February 23 (Thursday)
Latest Morning Briefing Executive Summary: On Earnings & Fuel Efficiency
For the S&P 500 index and many of its sectors, forward revenues are at record highs but forward earnings are below their record highs of last year. The disparity indicates a profit-margin squeeze, with several labor-cost-related sources; those stemming from pandemic aftereffects should abate in time. … And: The fuel efficiency of automobiles has been climbing—with more miles traveled on fewer tanks of gasoline. Increasing use of electric vehicles may be driving this trend. Jackie collects the evidence from two places where EV adoption is ahead of the curve, California and Norway. It’s a nascent trend worth watching given the ramifications for global oil demand.
(subscribers’ link)
YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on February 21.
Energy
Natural-Gas Prices Plunge, and Drillers Dial Back | W
Analysis: Healthy gas storage warms Europe, but not enough | R
Russian Oil Is Still Flowing, and That Is What the West Wants | W
Global
Biden to Nominate Former Mastercard Executive Ajay Banga to Lead World Bank | W
Central banks
Fed, Powell Worry About South’s Inflation-Fueling Job Market | B
Food
Mounting Cost of Bird Flu: 48 Million Dead Chickens and Some Very Expensive Eggs | W
Brazil Suspends Beef Exports to China After Finding Mad-Cow Disease | W
US
Economy Showing Strength in Early 2023 After Last Quarter’s GDP Gain Revised Modestly Lower | W
U.S. weekly jobless claims fall ; fourth-quarter growth trimmed | R
‘Stubborn’ food inflation leaves U.S. shoppers with slim appetite for other goods | R
U.S. Aims to Create Semiconductor Manufacturing Clusters With Chips Act Funds | W
Despite Tech Layoffs and Housing Slowdown, San Francisco’s Real-Estate Market Creeps Back to Life | W
Geopolitics & trade
Spy balloon: Comparing U.S., China statements after Blinken-Wang met | C
U.S. to Expand Troop Presence in Taiwan for Training Against China Threat | W
Industries & companies
Autos: Rolls-Royce shares soar after annual results crush expectations | C
Autos: Lordstown halts production of EV Endurance trucks to fix issues | C
Financials: Financials may get more love amid sustained higher interest rates | C
Financials: Wells Fargo lays off mortgage bankers after some get California perk | C
Technology
Chip Makers See ChatGPT Stirring Strong Demand for Advanced Processors | W
Beyond markets
Opinion | Arguing About Masks and Mandates | N
Don’t be fooled — the FTX fiasco was preventable | The Hill
Is it time for a four-day work week? Bernie Sanders thinks so. | Vox
The SEC Is Starting a Massive Database of Every Stock Trade | Cato Institute
Hundreds of Energy Department Officials Hold Stocks Related to Agency’s Work Despite Warnings | W
