June 14 (Wednesday)
Latest Morning Briefing Executive Summary: All About Earnings & Inflation
Like the economy, earnings have been landing softly; revenues haven’t landed at all. The S&P 500’s Q1 results imply earnings weakness totally due to margin contraction as businesses battled fast rising costs. … Analysts see y/y earnings gains resuming in Q3 and Q4, for full-year earnings growth of 0.4% followed by 11.4% next year. … We see a U-shaped earnings recovery and are tweaking our estimates for S&P 500 revenues, earnings, margins, and the price index. Our year-end targets for the S&P 500 are 4600 this year and 5200 next. … Inflation continues to moderate nicely, which should stay the Fed’s hand.
(subscribers’ link)
YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 12.
Markets
Stock Market to Fed: You Haven’t Done Enough | W
Treasury yields dip ahead of Fed announcement | C
IEA: Global oil demand to peak before the end of the decade | C
Central banks
Fed poised to punt rate hike into the summer wind | R
A Guide to the Fed’s Interest Rate Decision: Pause With Option to Hike | B
Global Economy Latest: Fed Meeting Preview | B
European Central Bank set to inch closer to the end of its hiking cycle | C
China’s Central Bank Moves to Shore Up Recovery | W
US
CPI Report Shows Inflation Has Been Cut in Half From Last Year’s Peak | W
Renters Are About to Get the Upper Hand | W
NYC’s Rent Prices Are Too High for Recent College Graduates to Afford | B
The job market enters a new phase as the Great Resignation ends | NN
China
China’s real estate slump predicted to last for years, threatening wider region | C
India
Goldman’s Biggest Office Outside New York Shows India’s Business Evolution | B
Geopolitics & trade
China and Saudi Arabia are part of a multipolar world order: Minister | C
China’s efforts to catch up in global electronic spying race | R
‘Slowbalization’ is Name of the Game on Bloomberg Trade Tracker
Industries & companies
Autos: Toyota shares soar as shareholders endorse board, new EV strategy | C
Energy: Shell to exit Pakistan unit with sale of shares | R
Energy: Shell boosts dividend, steadies oil output in new CEO plan | R
Financials: What’s Killing Productivity? Some Think It’s the Banks | W
Media: Disney delays Avatar, Marvel, Star Wars movies | C
Tech: Microsoft and OpenAI Forge Awkward Partnership as Tech’s New Power Couple | W
Tech: Nvidia Joins $1 Trillion Club, Fueled by AI’s Rise | W
Tech: AMD reveals new MI300X A.I. chip to challenge Nvidia’s dominance | C
Tech: Exclusive: Amazon’s cloud unit is considering AMD’s new AI chips | R
Corporate finance
EU Says It May Seek Breakup of Google’s Ad-Tech Business | W
Climate
Weather office warns of severe damage as India, Pakistan brace for cyclone | R
Technology
Paul McCartney Says AI Used to Create “Last” Beatles Record Including John Lennon’s Voice | W
Biggest Losers of AI Boom Are Knowledge Workers, McKinsey Says | B
Why making AI safe isn’t as easy as you might think | BBC
Beyond markets
Just what we need — a Soros who’s even ‘more political’ than George | P
Europe’s New Favorite Beach Hotspot Needs Workers to Meet Record Tourism Demand | B
Google RTO crackdown gets backlash: ‘Check my work, not my badge’ | C
