Dr. Ed's Blog

April 04 (Monday)

Latest Morning Briefing Executive Summary:  Inflating Earnings
Crosscurrents should continue to buffet the S&P 500’s forward P/E multiple in both directions, but the earnings portion of the equation should rise in the higher-for-longer inflationary environment we project. The S&P 500 is a good inflation hedge provided that the downward-blowing crosswinds continue to be offset by inflating earnings. … Today, we detail all the variables that go into our stock market assessment—including our stagflationary economic outlook; our estimates for corporate revenues, earnings, and profit margins; our target ranges for the S&P 500’s forward P/E and price levels this year and next; and the assumptions we’ve made to derive those targets. … Movie review: “The Dropout” (+ + +).
(subscribers’ link)

YRI
Daily Markets Overview
See subscribers’ link below for today’s Morning Briefing.
Replay of Dr. Ed’s webinar on March 28.

Markets
Inverted Yield Curve Could Be Sending a Bogus Recession Warning | BR
Economists Seek Recession Clues in the Yield Curve | W
Nickel-Market Failure Probed by U.K. Regulators | W

Central banks
Recession Risks Are Rising. Can the Fed Stick a Soft Landing? | BR

Energy
Ukraine’s Friends Refuse to Pay Russia Rubles for Gas. What Could Come Next. | BR
Russia maintains gas deliveries as Europe considers fresh sanctions | R
Can Germany cope without Russian gas? | E

US
JPMorgan CEO Jamie Dimon Says Big Risks Loom for the U.S. Economy | W
Is the Housing Market Going to Crash? With Rising Mortgage Rates and Sky-high Home Prices, First-Time Buyers Are Being Locked Out | BR
Great Resignation Isn’t Slowing and May Persist, Randstad Says | B
Wage Gains Show Signs of Slowing | W
Why America’s most successful anti-poverty programme is going cold | E

China
Xi Jinping’s ‘Common Prosperity’ Was Everywhere, but China Backed Off | W

Geopolitics & trade
Niall Ferguson: 7 Worst-Case Scenarios From Putin’s Ukraine War | B
Op-ed: A new world order is emerging — and the world is not ready for it | C
Why Ukraine must win | E
The war makes China uncomfortable. European leaders don’t care | E
In Ukraine, New Reports of War Crimes Emerge as Russians Retreat From Kyiv Area | W
Photos of Bucha Massacre Drive EU Toward Adding Sanctions on Russia: Ukraine War | B
Flood of Refugees From Ukraine Mostly Are Finding Shelter in Private Homes | W

Industries & companies
Biotech: Biotech Stocks Have Taken a Beating. Here’s How to Play a Rebound. | BR
Biotech: Biotech Stocks, Once Booming, Enter Bear Territory | W
Financials: JPMorgan’s Dimon warns of potential $1 bln loss from Russia exposure | R
Home Builders: Home Builders Are the Cheapest Stocks Around. Is It Time to Buy? | BR

Climate
The Great Green Lie: Wind & Solar Aren’t Saving The Planet, They’re Wrecking It

Virus
China Covid Variants and Omicron XE in U.K. Put Fresh Focus on Mutations | B

April 02 (Saturday)

Latest Morning Briefing Executive Summary:  Financials, Defense & Fusion
Today, Jackie takes a timely look at prospects for the S&P 500 Investment Banking & Brokerage industry. If the buoyant reception investors gave to Jefferies’ challenged but better-than-expected Q1 results is a bellwether, the industry may be poised to reverse its sector-lagging streak. … Also: A look at how the fiscal 2023 defense budget may take shape as it winds its way through Congress. … And: Fusion holds immense promise for producing carbon-free energy—if scientists can clear a big hurdle. They’re making progress.
(subscribers’ link)

YRI
Daily Markets Overview
See subscribers’ link below for today’s Morning Briefing.
Replay of Dr. Ed’s webinar on March 28.

Markets
Stocks Close Higher, Bond Yields Rise After Jobs Report | W
Dow climbs more than 100 points as Wall Street begins second quarter on a positive note | C
What Is a Yield Curve and Why Are Investors Worried? | Morningstar
U.S. bonds: Key part of yield curve ‘inverts’ as short-term rates jump after jobs report | C
 
Central banks
Eurozone Inflation Soars to 7.5%, Raising Pressure on ECB | W

US
U.S. March Jobs Report Shows Strong Hiring Momentum | W
Americans Were Great About Paying Their Debts in the Pandemic. Don’t Expect It to Last. | W
Bernie Sanders Is Wrong About the American ‘Oligarchs’ | reason.com

China
Shanghai’s Workers Sleep on Floors to Keep Factories Going Amid Covid-19 Lockdown | W

Geopolitics & trade
Vladimir Putin’s 20-Year March to War in Ukraine—and How the West Mishandled It | W
Russian Strategy in Ukraine Shifts After Setbacks, and a Lengthy War Looms | W
Chinese Agents Hire Private Eyes to Harass Dissidents in U.S., Officials Say | W

Virus
Shanghai Battles Covid-19 Outbreaks in Another Elderly-Care Hospital | W
Myocarditis risk higher after Covid infection than vaccination, CDC finds | C
Meta says employees won’t need Covid boosters to come to U.S. offices | C

Beyond markets
Opinion: The Zelensky deepfake is a warning for Corporate America | NN

April 01 (Friday)

Latest Morning Briefing Executive Summary:  Financials, Defense & Fusion
Today, Jackie takes a timely look at prospects for the S&P 500 Investment Banking & Brokerage industry. If the buoyant reception investors gave to Jefferies’ challenged but better-than-expected Q1 results is a bellwether, the industry may be poised to reverse its sector-lagging streak. … Also: A look at how the fiscal 2023 defense budget may take shape as it winds its way through Congress. … And: Fusion holds immense promise for producing carbon-free energy—if scientists can clear a big hurdle. They’re making progress.
(subscribers’ link)

YRI
Daily Markets Overview
See subscribers’ link below for today’s Morning Briefing.
Replay of Dr. Ed’s webinar on March 28.

Markets
Stocks Finish Lower as U.S. Eyes Reserve Release | W
Oil prices slide as Biden announces largest-ever Strategic Petroleum Reserve release | C
2-year Treasury yield tops 10-year rate, a ‘yield curve’ inversion that could signal a recession | C
Biden to release oil from Strategic Petroleum Reserve to cut gas prices | C

Global
This Is What Happens When Globalization Breaks Down | N

US
The Fed’s preferred inflation gauge rose 5.4% in March, the highest since 1983 | C
Inflation Weighed on Consumer Spending Growth in February | W
Here’s what’s next for the US jobs recovery | NN
U.S. Jobless Claims Edge Higher Amid Tight Labor Market | W
U.S. to Make 35,000 More H-2B Visas Available for Seasonal Workers | W

Europe
Putin tells Europe: Pay in roubles or we’ll cut off your gas | R

China
China’s Covid-Zero Strategy: What Could Xi Jinping Do Next? | B
China Plans New Restrictions in Its Booming Live-Streaming Sector | W

Geopolitics & trade
Russians hand control of Chornobyl nuclear plant back to Ukraine, IAEA says | C
U.S. sanctions a global network helping Russian military evade export controls | C
U.S. Sanctions Russian Tech Companies, Whole Sectors of Russian Economy | W

Industries & companies
Pharma: House Passes Bill Capping Insulin Costs at $35 a Month | W

March 31 (Thursday)

Latest Morning Briefing Executive Summary:  Financials, Defense & Fusion
Today, Jackie takes a timely look at prospects for the S&P 500 Investment Banking & Brokerage industry. If the buoyant reception investors gave to Jefferies’ challenged but better-than-expected Q1 results is a bellwether, the industry may be poised to reverse its sector-lagging streak. … Also: A look at how the fiscal 2023 defense budget may take shape as it winds its way through Congress. … And: Fusion holds immense promise for producing carbon-free energy—if scientists can clear a big hurdle. They’re making progress.
(subscribers’ link)

YRI
Daily Markets Overview
See subscribers’ link below for today’s Morning Briefing.
Replay of Dr. Ed’s webinar on March 28.

Markets
Dow, S&P close lower after 4 days of gains as Russia bombs Ukraine | R
U.S. bonds: Treasury yields fall as investors keep watch over bond spreads | C
Explainer: Why an inverted yield curve may not be all bad for U.S. banks | R
Big Stock Sales Are Supposed to Be Secret. The Numbers Indicate They Aren’t. | W
SEC Proposes New Disclosure Requirements for SPACs | W
Euro holds at one-month high, yen set for worst month since 2016 | R

Energy
Oil prices tumble more than $5 a barrel as Biden weighs massive reserves release | R
Biden administration weighs massive draw from emergency oil reserve – sources | R
Biden’s Global Quest for Oil Triggers Political Pushback | W
The LNG Export Boom Is Draining U.S. Natural-Gas Supplies and Lifting Prices | W

Central banks
Fed’s Esther George Backs Swift Move to Neutral Monetary Policy Setting | W
Investors believe the biggest threat to the markets now is a Fed misstep, CNBC survey shows | C

US
Job Openings Ease Slightly From Record Highs | W
It Isn’t Just Tom Brady—More People Are Coming Out of Retirement | W
Positive Drug Tests Among U.S. Workers Hit Two-Decade High | W
Biden’s plan to ‘tax the rich’ unlikely to stop with billionaires | TheHill
White House blasts Trump’s call for Putin to release info on Hunter Biden | R

China
China’s March factory activity likely shrank amid virus outbreaks – Reuters poll | R

Europe
Europe Woos Qatar for an Alternative to Russian Gas | W

Geopolitics & trade
U.S. sends 100 killer drones called Switchblades to Ukraine | C
Russia Plays Down Progress in Peace Talks, Intensifies Attacks in Eastern Ukraine | W
Sanctioned or not, Russians abroad find their money is ‘toxic’ | R
The U.S. Sanctions a Russian Oligarch—but Exempts His Companies | W

Virus
Despite High Covid-19 Case Counts, Asian Nations Learn to Live With the Virus | W
U.S. to end COVID-era order blocking migrants at Mexico border, sources say | R
Biden warns U.S. won’t have enough Covid vaccine shots without aid from Congress | C

Beyond markets
Hubble Space Telescope Spots Most Distant Star Ever Seen | W

March 30 (Wednesday)

Latest Morning Briefing Executive Summary: It’s Still a Bull Market
March 8 may have marked the stock market’s bottom for this year; it now seems rapidly to be approaching a new record high as investors turn to stocks as an inflation hedge. The fog of war had masked the outlook, but the long-term bull market, punctuated by panic attacks, remains intact. We peg the S&P 500’s upside potential at 5000-6000 next year. … Also: We examine how the S&P 500 has performed historically during ups and downs of both the business cycle and the monetary policy cycle. … And: Melissa examines the economic toll Putin’s war is taking on Europe and how European policymakers are responding.
(subscribers’ link)

YRI
Daily Markets Overview
See subscribers’ link below for today’s Morning Briefing.
Replay of Dr. Ed’s webinar on March 28.

Markets
Inversion of key U.S. yield curve slice is a recession alarm | R

Central banks
Senate Prepares Confirmation Vote for Lisa Cook as Fed Governor | W
Fed’s Harker Worried About High Inflation, Open to Big Rate Increases | W

Supply-chains
New Supply Chain Risk: 22,000 Dockworkers Who May Soon Strike | N

US
Home-Price Growth Accelerated in January | W
There are now a record 5 million more job openings than unemployed people in the U.S. | C
Why pay raises alone won’t help fill America’s 11 million open jobs | C
U.S. House panel to hold hearing on gas prices with oil company CEOs | R
Opinion | New York Can Build More Affordable Housing, Fast. Here’s How. | N
How the radical left is pushing property owners to the brink | P

China
Shanghai Lockdown Adds to China’s Economic Woes | W

Geopolitics & trade
Russia repositions troops away from Kyiv, marking a shift in the war | C
Ukraine Proposes Neutral Status With Guarantees, and Zelensky Seeks More Western Help | W
Russia Built Parallel Payments System That Escaped Western Sanctions | W
U.S. Targets Oligarchs’ Hidden Assets, Russian Military Supply Lines | W

Industries & companies
Logistics: FedEx CEO says the company will make ‘an enormous effort’ toward AV trucks in June | C

Virus
Top FDA official says fully vaccinated Americans may need more Covid shots this fall | C
Second Covid-19 Booster Shot Endorsed by FDA, CDC for Adults 50 and Older | W
CDC: Majority of U.S. has Covid antibodies, what that means for you | C

March 29 (Tuesday)

Latest Morning Briefing Executive Summary: Three Related Delusions
The ripple effects of three delusions held in high places have triggered a host of interrelated global problems. Putin’s delusion about Ukraine’s sovereignty has led to war and related supply shortages of crucial commodities, which are exacerbating runaway inflation. … Powell’s delusion that the inflation outlook is more benign than it really is has misled bond investors. … But the bond market is finally shedding its delusions and acting more predictably. … How high might the 10-year Treasury bond yield go during this year of rising interest rates and stagflation? We project 3.00% by year-end.
(subscribers’ link)

YRI
Daily Markets Overview
See subscribers’ link below for today’s Morning Briefing.
Replay of Dr. Ed’s webinar on March 28.

Markets
Stocks Finish Choppy Session Modestly Higher | W
Oil Prices Fall as Lockdowns in China Weigh on Demand | W
Yen Hits Lowest Level Since 2015, and Japan, U.S. Are OK With That | W
Bond market is flashing a warning sign that a recession may be coming | C

Central banks
How Russia’s Central Bank Engineered the Ruble’s Rebound | W

US I
Federal Budget Proposal: Biden Pitches $5.8 Billion Plan With Tax Hike on Rich | B
Biden’s 2023 budget would hike taxes on the ultra-rich and corporations, boost defense spending | C
Biden says budget targets Trump’s ‘fiscal mess,’ raises taxes on wealthy | R
U.S. Army Troops Would Drop Below One Million in New Budget Proposal | B

US II
How Bad Inflation Might Get, According To The Companies That Will Raise Prices | FO                                                                                                            U.S. Healthcare Spending Growth Slowed in 2021 After Covid-19 Surge | W
Behind the great NYC eviction tsunami that never happened | P

Industries & companies
Tobacco: Walmart Stops Selling Cigarettes in Some Stores | W

Geopolitics & trade
Ukraine sets ceasefire goal for new Russia talks, but breakthrough looks distant | R
Ukraine and Russia Prepare for Talks in Turkey as Russian Missiles Hit Cities | W
Roman Abramovich and Ukrainian Peace Negotiators Suffer Suspected Poisoning | W
Biden Says Putin Remark Reflected His Outrage Over Invasion, Not Policy Change | B

Corporate finance
HP Makes Bet on Hybrid Work With $1.7 Billion Deal | W

Virus
Shanghai’s Lockdown Tests Covid-Zero Policy, and People’s Limits | N
Covid Vaccines: World Moves From Shortages to Possible Glut of Shots | B

March 28 (Monday)

Latest Morning Briefing Executive Summary:  Twists & Turns of the Yield Curve
Two different yield-curve spreads are sending contradictory signals, and one of them is giving some investors the recession heebie-jeebies. But the other, more “official” yield-curve spread suggests no recession in sight, and ditto most other leading indicators. We see a stagflationary environment this year, with real GDP growing an average of 2.0% per quarter and inflation remaining persistent. … Also: A couple of short-maturity spreads relative to the federal funds rate likewise signal no recession. And we look to the Fed for insights on its chances of executing a soft landing and on the significance of various spreads.
(subscribers’ link)

YRI
Daily Markets Overview
See subscribers’ link below for today’s Morning Briefing.
Replay of Dr. Ed’s webinar on March 21.

Markets
Stocks could take their cue from oil, inflation and interest rates in the week ahead | C
The Riskiest Bets in the Stock Market Are the Most Popular | W

Central banks
The Fed Might Raise Rates by a Half-Point. How It Could Play Out. | BR
Fed’s Best Hope Increasingly Looks Like a ‘Semi-Hard’ Landing | B

Energy
Oil Prices Stay High as Russian Crude Shortage Hits Market | W
Natural-Gas Industry Gets Boost as Biden Shifts Stance | W
Ukraine War Drives Up Cost of Wind, Solar Power | W
Why energy insecurity is here to stay | E
Cutting fuel taxes is a bad idea | E

US
Biden job approval fall to lowest point, amid Russia and inflation worry | C
President Joe Biden to propose new 20% minimum billionaire tax | C
Capital Spending Boom Helps Raise Productivity, Contain Costs | W
The Great Resignation Is Beginning to Reverse Course. | BR
What happens when Amazon comes to town | E

Europe
The EU’s unity over Ukraine has given it surprising heft | E

Geopolitics & trade I
Volodymyr Zelensky on why Ukraine must defeat Putin | E
Ukraine willing to be neutral, says Russia wants to split nation | R
How Vladimir Putin provokes—and complicates—the struggle against autocracy | E
Putin Doesn’t Realize How Much Warfare Has Changed | The Atlantic
Biden says Putin ‘cannot remain in power’ in sweeping speech on Russian invasion of Ukraine | C
Biden Team Seeks to Temper Remark on Putin as U.S. Allies Object | B

Geopolitics & trade II
U.S.-China Economic Decoupling Is Under Way Because of the Russian War | BR
Putin, Xi and the End of the Global Economy as We Know It | B
Xi’s gamble on Putin may be the most dangerous of his 9 years in power | C

Industries & companies
Media: Netflix and Other Streaming Companies Are Winning Hollywood. Why Investors Are Losing. | BR
Tech: Everyone Thinks Rising Interest Rates Are Bad for Tech Stocks. But Are They? | Institutional Investor

Technology & cryptocurrency
Welcome to the Very Meta World of Virtual Real Estate | BR
Crypto: Britain to reveal stablecoin regulation plans, sources say | C

Virus
Sweden—Once Mocked for Its COVID Strategy—Now Has One of the Lowest COVID Mortality Rates in Europe | ampproject.org
China must eventually learn to live with the coronavirus | E
Pfizer, Moderna and J&J Face Shareholder Pressure to Broaden Covid-19 Vaccine Access | W

Beyond markets
Inside Vanguard Mutual Fund Company With Bogle Gone, Tensions Are Brewing | B
From GM to Powerade, Brands Pitch Mental Health | W

March 26 (Saturday)

Latest Morning Briefing Executive Summary: Cybersecurity, Transports & Food
Corporate America’s cybersecurity budgets are bound to rise after the White House warned that Russian cyberattacks appear imminent and briefed the likely targets. So Jackie examines the implications for cybersecurity software providers. … Also: The transportation industries—rail, truckers, and airlines—are staring up a mountain of challenges. Yet the S&P 500 Transportation index has been outperforming the broad S&P 500 index so far this year. … And: The Ukraine war is highlighting vulnerabilities in global food distribution systems. Vertical indoor farming could be part of the solution—eventually.
(subscribers’ link)

YRI
Daily Markets Overview
See subscribers’ link below for today’s Morning Briefing.
Replay of Dr. Ed’s webinar on March 21.

Markets
S&P 500 rises Friday, posts second winning week in a row | C
Surging Stock Markets Turn a Blind Eye to Fed at Their Own Risk | B
Chinese Stocks: What Went Wrong | Morningstar
U.S. bonds: 10-year Treasury yield rises to 2-year high of 2.5% as investors bet on aggressive Fed | C
Morning Bid: Now even Japan seems ok with rising bond yields | R

Commodities
U.S., EU strike LNG deal as Europe seeks to cut Russian gas | R
Lumber Rally Cools With Transport Snarls Easing, Buyers Balking | B

Central banks
The Fed Bets on a ‘Soft Landing,’ but Recession Risk Looms | N
Fed’s Williams: Fed Can Boost Rates By 50 Basis Points if Needed | W

US
Homebuyers Hit With U.S. Mortgage Rates Surging Most Since 1994 | B
Home sales fall in February ahead of key spring selling season | C
Mortgage rate soars closer to 5% in its second huge jump this week | C
Buying a Home in Atlanta Has Become Unaffordable, Fed Data Show | B
The tech exodus from California? It was a bust | LA Times

Europe
Europe’s Economy Slows as Ukraine War Sends Costs Soaring | W

Geopolitics & trade I
Russia reframes war goals as Ukrainians advance near Kyiv | R
Russia Says ‘Main’ Focus of Ukraine Operation Is on Donbas: Interfax | B
How Bill Clinton Sealed Ukraine’s Fate | W
What Are War Crimes? Could Vladimir Putin Be Tried at ICC? | B
Exclusive: U.S. assesses up to 60% failure rate for some Russian missiles, officials say | R
U.S. urges China and Russia to send strong message to North Korea after missile launch | R

Geopolitics & trade II
China Seeking Details on Russia Sanctions, Easing U.S. Concerns of Evasion | B
Exclusive: China’s Sinopec pauses Russia projects, Beijing wary of sanctions | R
Treasury Secretary Janet Yellen sees no need for China sanctions over Russia war | C
U.S. to Sanction Companies Providing Technology for Russian Military, Intelligence Services | W

Industries & companies
Airlines: Discount airfares rising thanks to higher fuel costs, demand, Frontier CEO says | C
Autos: GM to halt pickup truck production in Indiana due to chip shortage | C

Climate
Thinning Antarctic ice shelf finally crumbles after heatwave | R

March 25 (Friday)

Latest Morning Briefing Executive Summary: Cybersecurity, Transports & Food
Corporate America’s cybersecurity budgets are bound to rise after the White House warned that Russian cyberattacks appear imminent and briefed the likely targets. So Jackie examines the implications for cybersecurity software providers. … Also: The transportation industries—rail, truckers, and airlines—are staring up a mountain of challenges. Yet the S&P 500 Transportation index has been outperforming the broad S&P 500 index so far this year. … And: The Ukraine war is highlighting vulnerabilities in global food distribution systems. Vertical indoor farming could be part of the solution—eventually.
(subscribers’ link)

YRI
Daily Markets Overview
See subscribers’ link below for today’s Morning Briefing.
Replay of Dr. Ed’s webinar on March 21.

Markets
U.S. says it is discussing further coordinated oil release with allies | R
Fertilizer Prices Surge as Ukraine War Cuts Supply, Leaving Farmers Shocked | W
Gasoline prices are hitting $6 in some parts of the country and summer driving season isn’t here yet | C
Nvidia, Intel lead rally in chip stocks as optimism on economy boosts riskier assets | C

Commodities
War-Fueled Global Hunger Catastrophe On The Way With Solutions Tough To Come By | FO
US energy and the economy – 3 key facts to know as Russia-Ukraine crisis continues | FO
Russia’s days as an energy superpower are coming to an end | NN

US
U.S. Jobless Claims Fall to 187,000, Lowest Level Since 1969 | W
Trump sues Hillary Clinton, DNC over ‘unthinkable’ Russia ‘plot’ in 2016 election | P
Biden says he’d be ‘very fortunate’ to face Trump in 2024 presidential election | C
Mortgage Rates Hit Fresh Three-Year High | W
Never Have So Few Homeowners Had Reason to Refinance | B
Wall Street bonuses jumped 20 percent to a record, but the boom may be short-lived. | N
These Empty-Nesters Are Upsizing to Their Forever Home | W

Europe
Europe’s Economy Slows as Ukraine War Sends Costs Soaring | W
U.S tech giants face tough new rules as EU countries, lawmakers clinch deal | R

Geopolitics & trade I
Biden says U.S. would ‘respond’ to Russia if Putin uses chemical or biological weapons | C
Biden Calls for Russia to Be Expelled From G-20 | W
West assails Russian ‘barbarism’ as Ukrainians shelter from bombardment | R
Opinion | Meet Alexander Dugin, author of Putin’s deadly playbook | WP

Geopolitics & trade II
BlackRock’s Larry Fink, who oversees $10 trillion, says Russia-Ukraine war is ending globalization | C
For Years, Poland Warned of the Russian Threat. Now, the West Is Listening. | W
EU leaders send a message to China: Use your leverage to stop Putin | C
U.S. reinstates 352 product exclusions from China tariffs | R
Freeze and seize? EU struggles to target oligarchs’ assets | R
U.S. Will Admit 100,000 Refugees Fleeing Ukraine, White House Says | W

Industries & companies
Pharma: FDA Rejects Eli Lilly’s China-Developed Cancer Drug | W

Cybersecurity
U.S. Charges Russian Government Hackers With Campaign of Global Energy Cyberattacks | W

Virus
Covid-19 Cases Are Up in the U.K. Does That Mean the U.S. Is Next? | W

March 24 (Thursday)

Latest Morning Briefing Executive Summary: War & Peace
Horrific as it is, Russia’s war in Ukraine hasn’t stopped the US stock market from advancing; investors know that geopolitical crises can present buying opportunities. The war has had significant impacts on commodity prices, inflation expectations, and certain stock market sectors. … The Energy and Materials sectors are benefiting from analysts’ higher revenues and earnings sights, and so are companies generally. Faster inflation is boosting revenues expectations to record highs, and the fact that earnings are following suit suggests most companies are able to pass their higher costs on to customers. … Also: For auto makers and their suppliers, the war is escalating already extreme supply-chain challenges and upending the global playing field in multiple ways.
(subscribers’ link)

YRI
Daily Markets Overview
See subscribers’ link below for today’s Morning Briefing.
Replay of Dr. Ed’s webinar on March 21.

Markets
Dow Falls More Than 400 Points, Oil Prices Jump | W
Standardizing ESG criteria will reduce confusion: S&P Global CEO | C
 
Central banks
The Odds Don’t Favor the Fed’s Soft Landing | W
Fed Interest-Rate Hike: Officials Take Aim at Inflation, Ready to Act With Vigor | B
The coming federal weaponization of banking | TheHill

Energy
Global Oil Demand Threatened by China’s Tight Covid Lockdowns | B
Gasoline Demand in U.S. Starts to Show Cracks at Unlikely Time | B
Russia’s Oil-and-Gas Industry Is Starting to Feel the Bite of Sanctions | W
Putin Wants Unfriendly Countries to Pay Rubles for Russian Gas | B
U.S.-Europe Energy Agreement Expected Friday, Biden Aide Says | B
Will War Make Europe’s Switch to Clean Energy Even Harder? | N
Germany’s leader says a boycott of Russian energy would imperil ‘hundreds of thousands of jobs.’ | N

China
China’s Divorce Rate Is Down, but So Are Marriages | N

Geopolitics & trade
Volodymyr Zelenskiy’s Virtual World Tour Proves a New Weapon in Russia War | B
Biden arrives in Europe for Ukraine war summits, NATO to bolster eastern flank | R
NATO to bolster troops in Bulgaria, Hungary, Romania and Slovakia | C
U.S. government formally accuses Russia of committing war crimes in Ukraine | C
Weapons for Ukraine’s Fight Against Russia Flow Through Small Polish Border Towns | W
NATO Estimates Steep Russian Losses in Ukraine as Biden Arrives in Europe | W
Biden arrives in Europe for Ukraine war summits, NATO to bolster eastern flank | R
Putin’s Bombers Could Devastate Ukraine But He’s Holding Back. Here’s Why | msn.com

Industries & companies
Airlines: U.S. airline CEOs urge Biden to lift COVID mask mandate -letter | R
Autos: High Gasoline Prices Have Consumers Thinking Electric | W
Retail: Walmart sues BJ’s Wholesale claiming theft of Sam’s Club self-checkout tech | C
Tech: Inside ASML, the company advanced chipmakers use for EUV lithography | C

Cybersecurity
Powell Flags Risks of New Digital Financial Products | W

Virus
Covid: Omicron BA.2 subvariant will soon dominate in U.S., but Fauci doesn’t see a surge | C
Moderna Seeks FDA Approval for 2 Covid Boosters, 4 Vaccines in Total | B
Opinion | The Next Covid Wave Is Probably Already on Its Way | N

Beyond markets
Why Global Supply Chains May Never Be the Same (Video documentary) | W
Toronto’s Tech Industry Is Quietly Booming | N
Mark Zuckerberg and Meta’s Leadership Take Remote Work to the Extreme | W