September 02 (Friday)

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 close higher to snap four-day losing streak and begin September | C
S&P 500 snaps four-session losing streak with payrolls on deck | R
Hopes for Fed Pivot Have Faded, Sapping Stocks’ Momentum | W
Man Group Warns of Contagion to European Firms From EM Defaults | B
As the U.S. Dollar Surges, American Buyers Splurge on European Homes | W
Gasoline Prices Extend Declines Into Labor Day Weekend | W

Central banks
US Jobs Data Have Potential to Push Fed Toward Third Jumbo Hike | B
Big Japan Short Redux Outside Tokyo Even as Locals Bet on BOJ | B
New Dallas Fed Chief Puts Inflation Fight on Front Burner | W

US
U.S. Jobless Claims Fall to Lowest Level in Two Months | W
Independent Voters Now Tilting Toward Democrats in Midterm Elections, WSJ Poll Finds | W
Mortgage Rates Rise to 5.66% | W

China
Chengdu locks down 21.2 million people as Chinese cities battle Covid-19 | C
In China, Some Cities Edge Into Covid-19 Lockdowns Ahead of Party Congress | W
Chinese Property Giants See Fortunes Diverge During Housing Crisis | B
Tech Companies Slowly Shift Production Away From China | N

Japan
Steel Price Hikes to Impact Japan’s Manufacturers as Costs Surge | B
 
Geopolitics & trade
U.N. says China may have committed crimes against humanity in Xinjiang | R
Xinjiang Rights Report Ratchets Up Standoff Between the U.S. and China | W
Ukraine Says Russia Is Using Cargo Ships to Ferry Weapons to the Black Sea | W
IAEA experts ‘not going anywhere’ after reaching Ukraine nuclear plant | R
Nvidia says U.S. government allows A.I. chip development in China | C

Industries & companies
Airlines: Service Is Slow. Luggage Is AWOL. Companies Struggle With an Influx of New Hires. | W
Autos: GM’s Driverless-Car Unit Recalls Software Used in Some Robotaxis | W
Energy: Amazon took solar rooftops offline last year after fires, explosions | C
Materials: Aluminum Buyer Novelis Excludes Russian Metal in Key Supply Deal | B
Materials: Column: European smelter closures fracture aluminium pricing | R
Media: GameStop meme stock movie ‘Dumb Money’ in the works with Seth Rogen, Pete Davidson | C

Corporate finance
Exxon, Shell sell California oil assets for $4 billion to IKAV | R

Beyond markets
CDC Panel Backs Moderna (MRNA), Pfizer (PFE) Covid Omicron Vaccine Boosters | B
Covid Boosters Targeting Omicron Backed by CDC Advisers | W
Reading and Math Scores Plummeted During Pandemic, New Data Show | W