August 24 (Thursday)
Latest Morning Briefing Executive Summary: Dueling Composite Indicators
The Conference Board’s trio of economic indicators flashed conflicting messages in their recently reported July readings. The leading indicator says a recession is overdue. The coincident indicator keeps scaling new heights. The lagging indicator has been peaking, as it does after recessions are almost over! Today, we explore explanations in the specific components that each index measures. … Also: The CPI services inflation rate significantly lags the CPI goods inflation rate. Services’ inclusion of rent is much of the reason. … And: Q2 earnings reporting season is nearly over. Joe analyzes the near-final data on Q2 earnings growth and the encouraging estimate revisions trend.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on August 21.
Markets
Nvidia results burnish AI rally, lift global tech shares | R
China Urges Banks to Boost Stock Investments to Support Market | B
Column: China, Japan share of US bond market shrinks to record low | R
Commodities
In Quest for Battery Metals, U.S. Takes On Cobalt’s ‘Inconvenient Truth’ | W
Nickel Fraud Hits Kataman Metals in Further Blow to Sector After Trafigura Case | B
Central banks
Fed coming up snake eyes in its battle with spend-happy consumers | R
Powell at Jackson Hole: Fed Inflation Campaign in Final Steps | B
How the Jackson Hole Conference Became an Economic Obsession | N
Didn’t Get Invited to the Fed’s Mountain Retreat? Here’s What to Watch | W
Recession Fears Have Been ‘Blown Out of the Water,’ Long-Serving Fed President Says | W
US I
US Jobless Claims Drop to 230,000, Lowest in Three Weeks | B
In a Hot Job Market, the Minimum Wage Becomes an Afterthought | N
US Durable Goods Orders Slide as Business Equipment Orders Remain Tepid | B
The Return of High Interest Rates | W
How High a Rate Can Housing Take? | W
US II
Debate Takeaways: GOP Hopefuls Attack Each Other, Spare Trump | W
As longevity increases, this group carries the most stress and burden | C
Japan
Can Shrinking Be Good for Japan? A Marxist Best Seller Makes the Case. | N
China
Stimulus or bust: Investors staying out of China until the spending starts | R
China Local Government Debt Has Investors Worried About Bond Defaults | B
China’s Crisis of Confidence in Six Charts | W
How China Made Its Housing Crisis Worse | N
Geopolitics & trade
Nvidia says AI chip export curbs to China will hit U.S. chipmakers | C
Industries & companies
Autos: Mitsubishi cancels the last cheap car in the US | The Week
Energy: US energy firm payouts to oil investors top exploration spending for first time | R
Health Care: CVS Health, Sandoz partner on discount Humira biosimilar | C
Tech: Nvidia’s AI Surge Is Just Getting Started | W
Corporate finance
Shein strikes deal with fast-fashion retailer Forever 21 | C
Subway sold to Roark Capital, private equity firm and Dunkin’ owner | C
Artificial Intelligence
In Reversal Because of A.I., Office Jobs Are Now More at Risk | N
Despite Cheating Fears, Schools Repeal ChatGPT Bans | N
Climate
A Fannie Mae for the home climate crisis | The Hill
Japan Starts Releasing Water From Fukushima Nuclear Plant Into Pacific | W
Beyond markets
Elon Musk is on a bizarre policy rampage at Twitter | MSNBC
The Global Race to Water at the Moon’s South Pole | W
India Chandrayaan-3 moon landing came at low cost | C
