Morning News: July 1, 2025
Posted by Eddy Elfenbein on July 1st, 2025 at 7:04 am

Japan’s Trade Strategy Tested as Trump Pushes for Quick Deals

Asian Factory Activity Stays Subdued as Tariff Deadline Looms

South Korea’s Exports Rebound Despite Tariff Woes

China Caixin PMI Signals Return to Growth in Manufacturing Sector

Eurozone Inflation Hits 2% Target, Raising Chance of ECB Rate Hold

ECB Braces for ‘More Volatile’ Inflation After Reaching 2%

As Debt Piles Up, Countries See Fiscal Relief as Political Leverage

The Dollar Has Its Worst Start to a Year Since 1973

Goldman Traders Say Stock Rally to Go On Before Fading in August

Nasdaq Prevails Over NYSE in First-Half Listings, Buoyed by Blockbuster IPOs

Strengthening the Individual Market Is Pro Market

Bessent Is Treating Treasury Like a Hedge Fund

A Trio of US Treasury Hacks Exposes a Pattern Making Banks Nervous

Trump Steps Up Pressure Campaign on Powell With Handwritten Note

Treasury Yields Drop to Lowest Level in Two Months Before Powell Speaks

If Anyone Needs Independence Day, It’s the Fed

Richest 20% Get an Average $6,055 Income Boost in Trump Tax Bill

While Correctly Decrying ‘Big Beautiful’ Spin, Deficit Hawks Should Look In the Mirror

Trump’s Clean-Energy Grenade Rattles High-Tech Industries

Coal’s Decline Isn’t a Conspiracy, It’s a Market Signal

The GOP Wants to Give Big Oil a Handout It Doesn’t Need

BP, Once a Hunter in the Oil Industry, Is Now Prey. What Went Wrong?

Car Sales Hit a Wall as Tariff-Induced Shopping Spree Subsides

BYD June Sales Inch Up 10% After Month of Heavy Price Discounts

Homes Are Taking Longer to Sell in US Market That Once Flourished

Cloudflare Introduces Default Blocking of A.I. Data Scrapers

Meet the Highest Paid Information Technology Executives of 2024

The Battle to Keep Consumers Means Smaller Packs of Cookies and Chips

Ad Agencies’ Low Growth Will Drag On as They Adjust to Era of AI, Barclays Says

Can a Longtime Car Executive Turn Around Gucci’s Parent?

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Morning News: June 30, 2025
Posted by Eddy Elfenbein on June 30th, 2025 at 7:05 am

China PMI Signals Continued Decline in Manufacturing

China Home Sales Slump Persists as Calls Grow for More Stimulus

Japan Factory Output Rose in May, But Tariffs Cloud Outlook

Electronic Warfare Crashes Global Shipping’s Navigation Systems

As Trade Deadline Nears, Europe Preps for a Scant Outline of a Deal

ECB’s New Strategy Emphasizes ‘Forceful’ Responses to Inflation Shifts

Cryptocurrency Fraud Ring Busted in Spain After Laundering $540 Million, Europol Says

Canada Drops Digital Tax That Infuriated Trump to Restart Trade Talks

Trump’s Criticism of Fed’s Rate Decisions Not Necessarily a Threat to Its Independence

If Fed Cuts Result In Inflation, Then Chair Powell Has Nothing To Fear

The Independent Federal Reserve Is on Death Row

US Banks Rise as Fed Stress Test Success Clears Path for Payouts

Ignoring a $7 Trillion Financial Disaster Won’t Make It Go Away

Hedge Funds Sell Energy Stocks as Oil Slumps, Says Goldman Sachs

Boom-and-Bust Oil Puts Houston at Center of Real Estate Crisis

Trump Wants to Expand Nuclear Power. It Won’t Be Easy.

Trump Wants America to Make iPhones. Here’s How India Is Doing It.

Trump’s Tariffs May Push This American Company to Move Jobs to China

One American’s Two-Year Quest to Move His Business Out of China

They’re in the Top 10% of Earners. They Still Don’t Feel Rich.

The Summer Job, a Rite of Passage for Teens, May Be Fading Away

How Tariffs Are Affecting Wedding Dress Prices

Musk Lieutenants Depart Tesla and Leave Leadership Void

Like It or Not, Google Got To Where It Is By Being Better

Avadel Shareholder Seeks Ousting Drugmaker’s Entire Board

United Natural Foods Restores Systems After Hack, Expects Financial Hit

Cracker Barrel Fans Mourn the Loss of That Old-Timey Feeling

Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate

Jell-O With Natural Dyes? It’s Not Easy Becoming Green.

‘F1: The Movie’ Gives Apple Its First Box Office Hit

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Morning News: June 27, 2025
Posted by Eddy Elfenbein on June 27th, 2025 at 7:02 am

China’s Industrial Profit Declined in May

China Confirms US Trade Framework, Vows to Review Exports

China’s Grid Looks Ready for Searing Heat After Heavy Investment

Decline of the Great North American Decarbonization Charade

Tokyo Consumer Inflation Eases But Stays Well Above BOJ’s Target

Turkey Plans to Skip Minimum-Wage Raise in Boost for Investors

Wars, Trump and Climate Malaise: Brazil Braces for a Tough COP30

Bank of Mexico Makes Fourth Straight Half-Point Interest-Rate Cut

Dollar Question Hovers Over Top Central Bankers Meeting in Sintra

Powell Isn’t Trump’s Only Holdout Against Cuts at a Divided Fed

Ron Insana: Trump Would Imperil More than Just the Fed’s Independence by Naming a ‘Shadow Chair’

A Recipe for Doubling Your Stock Returns, Again and Again

A Merger That Could Make Home Buying Less Painful

‘Nepo-buyers’ Are America’s New Class of Homeowners, Thanks to Parents

Trump Plans Executive Orders to Power AI Growth in Race with China

House Plans Single Vote to Move Genius and Clarity Crypto Bills

Republicans Prepare to Open ‘Pandora’s Box’ of Budget Gimmicks

The Many Real Benefits Of a Lower Corporate Tax Rate

Truck Operators Were Hoping for a Recovery. Instead They Got a Trade War.

European Allies Wary of Buying American as They Plan Defense Buildup

Trump Administration Asks McKinsey, BCG to Justify Consulting Contracts

Nike Is Running Up That Tariff Hill

Your Cat’s Food Probably Comes From Thailand. Tariffs May Change That.

Can Steve From ‘Blue’s Clues’ be a ‘Counterweight’ to the Manosphere?

Bumper Orders for Xiaomi’s New SUV Heighten Threat to Tesla

Tesla’s $800 Billion Robotaxi Dream Is Finally Facing Reality

Longtime Musk Aide and Fixer Omead Afshar Leaves Tesla

Anna Wintour Is Stepping Down as Editor of American Vogue

NYC’s $4.4 Billion Casino Battle Now Lies With Gambling Skeptics

Their Labubus Are Fake, and They Don’t Care

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Morning News: June 26, 2025
Posted by Eddy Elfenbein on June 26th, 2025 at 7:08 am

Does It Matter Whether America’s Iran Strike Was Lawful?

Iran’s Khamenei Says US Intervention in War Achieved Nothing

The Waning Ambitions of China’s $1.3 Trillion Fund Giant

Japan Hits M&A Record of $232 Billion, Driving Asia Deals Rebound

Conflict in Middle East Might Damp Eurozone Growth, ECB’s De Guindos Says

German Consumers Grow More Cautious as Confidence Slips

Deportations Alone Can’t Fix US Immigration Problems

Spring Housing Market Is a Bust With US Hit by ‘Double Whammy’

Trump Pivots to Tax Cuts to Combat Voters’ Economic Anxiety

Trump Considers Naming Next Fed Chair Early in Bid to Undermine Powell

Dollar Plunges as Trump Pummels Powell

Mamdani’s Shock Win Has Wall Street Fretting Over ‘Hot Commie Summer’

Summer Gas Prices Haven’t Been This Low Since 2021

Congestion Pricing In New York Creates a Laboratory For the U.S.

Should the Government Stop Subsidizing a Car Feature That ‘Everyone Hates’?

The Outpost at the Center of Trump’s $44 Billion Energy Push

How Japan and Alaska Pioneered the Global Market for L.N.G.

Tanker Seen Near Russia’s Arctic LNG 2 for First Time in Months

End of Shell Takeover Talk Puts BP Back in Elliott’s Crosshairs

China Is Still Choking Exports of Rare Earths Despite Pact With U.S.

Meta Inks More Clean Energy Deals with Developer Invenergy

The AI Boom Can Give Rooftop Solar a New Pitch

Nvidia Stock Notches Fresh Record High in Remarkable 2025 Turnaround

More Than Tariffs Needed To Reinforce U.S.’s Technological Defenses

Trump Organization Scraps ‘Made in the USA’ Tag for Its Gold T1 Smartphone

Tesla’s Robotaxi Launch Shows Google’s Waymo Is Worth More Than $45 Billion

Bezos and Blue Origin Try to Capitalize on Trump-Musk Split

With Bezos Wedding, Venice Braces for Love in the Time of Tech Billionaires

Madison Avenue Lands a Bigger Role in Hollywood

Can Brad Pitt’s ‘F1’ Movie Finally Deliver Apple a Big-Screen Hit?

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Morning News: June 25, 2025
Posted by Eddy Elfenbein on June 25th, 2025 at 7:05 am

The Mullahs Apparently Decided U.S. Presidents Are Pushovers

Mideast Conflict Imperils a Tiny Waterway Vital to the World Economy

New Oil Geopolitics Laid Bare By Iran Conflict

Why a War in the Middle East Hasn’t Sparked an Oil Crisis

Dubai and Abu Dhabi’s Haven Status Tested by Middle East Crisis

Deals Veteran Ken Moelis Sees Iran Investment Possibilities

BOJ Should Consider Rate Hikes Without Delay, Board Member Tamura Says

Australian Inflation Pressures Ease in May; Green Light for Rate Cut

Stablecoins Fall Short as Cornerstone of Monetary System, Central Banks Say

EU Sees Trump’s 10% Tariff as Trigger to Retaliate

The Evolution of Trump’s Views on Foreign Aid

Trump Enters Fraught Two-Week Run as Tax, Trade Deadlines Loom

This Time Is Different for the US Economy

Federal Reserve Has No Alternative to ‘Wait and See’

Fed Kicks Off Effort to Ease Bank Leverage Rules

US Exchanges, SEC in Talks to Ease Public Company Regulations

SPACs Are Back. What Could Go Wrong This Time?

JPMorgan Traders Are Getting Shut Out of Private Credit Market

FICO Scores to Include a Shopper’s ‘Buy Now, Pay Later’ Loan History

Social Security’s Faux ‘Insolvency’ Is a Limited Government Feature

Grandma Would Never Have Left Parenting to the FTC

Promise of Victory Over H.I.V. Fades as U.S. Withdraws Support

U.S. Textile Makers, Feeling Forgotten by Trump, Hope Boom Days Are Ahead

Promises to Spend Billions on US Chip Revival Still Depend on a Fickle Market

Takeaways From Hard Fork’s Interview With OpenAI’s Sam Altman

Hims ‘Won’t Cave’ to Novo Demands Over Copycat Weight-Loss Shots, CEO Says

Chinese Automakers Speed Past Tesla in Europe

Even Warren Buffett Hasn’t Fixed the RV Industry’s Serial Breakdowns

Jane Street Boss Says He Was Duped Into Funding AK-47s for South Sudan Coup

Victoria’s Secret Needs a Different Kind of Angel

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CWS Market Review – June 24, 2025
Posted by Eddy Elfenbein on June 24th, 2025 at 6:20 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.”)

Wall Street seems pleased that the Twelve Day War is, hopefully, behind us. On Tuesday, the stock market gained nearly 1% on Monday and just over 1% on Tuesday. The index closed at its highest level in four months, and now we’re only 0.85% away from a new all-time high.

Historically, the market has sold off when wars start. In fact, 75 years ago tomorrow, North Korea stormed into South Korea and the Dow plunged 5%. That was the worst day for the market between 1937 and 1962.

This time, it looks like a lot of investors stayed on the sidelines until the geopolitical news was more certain. All the folks who bet on a spike in oil prices didn’t get what they hoped for. On successive days, the price for oil fell by 7% and then by 6%. Oil is cheaper now than where it was before the conflict.

Today, Fed Chairman Jerome Powell headed down to Capitol Hill for his semi-annual testimony before the House and Senate. (Several years ago, I went to the Senate office building to check out the hearings live. I managed to get the seat directly behind Ben Bernanke.)

While it’s broadly assumed that the Fed will cut rates in September, there’s been growing pressure on the Fed to make a move earlier than that. The pressure is coming from many different sources. Most principally, President Trump is clearly frustrated that the Fed hasn’t yet lowered rates.

At his testimony, Powell said that the economy is doing well and that the labor market is strong, but the sore point is inflation which is still above the Fed’s target range of 2.4%. Still, that’s near the lowest point it’s been in the last four years.

This is what Powell had to say about inflation:

Inflation has eased significantly from its highs in mid-2022 but remains somewhat elevated relative to our 2 percent longer-run goal. Estimates based on the consumer price index and other data indicate that total personal consumption expenditures (PCE) prices rose 2.3 percent over the 12 months ending in May and that, excluding the volatile food and energy categories, core PCE prices rose 2.6 percent. Near-term measures of inflation expectations have moved up over recent months, as reflected in both market- and survey-based measures. Respondents to surveys of consumers, businesses, and professional forecasters point to tariffs as the driving factor. Beyond the next year or so, however, most measures of longer-term expectations remain consistent with our 2 percent inflation goal.

Powell’s concern is that President Trump’s tariff policies will heat up inflation but even that is unclear. The problem is that Powell is warning us of something we don’t yet see. As a result, his conservative approach appears overly cautious.

President Trump said he hopes “Congress really works this very dumb, hardheaded person over.” I agree that the Fed is probably unnecessarily hawkish on interest rates. The Fed can easily afford to cut rates by 0.25% next month.

Here’s a look at the “real” Fed funds rate, meaning the after-inflation rate. I used the “core rate” of inflation because I think that presents a more accurate view.

Real rates are currently at 1.5%. There’s plenty of room to cut before real rates turn negative.

Before the Financial Crisis, the Fed’s job was easy: set real rates around 3% or so when the economy is humming along and drop real rates to 0% when a recession is coming. I’m exaggerating, but that pretty much captures what happened. The Financial Crisis rewrote the rules and now we see that real rates can go below 0% for a long time.

Powell also faces the dual concern that we don’t know what the tariff policy will be, nor do we know what the outcome will be. Historically, tariffs have led to one-time price hikes and not to persistent inflation like we saw in the 1970s.

Powell’s term as Fed chair is up next year. President Trump seems to favor making Scott Bessent, his Treasury Secretary, the next Fed chair.

There could be growing dissension within the Fed. Recently, two Fed governors, Michelle Bowman and Christopher Waller, have signaled that the Fed can cut rates soon. While Fed bank presidents have been known to deviate from the Fed chair, it’s rare for Fed governors to dissent.

For the July meeting, futures traders think there’s only a 19% chance that the Fed will cut. That sounds about right. For September, traders see an 82% chance that the Fed will cut.

On Thursday, the government will update its report on Q1 GDP. This will be the second revision to the report. The most recent revision said that the US economy contracted by 0.2% during the first three months of this year. That was the first negative quarter for GDP since 2022.

There’s a growing consensus on Wall Street that the economy did much better during the second quarter. Some forecasters think the economy grew over 3% in real terms during the second three months of this year.

Now let’s look at our sole Buy List earnings report from yesterday.

FactSet Misses Earnings but Rallies

Before yesterday’s opening bell, FactSet (FDS) reported its fiscal Q3 earnings. I’ll go into more details in our premium letter later this week, but I wanted to touch on a few points.

I also wanted to mention FactSet because there was some misunderstanding about the report. Technically, FactSet fell short of Wall Street’s estimate. For the quarter, FactSet made $4.27 per share which was three cents below consensus.

However, the details of the report were quite good. Don’t take my word for it. Shares of FDS gapped up yesterday. At one point, FDS was up more than 5.5% on the day. The stock is up more than 10% from its April low.

Business is still going well for FDS. The problem is that costs have been weighing it down. Last quarter, revenues rose by 6%, and organic revenue was up by 4.4%.

The key stat for FDA is annual subscription value (ASV). Last quarter, ASV grew by 6%, The ASV retention rate is higher than 95%.

The board approved a new $400 million share buyback program. FactSet has reduced its share count by more than 8% over the last 10 years. Like I said before, I’ll have more to say about FDS in our premium issue, but the company is doing well. FDS recently raised its dividend for the 26th year in a row. I expect more gains later this year.

That’s all for now. I’ll have more for you in the next issue of CWS Market Review.

– Eddy

Morning News: June 24, 2025
Posted by Eddy Elfenbein on June 24th, 2025 at 7:07 am

NATO Has Dodged Collapse Before. It’s Never Been This Close.

A Putin War With NATO Would Cost the World $1.5 Trillion

The China Wild Card

Japanese Megabanks Weigh Middle East Evacuations, JPMorgan Limits Travel

The Middle East Is in Turmoil. U.S. Frackers See No Reason to Pump More Oil.

The Bernanke Consensus on Oil Shocks Is Truer Than Ever

Ceasefire or Not, The World Is Swimming in Oil

Trump-Hailed Truce Falters With Israel Accusing Iran of a Breach

ECB Alert to Inflation Threat From Strait of Hormuz, Lagarde Says

Middle East Conflict Increases Risk of Higher Inflation Expectations, Says BOE’s Greene

U.S. Attack on Iran Injects Uncertainty Into an Already Uncertain Economy

Trump’s Relentless Fed Pressure Creates Lose-Lose Scenario for Powell

Treasuries Climb as Oil Slump Boosts Bets on Fed Rate Cuts

Stocks Are Within Reach of Records on Shaky Ceasefire

“Balanced Budgets”: One of the Most Fraudulent Notions In Economics

Senate GOP to Offer $40,000 SALT Cap With Lower Income Threshold

No, a TikTok Trick Won’t Erase Student Loan Debt

Number of US-Bound Container Ships Rises on Pacific Horizon

As Is the Case With All Taxes, Tariffs Raise Prices

FTC Approves Omnicom-IPG Merger After Ad Giants Pledge Not to Boycott Over Politics

Texas, Oklahoma and Nevada make changes to lure business amid Delaware’s ‘Dexit’ concern

Ford Still Scrambling to Get Rare-Earth Magnets

Ford Will Keep Battery Factory Even if Republicans Ax Tax Break

Layoffs From Trump Tariffs Ripple Across the Auto-Parts Industry

Why Factories Are Having Trouble Filling Nearly 400,000 Open Jobs

Tesla Robotaxi Launch: Why Getting from Dozens to Millions of Self-Driving Cars Won’t Be Easy

Swiss Losing Ground Faster to Asian Rivals in Wealth, BCG Says

Why Do Yemeni Coffeehouses Seem to Be Everywhere Lately?

The Eternal Quest to Save Gap

Labubu Mania Breathes New Life Into Chinese Consumers

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Morning News: June 23, 2025
Posted by Eddy Elfenbein on June 23rd, 2025 at 7:07 am

To a President With a Midnight Hammer, Everything Is a Nail

Iran Has Three Options Now. Two Are Terrible.

Iran Has an Oil Card to Play. So Does the U.S.

Iran’s Payback Threat for US Strike Keeps World Powers on Alert

Oil’s Iran Shrug Marks Sunset of Geopolitical Risk Premium

Global Bonds Fall as Mideast Tensions Keep Inflation Woes Alive

Global Business Remains Resilient in Face of Tariffs, Middle East War

‘The Better Life Is Out of Reach’: The Chinese Dream Is Slipping Away

Wall Street Is Acting Like America Didn’t Just Strike Iran

Don’t Be Fooled by Treasury Yields

Why The Federal Reserve Did Not Cause The Great Depression

Senate Readies Tax Bill for Vote With Holdouts Threatening Delay

HSBC’s Return-to-Office Push Risks Denting CEO’s Savings Plan

Meet the Climate Leaders Working to Cut Emissions

America’s Biggest Cement Supplier Set to Make Its Market Debut

America’s Top Logger Bets It Can Make Money Off Small, Crooked Trees

A New Meatpacking Plant’s Novel Pitch to Attract American Workers

When Trade Wars Crash the Wedding

Openness To Brains Will Create Much More Wealth Than Tariff Closure

Italy Has Frozen Russian Oligarchs’ Assets Worth Over $2.6 Billion

Palm Beach Has Never Been Richer. The Locals Aren’t Pleased.

Happy Birthday, Money

Should the Billionaire Be a Fan Fave? “The Gilded Age” Says Yes

The A.I. Race Is Splitting the World Into Haves and Have Nots

Tesla Taps Retail Investors for Stage-Managed Robotaxi Launch

The Holy Grail of Automation: Now a Robot Can Unload a Truck

New Stellantis CEO Faces Slew of Challenges, Vows to Avoid ‘Mediocrity’

Apple Crashes Tech’s Formula One Party as Money Behind ‘F1’

KKR Nears Buyout of Chinese Beverage Maker Dayao

With ‘Elio,’ Pixar Has Its Worst Box Office Opening Ever

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Morning News: June 20, 2025
Posted by Eddy Elfenbein on June 20th, 2025 at 7:01 am

Japan Looks to Cut Issuance of Superlong Government Bonds

Japan’s Core Inflation Picks Up in May, Complicating BOJ’s Policy Steering

China’s Central Bank Seeks Bigger Role for Yuan on Global Stage

Chinese Companies Set Their Sights on Brazil

RBI Opted For Outsized Rate Cut to Boost Growth, Minutes Show

Global Trading Giants Step Up India Presence, Fuelling Talent Rush, Exchange Upgrades

Greenland Awards Permit for Metal Critical to Defense Industry

IEA Sees Bargains in $100 Billion LNG Clean-Up Proposal

Under Shadow of Trump Warning, Africa Pioneers Non-Dollar Payments Systems

Almost a Third of Eurozone’s U.S. Trade Surplus Is Due to U.S. Firms, Says ECB

U.K. Retail Sales Slump in New Blow to Limping Economy

US Banks That Fueled Ireland’s Finance Rebound Face Tariff Angst

The IRS Badly Needs Reform, But Billy Long Isn’t the One to Reform It

Employees Terrified of ICE Raids Are Failing to Show Up at Work

Electricity Is the New Eggs in a Power-Hungry US

The White House Plans for Texas Could Backfire

Texas Oil Dynasty Targets Payout With $8 Billion Mitsubishi Deal

Masa Son Pitches $1 Trillion US AI Hub to TSMC, Trump Team

Hybrid Cars, Once Derided and Dismissed, Have Become Popular

Home Depot Bid Kicks Off Battle for $5 Billion Building-Products Company

Food, Agriculture Leaders Sound Warnings on MAHA Overreach

After a Bruising Year, Casual-Dining Chains Try to Stage a Comeback

How Do You Build a $500 Million Coffee Chain? By Selling Matcha to Teens.

High Pay at Buc-ee’s Rejects the Left and Right’s Economics

Trying to Dethrone the Birkin? Make Fewer Bags

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Morning News: June 19, 2025
Posted by Eddy Elfenbein on June 19th, 2025 at 7:04 am

Oil Prices Jump as Israel-Iran Conflict Enters Seventh Day

Trump’s Iran Decision Will Define His Presidency

The MAGA Coalition Won’t Survive a Bunker-Buster in Iran

A War in the Middle East Is Pushing Asian Gas Buyers to Consider Plan B

Carney’s Risk Warning Reverberates as Global Regulators Disagree Over Climate

Under China’s Threat, Taiwan Needs Its Own Power Sources More Than Ever

Taiwan Central Bank Stays on Hold Again as Uncertainty Persists

Philippines Central Bank Cuts Rates to Boost Economy, Warns of Geopolitical Risk

Turkish Central Bank Stands Pat on Rates Despite Easing Inflation

Syria Made First Direct International Bank Transfer Via SWIFT Since War, Central Bank Governor Says

Three Rate Cuts in 24 Hours Show Europe’s Tariff Challenges

Norges Bank Surprises With Rate Cut and Hints at Further Easing This Year

Swiss Central Bank Cuts Interest Rate to Deter Search for Safe Haven

Bank of England Mirrors Fed and Stands Pat

Fed’s Powell Says Rate Path Unclear But Tariff Impact Is Coming

War and Food Prices Could Heat Up Powell’s Summer

Foreign Investment Faces Third Year of Decline on Tariff Uncertainty, UN Warns

This Is Ground Zero in Trump’s Trade War

Auto Tariffs Seen Hiking Car Prices by Nearly $2,000 Per Vehicle

Tariffs Spell Trouble for Cans: ‘We Can’t Absorb Those Costs’

Social Security’s Finances Erode Further, Risking Benefit Cuts

Why the Housing Market Is So Stuck, in 4 Charts

The Heavy Weight of Taxes On Small Business

Texas Is Becoming the Center of Gravity for American Capitalism

Google Suffers Setback in Fight Over EU’s €4.1 Billion Fine

Skepticism Over Meta’s AI Push Raises the Cost to Recruit Talent

WhatsApp’s ‘No Ads’ Promise Meets Meta’s Reality

China’s EV Powerhouse BYD Accelerates Into Europe’s Heartland

A Totally Spontaneous Expression of Joy, Contractually Sponsored by Moët & Chandon

Billionaire Arnault Grapples With Biggest Slump in LVMH History

Telegram’s Durov to Leave Fortune to 100 Children He’s Fathered

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