September 01 (Thursday)

Latest Morning Briefing Executive Summary: China, Earnings & FedNow 
China’s government is mobilizing to shore up the country’s struggling, debt-laden economy. New initiatives will facilitate home-buying, guarantee the debt of select private developers, make low-interest loans to banks, and provide financial backing for infrastructure projects. More may be needed. … Industry analysts still expect S&P 500 companies to log respectable earnings growth this year and next despite having lowered their sights for many. Jackie examines how and why estimates have been changing for various sectors and industries. … And better late than never: FedNow brings the instantaneous financial transactions that other countries enjoy to the US.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on August 29.

Markets
Dow, S&P 500 fall for a fourth day, major averages end August with losses | C
Famed Investor Jeremy Grantham Warns of Super Bubble in Stocks as Rally Falters | B

Central banks
Fed’s instant payment service ‘FedNow’ set to launch by July 2023 | yahoo.com

Energy
Russia deepens Europe’s energy squeeze with new gas halt | R

US
California Dreamin’ —A No-Choice Nightmare That Benefits China | The Heritage Foundation
IRS is not hiring an ‘army’ of auditors, what’s really happening | C
U.S. Justice Dept says Trump team may have moved classified papers amid probe | R
 
Emerging
China’s dim prospects turn disastrous | The Hill (ampproject.org)
China’s Economic Woes Drag On With Factory Disruptions, Property Slump | W
China’s heat wave is creating havoc for electric vehicle drivers | MIT Technology Review
India’s GDP Jumps as Consumer Spending Revives, Covid Fears Ebb | W

Industries & companies
Media: Disney Explores Membership Program Like Amazon Prime to Offer Discounts and Perks | W
Retail: Walmart-owned Sam’s Club raises annual membership fee for first time in 9 years | C
Restaurants: Starbucks Is Rethinking Almost Everything, Including How to Make Frappuccinos | W

Technology
NASA orders five more astronaut missions from Musk’s SpaceX in $1.4 billion deal | R

Beyond markets
U.S. FDA green lights Omicron-targeted COVID boosters ahead of revaccination campaign | R
Anthony Fauci Warns of a Bad Flu Season Brewing as He Nears Office Exit | B