April 29 (Friday)
Latest Morning Briefing Executive Summary: China, Tech & Electricity
With nearly a quarter of China’s people locked in their homes by strict Covid policies, China’s economy is suffering, its policymakers are reacting, and ripple effects are spreading throughout the globe. Today, we examine some of these effects on US companies with business ties to China and on financial markets. … Also: Investors have sent tech stocks to the doghouse, their collective performance down nearly 20% ytd, and the MegaCap-8 hasn’t been spared. Indeed, Netflix and Meta are down 67% and 46% ytd. … And a look at virtual power plants, making electricity demand as adjustable as solar/wind supply is intermittent.
(subscribers’ link)
YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on April 25.
Markets
Tech Stocks Lead Rally; Nasdaq Rises 3.1% | W
U.S. Dollar Surges Amid Investor Jitters, Rising Yields | W
Yen Hits New 20-Year Low After Bank of Japan Reinforces Low-Rate Policy | W
Energy
Germany Drops Opposition to Embargo on Russian Oil | W
Iran Ramps Up Oil Exports as China Pulls Back on Russian Crude | W
Oil Middlemen Fueled Putin’s War Machine. Now They’re Getting Out. | W
Global supply chains
The Permian Basin Oil Field Is Running Out of Workers, Materials—and Cash | W
Intel CEO Sees Chip Shortage Lasting Into 2024 | W
US
U.S. GDP Falls 1.4% as Economy Shrinks for First Time Since Early in Pandemic | W
Economy Contracted in the First Quarter, but Underlying Measures Were Solid | N
Is It Better to Buy or Rent? Rising Mortgage Payments Make It Harder to Decide | B
Biden says he’s not considering $50,000 in student loan forgiveness | C
Joe Manchin Says ‘Ludicrous’ Electric Vehicle Tax Credit Not Needed | B
China
Op-ed: The four big threats to China’s economy | C
China’s Impossible Dream of Order | City Journal
Geopolitics & trade
Putin Really May Break the Nuclear Taboo in Ukraine | W
How the Ex-Chancellor Gerhard Schröder Became Putin’s Man in Germany
Blasts rock Kyiv during U.N. chief’s visit, U.S. pledges new aid | R
After Russian Retreat, Ukraine’s Farmers Discover Fields Full of Mines | W
N.Korea’s Kim calls for stronger military as nuclear test work ‘well underway’ | R
Industries & companies
Consumer discretionary: Amazon shares fall on bleak forecast and slowest growth since dot-com bust | C
Consumer discretionary: Amazon results and outlook fall short as warehouse, fuel costs soar | R
Tech: Apple shares dip after Tim Cook warns of a possible $8 billion hit from supply constraints | C
Climate & sustainability
An Inconvenient Truth About ESG Investing | HBR
Wind Power’s ‘Colossal Market Failure’ Threatens Climate Change Fight | B
California subpoenas Exxon for details on role in plastic pollution | C
Malnourished kids crowd hospital as Ethiopia hit by worst drought in 40 years | R
Virus
Moderna Asks FDA to Clear Its Covid Vaccine for Kids Under 6 | W
Beyond markets
What Ford, a 9-to-5 workweek pioneer, is learning about hybrid work | C
