Dr. Ed's Blog

August 29 (Tuesday)

Latest Morning Briefing Executive Summary: Wishing Upon An R-Star
The Fed has no North Star. Steering monetary policy toward the ideal outcome that would keep both inflation and unemployment low requires knowing where the “neutral” federal funds rate is, i.e., the rate that wouldn’t influence either—a.k.a. “r-star.” But r-star is a theoretical construct only, neither measurable nor constant. … Also: Joe provides an update on the MegaCap-8 stocks, which haven’t been the bullish driving force behind the S&P 500’s performance that they were for most of this year. Quite the opposite.
(subscribers’ link)

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

Markets
Chinese Stocks Are in a Slump—and Value Investors Are Excited | W

Central banks
BOJ Shouldn’t Base Policy Off Wrong Inflation View, Key Price Expert Says | B
Interest Rate Hikes: Households, Companies Across Europe Face Years of Pain | B
 
US
Demand for Workers Cools, but Remains Elevated | W
US labor market loses steam as job openings, resignations decline | R
US Job Openings Decline by More Than Forecast to 8.83 Million | B
US Consumer Confidence Falls By More Than Forecast in August | B
U.S. Home Prices Held Steady in June | W
More Americans Plan Vacations, Even as They Sour on the Economy | B
 
Europe
Germany Is Losing Its Mojo. Finding It Again Won’t Be Easy. | W

China
China to Speed Up Fiscal Spending to Boost Economy | B

Geopolitics & trade
Manufacturers Leaving China Find a Home With Indian Startups | W
Meta disrupts Chinese misinformation network linked to law enforcement | C
 
Industries & companies
Airlines: Air travel: Everyone seems to agree a major plane crash is coming. Why? | Slate
Financials: Regional banks face hit from new debt level requirements | C
Pharma: Novo Nordisk’s Ozempic Could See Price Slashed If Target of Medicare Price Talks | B
Pharma: Here Are the First 10 Drugs Targeted by Medicare Price Negotiations | W
Pharma: Most used drugs on Medicare price negotiation list: See the top three | C
 
Artificial Intelligence
Generative AI Promises an Economic Revolution. Managing the Disruption Will Be Crucial. | W
 
Beyond markets
Why the New Covid Variant ‘Pirola’ is Different | W
Biden Rewrites the History of Covid School Closings | W
Idalia strengthens into a hurricane, chases Florida residents away from vulnerable coast | C

August 28 (Monday)

Latest Morning Briefing Executive Summary: The Chairman’s Speech
Today, we examine Fed Chair Jerome Powell’s Jackson Hole speech on Friday. The tone was more hawkish than we expected, with Powell saying that the Fed wouldn’t hesitate to raise interest rates further if needed to bring inflation back down to the Fed’s 2.0% target but failing to say what it would take for the Fed to lower interest rates given that inflation has been moderating. … We also examine 12 sets of economic data that Powell monitors, sharing what he said their recent readings indicate and our observations on each. … And Dr. Ed reviews “Painkiller” (+).
(subscribers’ link)

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

Markets
Chinese Stocks Rally After Beijing Moves to Boost Market | W
Markets Show China Needs a Stimulus ‘Bazooka’ to Woo Investors | B
China’s Market Reforms Aim to Lure Investors to Stocks and Bonds. They May Not Be Enough. | BR

Global
Post-pandemic, world facing gloomy stew of debt, trade wars and poor productivity | R

Central banks
Why Central Bankers Are Unsure Whether They’ve Raised Rates Enough | W
Powell signals no retreat, no surrender | R
ECB Rates: Lagarde Policy Silence Keeps ECB Debate Raging Before Inflation Data | B

US I
America’s corporate giants are getting harder to topple | E
Increasing Immigration Could Help Solve Labor Crisis | C
Rising Gasoline Prices Hit Inflation-Weary Americans | W
Is the new retirement number $4.3 million? | USA Today

US II
High Interest Rates are Hitting Federal Debt. A Day of Reckoning Is Coming. | BR
Student Loans Are Emerging From Deep Freeze, and Borrowers Are Confused | W
The World Is Contemplating a Second Trump Administration | W

China
Why China’s economy won’t be fixed | E
Opinion | The Real Problem With China’s Economy: Xi Jinping’s Government | N

India
Column: India’s massive renewables deployment helps meet record power demand | R

Industries & companies
Consumer: Buy SharkNinja Stock. It Has Been a Consistent and Successful Innovator. | BR
Financials: The Big Reason Your Insurance Is Getting More Expensive | BR
Financials: Americans Are Dropping Their Home Insurance, Claiming the Odds of Disaster Don’t Justify the Cost | W
Manufacturing: Why Spending Trillions to Revive Manufacturing Invites Inflation | BR
Tech: This Company Is Nvidia’s AI Chip Partner—and Its Stock Is Soaring | W
Tech: Apple iPhone 14 Pro Max tops smartphone shipments globally, Omdia says | C
 
Corporate finance
Instacart IPO Isn’t Offering Empty Calories | W

Artificial Intelligence
AI could fortify big business, not upend it | E

August 26 (Saturday)

Latest Morning Briefing Executive Summary: Dueling Composite Indicators
The Conference Board’s trio of economic indicators flashed conflicting messages in their recently reported July readings. The leading indicator says a recession is overdue. The coincident indicator keeps scaling new heights. The lagging indicator has been peaking, as it does after recessions are almost over! Today, we explore explanations in the specific components that each index measures. … Also: The CPI services inflation rate significantly lags the CPI goods inflation rate. Services’ inclusion of rent is much of the reason. … And: Q2 earnings reporting season is nearly over. Joe analyzes the near-final data on Q2 earnings growth and the encouraging estimate revisions trend.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on August 21.

Central banks
Despite What Powell Says, the Fed Is Likely Done | W
Fed Chair Powell calls inflation ‘too high’ and warns that ‘we are prepared to raise rates further’ | C
Powell Targets High-or-Higher Rate Path as Economy Picks Up | B
Jackson Hole: ECB’s Christine Lagarde Steers Clear of Debate Over Rate Plans | B
ECB’s Lagarde says interest rates to stay high as long as needed to defeat inflation | C

US
Consumers Are Spending Like It’s 2019 | W
Duplex, Triplex Construction Nears Record Lows Despite US Housing Crisis | B

Europe
Meet the guy responsible for helping Meta, Google and Amazon prepare for new laws | C

China
Centaline says mainland China unit has ‘huge’ unpaid developers’ commissions | R

India
Column: India’s massive renewables deployment helps meet record power demand | R

Geopolitics & trade
China Remains Embedded in US Supply Chains: Jackson Hole Paper | B
Is China really buying up U.S. farmland? Here’s what we found | C

Industries & companies
Airlines: Fan blades, engine parts go missing from Go First jets, lessor says | R
Energy: BP urges more oil, gas investment while speeding energy transition | R
Financials: Are We Ready for a $100 Billion Catastrophe? How About $200 Billion? | W
Pharma: ADHD drug market faces back-to-school supply strain | C
Tech: Amazon biometric payments privacy concerns | C

Corporate finance
Instacart files to go public on Nasdaq to unfreeze tech IPO market | C
FTC Pauses Challenge to Amgen’s $27.8 Billion Deal for Horizon Therapeutics | W

Artificial Intelligence
AI-discovered drugs will be for sale soon | Vox
Today’s top AI firms may not be best long-term investments, advisor says | C
Industrials over tech? Gauging productivity play among AI ETFs | C

Beyond markets
Elon Musk’s Shadow Rule | The New Yorker
This Company Created a Return-to-Office Plan That Employees Actually Like | W

August 25 (Friday)

Latest Morning Briefing Executive Summary: Dueling Composite Indicators
The Conference Board’s trio of economic indicators flashed conflicting messages in their recently reported July readings. The leading indicator says a recession is overdue. The coincident indicator keeps scaling new heights. The lagging indicator has been peaking, as it does after recessions are almost over! Today, we explore explanations in the specific components that each index measures. … Also: The CPI services inflation rate significantly lags the CPI goods inflation rate. Services’ inclusion of rent is much of the reason. … And: Q2 earnings reporting season is nearly over. Joe analyzes the near-final data on Q2 earnings growth and the encouraging estimate revisions trend.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on August 21.

Markets
Why the Stock Market’s Summer Doldrums Are Not a Problem | N
Treasury yields rise after Powell signals more rate hikes ahead | C
US 5-Year Real Yield at Highest Since 2008 After Powell Speaks | B
Bond Market Flashes Warning as US Budget Deficit Surges | B
VinFast, Arm and Other Index Orphans Miss Out on Billions From Passive Investors | W

Central banks
Fed Chair Powell calls inflation ‘too high’ and warns that ‘we are prepared to raise rates further’ | C
Fed’s Powell says higher rates may be needed, will move ‘carefully’ | R
Powell Says Fed Will ‘Proceed Carefully’ on Any Further Rate Rises | W
Powell Signals Fed Will Raise Rates If Needed, Keep Them High | B
Powell’s Message in Jackson Hole: The Inflation Fight Isn’t Over | N

US
U.S. Consumers Are Showing Signs of Stress, Retailers Say | N
Mortgage Rates Hit 7.23%, Highest Since 2001 | W
Rising Insurance Costs Start to Hit Home Sales | W
Floods, Droughts, and Wildfires: People Keep Moving to Trouble Zones | BR
A D.C. Suburb Finds a Creative Answer to America’s Housing Shortage | N
Household debt is at an all-time high, but 2008 was still worse | C
Wealth disparity in the US | The Week

China
China Pays for Economic Mismanagement | W
A Crisis of Confidence Is Gripping China’s Economy | N
China Real Estate Market Crisis Is Another Mess for Xi Jinping | B
Nearly 2 million excess deaths followed China’s sudden end of COVID curbs, study says | R

Industries & companies
Autos: UAW strike: Workers overwhelmingly vote to authorize work stoppage | C
Tech: A Startup in the New Jersey Suburbs Is Battling the Giants of Silicon Valley | W

Climate
Maui Fire: How ‘Risk Blindness’ Made It Worse | B

Artificial Intelligence
Alibaba new AI model can understand images, more complex conversations | C

Beyond markets
Trump Posts on X (Twitter) With Mugshot After Fulton County Jail Booking | B
Welcome Back to School. Your Teacher is 2,000 Miles Away. | W
Wealthy People Are Getting Full-Body Scans. Early Detection or Unnecessary? | W
Covid vaccines: CDC expects new shots to be available in mid-September | C

August 24 (Thursday)

Latest Morning Briefing Executive Summary: Dueling Composite Indicators
The Conference Board’s trio of economic indicators flashed conflicting messages in their recently reported July readings. The leading indicator says a recession is overdue. The coincident indicator keeps scaling new heights. The lagging indicator has been peaking, as it does after recessions are almost over! Today, we explore explanations in the specific components that each index measures. … Also: The CPI services inflation rate significantly lags the CPI goods inflation rate. Services’ inclusion of rent is much of the reason. … And: Q2 earnings reporting season is nearly over. Joe analyzes the near-final data on Q2 earnings growth and the encouraging estimate revisions trend.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on August 21.

Markets
Nvidia results burnish AI rally, lift global tech shares | R
China Urges Banks to Boost Stock Investments to Support Market | B
Column: China, Japan share of US bond market shrinks to record low | R

Commodities
In Quest for Battery Metals, U.S. Takes On Cobalt’s ‘Inconvenient Truth’ | W
Nickel Fraud Hits Kataman Metals in Further Blow to Sector After Trafigura Case | B

Central banks
Fed coming up snake eyes in its battle with spend-happy consumers | R
Powell at Jackson Hole: Fed Inflation Campaign in Final Steps | B
How the Jackson Hole Conference Became an Economic Obsession | N
Didn’t Get Invited to the Fed’s Mountain Retreat? Here’s What to Watch | W
Recession Fears Have Been ‘Blown Out of the Water,’ Long-Serving Fed President Says | W

US I
US Jobless Claims Drop to 230,000, Lowest in Three Weeks | B
In a Hot Job Market, the Minimum Wage Becomes an Afterthought | N
US Durable Goods Orders Slide as Business Equipment Orders Remain Tepid | B
The Return of High Interest Rates | W
How High a Rate Can Housing Take? | W

US II
Debate Takeaways: GOP Hopefuls Attack Each Other, Spare Trump | W
As longevity increases, this group carries the most stress and burden | C
 
Japan
Can Shrinking Be Good for Japan? A Marxist Best Seller Makes the Case. | N

China
Stimulus or bust: Investors staying out of China until the spending starts | R
China Local Government Debt Has Investors Worried About Bond Defaults | B
China’s Crisis of Confidence in Six Charts | W
How China Made Its Housing Crisis Worse | N

Geopolitics & trade
Nvidia says AI chip export curbs to China will hit U.S. chipmakers | C

Industries & companies
Autos: Mitsubishi cancels the last cheap car in the US | The Week
Energy: US energy firm payouts to oil investors top exploration spending for first time | R
Health Care: CVS Health, Sandoz partner on discount Humira biosimilar | C
Tech: Nvidia’s AI Surge Is Just Getting Started | W

Corporate finance
Shein strikes deal with fast-fashion retailer Forever 21 | C
Subway sold to Roark Capital, private equity firm and Dunkin’ owner | C
 
Artificial Intelligence
In Reversal Because of A.I., Office Jobs Are Now More at Risk | N
Despite Cheating Fears, Schools Repeal ChatGPT Bans | N

Climate
A Fannie Mae for the home climate crisis | The Hill
Japan Starts Releasing Water From Fukushima Nuclear Plant Into Pacific | W

Beyond markets
Elon Musk is on a bizarre policy rampage at Twitter | MSNBC
The Global Race to Water at the Moon’s South Pole | W
India Chandrayaan-3 moon landing came at low cost | C

August 22 (Tuesday)

Latest Morning Briefing Executive Summary: Bond Yields Returning To Normal
My bond market outlook over the past 40 years was misrepresented in a Bloomberg story on Friday. To set the record straight, I was bullish on bonds from 1983-2021, not regularly predicting a return of the Bond Vigilantes as reported. … But they are back now, driving up the 10-year Treasury bond yield on concerns about the mounting federal deficit. The Bond Vigilantes still care about inflation (which is moderating), but they also care more about supply and demand than in the past, with the federal government straining both (via fiscal spending and QT). … What’s next? We think the Treasury bond yield is returning to normal around 4.50%-4.75% as the economy returns to its Old Normal.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on August 21.

Markets
Fed, Powell to Meet at Jackson Hole as High Rates Hurt Stocks, Bonds | B
Stocks Climb Despite Rise in Treasury Yields | W
From stocks to bitcoin, soaring US yields cast shadow over risk asset rally | R
Banks Loading Up on Cash Fuel a Record $2 Trillion Bond Spree | B
AI Funds Are Missing Out on the AI Stock Boom | W

Central banks
How Hard Should the Fed Squeeze to Reach 2% Inflation? | W
Why the Era of Historically Low Interest Rates Could Be Over | W

US I
Job Market’s So Wobbly Even Head Hunters Can’t Forecast Recovery | B
Half a Million US Jobs at Risk of Vanishing in Payroll Revision | B
The Worker Bidding War Is Over. Companies Are Cutting Pay for New Hires. | W
Opinion | College Degrees Still Matter In the Job Market | N

US II
With soft landing seen for U.S. economy, 3 financial risks to watch | C
The Upheaval at America’s Disappearing Nursing Homes, in Charts | W
Goodbye Bathtub and Living Room. America’s Homes Are Shrinking. | W
The Rising Trend in Private Education: Teeny, Tiny Schools | W

US III
Donald Trump to Surrender in Georgia Election Case on Thursday | W
Majority of likely Iowa GOP caucusgoers believe Trump won the 2020 election | C
2024 Republican Candidates Battle With Trump For Money, Donors: The Numbers | B

China
China’s Economy Has Four Big Structural Forces Holding It Back | B
China’s Property Crisis: Why It’s So Hard for Beijing to Fix | N

Geopolitics & trade
Could U.S. Toughness on Chinese Business Have Unintended Consequences? | N
America’s Tech Giants Rush to Comply With New Curbs in Europe | W

Industries & companies
Airlines: Airline Close Calls Happen Far More Often Than Previously Known | N
Autos: The Electric-Vehicle Bubble Starts to Deflate | W
Financials: S&P downgrades multiple U.S. banks citing ‘tough’ operating conditions | C
Financials: Goldman Sachs: Is David Solomon on his way out? The CEO whisperer weighs in | CNN Business
Media: Instagram, Twitter and TikTok Upheavals Are Helping LinkedIn | B
Media: Meta’s Threads is now available on the web, as Zuckerberg takes on X | C
Tech: Apple’s anti-competitive tactics must be stopped | The Hill
 
Artificial Intelligence
Can AI Replace My Job? Almost Half of Americans Say Yes in New Survey | B
Unleashing possibilities, ignoring risks: Why we need tools to manage AI’s impact on jobs | Brookings
Money Scams: Deepfakes, AI Will Drive $10 Trillion in Financial Fraud and Crime | B

Corporate finance
The Arm IPO Will Test Investors’ AI Conviction | W

Climate
Germany set to miss net zero by 2045 target as climate efforts falter | R
How to Write a Climate Thriller Fit for Page or Screen | B

August 21 (Monday)

Latest Morning Briefing Executive Summary: No Hard Feelings
Is the strength of the economy a double-edged sword that means higher-for-longer inflation, further monetary tightening, and a recession? Or will the tightening that’s already occurred fell the economy still? Or is the mounting federal budget deficit the economy’s Achilles’ Heel? While we remain in the light-side camp, we do share the deficit concerns of dark-side prognosticators: Profligate government spending combined with falling revenues as a percent of GDP points to nowhere good. The bond market is concerned too. Fed Chairman Powell will have a chance to calm the bond market at Jackson Hole on Friday. Much depends on whether he does. … And: Dr. Ed reviews “Breaking” (+ +).
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on August 14.

Markets
Advice from a fund manager who’s crushed the S&P 500 since 1989 | C

Central banks
Fed’s long-term GDP outlook is dismal; the economy hasn’t got the message yet | R
China Banks Disappoint With Small Lending Rate Cuts, Holding Mortgage Reference | B
China trims 1-year rate, but unexpectedly leaves 5-year rate unchanged | C

US
Goldman Sees GDP, Markets Weathering Likely Government Shutdown | B
Republican feud over ‘root canal’ spending cuts raises US gov’t shutdown risk | R
Millions Move to the South As US Economy Favors Its Wealth, Job Opportunities | B
Chris Christie’s Presidential Campaign Is All About Donald Trump | B

China
Xi Jinping Is Running China’s Economy Cold on Purpose | B

Geopolitics & trade
BRICS Summit 2023: Putin, Xi and Modi See Chance to Shake Up World Order | B
What is BRICS, which countries want to join and why? | R
 
Industries & companies
Retail: Exclusive: Walmart, Centric probe suppliers for potential links to Cambodia women’s prison | R
Travel: Global Travel and Tourism Will Represent a $15.5 Trillion Economy by 2033 | B

Corporate finance
J&J to hold 9.5% stake in Kenvue after share exchange offer | R

Artificial Intelligence
AI Helps Drive US Stock-Market Exceptionalism, Evercore’s Emanuel Says | B

Climate
El Nino: Major shipping routes are struggling with water shortages | C
Southern California prepares for more floods from Tropical Storm Hilary | C
Massive Wind Turbines Are Rising From The Atlantic Ocean: Big Take Podcast | B
 
Beyond markets
Moon landing anticipation builds for India after Russia’s crash | R
America’s Fastest Growing City Is Embracing ‘Yellowstone’ Mania | B

August 19 (Saturday)

Latest Morning Briefing Executive Summary: China, Consumers & Alzheimer’s Breakthroughs
China’s property development companies are going bankrupt left and right, with real estate prices tanking and monthly residential property sales their slowest in a decade. What China needs is a US-style restructuring of its real estate market. Jackie surveys the past week’s wreckage. … Also: Consumers these days! They know what they want: Amazon products, Teslas, newly built homes, and travel. Related stocks did the heavy lifting to hoist the S&P 500 Consumer Discretionary stock price index 32% ytd. … And: Can Baby Boomers forget about getting Alzheimer’s? Maybe someday if some of the many ongoing R&D efforts targeting its eradication succeed.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on August 14.

Markets
Stocks Finish Lower for the Week, Deepening Their August Slump | W
Stock Rally Detractors Find It Hard to Resist Bond Math Allure | B
Where Investors Are Finding Returns in a World of Yield | W
Column: Good, bad and ugly in renewed bond rout | R
Brics Currency? Global Yuan? The Dollar Isn’t Under Threat from Abroad. | BR
China Pain Set to Spread, Putting Global Stock Managers on Guard | B
A Progressive’s Case for Getting Rid of ‘ESG’ | W
 
Central banks
Jackson Hole Is Jerome Powell’s Big Moment. What to Expect From His Speech. | BR

US
US Consumers Near Day of Reckoning as Pandemic Cash Stash Shrinks | B

Europe
Is Germany once again the sick man of Europe? | E

China
China’s economic malaise is causing disillusion among the young | E
China Is Tops in Exporting Gas Guzzlers. Don’t Count EVs Out. | BR
 
India
India imposes 40% export duty on onions with immediate effect | R

Geopolitics & trade
U.S. Plans New Tariffs on Food-Can Metal From China, Germany and Canada | W
The Asian Retailer Outgunning Amazon and Walmart in South Africa | B

Industries & companies
Autos: EV Start-Up VinFast Had a Hot Debut. Its Stock Price Is Indefensible. | BR
Autos: How gas station economics will change in the EV charging future | C
Consumer: Kraft Heinz Sees a $25 Billion Opportunity. It Starts With Lunchables. | W
Grocery stores: Aldi Winn Dixie deal: Why the German grocer is expanding in the U.S. | C
Pharma: Buy Moderna and BioNTech Stock. Both Pharmas Have Strong Drug Pipelines and Plenty of Cash. | BR
Tech: Google faces criticism of plan to purge inactive accounts | C
Tech: iPhone 15 USB-C charging would be biggest upgrade in years | C
 
Corporate finance
Who Is the Mogul Bidding for U.S. Steel | W

Artificial Intelligence
AI Is the Real Deal—if You Understand It: Barron’s Roundtable | BR
The clash of sustainability and AI is creating a challenge for Dell, IBM and others | C

Beyond markets
When to Get Your Covid Booster, Flu Vaccine or RSV Shot This Fall | W

August 18 (Friday)

Latest Morning Briefing Executive Summary: China, Consumers & Alzheimer’s Breakthroughs
China’s property development companies are going bankrupt left and right, with real estate prices tanking and monthly residential property sales their slowest in a decade. What China needs is a US-style restructuring of its real estate market. Jackie surveys the past week’s wreckage. … Also: Consumers these days! They know what they want: Amazon products, Teslas, newly built homes, and travel. Related stocks did the heavy lifting to hoist the S&P 500 Consumer Discretionary stock price index 32% ytd. … And: Can Baby Boomers forget about getting Alzheimer’s? Maybe someday if some of the many ongoing R&D efforts targeting its eradication succeed.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on August 14.

Markets
Stock markets face a ‘perfect storm’ as high rates and China fears bite, analysts warn | C
China Steps Up Efforts to Stabilize Markets as Confidence Slumps | B
ESG Investors Have Ethical Motives. They Also Expect to Outperform the Market. | W

Credit & commodities
Bank of America Warns of ‘5% World’ as Global Bond Yields Rise | B
Wall Street Sees New Short Risk in US 30-Year Treasury Trading | B
Russian Refiners Lift Oil Processing Ahead of Fuel Subsidies Cut | B

Global
China’s economy may create problems for America | The Week
Column: The ultimate 2023 consensus-buster – US grows faster than China? | R

Central banks
Jeremy Grantham Says Federal Reserve Kidding Itself on Achieving a Soft Landing | B

US
America’s Fight Over Tipping at Restaurants Comes to Its Biggest Battleground Yet | W
Opinion | Biden and America’s Big Green Push | N

China
Investors Fear China’s ‘Lehman Moment’ Is Looming | W
China property developer Evergrande files for bankruptcy protection in US | C
China’s Abandoned Electric Cars Pile Up After EV Boom Fueled by Subsidies | B

India
What’s Holding Back India’s Economic Ambitions? | W

Geopolitics & trade
US slaps tariffs on some big solar companies for dodging China duties | R
U.S. Plans New Tariffs on Food-Can Metal From China, Germany and Canada | W
 
Industries & companies
Autos: What UAW negotiations could cost GM, Ford and Stellantis | C
Autos: Automakers are finally embracing lidar sensors. A few startups look like market-share winners | C
Health Care: Neurological Devices Attract Investors Despite Cautious Venture Market | W
Pharma: The Ozempic Craze Could Put These Companies on a Crash Diet | W
Retail: Walmart and Target earnings and outlook: Key trends for retailers | C
Tech: How Big Tech Broke Smaller-Company Investing | W

Corporate finance
SoftBank Buys Vision Fund’s Stake in Arm at $64 Billion Valuation | W

Beyond markets
Covid: New vaccines will likely protect against Eris variant | C

August 17 (Thursday)

Latest Morning Briefing Executive Summary: China, Consumers & Alzheimer’s Breakthroughs
China’s property development companies are going bankrupt left and right, with real estate prices tanking and monthly residential property sales their slowest in a decade. What China needs is a US-style restructuring of its real estate market. Jackie surveys the past week’s wreckage. … Also: Consumers these days! They know what they want: Amazon products, Teslas, newly built homes, and travel. Related stocks did the heavy lifting to hoist the S&P 500 Consumer Discretionary stock price index 32% ytd. … And: Can Baby Boomers forget about getting Alzheimer’s? Maybe someday if some of the many ongoing R&D efforts targeting its eradication succeed.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on August 14.

Markets
Global Yields Reach 15-Year Highs as Rate-Hike Worries Build | B
10-year yield rises to highest level since October 2022 | C
 
Central banks
Some Fed Officials Are Turning Cautious about Raising Rates Too High | W
Why Economies Haven’t Slowed More Since Fed and Others Hit the Brakes | W

US
The 7% Mortgage Rate Is Back, Thanks to the Federal Reserve | W
Can I Buy a House: Higher Rates Hit Market With Affordability at 40-Year Low | B
Too Many Vacant Lots, Not Enough Housing: The U.S. Real-Estate Puzzle | W
Why Child-Care Prices Are Rising at Nearly Twice the Overall Inflation Rate | W
Iowa Labor Shortage Causes Immigration Problem for Republicans | B
Bidenomics and the New Political-Subsidy Economy | W

China
Top China official urges more secrecy in the country’s energy sector | C

Geopolitics & trade
U.S. Plans New Tariffs on Food-Can Metal From China, Germany and Canada | W

Industries & companies
Autos: AEG analysis: UAW strike cost estimated at $5 billion in 10 days | C
Autos: EV Startup VinFast Opens Lower, Following Big Debut | W
Finance: How a Small Group of Firms Changed the Math for Insuring Against Natural Disasters | N
Finance: Blue Shield of California to Drop CVS Health’s Caremark as Pharmacy Benefit Manager | W
Pharma: Where Ozempic, Wegovy and New Weight Loss Drugs Came From | N
Retail: Walmart Draws More Shoppers, Helping to Bolster the Economy | N
Tech: The A.I. Industry’s Desperate Hunt for GPUs Amid a Chip Shortage | N
Tech: Global smartphone market to hit decade low; Apple could take top spot | C

Artificial Intelligence
When Hackers Descended to Test A.I., They Found Flaws Aplenty | N
Which A.I. is most reliable: Meta, OpenAI, Anthropic or Cohere | C
Transformer co-author Llion Jones leaves Google for startup Sakana AI | C
 
Beyond markets
Animal shelters are in crisis mode as Americans struggle to afford their pets | Vox
Can’t Hear the Dialogue in Your Streaming Show? You’re Not Alone. | N
Why ESG Ratings Are All Over the Map | W