March 10 (Thursday)
Latest Morning Briefing Executive Summary: Stagflation, Russian Oil & Gas, And Carbon Credits
Stagflation—higher inflation with slower economic growth—may be upon us, suggests the NFIB’s February survey of small business owners. Most are struggling to fill open positions, which is perpetuating a wage-price spiral. Earlier this week, we raised our inflation outlook and dropped our GDP forecast—resulting in lower expectations for the stock market this year. … And: How will the US and Europe meet their energy needs with less reliance on Russian oil and gas imports? Jackie looks at this question from multiple angles. … Also: How is the EU carbon credit market weathering its first war? Spoiler alert: Not well.
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YRI
Daily Markets Overview
See subscribers’ link below for today’s Morning Briefing.
Replay of Dr. Ed’s webinar on March 7.
Markets
World shares rise, oil falls 13% on diplomacy, OPEC nation’s pledge | R
Markets Are in Denial About Nuclear Risk by Willem H. Buiter | Project Syndicate
Energy
Biden and the Oil Industry Are at Odds, Clouding Effort to Tame Gasoline Prices | W
Oil jumps after UAE says it is committed to OPEC+ supply pact | R
Oil drops 12% for worst day since November as wild ride triggered by Russia disruption continues | C
Energy Secretary Granholm calls on oil, gas companies to raise output | C
Why EU didn’t include nuclear energy in plan to get off Russian gas | C
Gas prices are spiking — don’t expect sales of electric vehicles to follow | C
Ukraine war
Russian-Ukraine war will ‘get worse before it gets better,’ Army Secretary Christine Wormuth says | C
U.S. condemns ‘barbaric’ attack on innocents at Ukraine children’s hospital | R
Russian Airstrike Hits Maternity Hospital in Ukrainian City of Mariupol | W
Ukraine nuclear company warns of Chernobyl radiation risk | P
U.S. Doesn’t Support Giving Ukraine Polish Aircraft, Pentagon Says | W
Waves of Ukrainian Refugees Overwhelm Poland | W
‘We told you so!’ How the West didn’t listen to the countries that know Russia best | PO
Fortress Russia Crumbles by Anders Åslund | Project Syndicate
Russians Rush to Leave as Sanctions Bite and Putin Clamps Down on Dissent Over Ukraine War | W
US
Democrats Remove Coronavirus Funding From Omnibus Spending Package | W
Job Openings Near Record as Labor Market Emerges From Omicron Disruptions | W
U.S. labor market very tight, job openings near record high in January | R
Better Pay and Career Paths Drive U.S. Workers’ Decisions to Quit | W
Consumer inflation was likely high in February, before fuel hit | C
Will Inflation Stay High for Decades? One Influential Economist Says Yes | W
China
China’s resilient economic fundamentals provide solid foundation for markets- state media | R
Corporate finance
Amazon split could set it up for being included in the Dow Industrials | C
Cybersecurity & cryptocurrency
SEC Proposes Requiring Firms to Report Cyberattacks Within Four Days | W
Here’s what’s in Biden’s executive order on crypto | C
