June 23 (Thursday)

Latest Morning Briefing Executive Summary: Energy, EVs & Crypto
The price of oil has begun to come down. But countervailing forces are exerting both downward and upward pressure on oil prices. Among the former, production has ramped up greatly. Jackie examines the dynamics affecting oil industry pricing. … And: Electric vehicles are gaining traction in the marketplace. But they’re costing more to make with commodity prices so high and costing more to buy with manufacturers passing their cost increases onto consumers. … Also: Many of the many cryptocurrency players are bound to succumb to hypothermia during the brutal industry contraction dubbed “crypto winter.”
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 21.

Markets
Cramer says a ‘bull market within a bear market’ situation is possible if these 6 things happen | C
Russia’s ruble is at its strongest level in 7 years despite massive sanctions. Here’s why | C
Facebook, Netflix and PayPal Are Value Stocks Now | W
Putin signs decree on new scheme to service Eurobonds as default looms | R

Global
U.S. recession fears darken outlook for global growth | R
Citigroup sees chances of global recession nearing 50% | R

Central banks
Fed Chair Jerome Powell Says Higher Interest Rates Could Cause a Recession | W
Fed’s Jerome Powell to Head to the House With Interest Rates in Focus | W

Energy
Germany triggers ‘alert level’ of emergency gas plan, sees high risk of long-term supply shortages | C
Germany triggers gas alarm stage, accuses Russia of ‘economic attack’ | R
Biden calls on Congress to suspend the gas tax — Here’s what that means for prices at the pump | C
U.S. oil refiners to meet Biden officials in high-stakes price talks | R
Biden administration leans on Tesla for guidance in renewable fuel policy reform | R

US
Immigration Coverage Is Newest Benefit From Some Companies | W

Europe
Europe’s Economy Slows Sharply as Recession Risks Grow | W
France’s Emmanuel Macron Calls for Compromise After Losing Majority in Parliament | W
Britain’s Inflation Crisis Deepens, Fueling Strike Action | W

China
Analysis: Record numbers of Chinese graduates enter worst job market in decades | R

Geopolitics & trade
Ukraine takes tentative step toward EU membership as Donbas battles reach ‘fearsome climax’ | R
Why Ukraine’s Snake Island Is Key to Russia’s Strategy in the War | W
Russia Hits Grain Terminals in Latest Attack on Ukraine’s Food Infrastructure | W
Isolated Putin says trade with China and India is increasing | C
Russian oil tankers get India safety cover via Dubai company | R

Industries & companies
Airlines: American Airlines to stop flying to four small cities, citing pilot shortage | C
Communications Services: Mark Zuckerberg envisions a billion people in the metaverse | C
Retail: The retail industry is facing a potential wave of bankruptcies – here’s why | C
Retail: Nike to fully exit Russia, will scale down over coming months | R

Corporate finance
Chinese Battery Giant CATL Raises $6.7 Billion in Share Sale | W

Beyond markets
Musk says Tesla’s factories in Berlin and Texas are ‘gigantic money furnaces’ | C