December 02 (Friday)
Latest Morning Briefing Executive Summary: Powell, Onshoring & Tech
Reassurance from Fed Chair Powell yesterday that the Fed would proceed on its tightening course with “moderation,” to avoid setting off a recession, was music to investors’ ears—lifting stock prices and lowering bond yields. Today, we look at the words that had such a palliative effect on markets and recap Powell’s main points, especially about inflation. … Also: Rising reshoring and FDI trends suggest a revival of US manufacturing, which will benefit supply chains and labor markets. … And: Jackie examines the reasons for tech stocks’ recent malaise.
(subscribers’ link)
YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on November 28.
Central banks
ECB’s Lagarde Leads Chorus Warning That Inflation Must Be Anchored | B
Column: Powell wisely passes up financial conditions ‘open goal’: McGeever | R
Jobs Report Keeps Federal Reserve on Track for 0.5-Point Rate Rise | W
Energy
Gas Prices Are Dropping: Here’s How Much Lower They Might Go | W
Lack of Wind Pushes Europe’s Power Prices Higher, Just as Cold Sets In | W
OPEC meeting: Oil output cuts on the table ahead of Russia sanctions | C
EU, G-7 Wait on Poland to Advance Russian Oil-Price Cap | W
Why Silicon Valley is so hot on nuclear energy | C
US I
Jobs report November 2022: Payrolls and wages blow past expectations and flying in the face of Fed rate hikes | C
November Employment Report Shows U.S. Economy Added 263,000 Jobs | W
U.S. job growth strong in November; wages rise | R
How COVID-19 transformed the jobs market | The Hill
US II
Railroad strike: How the trains are getting longer and the job is getting worse. | slate.com
Opinion | The Rail Strike Is a Chance For Biden to Prove He Really Is a Pro-Union President | N
Next steps on the Child Tax Credit | brookings.edu
China
China Turns to Well-Worn Playbook to Keep Protesters Off Streets | W
China Clamps Down on Internet as It Seeks to Stamp Out Covid Protests | W
Inside China’s fight over the future of zero-COVID | R
China people worry wrong Covid test results mean pandemic won’t end | C
Geopolitics & trade
The U.S. wants the EU to be strict with China. But Europe can’t afford it | C
European Frustration Over U.S. Subsidies Mounts Ahead of Key Meeting | W
Russia ‘open’ to talks on Ukraine but presses demands after Biden comment | R
Chinese Solar Manufacturers Are Evading Tariffs, US Finds | B
Industries & companies
Financials: Bank of America, Citigroup, JPMorgan, Goldman Cut Banker Bonuses | B
Tech: Tech layoffs leave visa holders scrambling for jobs to remain in U.S. | C
Crypto
Is cryptocurrency still a good investment? | The Week
FTX: DOJ watchdog calls for review over crypto fraud allegations | C
