February 22 (Wednesday)
Latest Morning Briefing Executive Summary: On US Earnings & India’s Economy
This earnings season stands out from most, and not in a good way: Hearing managements discuss their companies’ Q4 results on conference calls has sent analysts back to their spreadsheets. Consensus earnings estimates for all four quarters of this year have been falling. … Looking at valuations in the context of falling estimates suggests that the S&P 500 isn’t cheap after its runup since October. SMidCaps and overseas stocks are cheaper. … Also: India aims to usurp China as the go-to nation for outsourcing, hoping to shed its “developing” status and become a global trade leader. But first, it may need to clean up its act.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on February 21.
Markets
Dow Industrials Drop Nearly 700 Points on Interest-Rate Concerns | W
GOP lawmakers vilify ESG moves at BlackRock, Vanguard | C
Global
Global Economy Shows Signs of Winter Resilience | W
Central banks
The Fed is trying to lower inflation: Biden’s actions are increasing it | The Hill
US
U.S. business activity rebounds to eight-month high in February- S&P Global survey | R
U.S. home sales post 12th straight monthly drop; house price inflation slows | R
How Wall Street bought single-family homes and put them up for rent | C
Biden Administration to Cut Mortgage Insurance Costs for Lower-Income Buyers | W
Layoffs
McKinsey to cut 2,000 jobs in one of its biggest layoffs – Bloomberg News | R
Geopolitics & trade
In Speech, Russian President Vladimir Putin Suspends Nuclear Arms Treaty With U.S. | W
Russia, China Challenge U.S.-Led World Order | W
China’s Xi Jinping Plans Russia Visit as Putin Wages War in Ukraine | W
China’s Newest Weapon to Nab Western Technology—Its Courts | W
U.S. Plans to Impose New Sanctions on Some 200 Russian Individuals, Entities | W
South Korea to lift post-arrival COVID test requirement for travelers from China | R
Industries & companies
Consumer Discretionary: Amazon employees express dismay about sudden return-to-office policy | C
Retail: Walmart, Home Depot Give Cautious Outlook as Shoppers Spend More on Basics | W
Corporate finance
Chemical maker INEOS makes U.S. shale bet with $1.4 bln Chesapeake deal | R
Technology
The Next Hot Housing Market Is Out of This World. It’s in the Metaverse. | N
Beyond markets
Inflation drives 2023 wedding costs up even as nuptial boom winds down | C
