposits and raise the rates they take in on loans. As a result, net interest margins have been improving nicely from last year’s depressed levels. If banks can keep that up, the income upside would be substantial. … Also: China may regret not opposing Russia’s war in Ukraine if emerging market nations, struggling under the burden of war-induced food and energy inflation, aren’t able to make good on their debt payments to China. … And: A timely look at innovative ways to generate and store energy.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on July 18.

Markets
Opinion: The painful market selloff should be over soon | NN
Tech Stocks Gain, With Nasdaq Climbing 1.6% | W
Market Rout Shows Dangers of Margin Lending, Crypto Style | W
The reason behind a mysterious trading surge in stocks like Berkshire Hathaway has been revealed | C

Central banks I
ECB Being Pulled in Multiple Directions as It Prepares First Rate Rise in a Decade | W
ECB to finally join rate hike club with big move on agenda | R
BOJ to retain easy policy, staying outside global tightening tide | R
Interest-Rate Pain From Higher Inflation Has Barely Begun | W

Central banks II
The Fed can fight inflation and unemployment — Here’s how | The Hill
Inflation Is a Beast the Fed Will Never Be Able to Tame | B
Powell’s fool’s journey chasing inflation | WP

Energy
Putin Says Russia to Meet Gas Commitments to Europe but Warns of Nord Stream Cuts | W
Natural Gas Remains Putin’s Weapon of Choice | W
Putin’s Gas Game: Toy With Europe’s Supply and Make Its Leaders Squirm | W
EU tells members to cut gas usage amid new Putin warning | R
Spain says it cannot support EU gas usage proposal | R
Gasoline prices may have hit summer peak and could be headed below $4 | C

US
U.S. existing home sales slide again; prices hit fresh record high | R
U.S. Home Prices Hit Record of $416,000 in June as Sales Continued to Slide | W
Mortgage demand drops to lowest level in 22 years | C
Inflation Has Now Devoured All Biden’s COVID ‘Rescue’ Checks | I&I
Consumers shun candles, barbecue kits as budgets tighten | R
Trucker protests stall cargo movement at California’s No. 3 seaport | R
Republicans slam Biden’s possible plan to cancel student debt | C

Europe
U.K. Inflation Hits 9.4%, a New 40-Year High | W

China
China Evergrande Prepares to Shed Light on Restructuring as Creditors’ Patience Wears Thin | W

Geopolitics & trade
U.S. faces recession if cut from Taiwan chip manufacturing: Raimondo | C
How Joe Manchin Left a Global Tax Deal in Limbo | N

Industries & companies
Airlines: Opinion: The pilot shortage is about to get a lot worse | NN
Tech: Chip-Making Machines Draw Record Orders for Dutch Tech Firm | W

Corporate finance
EXCLUSIVE Shell places U.S. Gulf of Mexico assets up for sale -sources | R

Climate
Biden announces new climate programs, but no emergency declaration | C
Europe heat wave photos: London fire department busiest day since WWII | C
More Than 100 Million Americans Face Dangerous Heat Wave | W
 
Beyond markets
Bad news: COVID-19 numbers are pretty meaningless | The Hill

July 20 (Wednesday)

Latest Morning Briefing Executive Summary: The Dollar & Earnings
Although Fed officials rarely discuss the US dollar’s impact on the economy, the dollar’s recent strength does exert an impact comparable to some degree of interest-rate hiking. Ditto the Fed’s latest quantitative tightening program, QT2. Both effectively will lower the federal-funds-rate endpoint of this tightening cycle. … The dollar’s recent strength reflects massive inflows into US financial markets from overseas given the troubled economies most everywhere else. So we continue to recommend a Stay Home investment strategy for US investors. … How does the dollar’s strength affect corporate earnings? There’s no rule of thumb to go by, but with S&P 500 companies deriving about 40%-50% of their revenues and earnings from abroad, the impacts can be significant.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on July 18.

Markets
Dow Jumps 750 Points as Investors Take Hope From Earnings Reports | W
Strong Dollar Fuels Pullback in Commodity Markets | W

Central banks
Fed Officials Preparing to Lift Interest Rates by Another 0.75 Percentage Point | W

Energy
Exclusive: Russia seen restarting gas exports from Nord Stream 1 on schedule | R
Putin warns of Nord Stream 1 gas capacity cuts over equipment repairs | R
Vital Russian Gas Supplies to Europe Aren’t Expected to Restart, Says European Commission | W
Russia moves closer to cutting off gas as Gazprom declares force majeure on supplies | yahoo.com
Europe Fears a Long, Cold Winter if Russia Ends Supply of Natural Gas | W
ConocoPhillips CEO warns of oil supply shortages and price volatility | R

US
Diverging Jobs Data Raise Questions About Labor Market Health | W

China
Henry Kissinger Warns Biden Against Endless Confrontation Between US and China | B
 
Geopolitics & trade
Russia taking steps to annex Ukrainian territory, White House says | C
China Warns U.S. Against Nancy Pelosi Visit to Taiwan | W
Putin’s Trip to Tehran Aims to Boost Ties With Iran, Turkey | W
Putin forges ties with Iran’s supreme leader in Tehran talks | R

Industries & companies
Cruise Lines: Shares of cruise lines jump after CDC ends Covid-19 program | C
Financials: CFPB to Push Banks to Cover More Payment-Services Scams | W
Home Builders: Home Building Slipped in June for Second Straight Month | W
Media: Netflix soothes Wall Street concerns with customer growth forecast | R
Tech: Google will once again test augmented reality glasses in public | C
Tech: Senate Moves Forward With $52 Billion in Semiconductor Funding for Chipmakers | B

Corporate finance
Google and Chevron invest in nuclear fusion startup TAE Technologies | C
Twitter-Musk Trial Set for October in Lawsuit Over Stalled $44 Billion Takeover | W

Climate
Heatwave: UK shatters record for its hottest day ever | C
Greek wildfire rages near Athens; homes, hospital evacuated | R
Biden to Tackle Climate Change During Visit to Former Coal Power Plant | W

Crypto
Cryptocurrency flowing into “mixers” hits an all-time high. Wanna guess why? | Ars Technica

Beyond markets
Covid: CDC approves Novavax vaccine for adults, shots available in coming weeks | C
As BA.5 Spreads, How Long Will a Prior Covid-19 Infection Protect You? | W

July 19 (Tuesday)

Latest Morning Briefing Executive Summary: More On Inflation 

Consumer prices, wages, home prices, rent: They’ve all been surging northward at stunning rates. Today, we take a deep dive into the wage-price-rent spiral. … We examine recent rent data, how they’re measured, and the forces that drive them—such as the plummeting affordability of home purchasing. … Regarding wages, one measure suggests wage inflation may be moderating, while the other shows it is still very high. … We still expect inflation to moderate, led by nondurable and durable goods inflation. The risk is that the wage-price-rent spiral continues, forcing the Fed to trigger a recession—which always has brought inflation down in the past. (subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on July 18.

Markets
Stocks edge up, dollar dips as Fed hike expectations lessened | R
Stocks Lose Ground as Banks Give Quarterly Updates | W
Deserted Stock Market Shows It Can Swerve Any Way at Any Time | B
Wall Street Titans Warn of 3 Big Risks as Markets Flash Recession Warning | B

Energy
Exclusive: Russia’s Gazprom tells European buyers gas supply halt beyond its control | R
Looming Gas Crunch Poses ‘Historic Test’ for Europe, IEA Says | W
Europe Fears Widespread Economic Fallout if Russian Gas Outage Drags On | W
Price cap on Russian oil could push oil to $140: Think tank IAGS | C

Global
Food security crisis could kill more people than Covid: Amadou Hott | C
Strong US Dollar, Trade Gap, Worse Inflation Globally | B

US
Diverging Jobs Data Raise Questions About Labor Market Health | W
Housing Boom Fades World-Wide as Interest Rates Climb | W
What Is the True Cost of Inflation? It’s Complicated. | W
2024 election: Gavin Newsom, Kamala Harris engage with donors | C

China
China U.S. debt holdings go under $1 trillion for 1st time in 12 years | C
China Weighs Mortgage Grace Period to Appease Angry Homebuyers | B
How China became ground zero for the auto chip shortage | R
Xi’s Strict Covid Zero Policy in China Pushes Wealthy to Leave Country | B

Geopolitics & trade
U.S., allies cannot allow China to dominate raw materials, technologies – Yellen | R
Xi’s Beijing Invite Unanswered by Top Europe Leaders, SCMP Says | B

Industries & companies
Airlines: Air Travel Is Broken. Here’s Why. | W
Airlines: 1,000 bags. Zero passengers. Delta flight from Heathrow latest sign of air travel hell | NN
Consumer discretionary: Amazon faces probe by federal prosecutors, OSHA into warehouse safety | C
Media: Hulu Is Driving More Streaming Subscribers to Disney Than Marvel or Star Wars | W
Tech: TikTok owner ByteDance explores self-designed chips | C

Crypto
Crypto miners moved over $300 million of bitcoin in one day | C

Climate
Offshore drilling produces not just oil but fish — and lots of them | P
Europe suffers from deadly heat wave as wildfires displace thousands | C

Beyond markets
China Covid Cases Jump; Officials Say Still ‘Severe’ in Shanghai | B
Why BA.5 is good at dodging our immune systems, even if you’ve just had Covid-19 | Vox

July 18 (Monday)

Latest Morning Briefing Executive Summary: Bear Market Rally Or A New Bull Market?
What’s ahead for the stock market? That depends on the significance of the S&P 500’s June 16 low-to-date in the current bear market, of 3666. If that turns out to be the bear’s bottom—which sure would be freaky since the previous one was at S&P 500 666—then either a bull market or a sideways-drifting one is just ahead. Alternatively, deeper lows may be in store if the gain since June 16 was just a short-covering rally within a bear market (as the reversal in sector leadership suggests). … Today, we examine both the bull and bear scenarios, laying out the cases for each.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on July 11.

Markets
Stocks rose as Wall Street weighed fresh earnings and economic data | C
Earnings Season Off to Slow Start, Clouding the Outlook for Stocks | W
Earnings could be an even bigger catalyst for stocks after the market’s wild ride on rate fears | C
Strong Dollar Extends Gains With No End to Rally in Sight | W
Gas Crisis of the ’70s Holds Lessons for Today | B

Global
When Will Supply Chains Return to Normal | B

Central banks
The ECB’s masterplan to manipulate markets | E
Fed Officials Preparing to Lift Interest Rates by Another 0.75 Percentage Point | W
As Fed Tightens, Economists Worry It Will Go Too Far | W

Energy
Sanctions Exemption for Turbines Aims to Restart Russian Gas Flows to Europe | W
Plan to Cap Russian Oil Prices Faces Big Obstacle: Vladimir Putin | BR

US I
Even if GDP shrinks, America may officially avoid a downturn. For now | E
U.S. Retail Sales Rose 1% in June | W
Inflation Has Outpaced Wage Growth. Now It’s Cutting Into Spending. | W
Food Prices Rose in June. Here Are the Items With the Biggest Increases. | BR
What Is the True Cost of Inflation? It’s Complicated. | W

US II
All Jobs Businesses Cut in Pandemic Are Back, but Not Where They Were Lost | W
Democrats in America are realizing they must moderate or die | E
Sen. Joe Manchin Balks at Global Minimum Tax Championed by Biden | W

Europe
Europe is preparing for Russian gas to be cut off this winter | E
Europe’s winter of discontent | E

Japan
Japan should stay true to Abe Shinzo’s vision—up to a point | E
Abe Shinzo’s policies will live on, but may be enacted more slowly | E
Inflation Is Just What Japan Needs. Play It With These Funds. | BR

China
Xi Jinping’s Policies Backfire: China Is Pariah for Global Investors | B

Industries & companies
Airlines: Boeing Vows It Won’t Build ‘Gliders’ as Engine Shortage Expands | B
Restaurants: Customer service suffers at short-staffed restaurants as Covid takes toll | C
Tech: After a turbocharged boom, are chipmakers in for a supersize bust? | E

Climate
‘Climate change affects everyone’: Europe battles wildfires in intense heat | R

Beyond markets
Tech Savvy or Tech Addicted? Older Adults Are Stuck on Screens, Too | W

July 16 (Saturday)

Latest Morning Briefing Executive Summary: Europe Sans Gaz (ESG)
Russia’s not above weaponizing its natural gas supplies to European nations; it has already frozen out Denmark, Poland, Bulgaria, and Finland in retaliation for decisions Putin didn’t like. So does Russia’s recent close-down of Nord Stream 1 for “repairs” mean that the pipeline critical to heating Germany this winter won’t be reopening? Jackie looks at the potential for an energy crisis in Europe and how various nations might fare. … Also: China faces mountainous economic challenges of its own. … And: With electric vehicle prevalence forecast to skyrocket this decade, an important new industry is born—lithium battery recycling.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on July 11.

Markets
Stock Investors, After Brutal Stretch, Have Rarely Been This Pessimistic | W
World stocks rally, dollar dips as investors weigh spending data, inflation scares | R
Dow Closes Up More Than 650 Points on Retail Spending Data | W
Investors Pour Cash Into Higher-Yielding Fixed Annuities | W
The big default? The dozen countries in the danger zone | R
Chaos Is Becoming the Rational Base Case in Market Ruled by Fear | B

Central banks
Fed ‘Let Us Down Quite Badly’ and Still Unrealistic, Summers Says | B

US
U.S. Retail Sales Rose 1% in June | W
US Retail Sales June 2022: Value Rises 1%, Topping Forecasts in Broad Advance | B
[Diesel] is pushing up the price of almost everything you buy | NN
Black US Households Face Higher Inflation, Richmond Fed Says | B
The Housing Shortage Isn’t Just a Coastal Crisis Anymore | N

China
China’s Economic Comeback From Covid-19 Shutdowns Likely to Be Slow and Bumpy | W
China Is in Trouble, Even With Sliver of Growth | W

Europe
Mario Draghi Resignation Puts Italy’s Leadership in Flux | W
Europeans Are Working Even Less, and Not by Choice | W

Geopolitics & trade
Putin and Xi’s Bet on the Global South | W
Biden confronts Saudi crown prince over Khashoggi murder, expects action on energy | R
Ukraine strikes significantly reducing Russia’s offensive potential, Kyiv says | R
U.S. Navy ship again sails near disputed S. China Sea islands | R

Industries & companies
Autos: Volkswagen to Keep Factory Running in China’s Xinjiang Region | W
Retail: Amazon Has Been Slashing Private-Label Selection Amid Weak Sales | W
Retail: Amazon Hits Pause on Office Construction in Tennessee, Washington State as Workers Go Hybrid | W

Beyond markets
Most of U.S. Population Now in Areas With High Covid-19 Levels as BA.5 Subvariant Spreads | W
How Covid screwed up our antibiotics | Vox

July 15 (Friday)

Latest Morning Briefing Executive Summary: Europe Sans Gaz (ESG)
Russia’s not above weaponizing its natural gas supplies to European nations; it has already frozen out Denmark, Poland, Bulgaria, and Finland in retaliation for decisions Putin didn’t like. So does Russia’s recent close-down of Nord Stream 1 for “repairs” mean that the pipeline critical to heating Germany this winter won’t be reopening? Jackie looks at the potential for an energy crisis in Europe and how various nations might fare. … Also: China faces mountainous economic challenges of its own. … And: With electric vehicle prevalence forecast to skyrocket this decade, an important new industry is born—lithium battery recycling.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on July 11.

Markets
Dow falls 100 points as Wall Street weighs more aggressive Fed, disappointing bank earnings | C
Bond Market Is Flashing a Recession Warning–Again | Morningstar
Euro Slips Below Dollar as Europe’s Economic Fortunes Slump | W
How to Invest During Inflation | N

Central banks
Central banks rapidly shift gears in bid to stem inflation tidal wave | R
All Crisis Scenarios Lead to Rome as ECB Starts Raising Interest Rates | B
Inflation jumped again in June. How bad is it and what will the Fed do next? | Vox
Fed’s James Bullard Favors 75 Basis-Point Rate Hike in July, Nikkei Reports | B
Fed Governor Waller expects 0.75 percentage point hike, but open to a larger one | C
Powell, Clarida cleared of wrongdoing in Fed trading controversy | C
Jamie Dimon rips Fed stress test as ‘terrible way to run’ financial system | C

US
JPMorgan CEO Dimon sums up U.S. economy in one paragraph — and it sounds bad | C
Producer Price Gains Accelerated in June | W
Biden Calls Inflation Numbers ‘Out of Date.’ Americans Disagree | B
Economists are predicting a recession but companies are still hiring | Vox
People Have Money but Feel Glum—What Does That Mean for Economy? | W
Will Home Prices Fall? Listings Rise for the First Time in Three Years | B
Mortgage Rates Rise Again After Recording Sharp Drop | W
How inflation can hurt and help consumers, according to economists | C

Europe
Italian Prime Minister Mario Draghi Says He Will Resign | W
‘No, Mario’, Italian president urges PM Draghi not to quit | R
Europe’s Heat Wave Is Pushing Energy Prices Up and Clean Energy Out | B
German Economy Is ‘Moving Into Recession,’ Deutsche Bank Says | B

China
China Set to Post the Slowest Growth in Two Years on Zero-Covid Policy | W
China Property Market Shudders as Buyers Threaten to Stop Mortgage Payments | W

Industries & companies
Airlines: Airlines’ Challenge Is Cutting Costs, Not Filling Seats | N
Autos: GM and Pilot Plan National Electric-Vehicle Charging Network | W
Financials: Bank of America fined $225 million over unemployment benefits program | C

Beyond markets
Baby-Formula Shortage Deepens, Defying Replenishment Efforts | W

July 14 (Thursday)

Latest Morning Briefing Executive Summary: Europe Sans Gaz (ESG)
Russia’s not above weaponizing its natural gas supplies to European nations; it has already frozen out Denmark, Poland, Bulgaria, and Finland in retaliation for decisions Putin didn’t like. So does Russia’s recent close-down of Nord Stream 1 for “repairs” mean that the pipeline critical to heating Germany this winter won’t be reopening? Jackie looks at the potential for an energy crisis in Europe and how various nations might fare. … Also: China faces mountainous economic challenges of its own. … And: With electric vehicle prevalence forecast to skyrocket this decade, an important new industry is born—lithium battery recycling.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on July 11.

Markets
Stocks Decline as Inflation Accelerates | W
Municipal-Bond Issuers Fall Behind on Disclosures | W

Central banks
Inflation May Have Peaked, but the Fed Won’t Back Off | W
Hot inflation fuels bets on supersized Fed rate hike | R
 
Currency & commodities
Global Oil-Supply Crisis Shows Signs of Easing, IEA Says | W
Germany’s confounding climate move to opt for coal over nuclear power | Vox
Analysis: Euro is at parity; its fate is now with energy markets | R
Euro Hits Parity With U.S. Dollar for First Time in 20 Years | N
Yellen Pitches Russian-Oil Price Cap to Chinese Counterpart | W

US
Inflation rose 9.1% in June, even more than expected, as consumer pressures intensify | C
Inflation Soared in June, Pinching Consumers and Challenging Policymakers | N
U.S. Inflation Hits New Four-Decade High of 9.1% | W
The Inflation Tax on Workers | W
Gas Prices, a Big Inflation Factor, Are Coming Down Sharply | N
U.S. Economy Slows in Several Parts of the Country, Fed’s Beige Book Says | W
Beware Wishful Thinking About Inflation and Recession | W

Industries & companies
Autos: Americans are paying record-high prices for new vehicles | C
Financials: Bank Earnings Will Give Clues About Whether a Recession Is Looming | W
Media: Netflix partners with Microsoft on ad-supported subscription plan | C
Retail: Inflation: Clothes are expensive even as retailers try to clear inventory | C

Geopolitics & trade
Breakthrough at Ukraine grain export talks as heavy shelling continues | R
U.S. successfully tests pair of Lockheed hypersonic missiles | R

Beyond markets
Is the World Really Falling Apart, or Does It Just Feel That Way? | N