May 03 (Wednesday)

Latest Morning Briefing Executive Summary: Capital Spending, Automation & Earnings
While surveys of business managers’ capital spending plans suggest more spending caution, that could partly reflect all the recession talk recently. Actual capital spending shows no sign of recession; it hit a record high last quarter. … Also: Factory managers are flocking to technological solutions to their many challenges, reports Jackie; Rockwell updates the story. … And: Joe reviews what Q1 results reported to date collectively say about how companies fared last quarter and how results jibe with analysts’ expectations. Notably, analysts haven’t been slashing estimates after hearing managements’ conference calls, as they’ve done in recent quarters.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on May 1.

Markets
Column: Oil prices drift down on renewed economy concerns | R

Currency
Column: Pandemic-sized euro surge now a boon for ECB | R
U.S. government destroying the dollar’s value through inflation | WT

Central banks
Fed likely to hike rates, hint at pause in tightening cycle | R
What a Fed Debate 17 Years Ago Reveals About Its Rate Deliberations Now | W
Fed Should Pause Rate Increases After This Week, Former Vice Chair Says | W
 
US
Why Is Inflation So Sticky? It Could Be Corporate Profits | W
Job Openings Near Two-Year Low as Layoffs Jump | W
ADP jobs report April 2023: | C
Mortgage demand drops as bank failures hit jumbo loan rates | C
Tight Supply Fuels Demand for Newly Built Homes | W
Giving firms like Amazon tax breaks are a losing bribe | P
New York, California losing billions in income to low-tax states | C

China
Chinese Travelers Swarm Domestic Tourist Sites, a Positive Sign for Economy | W

Europe
Europe’s Banks See Drop in Loan Demand But Stay Upbeat on Profit | B

Geopolitics & trade
European Economies Are Finding New Ways to Pay for War on Their Doorstep | W

Industries & companies
Financials: Michael Milken says recent crisis is the same mistake banks have been making for decades | C
Pharma: Alzheimer’s: Eli Lilly treatment donanemab slowed disease progression | C

Technology
AI ‘Will Cause Real Damage,’ Microsoft (MSFT) Chief Economist Warns | B
Microsoft economist warns of A.I. bad actors meddling with elections | C
Gen Zers Are Snapping Up Flip Phones. They Might Be Onto Something. | W

Beyond markets
Eighth-Graders Don’t Know Much About History, Test Scores Show | W