September 19 (Tuesday)

Latest Morning Briefing Executive Summary: China: Party Tricks
China’s recent efforts to stimulate its economy are likely too little too late after a decade of capitalism-eroding policies under President Xi Jinping, a huge property bubble, and a rapidly aging population. August’s economic data do show green shoots of revived growth from the stimulative policy initiatives recently enacted, but not convincingly enough to reinvigorate China’s stock market or global commodity markets. The copper price in particular is highly sensitive to China’s economic situation, but its range-bound price action suggests Dr. Copper is not impressed. … Moreover, China’s forward revenues and earnings metrics have been trending downward since 2014, suggesting that China peaked back then.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on September 17.

Markets
Pimco’s Erin Browne Sees 15% Drop in S&P 500 From an Oil Price Shock | B
China stored huge volumes of crude oil in August, giving it options | R
BlackRock’s Amanda Lynam Says Junk-Bond Issuance Rebound to Accelerate | B
Investors Keep Putting Money Into Private Credit | W
Copper grounded by rising exchange inventories | R
The Yuan and Yen Need the Fed’s Help. They Might Not Get It. | W

Global
Global Economy Poised to Slow as Rate Hikes Bite, OECD Says | B
Global debt hits record $307 trillion, debt ratios climb -IIF | R
 
Central banks
The Fed’s Next Challenge: $100 Oil | W
Fed Faces Familiar Foe as Oil Prices Threaten Growth, Inflation | B
Fed to hold rates steady, but signal policy path in meeting this week | R
Central banks head for peak rates — but inflation battle is not over | C
The Fed wants to cool spending; a strike, a shutdown and student loans may add ice | R
ECB to tackle excess liquidity in next stage of inflation fight -sources | R
Nouriel Roubini Says BOE and ECB Must Raise Rates to Avoid ‘Stagflation’ | B
 
US
Why a Soft Landing Could Prove Elusive | W
US housing starts hit three-year low; surge in permits point to underlying strength | R
The Big Employer Still Adding Jobs and Boosting Pay: The Government | W
US shutdown looms: Top House Republican Kevin McCarthy faces crucial test | R
Yellen: No signs US economy in downturn, warns against gov’t shutdown | R

China
Is China’s Economic Predicament as Bad as Japan’s? It Could Be Worse | W
An Even Bigger Housing Crisis Threatens China’s Economy | W
 
Geopolitics & trade
Lawmakers Request Details of Chinese Nationals at Sensitive U.S. Facilities | W
Ukraine says it will sue Poland, Hungary and Slovakia over food import bans | R
France’s Far-Right Party Pays €6.1 Million to Close Russian Loan | B
India-Canada relations: how could trade be affected as tensions rise?  | R

Industries & companies
Airlines: How the airline boarding process became such a mess | CNN
Autos: UAW Strike 2023: Inside the Union Walkout Against GM, Ford, Stellantis | B
Autos: Tesla, Saudi Arabia in Early Talks for EV Factory | W
Autos: Congress must take California out of the driver’s seat on electric car mandates | The Hill
Consumer: Clorox says last month’s cyberattack is still disrupting production | C
Energy: The Unexpected New Winners in the Global Energy War | W
Media: Disney to Invest $60 Billion in Theme Parks, Cruises Over Next Decade | W
 
Artificial Intelligence
Morgan Stanley uses ChatGPT to help financial advisors | C
AI Accelerates Ability to Program Biology Like Software | W

Corporate finance
Tech IPOs are back, deal valuations are rising. Don’t get fooled again | C
Instacart’s biggest IPO twist: Tech trying to go public as value stock | C
M&A Can Pay Off, but It’s Far From a Sure Thing | W
 
Climate
Companies Stall Climate Action Despite Earlier Promises | W
 
Beyond markets
Gary Gensler is making the SEC into a banana republic | P