Archive for July, 2025

• Morning News: July 21, 2025
  Eddy Elfenbein, July 21st, 2025 at 7:04 am

  Japan’s Ishiba Tries to Buy Time After Historic Election Setback

  Yen Bounces as Japan PM Hangs On

  A Massive Dam in Tibet Will Do More for China’s GDP Than for Its Power Supplies

  Zambia Plans $1.1 Billion Oil Refinery With Fujian Xiang Xin

  China’s Moves Against 3 Foreigners Stoke Anxiety

  EU Is Racing to Secure US Trade Deal and Preparing for Worst

  Trump’s Tariffs Key to Whether Anticipated ECB Hold Is an End Or A Pause

  U.S. Coffee Drinkers and Businesses Will Pay the Price for Trump’s Brazil Tariffs

  The U.S. Economy Is Regaining Its Swagger

  Trump Threats Send Wall Street Hunting for Perfect Powell Hedge

  Kevin Hassett Wants To Be Fed Chairman. That’s What’s So Dangerous

  How Bessent Made the Case to Trump Against Firing Fed Chair Powell

  Applying the ‘Bedford Falls Rule’ to the Federal Reserve

  S&P 500 Signals the US Stock Rally Momentum is Waning

  Republicans Fall Into the Same Inflation Trap as Democrats

  Blank-Check Company Strikes Cryptocurrency Deal

  After Pledging to Keep Prices Low, Amazon Hiked Them on Hundreds of Essentials

  What Chip-Stock Investors Are Missing About Tariffs

  Trump Can’t Put the Epstein Genie Back in the Bottle

  Hiding Weather Data Harms More Than Hurricane Forecasts

  Harvard Faculty Who Fear School’s Destruction Urge Trump Deal

  RFK Jr. Is Making America Sick Again. Republicans Need a Cure

  Elon Musk’s Empire Is Creaking Under the Strain of Elon Musk

  Battery Makers in Slumping EV Business Find Lifeline Elsewhere

  Jeep Maker Stellantis Warns of a Shock $2.7 Billion Loss as Tariffs Bite

  GE Vernova Buying AI Company for Utilities to Check Grid Damage

  Verizon’s Postpaid Phone Losses Continue, Full-Year Forecast Improves

  Canceling ‘The Late Show’ Is Bad News for Late-Night TV, Not for Stephen Colbert

  NJ and NYC Expect $3.3 Billion Boost From Hosting World Cup

  Kraft Heinz Seeks to Revive Old Brands by Undoing 2015 Mega-Merger

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• Morning News: July 18, 2025
  Eddy Elfenbein, July 18th, 2025 at 7:03 am

  One of These BRICS Is Not Like the Others

  Before Trump, Indonesia Had Another Trade Headache: China

  The State Department Upheaval Makes China Great Again

  ICE Deportation Plans Betray a Post-Holocaust Promise

  Japan Inflation Eases, But BOJ Still Faces Policy Challenges

  Moody’s Raises Argentina’s Rating On Macroeconomic Reforms

  Tariffs on Russia Could Hurt Wary U.S. Farmers

  Economists’ Outlook: Lower Recession Risk, More Growth

  Crypto Market Value Tops $4 Trillion as Stablecoin Bill Passes

  Regulating Stablecoins Will Take a Genius Act, and This Isn’t It

  ‘Even God Would Get Fired.’ The Lessons This Fund Manager Is Taking from Stock-Market Drawdowns and Recoveries.

  Don’t Make a Dumb Trade War Any Dumber

  Does Trump Have the Authority to Fire Fed Chair Powell?

  What Happens If Trump Fires Powell? Bad Things

  Will Investors Ever Believe Trump’s Threats Against Powell?

  The Global Risks That Come With the Loss of an Independent Fed

  Waller Says Fed Should Cut Rates Now With Labor Market on Edge

  Wells Fargo Exit Ban Revives Fears About Doing Business in China

  Amex Beats Estimates as Premium Clients Keep Spending on Cards

  Chevron Moves Forward With Megadeal for Hess After Winning Exxon Arbitration

  Asia’s Gas Buying Spree Is Wilting in the Summer Heat

  The Push to Make Tiny Homes in Backyards Easier to Finance

  Hot Dogs for Insomnia? A Kennedy Aide’s Start-Up Can Get You a Tax Break.

  Health Insurers Are Denying More Drug Claims, Data Shows

  Nvidia CEO Huang Emerges as Reluctant Emissary for US-China

  Meta Says It Won’t Sign EU’s AI Code, Calling It Overreach

  Netflix Raises Revenue, Margin Forecasts After Strong Second Quarter

  A Family Feud Is Rocking One of the World’s Richest Hotel Dynasties

  CBS Canceling ‘Late Show With Stephen Colbert’ After Next Season

  Conservatives Get the PBS and NPR Cuts They’ve Wanted for Decades

  Where Congress’s Cuts Threaten Access to PBS and NPR

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• Morning News: July 17, 2025
  Eddy Elfenbein, July 17th, 2025 at 7:04 am

  This New Missile-Defense System Is Challenging the Patriot

  China Threatens to Block Panama Ports Deal Unless Its Shipping Giant Is Part of It

  Has Japan’s ‘Rice Minister’ Brought Down Prices Enough to Save His Party?

  European Real Estate Stuck in ‘Zombieland’ as Recovery Proves Elusive

  Russian Banks Have Discussed Seeking Bailouts Within Next Year

  Trump Eyes Tariff Rate of 10% or 15% for More Than 150 Countries

  The White House’s Assault on the Fed Is Self-Defeating

  Trump Wants Lower Rates. Firing Powell Could Push Them Higher.

  Fed Independence Is a ‘Myth,’ JPMorgan’s Benhamou Says

  Treasury Yields are Flat as Investors Digest Trump-Powell Fight

  Excessive Federal Taxes Foist California and New York Onto All of the U.S.

  The Bond Market Won’t Let America Be Irresponsible Forever

  It Was Supposed to Be ‘Crypto Week’ in Congress. Then It Unraveled.

  Wall St. Firms Are Buying Utilities to Tap Into the A.I. Boom

  Trump’s U-Turn on Nvidia Spurs Talk of Grand Bargain With China

  Taiwan Semi Profit Booms by 61%, Raises Sales View as Nvidia Buoys Demand

  Why FHFA Meddling In Credit Score Reporting Is Unwarranted

  Trying to Pay for College? Your Options Just Got Worse

  PBS, NPR Set to Lose Federal Funding as Senate Passes DOGE Cuts

  These US Sites Are ‘Prime Real Estate’ for the Next Nuclear Reactors

  How to Fight Against Trump’s Attack on Clean Energy

  GE Aerospace Raises Full-Year Guidance on Aviation Rebound

  Prologis Ramps Up Plans for New Warehouse Construction

  Are Diamonds Even a Luxury Anymore? De Beers Reckons With Price Plunge

  Trump Says Coca-Cola to Use Cane Sugar in Coke

  They Grew Up on Mexican Coke. Trump’s Cane Sugar Plan Makes Them Uneasy.

  PepsiCo Earnings Beat Estimates Even as U.S. Demand Falls

  Your Morning Coffee, in a Bucket

  Liquid Death Expands Into Energy Drinks—Easy on the Octane

  Canadian Retailer Abandons Its Quest for 7-Eleven

  ‘Who Killed Love?’ A Video Game Plays to Male Resentment in China.

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• Morning News: July 16, 2025
  Eddy Elfenbein, July 16th, 2025 at 7:05 am

  Saudi Arabia Faces Decision on Oil Output Cuts After June’s Overproduction

  Indonesia’s Central Bank Cuts Rates to Bolster Economy

  U.K. Inflation Heats Up as Bank of England Stays Cautious on New Rate Cuts

  EU Exports to U.S. Cool as Trans-Atlantic Trade Faces Tariff Test

  Euro to Rise to $1.23 by Mid-2026 as Investors Switch From Dollars, Says UBS

  Trump’s ‘Sheriffs’ Can’t Keep the Peace With China

  Trump Says Drug Tariffs Probable by Aug. 1, Downplays More Deals

  With Tariffs, Why the Focus On Price and Taxation?

  Forget TACO. Trump Is Winning His Trade War.

  Despite Dire Warnings, the Economy Is Holding Up. Can That Last?

  Trump Effect Starts to Show Up in Economy

  America’s Anti-Immigrant Fever Is Starting to Break

  Never Fully Beaten, Inflation Is Coming Back to Life

  Dimon Defends Fed Independence After Trump Attacks

  Hassett Grabs Pole Position in Race to Be Trump’s New Fed Chair

  The FICO Monopoly Is Living on Borrowed Time

  White House Readies Order to Bring Private Equity to 401(k)s

  PCAOB Chair Erica Williams to Resign at Request of SEC Chairman

  Goldman Posts Best Stock-Trading Quarter in Wall Street History

  Morgan Stanley Stock Traders Deliver Windfall on Tariff Turmoil

  BofA Beats Estimates as Trading, Lending Revenue Outperform

  PNC Financial’s Quarterly Profit Rises on Higher Interest Income, Fees

  Credit Card Benefits Are More Valuable Than Ever

  There’s No ‘Retirement Crisis,’ LeBron James Shows Why

  Aquarian Nears Deal for U.S. Insurer Brighthouse

  China Is Spending Billions to Become an A.I. Superpower

  ASML Hedges Growth Outlook for 2026 as Trade Wars Weigh on Sales

  Ellison Overtakes Zuckerberg as World’s Second-Richest Person

  Estée Lauder, a Late Digital Adopter, Makes New Push to Reach Shoppers Online

  America’s Protein Obsession Is Transforming the Dairy Industry

  Goodles Thinks Mac and Cheese Shouldn’t Be Adults’ Secret Meal Anymore

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• CWS Market Review – July 15, 2025
  Eddy Elfenbein, July 15th, 2025 at 5:03 pm

  (This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)

  The Major Banks Kick Off Earnings Season

  The S&P 500 reached a new intra-day high today — over 6,300, but the market gradually gave back those gains and closed lower on the day. The Dow lost over 430 points but the Nasdaq closed a little higher. The Russell 2000 Index of small-cap stocks was especially weak today. The index lost 1.8% today.

  

  Today was the unofficial start to Q2 earnings season, and the big banks like to go first. We had six major financial institutions report results today. Here’s a breakdown of what they had to say.

  JPMorgan Chase (JPM) reported Q2 earnings of $5.24 per share. That’s a decline of 17% from last year’s Q2, but it beat Wall Street’s estimate of $4.48 per share. Quarterly revenue was $45.68 billion which topped estimates of $44.06 billion.

  JPM was helped last quarter by a $2.8 billion provision for credit losses. Fees from investment banking increased 7% to $2.5 billion. JPM also raised its guidance for net interest income to $95.5 billion.

  Shares of Citigroup (C) have been popular recently. The stock has rallied 40% over the last three months. This morning, the bank said that its Q2 net income rose 25% to just over $4 billion. Citi’s total market revenue was up 16% over last year. Its banking unit was up 18%.

  For the quarter, Citi earned $1.96 per share. That topped estimates by 36 cents per share. The bank had revenue of $21.67 billion which beat estimates of $20.98 billion. Earlier this month, Citi raised its dividend from 56 cents to 60 cents per share. The shares got a nice rally today.

  Financial stocks have led Wall Street over the past year, but they’ve lagged over the last three months.

  

  Wells Fargo (WFC) beat earnings but lowered its guidance for net interest income. For Q2, Wells had earnings of $1.54 per share which topped expectations by 13 cents per share. WFC’s profit was up from the $1.33 per share it made one year ago.

  In April, Wells said it expected net interest income growth at the low end of its 1% to 3% range. Now it says that its net interest income will be in line with last year’s total.

  Last month, after seven years, the Federal Reserve finally lifted the $1.95 trillion asset cap on Wells. The bank said it aims to expand carefully. The stock was down over 5% today.

  Bank of New York Mellon (BK) had a solid quarter. For Q2, BK’s revenues were up 9% to $5.03 billion. Wall Street had been expecting $4.78 billion.

  For earnings, BK made $1.94 per share. That was a 19-cent beat. Net interest income increased 17% to $1.2 billion. The bank also raised its quarterly dividend from 47 cents to 53 cents per share. BK was mostly flat today.

  Shares of State Street (STT) got clobbered today after the asset manager missed its earnings estimate. For Q2, State Street made $2.17 per share while Wall Street had been expecting $2.35 per share.

  Revenue for the quarter was $3.4 billion which was slightly higher than the $3.35 billion that Wall Street had expected. Assets under custody hit a record $49 trillion and assets under management hit a record $5 trillion. Last quarter, STT launched 39 new products.

  Lastly, we have BlackRock (BLK) which is the largest asset manager in the world. Despite its size, BlackRock had its worst earnings day in more than a decade even though the company beat expectations. Of course, when the market behaves like that, you must wonder what the expectations really were.

  Client assets under management rose to a record $12.5 trillion. Revenues rose 13% to $5.4 billion which barely missed estimates. Larry Fink said, “Long-term, I’m a huge buyer of BlackRock at these prices.”

  Interestingly, BlackRock pulled in $14 billion for crypto ETFs. The company said it holds a $330 million stake in stablecoin issuer Circle. BLK was down around 5.5% today.

  Today was only the beginning. Tomorrow, Goldman Sachs (GS), Morgan Stanley (MS) and Bank of America (BAC) will report. Abbott Labs (ABT), our first Buy List stock, will report on Thursday, along with Pepsi (PEP) and Netflix (NFLX).

  Consumer Prices Rose 0.3% Last Month

  We also got the CPI report for June. Inflation continues to be mostly benign but not fully benign. The long-awaited tariff inflation has not arrived, at least not in a serious way.

  Last month, consumer prices increased 0.3%. That was in line with expectations. Over the last year, inflation increased by 2.7%. This is another data point in my thesis that getting inflation down from 9% to 3% was surprisingly easy but that getting from it from 3% to 2% is proving to be very difficult. CNBC has a good breakdown of the report.

  

  If we look at the core rate, which excludes food and energy prices, then inflation rose by 0.2% last month. That was 0.1% below expectations. Over the last 12 months, core inflation is running at 2.9%.

  Before a few months ago, inflation had been consistently drifting lower. That trend appears to have stopped. The 12-month inflation rate ending in May was 2.4%. Inflation accelerated by 0.3% last month. The 12-month rate is now the highest it’s been since February. We now have clear signs that duties are impacting prices.

  Vehicle prices fell on the month, with prices on new vehicles down 0.3% and used car and trucks tumbling 0.7%. However, tariff-sensitive apparel prices rose 0.4%. Household furnishings, which also are influenced by tariffs, increased 1% for the month.

  Shelter prices increased just 0.2% for the month, but the BLS said the category was still the largest contributor to the overall CPI gain. The index rose 3.8% from a year ago. Within the category, a measurement of what homeowners feel they could receive if they rented their properties increased 0.3%. However, lodging away from home slipped 2.9%.

  Last month, food prices increased by 0.3%. Over the last year, food prices are up by 3.0%. Energy prices had fallen in May but they increased by 0.9% last month. Adjusted for inflation, hourly earnings fell by 0.1% in June.

  There’s been a standoff recently between the White House and the Federal Reserve. President Trump has argued strenuously for the Fed to resume cutting interest rates. The Fed has said that it would love to cut rates if not for the president’s tariff policies. Chairman Powell’s term is up in May, and it’s clear that he won’t be renominated.

  The Fed meets again in two weeks and it’s highly unlikely that the Fed will cut interest rates this time around. The futures prices for not cutting are currently at 97.4%. After the July meeting, we’ll start to see the Fed move.

  You can expect earnings news to dominate Wall Street for the coming few weeks. Tomorrow we’ll get the report on industrial production. Then on Thursday, the retail sales report is due out. That’s all for now. I’ll have more for you in the next issue of CWS Market Review.

  – Eddy

• Morning News: July 15, 2025
  Eddy Elfenbein, July 15th, 2025 at 7:11 am

  Israel and Iran Usher In New Era of Psychological Warfare

  Tariffs, China Deflation Cloud South Africa CPI, Kganyago Says

  China Says Its Economy Held Up Under Trump Tariff Attack

  China’s Cutthroat Industrial Price Wars Are Here to Stay

  China’s GDP Beat Masks Fragile Demand, Sparking Outlook Concerns

  America’s Biggest Rare-Earth Producer Makes a Play to End China’s Dominance

  Trump’s 50% Copper Tariffs Jolt US Market as Buyers Slash Imports and Delay Orders

  Power Prices Are Expected to Soar Under New Tax Cut and Spending Law

  Europe’s Factories Boosted by Tariff Frontrunning as August Deadline Looms

  Inside One Company’s Prolonged Tariff Limbo

  Americans’ New Tax Rates Depend on Who They Are and What They Do

  Is the Dollar’s Era of Exorbitant Privilege Ending?

  If the U.S. Ever Needs the ‘Printing Press,’ It Will Have No Debt

  Bessent Says ‘Formal Process’ for Powell Successor Has Started

  Bessent’s Interest Rate Bet Could Be a Big Loser

  JPMorgan Profit Beats on Wall Street Rebound; Raises Interest Income Forecast

  JPMorgan’s Surprise Dealmaking Gain Shows Tariff Fear Easing

  At Vanguard, the Man From BlackRock Ushers in a Quiet Revolution

  Walleye, Former Trader Spar Over Hedge Fund’s Non-Compete Terms

  Nvidia Wins OK to Sell AI Chip to China Again After CEO Meets Trump

  Elon Musk Floats a New Source of Funding for xAI: Tesla

  Meta’s New Superintelligence Lab Is Discussing Major A.I. Strategy Changes

  Their Water Taps Ran Dry When Meta Built Next Door

  AMD Says It Will Restart MI308 Sales to China After US Review

  Federal Workers’ ‘Emotional Roller Coaster’: Fired, Rehired, Fired Again

  PBS and NPR’s Last-Ditch Fight to Save Funding

  The D.E.I. Industry, Scorned by the White House, Turns to ‘Safer’ Topics

  Making Immigration Great Again

  After Devastating Winter Losses, Another Threat Looms for U.S. Beekeepers

  Another Casualty in the Tariff Wars: The Always-in-Season Tomato

  Stealth Stake Sales Helped UnitedHealth Beat Wall Street Targets

  Amazon Prime Day Is Past Its Prime

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• Morning News: July 14, 2025
  Eddy Elfenbein, July 14th, 2025 at 7:04 am

  Japanese Bonds Tumble as Fiscal Worries Mount Before Election

  China Is Buying Appliances and iPhones. What Happens When the Subsidies Stop?

  China’s Exports Beat Expectations After Trade Truce With U.S.

  China Shrugs Off Tariffs to Extend Its Manufacturing Dominance

  Your Next Lawn Chair Is Coming From Vietnam, but It’s Still Kind of Chinese

  Under Attack by Trump’s Tariffs, Asian Countries Seek Out Better Friends

  India’s Foreign Minister Sees Progress in China Ties on First Visit Since 2020

  Trump Tariff Salvos Push Economies to Seek to Broaden Trade Ties

  Tariffs on Brazil Could Leave Coffee Drinkers With a Headache

  EU Trade Chief to Contact U.S. Officials After 30% Tariff Threat

  Higher Tariffs Would Likely Spur ECB to Further Cut Rates

  How Trump’s Latest Tariff Threat Risks Deeper Damage to Europe’s Economy

  The Race Is On to Build U.S. Copper Mines After Trump Pledges Higher Tariffs

  Trump’s Tax Law Throws Lifeline to Unloved Energy and Climate Sectors

  Jane Street Deposits $567 Million So It Can Resume India Trading

  Plunging Dollar Leaves American Travelers With Less Buying Power This Summer

  Economists Are The Only Barrier To A Return To The Gold Standard

  Bitcoin Soars Past $120,000 as US Congress Starts ‘Crypto Week’

  The Fed Is Built to Resist Trump’s Meddling

  US Bank M&A Hopes Revive Under Trump Regulators

  Food Banks Are Running Out of Food Exactly When More Americans Will Need Them

  A ‘100% American’ Farm Workforce? That’s Delusional

  Private-Equity Firms Bain and Kohlberg Make Another Big Bet on Biopharma Industry

  China Biotech’s Stunning Advance Is Changing the World’s Drug Pipeline

  The Future of Weather Prediction Is Here. Maybe.

  Factories Were Pushed Out of Cities. Their Return Could Revive Downtowns.

  America Is Losing Its Intelligence

  Drones Are Key to Winning Wars Now. The U.S. Makes Hardly Any.

  Trump to Send Patriots to Ukraine, US ‘Not Paying’ for Them

  Jensen Huang Talks Up Nvidia’s Strategic Value to US as He Heads to China

  China Is Poised to Buy More EVs Than Gas-Only Cars This Year

  Musk Says Tesla Shareholders Will Vote on xAI Investment

  With $217 Million in Ticket Sales, ‘Superman’ Helps Save Warner Bros., Too

  The Kids Are All Right (Just Not at a Brewery)

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• Morning News: July 11, 2025
  Eddy Elfenbein, July 11th, 2025 at 7:03 am

  Global Oil Supply to Rise Faster Than Expected, IEA Says

  Saudis Lift Oil Output Above Quota in Rare OPEC+ Breach

  ECB to Be ‘Pragmatic’ in Policing Banks’ Carbon Transition Plans

  ECB’s Bar for Another Rate Cut Is High, Schnabel Says

  U.K. Economy Unexpectedly Slumps to Second Straight Month of Contraction

  St. Kitts & Nevis Welcomes Citizenship by Investment

  Trump’s Seesawing on Tariffs Gives the World Whiplash

  Trump Escalates Canada Trade Fight With 35% Tariff Threat

  The Mystery of Trump’s 25% Tariff Threat on Kazakhstan

  Policy or Cudgel? A Trade Economist on Trump’s Hardball Tariffs.

  Looming Copper Tariffs Leave Companies Scrambling: ‘Prices Will Go Up’

  Trump’s Unsung Economic Booster: Deregulation

  America Can’t Seem to Shake Reliance on China as Factory Floor

  How a Luggage Manufacturer in Colorado Has Survived Trump’s Trade War. So Far.

  Cost of Hedging for Declines in Rand, Real Soars on Tariff Peril

  Big US Banks Set to Post Trading Gains on Trump’s Tariff Turmoil

  Jamie Dimon Has a Blunt Message for Europe: ‘You’re Losing’

  Deficit Hysteria Brings To Mind Reactions to the Reagan Tax Cuts

  Dudley: Three Reasons the Fed Will Stand Pat on Interest Rates

  Welcome to Your Conviction-Light Stock Rally

  Social Security Needs More Than Risky Wagers

  Trump’s $100 Million Crypto Mystery Man

  Binance Aided Trump Crypto Firm Before Founder CZ Sought Pardon

  Conservatives Adopt Left-Wing Tactics To Allegedly Fix Universities

  Sam Altman Is Up, Tim Cook Is Down: Big Tech’s Trump Scorecard

  Prime Day Shoppers Scour Amazon and Rivals for the Best Price

  Why the Business World Can’t Let Go of Landline Phones

  FDA Offers to Trade Faster Drug Reviews for Lower US Prices

  Ford Breaks Annual Record for Safety Recalls Within First Six Months of Year

  The Quiet Comeback of Cheap Long-Haul Flights

  Saving a Studio? This Looks Like a Job for Superman!

  Billionaire Ferrero Clan Joins Rival Mars in Looking Beyond Chocolate

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• Morning News: July 10, 2025
  Eddy Elfenbein, July 10th, 2025 at 7:07 am

  Oil Age Is Far From Over, OPEC Says

  Tariff Anxiety Spreading Across Japan, BOJ Report Shows

  Bank of Korea Holds Rates as Growth Concerns Ebb

  Irish Factory Output Rebounds as Exports to U.S. Rise

  Trump’s Foreign-Aid Cuts Are Ending Lives — and US Influence

  Trump’s 50% Levy on Brazil Shows World Nothing Is Off Limits

  50% Tariffs Are About Punishment, Not Trade

  Brazil’s Lula Just Got a Huge Gift From the White House

  Copper Costs Were Climbing Even Before Trump’s Tariffs

  Trump Fuels Fear, Rage and Hope in California’s Central Valley

  His Start-Up May Not Survive Chaotic Rollout of Trump’s Tariffs

  Ex-Goldman Partner’s Investment Firm Issues $1 Billion in Homebuilder Loans

  The GOP’s Medicaid Cuts Have a Very Convenient Timeline

  Canada Sees US Asylum Claim Surge as Both Nations Harden Borders

  Humbled Thai Billionaire Is a Warning to Trump-Era Populists

  To Limit the Federal Government, Texas Should Levy a State Income Tax

  A Hazy Inflation Outlook Divides the Fed

  What Division Inside the Fed Means for Future Interest-Rate Cuts

  Head of S.E.C.’s Crypto Task Force Says ‘Tokenized’ Stocks Are Securities

  A $500 Billion Wall of Money Will Lift the Stock Market in the Second Half, Says JPMorgan

  Private-Markets Tech Provider iCapital Raises $820 Million

  Why Buyout Giants Are Investing in Each Other’s Deals

  Navellier: A New Industrial Revolution Starts July 22 – Here’s Your Front-Row Seat

  ‘Show Your Papers’ Threatens Life On the Internet

  European Union Unveils Rules for Powerful A.I. Systems

  Yaccarino’s Break From Musk Was Months in the Making

  Yaccarino Exit From X Lets Musk Shun Ads, Put Focus on AI

  Tesla Shareholders Press Board to Schedule Annual Meeting

  How Volkswagen’s Electric Bus Went From American Flagship to Flop

  Delta Air Lines Shares Jump Despite Travel Slowdown

  City-Run Supermarkets Aren’t New. But No One’s Tried Them in a City Like New York

  Froot Loops Maker WK Kellogg Soars 50% on Reports of Ferrero Nearing Buyout

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• Morning News: July 9, 2025
  Eddy Elfenbein, July 9th, 2025 at 7:03 am

  New Zealand’s Central Bank Keeps Rates on Hold as Inflation Risks Simmer

  Malaysia’s Central Bank Cuts Rates for First Time in Five Years

  Increased Hedging of U.S. Exposure by Foreign Investors May Weaken Dollar, BOE Says

  Without Remedy, Countries With Aging Populations Are Set For Weaker Income Growth, Says OECD

  With Taxes and Tariffs in Place, Trump Takes Reins of U.S. Economy

  Deep In a Fiscal Hole, Congress Just Keeps Digging

  Lawrence Summers: This Law Made Me Ashamed of My Country

  Let the Market Punish Corporate Mistakes, Not the Federal Government

  Trump Didn’t Always Tout Tariffs. Now He Sees Them as a Way to Flex Power.

  Trump’s New Tariffs: The Bull Market’s Next Big Test

  Wall Street’s Trump TACO Trade Has a Chicken and an Egg Problem

  The Paradox of Trump’s Tariff Policy

  Warburg Predicts Comparable US Tariffs Across Asean Countries

  Copper Market in Turmoil as Trump Touts 50% Tariff on US Imports

  U.S. Ports Appeal for Delay to Tariffs on Chinese Cranes

  Trump Delayed Reciprocal Tariffs After Bessent Wanted More Time on Deals

  Bessent Steps Up Criticism of Fed as Auditions for Chair Intensify

  Powell’s Successor May Struggle to Deliver the Rate Cuts Trump Wants

  As Truth Social Business Struggles, Trump Media Goes Big on Crypto

  The ‘Trump Pump’: How Crypto Lobbying Won Over a President

  Goldman Demands an Oath From Junior Bankers to Fend Off Private Equity Poaching

  Someone Will Look Dumb in $9 Billion AI Merger

  ‘Vibe Coding’ Has Arrived for Businesses

  Poland to Report Musk’s Chatbot Grok to EU for Offensive Comments

  The Deep Thinker Rising Through a Shallow Pentagon

  Poland Scraps Coal Spinoff Plan, Eyes New Support for Utilities

  Merck to Buy Verona for $10 Billion as Patent Cliff Looms

  Prosecutors Question Doctors About UnitedHealth’s Medicare Billing Practices

  Youth Sports Are a $40 Billion Business. Private Equity Is Taking Notice.

  Patrón’s ‘Additive-Free’ Claims Rattled Tequila Regulators. Its New Ads Poke Fun at Their Rules.

  Struggling Brewers Push To Make Nonalcoholic Beer More Than a Fad

  Matcha Lovers Are Turning Against Each Other Over Global Shortage

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