February 28 (Tuesday)

Latest Morning Briefing Executive Summary: The Inflation & Valuation Questions
Are stock valuations too high for our inflationary times? Admittedly, last year’s bear market didn’t maul valuations as severely as most do. But inflation has been moderating in a host of areas, which we expect to continue. And if the economy sticks to the rolling-recession script, as we think it will, stocks aren’t overvalued but fairly valued, in our opinion. … Also: For more perspective on the valuation question, we look at various valuation models’ current readings in their historical context, including a valuation model that takes inflation into account.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on February 27.

Markets
Banks pile into euro zone bond sales as rates shoot up | R

Commodities
Analysis: Lithium price slide deepens as China battery giant bets on cheaper inputs | R

US
Apartment Rents Fall as Crush of New Supply Hits Market | W
There’s no easy fix to Midtown’s post-COVID half-empty offices | P
What Layoffs? Many Employers Are Eager to Hang On to Workers. | N
Pentagon to Reap Rewards From $53 Billion Chips Act | W
Janet Yellen Visits Ukraine to Discuss Economic Support | W
What the Supreme Court Case Means for Student-Loan Forgiveness | W

Europe
ECB has started to win inflation fight, Lane says | R

China
Rust belt province got old before it got rich, as much of China will | R

Corporate finance
Pfizer in Talks to Acquire Seagen in Deal Likely Valued at More Than $30 Billion | W

Geopolitics & trade
Russia Turns to China’s Yuan in Effort to Ditch the Dollar | W
The U.S. and China have a culture clash around their telephone hotline | C
New TikTok ban is poised to advance in Congress | C

Technology
Mark Zuckerberg announces new team at Meta working on A.I. products | C

Climate
Speculative tech to reflect sun away from Earth needs focus, UN says | C

Beyond markets
Three years later, Tom Cotton’s Covid theory gets a fresh look | MSNBC
White House Says No Consensus on Covid Origin | W
Hong Kong Lifts Citywide Mask Mandate After Almost Three Years | W
As Americans Work From Home, Europeans and Asians Head Back to the Office | W