May 22 (Friday)

YRI
YRI Video Podcast: Gasoline demand rising, signaling economic recovery from lockdowns.
Morning Briefing PDF 
Daily Markets

Markets
Wall Street finishes down on U.S.-China tensions R
It’s ‘dangerous to ignore the market:’ Bank of America sees $1 trillion in cash to fuel stocks C

Central banks
Fed Chair Warns This Is a ‘Downturn Without Modern Precedent’ N
Fed’s Bostic: Banks should be preserving as much capital as possible R
Pandemic Poses Most Serious Threat to Fed’s Goals ‘In Our Lifetimes,’ Says Top Fed Official W

US
May unemployment was worse than expected, signaling another bad jobs report C
Americans use their $1,200 stimulus checks to splurge at Walmart, Target and Best Buy MW
Many Americans used part of their coronavirus stimulus check to trade stocks C
U.S. labor market struggles as layoffs spread despite businesses reopening R
Are businesses in danger of coronavirus lawsuits as they reopen? C
More dams will collapse as aging infrastructure can’t keep up with climate change C

Europe
As the Coronavirus Lockdown Eases, Italy Confronts an Epidemic of Poverty W

US politics
Coronavirus stimulus: McConnell says no extension of unemployment benefit C
SBA Under Spotlight as Frustrations With Small-Business Aid Programs Grow W
Mnuchin: Strong Likelihood We’ll Need Another Stimulus Package W

China
In China’s Coronavirus Crisis, Xi Sees a Chance to Strengthen His Rule N

Japan
Japan Further Lifts Coronavirus State of Emergency W

Geopolitics & trade I
U.S.-China Trade Deal Is Intact, Larry Kudlow Says W
U.S. sees progress with China over farm products under Phase 1 trade deal R
The U.S. ‘is now the most powerful empire’ but it is in ‘relative decline’ as Chinese power is rapidly rising’ MW
China Pushes for New Hong Kong Security Law N
Senators to Propose Bill Sanctioning Chinese Officials Over Hong Kong Security Law W

Geopolitics & trade II
Trump withdraws US from Open Skies surveillance treaty
U.S. Moving to Leave ‘Open Skies’ Treaty Designed to Reduce Conflict With Russia W
U.S. Plans New Arms Talks Aimed at Limiting Russian, Chinese and U.S. Nuclear Warheads W

Industries & companies
Energy: Oil exec: The US government shouldn’t bail us out (opinion) NN
FAANGs: Amazon Targets Fall for Prime Day as it Tries to Return to Pre-Pandemic Operations W
Financials: U.S. insurers propose taxpayer-funded business-loss coverage for future pandemics R
Pharma: Coronavirus Revives Debate Over Drug Pricing W
Retail: Coronavirus Widens the Retail Divide: Macy’s Sales Fall 45%, Best Buy Slips 6% W
Retail: Why Best Buy’s CEO thinks the appointment-only shopping strategy works C
Retail: The Mall of America hasn’t paid its mortgage in two months C
Tech: Nvidia data-center sales top $1 billion for first time, earnings beat expectations MW
Tech: Zoom Video: Why its stock rally may be running out of room C

Virus
Coronavirus live updates: As states reopen, a third see a rise in daily new cases C
Coronavirus Deaths Were Likely Missed in Michigan, Death Certificates Suggest W
U.S. secures 300 million doses of potential AstraZeneca COVID-19 vaccine R
U.S. to Invest $1.2 Billion to Secure Potential Coronavirus Vaccine From AstraZeneca, Oxford University W
Sweden is still nowhere near ‘herd immunity,’ even though it didn’t go into lockdown NN
Trump doesn’t wear coronavirus mask to Ford plant C
Op-Ed: US must manage coronavirus medical shortages without nationalism C

Offbeat
The Post-COVID-19 World Will Be Less Global and Less Urban
Facebook to Shift Permanently Toward More Remote Work After Coronavirus W
Coronavirus Lockdowns Spark Boom in Online Learning for Adults, Too W