May 26 (Thursday)
Latest Morning Briefing Executive Summary: Energy, Retailing & Hydrogen
Spending on stuff was so yesterday. Long-cooped-up consumers now want to spend on experiences and have fun! Not even stratospheric gasoline pump prices will keep them home this holiday weekend. Today, Jackie examines the factors driving energy prices skyward. … Also, some retailers’ Q1 earnings reports revealed a have/have-not dichotomy in the consumer discretionary space. Specifically, high-end Nordstrom made out far better last quarter than did retailers to the masses. … And: An update on the expanding use of hydrogen to fuel trucks, trains, and even factories.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on May 23.
Markets
Stocks rise after Fed signals further rate hikes, Dow jumps nearly 200 points | C
Global
World Bank’s Malpass says war in Ukraine may trigger global recession | R
Central banks
Fed minutes point to more rate hikes that go further than the market anticipates | C
Fed embraces 50-basis-point rate hikes in June, July to curb ‘very high’ inflation | R
Fed Minutes Show Urgency for Raising Rates to Tame High Inflation | W
ECB Signals Delayed Bond Runoff, Diverging From Fed | W
Kansas City Fed Leader Esther George to Retire in January | W
US
CBO boosts U.S. GDP growth estimates, says inflation has topped and will cool to 2% by 2024 | C
Natural gas surges above $9, hits the highest since 2008 as inventories stay low | C
Orders for Long-Lasting Goods Rose Modestly in April | W
The lack of small-dollar mortgages is preventing Americans from purchasing affordable homes | C
A major cause of inflation may have peaked; that’s good news for consumers but bad news for trucking companies
Why Has the Inflation Calculation Changed Over Time? | N
China
China’s economy in battle to keep growing, says premier | FT
China’s Top Two Leaders Diverge in Messaging on Covid Impact | W
China’s Covid-19 Lockdowns Hurt Sales of Starbucks Coffee, Adidas Sneakers | W
Shanghai Scientists Have Adapted to Regime Priorities | Brownstone
Geopolitics & trade
Russia’s Absence at Davos Marks Unraveling of Globalization | W
The Middle East’s Indifference to Ukraine Is a Warning | CSIS
Iran Used Secret U.N. Records to Evade Nuclear Probes | W
Industries & companies
Energy: Tesla battery research group unveils paper on new high-energy-density battery that could last 100 years
Retail: Amazon CEO Andy Jassy says he’s focused on returning to ‘healthy’ level of profitability | C
Climate & sustainability
Ukraine War Threatens Transition to Cleaner Energy, Leaders Warn at Davos | W
Don’t write off coal. We need it to ensure power grid reliability | The Hill
The plant-based future of food doesn’t always taste that great | Vox
SEC unveils rules to prevent misleading claims and enhance disclosures by ESG funds | C
Beyond markets
Why Isn’t New Technology Making Us More Productive? | N
