June 24 (Friday)
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
Stocks Close Higher After Fed Chairman Testifies | W
Central banks
Jerome Powell Pressed Over How Fed Would Respond to Economic Slowdown | W
Fed Official Calls for Additional Significant Rate Rises | W
Fed says U.S. banks can weather severe downturn comfortably | R
Energy & sustainability
IEA chief warns Europe to prepare for total shutdown of Russian gas exports | FT
U.S. Gas Sales to China Dry Up as Ukraine War Disrupts Energy Trade | W
Column: Diesel demand set to drop as economies enter recession | R
Nuclear Power Is Poised for a Comeback. The Problem Is Building the Reactors. | W
Column: Green hydrogen may be energy’s future, but it’s complicated | R
Joe Biden lowering gas prices is as likely as a purple cow on the moon | P
Global
U.S., European Economies Slow Sharply as Recession Risks Grow | W
US
Is Inflation About to Cause a Recession? | N
U.S. business borrowing for equipment rises 16% in May – ELFA | R
The dream of owning a home is out of reach for 4 million Americans | NN
Mortgage Rates Continue to Rise, Hitting 5.81% | W
Supreme Court strikes down New York gun law on Second Amendment grounds | C
Proposed changes to retirement system approved by Senate committee | C
Biden Administration Agrees to Cancel $6 Billion in Student Debt Over Fraud Claims | W
China
Chinese Internet Giants’ Ad Revenue Suffers as Business Confidence Wanes | W
Geopolitics & trade
EU grants Ukraine candidate status in ‘historic moment’ | R
Industries & companies
Airlines: United Airlines will cut 12% of Newark flights in effort to tame delays | C
Consumer Discretionary: Amazon to invest $23 million to increase Seattle’s affordable housing | C
Energy: ExxonMobil at crossroads of clean energy transition, climate crisis | C
Media: Netflix Confirms Partnership Talks for Ad-Supported Service | W
Tech: Intel warns Ohio factory could be delayed | C
Beyond markets
CDC panel recommends Moderna two-dose Covid vaccine for kids ages 6 to 17 | C
