June 15 (Thursday)
Latest Morning Briefing Executive Summary: Hawkish Pause, Rotation & Tech
The FOMC voted not to tighten further for now, as we had expected, and raised its real GDP projection for this year to 1.0%—suggesting a soft landing. … June has seen a dramatic rotation in stock market leadership: Tech has underperformed the S&P 500 this month to date after outperforming since October; the mtd performance winners are Consumer Discretionary and Materials, previous underperformers. Jackie unpacks why. … Also: A look at what’s been driving up valuations in various Tech sector industries. … And: Will genetically altering food to make it more delicious have unforeseen consequences?
(subscribers’ link)
YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on June 12.
Markets
AI Proves Mightier Than the Fed for Stocks Divorced From Economy | B
Saudi Arabia Sought to Push Oil Prices Higher. Markets Had Other Ideas. | W
Central banks
Investors See More Fed Interest Rate Hikes and No Cuts Until 2024 | B
Fed Holds Rates Steady but Expects More Increases | W
Fed Chair Powell Dances Between Pause and More Interest Rate Hikes | B
The End of the Fed’s Interest-Rate Increases Is Still in Sight | W
ECB Enters Home Stretch of Historic Hiking Cycle: Decision Guide | B
China Cuts Rates to Prop Up Flagging Recovery | W
US
Housing inflation will almost surely fall soon, say economists | C
Tentative agreement ends worker slowdowns and stoppages that crippled West Coast ports | C
State map shows what renters need to earn to afford 2-bedroom | C
Europe
Europe Gas Spikes as Major Dutch Gas Site Set to Close | B
China
China’s economy slows in May, more stimulus expected | R
China to see the world’s biggest millionaire exodus this year, study shows | C
Geopolitics & trade
Watering Down China Chip Restrictions Sometimes Makes Sense | W
Bill Gates will reportedly meet China’s Xi this week | C
Industries & companies
Media: Disney looks to get out of animation rut with Pixar’s ‘Elemental’ | C
Retail: After Surging Early in the Year, Retail Spending Could Be Cooling | W
Tech: AMD’s Superchips Face a Trillion-Dollar Hurdle | W
Tech: Nvidia’s AI Chips Power ChatGPT—and Multibillion-Dollar Surge | B
Corporate finance
Cava IPO could set tone for other restaurants going public | C
Beyond markets
How a Chip Guru Left South Korea and Wound Up Accused of Leaking Tech to China | W
Cyberattacks on renewables: Europe power sector’s dread in chaos of war | R
