January 18 (Wednesday)
Latest Morning Briefing Executive Summary: Some Happy Developments
When the equal-weighted S&P 500 price index outperforms the market-cap-weighted one, that signals rising stock market breadth. That’s what’s been happening since October 12, the date that the bear market probably ended. … Also: Wall Street has turned more bullish on prospects for Europe’s economy and stock markets in the wake of two big happy developments there. We’re in the bullish camp. … European economic indicators suggest a budding recovery—with improving energy markets tempering inflation and bolstering industrial production as well as both consumer and business sentiment.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on January 17.
Markets
10-year Treasury yield tumbles below 3.44% after producer prices decline by more than expected | C
Energy
Oil Demand to Hit Record Level This Year as China Reopens, IEA Says | W
Aramco chief warns of oil supply shortages as Chinese demand to surge | C
Exclusive: Europeans dial down the heating, heed calls to save energy | R
Central banks
Bank of Japan Governor Digs In for Standoff With Markets | W
BOJ defies market bets for policy tweaks, yen tumbles | R
The Fed’s quantitative easing gamble costs taxpayers billions | The Hill
Global
In Davos, Leaders Fret Over Fragmenting Global Economy | W
US I
U.S. Retail Sales Fell 1.1% in December | W
Wholesale prices fell 0.5% in December, much more than expected | C
When will egg prices finally go down? – Vox
The steep plunge in used car prices — what it means, and what’s ahead | CNN Business
Mortgage demand jumps, as interest rates drop to lowest in months | C
US II
America Needs Immigrants to Make Up Worker Shortfall, Labor Secretary Says | W
Tax Season Is Coming, and These Firms Can’t Find Enough Accountants in the U.S. | W
Over 200 millionaires urge Davos elite to up taxes on the ultra-rich | C
Opinion | Will It Be Morning in Joe Biden’s America? | NYT
COVID-19 ‘lockdowns’ were a deadly and costly mistake | Washington Times
China
China’s Shrinking Population Is Deeper Problem Than Slow Growth for Its Economy | W
China’s Xi frets about COVID in rural areas, sees ‘light ahead’ | R
Japan
Jim Grant: Japan is Perhaps the Most Important Risk
Geopolitics & trade
Little-Known Surveillance Program Captures Money Transfers Between U.S. and More Than 20 Countries | W
Industries & companies
Airlines: The Best and Worst Airlines of 2022 | W
Financials: Big Banks Might Face Breakup, Top Regulator Says | W
Financials: Solomon says Goldman took on too much too quickly in consumer business | C
Pharma: Moderna: RSV vaccine effective in preventing disease in older adults | C
Climate
A suburb outside of Scottsdale, Arizona has had its water shut off due to the drought, in a ‘worst-case scenario’ | yahoo.com
Water Is a Terrible Thing for California to Waste | W
Bank of America CEO says capitalism needs cleaning up with new global ESG rules | C
Climate protest not a crime, Greta Thunberg says after detention | R
Davos 2023: Greta Thunberg to meet IEA chief Birol | R
John Kerry: U.S.-China climate diplomacy could make huge difference | C
Oliver Stone slams environmental movement over actions on nuclear | C
