July 21 (Thursday)
Latest Morning Briefing Executive Summary: Financials, China & Russian Gas
Banks have been navigating rising interest-rate seas remarkably well, managing to keep low the interest rates they pay out on deposits and raise the rates they take in on loans. As a result, net interest margins have been improving nicely from last year’s depressed levels. If banks can keep that up, the income upside would be substantial. … Also: China may regret not opposing Russia’s war in Ukraine if emerging market nations, struggling under the burden of war-induced food and energy inflation, aren’t able to make good on their debt payments to China. … And: A timely look at innovative ways to generate and store energy.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on July 18.
Markets
Opinion: The painful market selloff should be over soon | NN
Tech Stocks Gain, With Nasdaq Climbing 1.6% | W
Market Rout Shows Dangers of Margin Lending, Crypto Style | W
The reason behind a mysterious trading surge in stocks like Berkshire Hathaway has been revealed | C
Central banks I
ECB Being Pulled in Multiple Directions as It Prepares First Rate Rise in a Decade | W
ECB to finally join rate hike club with big move on agenda | R
BOJ to retain easy policy, staying outside global tightening tide | R
Interest-Rate Pain From Higher Inflation Has Barely Begun | W
Central banks II
The Fed can fight inflation and unemployment — Here’s how | The Hill
Inflation Is a Beast the Fed Will Never Be Able to Tame | B
Powell’s fool’s journey chasing inflation | WP
Energy
Putin Says Russia to Meet Gas Commitments to Europe but Warns of Nord Stream Cuts | W
Natural Gas Remains Putin’s Weapon of Choice | W
Putin’s Gas Game: Toy With Europe’s Supply and Make Its Leaders Squirm | W
EU tells members to cut gas usage amid new Putin warning | R
Spain says it cannot support EU gas usage proposal | R
Gasoline prices may have hit summer peak and could be headed below $4 | C
US
U.S. existing home sales slide again; prices hit fresh record high | R
U.S. Home Prices Hit Record of $416,000 in June as Sales Continued to Slide | W
Mortgage demand drops to lowest level in 22 years | C
Inflation Has Now Devoured All Biden’s COVID ‘Rescue’ Checks | I&I
Consumers shun candles, barbecue kits as budgets tighten | R
Trucker protests stall cargo movement at California’s No. 3 seaport | R
Republicans slam Biden’s possible plan to cancel student debt | C
Europe
U.K. Inflation Hits 9.4%, a New 40-Year High | W
China
China Evergrande Prepares to Shed Light on Restructuring as Creditors’ Patience Wears Thin | W
Geopolitics & trade
U.S. faces recession if cut from Taiwan chip manufacturing: Raimondo | C
How Joe Manchin Left a Global Tax Deal in Limbo | N
Industries & companies
Airlines: Opinion: The pilot shortage is about to get a lot worse | NN
Tech: Chip-Making Machines Draw Record Orders for Dutch Tech Firm | W
Corporate finance
EXCLUSIVE Shell places U.S. Gulf of Mexico assets up for sale -sources | R
Climate
Biden announces new climate programs, but no emergency declaration | C
Europe heat wave photos: London fire department busiest day since WWII | C
More Than 100 Million Americans Face Dangerous Heat Wave | W
Beyond markets
Bad news: COVID-19 numbers are pretty meaningless | The Hill
