June 29 (Wednesday)

Latest Morning Briefing Executive Summary: Relative Valuation & Dalio’s Big Short
Around the world, as inflation concerns, interest rates, and recession fears have risen, stock market valuations have fallen. They’ll fall further if recessions actually materialize. Against this backdrop, we examine how the valuations of various indexes have fared relative to one another. … Also: For Europe, recession appears particularly likely given a brewing energy crisis, as Russia has been choking off natural gas supplies. Melissa assesses the ramifications for European households and businesses. … And: The ECB’s hawkish turn has hurt most EMU MSCI sectors’ valuations; we take a look at the deterioration relative to analysts’ still-strong earnings and margin expectations.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 27.

Markets
Dow falls 400 points as momentum from bear market bounce fizzles | C
Wall Street tumbles as consumer data fuels recession worries | R

Central banks
Fed officials promise rate hikes, push back on recession fears | R
Fed’s Williams Sees Another Large Rate Rise at July Meeting as Possible | W
New York Fed President John Williams says a U.S. recession is not his base case | C

Climate & food
War, Weather Endanger Global Food Supplies, Farm Leaders Say | W

US
Who Is to Blame for Inflation, 1-15 | Ritholtz
Consumers’ Outlook on the Economy Hits Lowest Point in Nearly a Decade | W
Home-Price Growth Slowed in April | W
The OECD’s global minimum tax rate will cost US companies | The Hill

Emerging
Default Won’t Trigger a Long Winter for Russia | W
 
Geopolitics & trade
Norway helping plug Europe oil gap as Russian barrels head east | R
Russia’s Mall Bombing Strategy | W
U.S. accuses five firms in China of supporting Russia’s military | R
G-7 Summit Exposes West’s Challenges in Tackling Russia | W
U.S., Iran Gather for Indirect Talks on Nuclear-Deal Revival | W
NATO reaches deal with Turkey to admit Sweden and Finland, Stoltenberg says | C

Industries & companies
Energy: U.S. Shale Drillers Begin Re-Fracking Existing Wells | yahoo.com

Technology
DroneSeed uses swarms of drones to reseed forests after wildfires | C