May 25 (Thursday)
Latest Morning Briefing Executive Summary: Covid Again? Upbeat NERI.
China bracing for another Covid wave but will rely on vaccines rather than lockdowns. … Latest earnings was better than expected, but S&P 500 earnings was still down 3.0% y/y, which is better than the -7.0% consensus expectation. Q2 should be down again modestly before comps turn positive again. … Joe reviews the latest NERI readings, which seem to be turning more optimistic.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on May 22.
Markets
Financials Lead Stock Decline as Sentiment Sours | B
The Ultimate Buy and Hold Portfolio | Morningstar
Central banks
Fed Officials Split on Support for More Hikes, Minutes Show | B
Fed Officials Were Divided Over June Rate Pause | R
Fed officials less confident on the need for more rate hikes, minutes show | C
US I
The Odds of US Going Past Default Date Are 25% and Rising, JPMorgan Says | B
GOP, Biden Negotiators Resume Talks Amid Debt Default Impasse | B
On the Debt Ceiling, the White House Is Doing What It Said It Wouldn’t Do, Negotiating | B
Debt-Ceiling Fight Comes Down to Spending: Freeze or Cut? | W
Explainer: US debt ceiling focus on ‘discretionary spending’ means cuts ahead | R
Potential Debt Ceiling Deal Would Barely Change Federal Spending Path | N
US II
Florida Gov. Ron DeSantis joins presidential race, taking on Trump for GOP nomination | C
Not just Disney: DeSantis brings history of business battles to the presidential campaign | C
Downtown LA’s Office Distress Shows the Pain Coming for Cities | B
Young adults are taking longer to reach ‘key life milestones’ impacting finances later, analysis shows | C
Europe
It Just Had an Energy Crisis, Now Europe Faces a Food Shock | W
China
China braces for new covid wave; XBB variant vaccines on the way | WP
Geopolitics & trade
China’s Risky Strategy to Control One-Third of the World’s Lithium Supply | W
U.S. and China See Fragile Opportunity to Repair Ties | W
Exclusive: Russian hypersonic scientist accused of betraying secrets to China | R
Saudi embrace of Assad sends strong signal to US | R
Industries & companies
Financials: Exclusive: HSBC puts global footprint under fresh scrutiny, considers dozen exits | R
Tech: Meta has started its latest round of layoffs, focusing on business groups | C
Technology
Why Fake Drake and AI-Generated Music Are Here to Stay | Wired
Generative AI Podcasts Are Here. Prepare to Be Bored | Wired
Take Your Ultrawide Monitors Everywhere With an AR Laptop | Wired
Beyond markets
Mountain of FTX Evidence: Emails, Chat Logs, Code and a Notebook | N
