November 14 (Monday)
Latest Morning Briefing Executive Summary: On Earnings & Inflation
Economic recessions invariably produce earnings recessions, but earnings slowdowns and downturns can occur without economic recessions: Nominal GDP and revenues growth can stay strong as profit margins narrow, causing earnings growth to falter. That’s what seems to be happening now, with the earnings weakness looking like that of a soft, not hard, landing. Whether that changes up ahead depends much on what happens to profit margins. … In this context, Joe discusses the latest earnings results for Q3, explaining how to interpret the results supplied by two different data providers. …And: A look at the components of October’s CPI results, which cheered the stock market at the end of last week. … Also: Feshbach sees trading range ahead.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on November 7.
Markets
These currencies have tanked this year — and one is down over 75% against the dollar | C
Central banks
Japanese Inflation Shows Signs of Easing, Kuroda Says | W
Global
IMF says global economic outlook getting ‘gloomier’, risks abound | R
G-20 Discord Likely to Thwart Efforts to Boost Sagging Global Economy | W
U.S. may skirt recession in 2023, Europe not so lucky – Morgan Stanley | R
Energy & climate
The global energy crisis may be accelerating decarbonisation efforts, says Fatih Birol | E
‘Vaccination-style’ intervention needed for UK energy crisis: Ovo CEO | C
The ‘world’s largest floating wind farm’ produces its first power | C
Used-Car Dealer Tricolor Became an ESG Favorite Amid Customer Complaints and Expensive Cars | BR
US
House Majority Undecided as Democrats Keep Senate Control | W
Labor Market Mystery: Where Are the Older Gen Z Workers? | W
China
China Dials Back Property Restrictions in Bid to Reverse Economic Slide | W
Industries & companies
Autos: Ford vs. GM: Same industry, two increasingly different companies | C
Retail: Retailers Are Already Offering More Holiday Sales. What to Watch. | BR
Retail: Retailers’ biggest holiday wish is to get rid of all that excess inventory | C
Tech: Tech Companies Won Big in the Midterm Elections. Here’s Why. | BR
Geopolitics & trade
Biden, Xi stress need to work together as they meet for talks | R
Germany is open to trade with China — but we’re not stupid, vice chancellor says | C
On what terms could the war in Ukraine stop? | E
FTX
The FTX debacle makes SEC Chair Gensler look bad—again | Fortune
FTX’s Digital Coin Was at Heart of Crypto Exchange’s Fall | W
Sam Bankman-Fried’s Alameda quietly used FTX customer funds without raising alarm bells, say sources | C
Beyond markets
Elon Musk says ‘I have too much work on my plate’ | R
Can You Tell Whether This Headline Was Written by a Robot? | W
