April 19 (Wednesday)
Latest Morning Briefing Executive Summary: Construction, MegaCap-8 & Financials
Even as the rolling recession rolls through segments of the real estate market, areas of the construction industry have never been stronger. Residential construction isn’t one of them, but nonresidential and public construction each hit new record highs in February. Construction industry employment did the same in March. … Also: If industry analysts’ forecasts are on the mark, the eight MegaCap-8 companies that exert outsized influence over the S&P 500’s performance can look forward to a rebound of their collective y/y earnings comparisons starting in Q2-2023. … And: The S&P 500 Financials sector’s growth prospects improved overnight when the Transaction & Payment Processors industry was added. Joe takes a look.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on April 17.
Markets
Column: As funds bake in recession, junk bonds surf the stress | R
Fidelity and State Street Push to Make 401(k)s More Like Pensions | W
Global
Has Globalization Failed? Much of the World Economy Is Going in Reverse | B
Commodities
Why all that glitters isn’t gold when it comes to investing
Global rice shortage is set to be the biggest in 20 years | C
US
Inflation, High Car Prices Hurt US Consumers and Boost Repo Demand | B
Mortgage demand from homebuyers drops 10% as interest rates jump | C
Despite stable jobs and decent wages, essential workers still can’t afford the rent | The Boston Globe
History of destructive capital gains taxes and inflation | Washington Times
Europe
Column: Germany goes all in on energy transition with nuclear shutdowns | R
German cabinet approves bill to phase out oil and gas heating systems | R
Industries & companies
Autos: Biden’s push for electric vehicles hits deep in the heart of Texas | R
Autos: Tesla Earnings Expected to Show Impact of Elon Musk’s Price Cuts | W
Banks: The $1.2 Trillion Question Hanging Over Banks in Europe | W
Banks: Banks Leaned on a Little-Known Lender in March as Customers Fled | W
Health Care: Nurse Shortage Pushes Hospitals Into the Gig Economy | W
Media: Fox resolves Dominion case, but $2.7 billion Smartmatic lawsuit looms | R
Tech: Meta layoffs: Latest cuts start, focused on technical employees | C
CHIPS
TSMC Seeks Up to $15 Billion From U.S. for Chip Plants but Objects to Conditions | W
Europe approves its $47 billion answer to Biden’s CHIPS Act | C
Corporate finance
Kidney-Care Specialist Diaverum to Be Sold in $2 Billion Deal | W
Beyond markets
Single Dose of Omicron-Targeting Vaccines to Become Main Covid-19 Shot in U.S. | W
