May 2 (Monday)
Latest Morning Briefing Executive Summary: The Big Leak
Spooked investors have driven valuation multiples down to the low end of our projected range and deposited the Nasdaq in a bear market and the S&P 500 back in correction territory. … Today we examine the causes and effects of global inflation. … Excessive US fiscal and monetary stimulus ignited the US inflation conflagration by triggering a demand shock that triggered a supply shock. When much of the stimulus leaked abroad (confirmed by trade data), it fueled global inflation. … Inflation has been deflating consumer spending on goods but not on services. But soon we expect durable goods inflation to peak and drop. Inflation has a history of being spikey. … Finally, movie review: “WeCrashed” (+ + +) is about WeWork, not the stock market.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on April 25.
Markets
Warren Buffett Says Markets Have Become a ‘Gambling Parlor’ | W
After a Long Bull Run for U.S. Stocks, Emerging Markets Are Now the Place to Be, Says This Global Investment Strategist | BR
Central banks
Fed Prepares Double-Barreled Tightening With Bond Runoff | W
Climate & sustainability
An ESG Fund That Isn’t Afraid of Energy Stocks | BR
Global
Can Brazil help with food shortages around the world? | E
US
U.S. consumers shrug off high inflation, lean on savings to boost spending | R
Inflation forces consumers to ask: Can I live without it? | C
Americans Are Showing Inflation Fatigue, and Some Companies See a Breaking Point | W
Republican Hutchinson, at odds with Trump, eyes 2024 U.S. presidential run | R
Biden roasts Trump, GOP, himself at correspondents’ dinner | C
The Great Resignation Is Just a Symptom of a Bigger Realignment | BR
Europe
Emmanuel Macron’s triumph, and the challenges he now faces | E
China
China ‘in a very tough spot’ as COVID-19 lockdowns hit economy, China Beige Book CEO explains
China claims Beijing is the true test of its pandemic policy | E
China’s martial rhetoric will not help it defeat covid | E
Geopolitics & trade
Russia Recasts Fight in Ukraine as War With the West | W
Putin Preparing Russians for War With NATO | Newsweek
Nancy Pelosi leads surprise delegation to Kyiv and Poland, and vows U.S. support | C
World War III is far more likely than anyone is prepared to admit
How rotten is Russia’s army? | E
Europe should levy a high tariff on Russian energy | E
How the war in Ukraine is changing Europe’s demography | E
Ukraine War Puts Spy Satellites for Hire in the Spotlight | W
Putin ‘will have cancer operation in the near future’ and ‘hand over power to hardline ex KGB chief’ | Daily Mail
Corporate finance
Elon Musk Needs to Make Twitter a Financial Success. Here’s How He Can Do It. | BR
Industries & companies
Cruise lines: The Cruise Crowd Is Back, Even if Investors Aren’t. Here’s Why It May Be Time to Take a Plunge. | BR
Pharma: Alzheimer’s Drugs Face a Crucial Test. It’s Unclear Whether Medicare Will Pay for Them. | BR
Retail: Retailers’ Stocks Are Priced for a Recession. The Market May Be Too Negative. | BR
Virus
Covid-19 Cases Rise in the U.S., With Limited Impact | W
Covid Latest: Omicron Sublineages Can Evade Antibodies | B
Moderna says its vaccine for ages under 6 will be ready for U.S. review in June | C
Technology
Amazon’s Astro Robot Is Crazy, Creepy and Fun | W
