June 19 (Monday)

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
Stocks rally stalls, eyes Powell testimony for rate clues | R
Tech-Stock Boom Pits AI Against the Fed | W
Oil falls on China growth uncertainties | R
Buy Freeport-McMoRan Stock. Copper Is the Future. | BR

Global
Fiscal policy in the rich world is mind-bogglingly reckless | E

Central banks
Fed, ECB, BoJ, PBOC: Central banks monetary policy decision are diverging | C
The Fed May Be Leading or Following. Either Way, Rates Are Still Going Up. | BR

US
Boomers Got Hooked on Stocks. Now They Can’t Let Go. | W
The South is fast becoming America’s industrial heartland | E
 
China I
Consumption soft even amid deep discounts during major China shopping festival, analysts say | C
Goldman joins Wall Street banks in cutting China’s growth outlook | C
Exclusive: Japan regulator sounded out top domestic banks about China risks, sources say | R
Analysis: China bankers told to shun flashy clothes, 5-star hotels in austerity drive | R

China II
Xi Jinping reaches into China’s ancient history for a new claim to rule | E
Their parents made China the world’s factory. Can the kids save the family business? | R
China’s tolerance for public oversight is limited | E
Column: China stored massive volume of crude oil in May, giving it options | R
These Businesses Are Getting Hit Hard by China’s Faltering Economic Recovery | W
The crackdown on foreign firms will deter global business—and undermine China’s own interests | E

Geopolitics & trade
Joe Biden and Narendra Modi are drawing their countries closer | E
America and China try to move past a new bump in relations | E
Antony Blinken to meet China’s Xi Jinping in Beijing | C

Industries & companies
Retail: Shein Is the World’s Most Downloaded Shopping App. Why Aren’t Retailers Worried? | BR
Media: ‘The Flash,’ ‘Elemental’ opening weekend box office disappointment | C

Corporate finance
SVB Securities to Be Acquired in Management Buyout | W

Technology
Supply chains: How AI could ‘remove all human touchpoints’ | C
AI voice clones are coming for the Amazon, Apple, Google audiobook | C
How ChatGPT could help teachers and lower the cost of college | E
France makes push to be Europe’s A.I. hub setting up U.S. challenge | C
How Britain can become an AI superpower | E