November 07 (Monday)
Latest Morning Briefing Executive Summary: Powell Is From Mars, Brainard Is From Venus
Has the stock market been voting early? It‘s up 5% since the S&P 500’s October 12 bottom—which may turn out to be the bear market’s ultimate bottom. Tomorrow’s midterm elections may further boost stock prices in coming months if history is a guide. Our soft-landing economic outlook, if it pans out (60% subjective odds), may be another wind at the stock market’s back. … A headwind last week was Fed Chair Powell’s peak hawkishness, but we expect to hear counterbalancing views from other Fed officials now that their quiet period is over. … Much now—both the economic and financial market outlooks—hinges on inflation reports in coming months. … On inflation, Brainard makes sense. … And: Dr. Ed reviews “Don’t Worry Darling” (+ +).
(subscribers’ link)
YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on October 31.
Energy
Mild autumn weather has sent European gas prices plummeting | E
Frackers Say Oil Production Slowing in the Shale Patch | W
Central banks
Housing-Price Inflation Is a Problem. The Federal Reserve Can’t Solve It. | BR
US
Elevated Inflation Presents Risk to U.S. Economy, Fed Report Finds | W
Why the October Jobs Report Is So Strong Despite Tech Layoffs | W
Midterm Election Campaigning Intensifies Across U.S. in Closing Days | W
China
China’s exports shrink in October, badly missing expectations for growth | C
The never-ending campaign against graft in China | E
Japan
Japan’s bond-market peg could snap | E
Geopolitics & trade
Senior White House Official Involved in Undisclosed Talks With Top Putin Aides | W
Ukraine warns of more Russian attacks on energy infrastructure | R
Who wins from the unravelling of Sino-American trade? | E
Industries & companies
Communications Services: Meta could begin large-scale layoffs this week, report says | C
Media: Twitter Is Elon Musk’s Biggest Test—and Tesla’s Biggest Challenge. How They’ll Make It Work. | BR
Retail: Inflation, Recession Fears Have Some Holiday Shoppers Trading Down | W
Tech: Apple warns Covid restrictions in China are hurting iPhone production | C
Climate
Climate: COP27 opens with a rallying call for rich nations to pay up | C
The world is missing its lofty climate targets. Time for some realism | E
