October 17 (Monday)

Latest Morning Briefing Executive Summary: Mostly All About Inflation
More persistently pernicious inflation than expected is at the root of the financial market’s bearish sentiment. Revenues, profit margins, and earnings have been holding up relatively well; the market’s big problem is a significant downward rerating of the P/E multiples that investors are willing to pay in this inflationary economic environment. … We continue to think the economy is undergoing a rolling recession afflicting different industries at different times. We also think that inflation might be following a similar rolling script. Notably, goods inflation pressures have abated as services inflation pressures have picked up.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on October 10.

Markets
Whiplash in Stock Market Shows Investors Are Still on Edge | W
The Stock Market Rebound Fizzled. Why a Real Bottom Could Be Forming Soon. | BR
Markets are reeling from higher rates. The world economy is next | E
Stocks Look Alluring for the Longer Term, say U.S. money managers | BR
If Ukraine Wins and Putin Loses, What Happens to Markets? | BR
Junk-Rated Companies Search for the Right Time to Tap Investors | W

Commodities
OPEC+ members line up to endorse output cut after U.S. coercion claim | R
OPEC production cuts: Why Saudi Arabia’s move might not help Russia all that much | Vox
Gazprom CEO says gas price cap would lead to supply halt | R
Column: Record European copper premiums as buyers shut out Russia | R

Global
High Inflation Darkens Global Economic Outlook | W
Households across the rich world have never been so gloomy | E

Central banks
The Fed will continue to raise interest rates: How high could they go? | The Hill

US
How Americans feel about the economy | E
When Mortgage Rates Might Stop Rising, and More Takeaways From a Top Housing Market Economist | BR
Some Companies Are Leaving California as It Pushes Ahead on Regulations | BR
White House pushes ahead research to cool Earth by reflecting sunlight | C

Europe
Thousands take to the streets of Paris to protest soaring prices | R

China
China’s Xi Is Getting a Third Term. Investors Are Hoping Something Gives. | BR
Xi Jinping’s Quest for Control Over China Targets Even Old Friends | W
China’s Xi talks up security, reiterates COVID stance as congress opens | R
China’s Xi downplays need for rapid growth, praises Covid achievements | C
At China’s Communist Party congress, Xi Jinping sails on undaunted | E
An obsession with control is making China weaker but more dangerous | E
China is no longer just any emerging market | C
 
Geopolitics & trade
Failure to Control Ukraine’s Skies Betrays Key Flaw in Russia’s War Strategy | W
Xi warns against Taiwan interference at China’s CPC national congress | C

Industries & companies
Autos: For GM auto union workers, there’s still a lot to learn about EVs | C
Financials: The Stocks Are Down, but Regional Banks Are Stress-Tested With 4% Dividends | BR
Materials: 8 Mining Stocks: Why Their Long-Term Outlook Is Bright | BR
Retail: Kohl’s Faces a New Activist Push to Change Its Board | BR
Tech: Tech Companies Embrace Silicon Valley, Despite Rising Regulation | BR
Tech: Why the Chip-Ban Panic Over Taiwan Semiconductor May Be Overblown | BR
Tech: Meta Horizon Worlds metaverse losing users, falling short of goals: Report | C

Technology
Meet the Army of Robots Coming to Fill In for Scarce Workers | W
 
Climate
Shasta Lake Helped Water California; Now Its Dryness Is a Threat to the State | W

Beyond markets
Elites realize they need blue-collar workers they derided | P
It is becoming harder to take off a sick day | E
Elon Musk tweets on Starlink: ‘We’ll just keep funding Ukraine govt for free’ | C