September 02 (Saturday)
Latest Morning Briefing Executive Summary: Hooray! The Job Market Is Rebalancing
The stock market has proven resilient so far this week, rallying despite the Fed chair’s hawkish speech Friday. Several tailwinds have helped: The JOLTs report on Tuesday suggested the labor market is rebalancing, upping the odds that the Fed is done tightening. Joe’s data show that analysts have been raising earnings estimates in recent weeks for all future periods they forecast and that more companies’ outlooks have improved over the past three months than was true at the data’s recent low point last year. The rolling recession in goods-related industries looks poised for a rolling recovery soon. … Also: Loan growth has been falling in the US and Europe, but the US economy remains resilient.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on August 27.
Markets
Dow closes more than 100 points higher to kick off September, notches best week since July | C
Stock Traders Shrug Off High Rates With S&P 500 Hitting Best Week Since June | B
Blackstone (BX), Airbnb (ABNB) to Join S&P 500 After Index Rebalancing | B
BlackRock’s Rieder Says ‘Put Your Shoulder’ Into Bonds as Fed Rate Risk Recedes | B
Column: US oil and gas output nears peak | R
Central banks
Column: ECB starts shadow boxing with bond market | R
US I
Resilient U.S. Economy Defies Expectations | W
Fidelity International’s Ahmed Sticks by Recession Call on Lagging Rate Impact | B
Here’s where the jobs are for August 2023 — in one chart | C
Job Gains Eased in Summer Months; Unemployment Increased in August | W
Home prices rise in July, but may be on the verge of cooling off | C
US II
Americans’ Ideal Family Size Is Larger Than the Birthrate Suggests | W
Biden trip to storm-damaged Florida to take place without DeSantis meeting | R
Trump Is Top Choice for Nearly 60% of GOP Voters, WSJ Poll Shows | W
China
Tech, Consumer Stand Out as China Earnings Revival Hopes Grow | B
China’s Coal Reliance a Global Climate Concern, Canada Minister Guilbeault Says | B
Geopolitics & trade
Russia’s Putin to meet with China President Xi as Ukraine war drags on | C
Industries & companies
Media: Arkansas Social Media Parental-Consent Law Blocked Just Before Going Into Effect | W
Real Estate: All That Empty Office Space Belongs to Someone | N
Retail: Back-to-school US spending set to hit record high in 2023 | R
Corporate finance
Saudi Arabia’s Aramco Considers Selling $50 Billion in Shares | W
Exclusive: Arm signs up big tech firms for IPO at $50 bln-$55 bln valuation -sources | R
Beyond markets
JPMorgan flagged Jeffrey Epstein traffic transactions to Treasury | C
