April 26 (Wednesday)
Latest Morning Briefing Executive Summary: Fiscal Dystopia
If Congress doesn’t increase the federal debt ceiling soon, the government will no longer be able to pay its bills. Jim Lucier of Capital Alpha Partners reports on the progress of the Limit, Save and Grow Act, which may well pass the House this week. … The government has been in such pickles before, and the debt limit usually got raised before the 11th hour and a couple of times at the 12th hour. Of course, the recent consequences of the government’s unprecedented fiscal excesses have been massive federal deficits and inflation boosted by helicopter money. But doomsday as predicted by the doomsters has yet to arrive. We examine why. … Also: Joe looks at the profit margins that analysts expect for S&P 500 sectors and industries.
(subscribers’ link)
YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on April 24.
Markets
Column: Oil market has absorbed surprise production cut by OPEC+ | R
Russian Oil Prices Surge, Put Sanctions to Test | W
Yuan overtakes dollar to become most-used currency in China’s cross-border transactions | R
Column: The world is not dumping its dollars | R
US
Economic Turmoil: Summers See 5% Inflation Sticking Without Major Downturn | B
How the U.S. Economy Is Faring Under Joe Biden in Six Charts | W
Biden’s impending Watergate | Washington Times
Ironically, Biden’s the one making America great again | The Hill
US House Republicans revise debt ceiling bill after dissension in ranks | R
Geopolitics & trade
India’s Population Surpasses China, Shifting Global Order | W
China’s Xi Makes First Call to Ukraine’s Zelensky Since Russian Invasion | W
China’s Expanded Spy Law Adds to Chilling Effect of Detentions | W
China Dominates U.S. Solar Market as Lawmakers Tussle Over Tariffs | W
Kremlin warns of more asset seizures after move against Fortum and Uniper | R
U.S., South Korea Pledge Cooperation on Potential Use of Nuclear Arms | W
Industries & companies
Autos: Look Out, Tesla, There’s a Really Tiny Competitor in Your Rearview Mirror | W
Banks: SVB Financial Group Stuck in Bankruptcy Stalemate with FDIC | B
Banks: Banking Problems May Be Tip of Debt Iceberg | W
Media: Disney sues Florida’s DeSantis over efforts to ‘weaponize’ government over free speech | R
Pharma: Merck Keeps Striking Out on Expanding Its Cancer-Drug Juggernaut | W
Corporate finance
U.K. Regulator Blocks Microsoft’s $75 Billion Activision Blizzard Takeover | W
The $11.8 billion mistake that led to Bed, Bath & Beyond’s demise | NN
SPACs Delivered Easy Money, but Now Companies Are Running Out | W
Beyond markets
Elon’s Musk’s Twitter verification check mark debacle is getting worse | Vox
Schools Are Ditching Homework, Deadlines in Favor of ‘Equitable Grading’ | W
So Many Ways to Communicate at Work, So Many Ways to Misfire | W
