October 07 (Friday)
Latest Morning Briefing Executive Summary:
On Earnings, JOLTS & Housing
While S&P 500 forward revenues has hit successive record highs lately, the forward profit margin and forward earnings both peaked in June. Since then, forward earnings has been flat. We see more of the same for earnings given our expectation that economic growth will be close to zero in our growth recession scenario. … Also: One in three workers quit their jobs over the past year! But their ex-employers quickly rehired. We examine the reasons for the labor market’s mind-boggling pace of job churn. … And: Home affordability challenges have sent the recently hot housing market into a deep freeze. Melissa traces the causes and the effects on homebuilders.
(subscribers’ link)
YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on October 3.
Markets
Wall Street closes lower as the Fed pounds rate hike drum | R
Stocks close lower as investors await September jobs report, Dow drops nearly 350 points | C
Why Wall Street shouldn’t sweat the midterms | CNN
U.K. Bond Markets Come Under Pressure Again | W
Central banks
Fed Official Says Inflation Is ‘Stubbornly Persistent,’ Justifying Rapid Rate Rises | W
The Fed Wants to Quash Inflation. But Can It Do It More Gently? | N
The Fed Has to Stay the Course Against Inflation | W
Energy
Britain could face three-hour power cuts this winter, National Grid warns | R
Column: Third European smelter closure compounds zinc conundrum | R
Biden Weighs Options After OPEC+ Moves to Cut Oil Output | W
Shell Braces for Profit Hit From Volatile Natural-Gas Prices, Rising Costs | W
Column: Outsized OPEC+ output cut raises global risks | R
Global
IMF to Lower Global 2023 Growth Forecast Amid Shocks to Economy | W
US
Column: Earnings squeeze heralds winter freeze on Wall Street | R
U.S. Gasoline Prices Are Climbing Again, Pressuring Consumers | W
Conagra Says Food Inflation Shows Signs of Moderating | W
‘Hiring Has Never Been Harder!’ | W
Biden pardons thousands of people convicted of marijuana possession, orders review of federal pot law | C
Hunter Biden case: Feds believe evidence supports tax and gun charges | C
Industries & companies
Consumer Discretionary: How this popular Jeff Bezos quote drives Amazon’s climate goals | C
Media: How YouTube Created the Attention Economy | The New Yorker
Corporate finance
Twitter, Elon Musk Talks Continue, Focus on Financing, Litigation | W
Beyond markets
Ebola: U.S. will screen people arriving at airports from Uganda | C
COVID wave looms in Europe as booster campaign makes slow start | R
