July 24 (Monday)
Latest Morning Briefing Executive Summary: Rolling Recession Rolling Over Commercial Real Estate
The urban office real estate niche of the commercial real estate market is increasingly distressed owing to the work-from-home trend escalated by Covid. But the problem is contained to the office districts of big cities, and we expect the fallout to be contained too: Sellers of distressed properties will take losses but find buyers, exposed banks will further increase loan loss provisions, increased M&A activity among small banks may result; but the problem won’t domino into a crisis of the banking system or the economy at large. … We detail why with our analysis of data from the Fed. … Also: Dr. Ed reviews “Oppenheimer” (+ + +).
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on July 17.
Markets
Stocks Could Climb Until the Fed Ends the Party. What to Watch. | BR
Chinese Money Flees the Western World | W
Global
The world economy is still in danger | E
US
US Economic Soft Landing Hinges on Fed’s Tolerance of Inflation | B
Inflation Is Here to Stay. What That Means for Investors. | BR
TSMC delays US chip fab opening, says US talent is insufficient [Updated] | Ars Technica
Rental Cars Are the New Airbnb | W
Europe
Spain Turns Right, but Not Far Right | W
Japan
Japan’s top currency diplomat: Inflation, wage gains overshooting expectations | R
China
How much trouble is China’s economy in? | E
Geopolitics & trade
A battery supply chain that excludes China looks impossible | E
Foxconn failed India chip effort shows how hard it is for new players | C
What the China-India detente means for the West | E
What if China and India became friends? | E
Apple’s Next Big Opportunity Could Be India | BR
Russia Ends Ukraine Grain Deal. What It Means for Prices—and Putin | BR
Russia’s Putin: Black Sea grain deal became meaningless | R
How U.S. Drug Companies Could Tip Europe Into Recession | W
Industries & companies
Energy: Offshore Wind Power Has a Big Problem. Prepare to Pay More. | BR
Financials: Big Regional Banks Reported Stable Deposits. For Investors, That Counts as Great News. | W
Financials: Goldman Sachs Is a Mess. Why It’s Time to Buy the Stock. | BR
Industrials: Why GE Shares Are Hotter Than Apple, Meta or Tesla | W
Media: ‘Barbenheimer’ Debut Lifts Weekend Box Office to Four-Year High | B
Media: Elon Musk Says Twitter Will Change Its Logo to X | W
Media: Adieu to ‘all the birds,’ Elon Musk says as he announces Twitter logo change | C
Pharma: Big Pharma Bets Big on China | W
Climate
Insurance Companies Are Pulling Out of Climate-Stricken Markets. How to Fix It. | BR
Corporate finance
M&A Deal Slump Sparks Turnover at Investment Banks Goldman Sachs, Morgan Stanley | B
American Airlines boosts pilot contract offer by $1 billion after United deal | C
Technology
At Startup That Says Its AI Writes Medical Records, Humans Do a Lot of the Work | W
Beyond markets
It’s Taylor Swift’s Economy, and We’re All Living in It | W
