October 21 (Friday)

Latest Morning Briefing Executive Summary: On China, Banks & Solar
China’s economy is ailing, but you wouldn’t know it to hear President Xi’s speech before the Chinese Communist Party’s annual National Congress. Jackie puts into perspective the points he made and, more importantly, the ones he omitted. … Also: Big banks’ Q3 earnings reports showcase their resilience so far in the current higher interest-rate environment but leveraged loans could be a problem area in the future if companies have trouble making higher interest payments. … And: A look at solar energy’s sunny future: With new technologies making panels lighter and more versatile, the sky’s the limit to their potential applications.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on October 17.

Markets
Big News for Investors: TINA is Dead | Morningstar
Oil near flat as inflation concerns contend with potential quarantine easing in China | R

Central banks
The Fed, Staring Down Two Big Choices, Charts an Aggressive Path | N
Businesses Expect Economy to Weaken, Fed’s Beige Book Says | W
Fed’s Harker sees ‘lack of progress’ on inflation, expects aggressive rate hikes ahead | C
Fed may have to slow or stop balance sheet trimming in 2023, Barclays says | R
Greg Mankiw’s Blog: Why I fear the Fed may be overdoing it
Cramer: Earnings reports show the Fed is making progress on inflation | C

Global
Sanctions on Russia aluminum could hurt global supply chains: Analysts | C

US
U.S. Home Sales Drop for Eighth Straight Month in September | W
Existing home sales fall to a 10-year low in September | C
Jobless Claims Fell Last Week in Still-Tight Labor Market | W
An often-overlooked economic measure is signaling serious trouble ahead | C
College Enrollment Declines Again Though Online Schools, HBCUs See Increases | W
Container imports to Los Angeles and Long Beach are plummeting

China
Why Another Xi Jinping Term Might Be in U.S.’s Interest | W
China’s Military Is Catching Up to the U.S. Is It Ready for Battle? | W

Europe
Truss Defied the Markets, and They Ruthlessly Sealed Her Fate | N
Who will replace Truss as UK prime minister? Sunak? Mordaunt? Johnson? | R
U.K. Government Is High-Profile Casualty in World of Higher Borrowing Costs | W

Japan
Japan’s inflation hits 8-year high in test of BOJ’s dovish policy | R
 
Geopolitics & trade
Iran Is Training Russian Drone Pilots in Crimea to Aid Moscow’s War Effort, U.S. Says | W

Industries & companies
Airlines: At American Airlines, First Class Out, Business Class In for International Trips | W
Airlines: Why cheap airfare is so hard to find this year | C
Airlines: Travel Demand Remains Strong, Airlines Say | W
Autos: Elon Musk Calls Tesla ‘Recession-Resilient’ as Wall Street Eyes Demand | W
Autos: GM’s 2024 GMC Sierra EV offers electric truck alternative to Hummer | C
Railroads: Union Pacific Profit Rises 13% as Railroads Benefit From Higher Freight Rates | W
Retail: Second Amazon Style apparel store officially opens | Chain Store Age
Tech: Apple Is an Ad Company Now | WIRED
Tech: Chip Maker TSMC Weighs Expansion in Japan to Reduce Geopolitical Risk | W
Tech: Facebook shuttle bus drivers face layoffs as Meta slashes costs | C

Beyond markets
What Have Workers Done with the Time Freed up by Commuting Less? | NY Fed
Ask an AI Art Generator for Any Image. The Results Are Amazing—and Terrifying. | W