August 17 (Thursday)

Latest Morning Briefing Executive Summary: China, Consumers & Alzheimer’s Breakthroughs
China’s property development companies are going bankrupt left and right, with real estate prices tanking and monthly residential property sales their slowest in a decade. What China needs is a US-style restructuring of its real estate market. Jackie surveys the past week’s wreckage. … Also: Consumers these days! They know what they want: Amazon products, Teslas, newly built homes, and travel. Related stocks did the heavy lifting to hoist the S&P 500 Consumer Discretionary stock price index 32% ytd. … And: Can Baby Boomers forget about getting Alzheimer’s? Maybe someday if some of the many ongoing R&D efforts targeting its eradication succeed.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on August 14.

Markets
Global Yields Reach 15-Year Highs as Rate-Hike Worries Build | B
10-year yield rises to highest level since October 2022 | C
 
Central banks
Some Fed Officials Are Turning Cautious about Raising Rates Too High | W
Why Economies Haven’t Slowed More Since Fed and Others Hit the Brakes | W

US
The 7% Mortgage Rate Is Back, Thanks to the Federal Reserve | W
Can I Buy a House: Higher Rates Hit Market With Affordability at 40-Year Low | B
Too Many Vacant Lots, Not Enough Housing: The U.S. Real-Estate Puzzle | W
Why Child-Care Prices Are Rising at Nearly Twice the Overall Inflation Rate | W
Iowa Labor Shortage Causes Immigration Problem for Republicans | B
Bidenomics and the New Political-Subsidy Economy | W

China
Top China official urges more secrecy in the country’s energy sector | C

Geopolitics & trade
U.S. Plans New Tariffs on Food-Can Metal From China, Germany and Canada | W

Industries & companies
Autos: AEG analysis: UAW strike cost estimated at $5 billion in 10 days | C
Autos: EV Startup VinFast Opens Lower, Following Big Debut | W
Finance: How a Small Group of Firms Changed the Math for Insuring Against Natural Disasters | N
Finance: Blue Shield of California to Drop CVS Health’s Caremark as Pharmacy Benefit Manager | W
Pharma: Where Ozempic, Wegovy and New Weight Loss Drugs Came From | N
Retail: Walmart Draws More Shoppers, Helping to Bolster the Economy | N
Tech: The A.I. Industry’s Desperate Hunt for GPUs Amid a Chip Shortage | N
Tech: Global smartphone market to hit decade low; Apple could take top spot | C

Artificial Intelligence
When Hackers Descended to Test A.I., They Found Flaws Aplenty | N
Which A.I. is most reliable: Meta, OpenAI, Anthropic or Cohere | C
Transformer co-author Llion Jones leaves Google for startup Sakana AI | C
 
Beyond markets
Animal shelters are in crisis mode as Americans struggle to afford their pets | Vox
Can’t Hear the Dialogue in Your Streaming Show? You’re Not Alone. | N
Why ESG Ratings Are All Over the Map | W