October 12 (Thursday)

Latest Morning Briefing Executive Summary: Banks, Biotech & Digital Money
Bank stocks have tanked this ytd, and analysts are pessimistic on earnings prospects. Valuations are so depressed that both the S&P 500 Regional Banks and S&P 500 Diversified Banks industry indexes sport forward P/Es below 10. But Jackie sees signs that Q3 earnings may not be as bad as feared, including a recent pickup in capital markets activity and adequate protections against slowly rising loan losses. … Also underperforming this year has been the S&P 500 Biotech industry. But brisk M&A activity may underpin these stocks. … And: China has rolled out a digital currency; the government has been incenting its uptake in numerous ways.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on October 9.

Markets
U.S. Treasury yields: Treasury yields tick higher after fresh CPI report | C

Central banks
Fed Minutes Show Officials Divided on Future Rate Rise | W
Fed QT mix may be capping, not spurring, long yields | R

US
US CPI Report September 2023: Core Inflation Rises 0.3% for Second Month | B
US consumer prices rise on gasoline and shelter costs in September | R
2024 COLA: Social Security announces 3.2% cost-of-living adjustment | C
Immigration reform could be the answer to the falling U.S. birth rate | C
Manhattan Apartment Hunters Finally Get a Break With Falling Rents | B
The Federal Deficit Is Even Bigger Than It Looks | W

China
Iron ore buyers bet bad China property news is actually good | R

Geopolitics & trade
Israel Aims to Destroy Hamas in War | B
Israel Aims to Dismantle Hamas as Blinken Tries to Prevent Wider War | W
At Israel-Lebanon Border, Fears Grow of a Second Front | W
China bans new offshore brokerage accounts to prevent ‘bypassing’ of forex controls | R

Industries & companies
Airlines: Fake Parts Found on Boeing, Airbus Jets Plague Airlines | B
Autos: UAW launches key strike against Ford’s Kentucky truck plant | C
Banks: Are High Rates Taking a Toll on Consumers? Bank Earnings Will Provide a Clue | W
Media: Theaters Prep for Taylor Swift ‘Eras Tour’ Movie Mayhem, Will ‘Let Them Break Most of Our Policies.’ | W

Technology
OpenAI plans major updates to lure developers with lower costs: Reuters | C

Corporate finance
Exxon’s One-Time Adversary Engine No. 1 Unanimously Backed Deal | B