Morning News: June 12, 2024
Posted by Eddy Elfenbein on June 12th, 2024 at 7:04 am

OPEC+ Producers Are Caught Between Diverging Oil Forecasts

The World Will Be Swimming in Excess Oil by End of This Decade, IEA Says

G-7 to Call on China to Stop Helping Russia’s War in Ukraine

EU to Impose Additional Tariffs on EV Imports From China

Umicore Slashes Guidance After Slower EV Demand Hits Battery-Materials Business

Uniper Wins $14 Billion Arbitration Ruling Against Gazprom

Far Right May Irk EU in €500 Billion Investment Push, Scope Says

FedEx to Lay Off up to 2,000 Employees in Europe Amid Cost-Cutting Efforts

U.K. Economy Slows, Underlining Government’s Challenges as Elections Loom

Peso Gets Crushed as Investors Worry Sheinbaum’s Win Was Too Big

Fed Officials Eye Key Inflation Metric Hours Before Rate Decision

Biden Nears Pick for Next F.D.I.C. Chair

JPMorgan Risk Swap Ends Up at a Familiar Place: Rival Banks

US Money Funds Look Past Reform Angst Thanks to High Rates

The Tiny Trades That Brought Down Segantii’s Giant Hedge Fund

GameStop Raises Over $2 Billion After Roaring Kitty Rally

McKinsey Boss’s Next Big Consulting Project: His Own Firm

Asia’s Family Office Frenzy Comes With Plenty of Imposters

Explosive Cases Flow to US Supreme Court from ‘Bold’ Regional Court

I Spent a Day Down TikTok’s Disinformation Rabbit Hole

Paramount Can’t Stay Independent Long After Rebuffing Skydance

Why the Paramount Deal Talks Failed

Losing a Bridge Upends Life in Baltimore (and It May Soon Get Worse)

Buyers Snap Up Aging and Empty Office Buildings for Deep Discounts

More Than 75% of US Hotels Remain Short-Staffed

The World’s Most Online Male Gymnast Prepares for the Paris Olympics

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CWS Market Review – June 11, 2024
Posted by Eddy Elfenbein on June 11th, 2024 at 6:17 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 S&P 500 Makes Another All-Time High

The stock market closed today at yet another all-time high. This market has been impressively resilient, especially the growth side. Since May 1, the S&P 500 has gained 7.1%.

I noticed that shares of Apple popped to a new high today on news that it’s unveiling AI software. These days, all you have to do is mention AI and your stock may double. I’m exaggerating, but not by much.

Not that long ago, the market was looking a lot more fragile. On May 31, the index came close to touching its 50-day moving average but instead of falling through, the market bounced four days in a row.

Wall Street was helped on Friday by a surprisingly strong jobs report for May. The Labor Department said that the U.S. economy added 272,000 net new jobs last month. That was ahead of Wall Street’s forecast for a gain of 190,000 jobs. For context, the economy added 165,000 new jobs in April.

So is the economy soaring? Well, not exactly. The jobs report was a mix of good and bad news. The unemployment rate rose to 4.0%. That’s the first time it’s reached that level since January 2022. The labor force participation rate fell 0.2% to 62.5%. The broader U-6 rate stayed the same at 7.4%. In December, the U-6 rate was at 6.5%.

You can see that a lot of the job gains are really us getting back to the jobs trend that existed before Covid.

There are other areas of concern. For example, the separate household survey showed that the number of full-time jobs fell by 625,000 while part-time jobs rose by 286,000.

Here are some details:

Job gains were concentrated in health care, government, and leisure and hospitality, consistent with recent trends. The three sectors respectively added 68,000, 43,000 and 42,000 positions. The three sectors accounted for more than half the gains.

Other significant growth areas came in professional, scientific and technical services (32,000), social assistance (15,000), and retail (13,000).

One important bright spot is that average hourly earnings increased by 0.4% last month. That’s good to see. Wall Street had been expecting an increase of 0.3%. Over the last year, average hourly earnings are up by 4.1%. Unfortunately, a lot of that increase has been eaten up by inflation.

Why Is the Fed Talking About Cutting Rates?

With the jobs market mostly healthy and the stock market at new highs, why exactly are we talking about the Federal Reserve cutting interest rates? That’s a good question, and the answer is not entirely clear.

The latest futures prices indicate that Wall Street is about evenly divided on the need for an interest rate cut by September. Not that long ago, a broad consensus assumed that we’d be slashing rates by now. I wouldn’t be surprised to see growing dissention within the Fed.

Inflation is still above the Fed’s target, but it’s a lot better than it was a year ago. The Fed hasn’t changed rates in nearly a year, and it’s clear that higher rates have had a major impact on the economy.

We’ll get more important info. tomorrow morning when the June CPI report comes out. Wall Street expects the CPI to have increased by 0.1% last month and the core rate to have increased by 0.3%. Over the last year, Wall Street thinks the CPI rose by 3.4% and the core rate increased by 3.5%.

The Federal Reserve started its two-day meeting today. The policy statement will be released tomorrow afternoon. Don’t expect to see any change to interest rates. The Fed will also update its economic projections for the next few years (the dot plot).

I’ll be curious to see what the Fed expects for GDP growth for this year. The Q1 GDP report wasn’t so hot, but I don’t know if this was a hiccup or the start of a trend.

The last time the Fed updated its economic projections, the members saw the need for three rate cuts this year. Spoiler alert: That ain’t gonna last. My guess is that the Fed cut that back to two rate cuts. It seems that getting inflation from 9% to 3% was surprisingly easy but getting it from 3% to 2% is surprisingly difficult. At some point, it might be easiest for the Fed to declare victory and walk away from its 2% inflation target.

I’ve discussed my concern that the current market rally is too heavily tilted towards growth stocks. That’s not getting any better. If anything, the spread is getting worse. Typically, value stocks do better as interest rates fall, so the recent surge in growth stocks is closely tied to a more reluctant Federal Reserve.

Value stocks have become widely unloved. I counted 71 stocks within the S&P 500 that have a dividend yield of more than 4%, and that’s not all utilities and REITs.

Stock Focus: Hawkins Inc.

As you probably know, I love finding great stocks off the beaten path, especially ones that have done well and are ignored by Wall Street.

One such company is Hawkins Inc. (HWKN) of Roseville, Minnesota. The company describes itself as a “leading specialty chemical and ingredients” company.

Snoresville, right? No, Hawkins isn’t the most exciting business, but it’s an important one, and it’s something people need. Hawkins “formulates, distributes, blends, and manufactures products for its Industrial, Water Treatment, and Health & Nutrition customers.”

Hawkins has been around since 1938. The company has 60 facilities across 27 states. Hawkins has about 950 employees and last year, it generated revenue of $919 million.

Now for the best part. Since 2000, Hawkins is up by more than 36-fold. The S&P 500 looks like a flat line in comparison. Hawkins has also raised its dividend fairly consistently for nearly 40 years.

You might think that with a track record like that, and a with a market value of nearly $2 billion, Hawkins would grab Wall Street’s attention. That’s not the case. Hawkins is followed by just two analysts. Maybe they should change their name to AI Hawkins?

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

– Eddy

Morning News: June 11, 2024
Posted by Eddy Elfenbein on June 11th, 2024 at 7:07 am

Nigeria Confronts Its Worst Economic Crisis in a Generation

OPEC Keeps Robust Oil-Demand Outlook After Output Policy Move

Philippines Sees Nuclear as Long-Term Replacement for LNG

Wall Street Ties to Amazon Depletion Mapped Out in New Report

ECB’s Lane Says Euro Moves Haven’t Impacted Inflation

Fed Is in No Rush to Cut Rates as Economy Holds Up

Fed’s Higher-for-Longer Stance Hits Firms That Expected Rate Cut

For the Descent, Follow the Dots

As Supreme Court Decisions Loom, a Legal Assault Is Weakening SEC’s Power

Alexander Hamilton’s Bank Is Getting a New Name: BNY

Hedge Funds Pile Into Copycat Quant Trades They Once Derided

Segantii Insider Case Hinges on a Market-Moving Block Trade

Food Companies Hope You Won’t Notice Shortages Are Raising Prices

Foraging on Public Lands Is Becoming More Limited

First Came ‘Spam.’ Now, With A.I., We’ve Got ‘Slop’

Apple’s ‘AI for the Rest of Us’ Plan Gets Lukewarm Reaction

Can Apple Rescue the Vision Pro?

Nvidia Stock Slips. Why It Didn’t Benefit From an Apple Boost

Tether to Invest More Than $1 Billion in Deals Over Next Year

PR Founder-Turned-VC Investor Bucher Raises $150 Million for New Fund

Budget Computer Maker Raspberry Pi Soars in Opening Trade

French IT Firm Atos Accepts Rescue Bid From Onepoint Consortium

GM Authorizes $6 Billion Buyback as It Books Better EV Profits

Ikea Lost $5,000 When Each Worker Quit. So It Began Paying More

‘Anti-Woke’ Shareholders Are Going After Corporate Boards

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Morning News: June 10, 2024
Posted by Eddy Elfenbein on June 10th, 2024 at 7:05 am

There’s More to Asia-Middle East Trade Than Oil

Noble Corp to Buy Diamond Offshore for About $1.6 Billion

Green Wipeout Means Fights Ahead to Keep Europe’s Climate Goals

Keeping Sanctioned Russian Timber Out of the EU Is Tricky. This Nonprofit Has a Solution

Copper Miners Gun for Share of Windfall in Chile

Ukraine’s Vision of Robot Assassins Shows Need for Binding AI Rules

The Housing Market Crisis Shows That the Tool The Fed Is Using To Lower Inflation Is Doing The Exact Opposite

Homeownership Costs in the US Jumped 26% Since Pandemic Began

Week Ahead for FX, Bonds: Spotlight on U.S. Federal Reserve, Bank of Japan

How the US is Daring the World to Find a Dollar Alternative

Americans Really, Really Hate Inflation—and That’s a Big Problem for the Fed

New York Fed Is Losing Talent and ‘Street Cred’ Under John Williams

Wall Street Backers See Breakthrough Moment for Carbon Offsets

As Banking Moves Online, Branch Design Takes Cues From Starbucks

Julius Baer Targets Rich Indians in Dubai With UBS, JPMorgan Hires

Don’t Say ‘Elite’: Corporate Firms’ New Pitch Is Meritocracy

‘No Clear Deception:’ Chamath Palihapitiya Doesn’t Think Roaring Kitty Rigged GameStop Stock As SEC Rules Don’t Address Influencers’ ‘Outsized Role’

The Shortcut That Allows Risky Startups to Raise Billions From Rookie Investors

Unicorns Ruled for a Decade. Tech Needs a New Beast

Apple’s $471 Billion Rally Hinges on Whether AI Event Delivers

Can Apple Think Different on A.I.?

Tesla’s Investor Vote on Elon Musk’s Pay Package Is About More Than His Money

Airlines Keep Trying to Cut Out the Middleman. Here’s Why It Backfires

A Big Decision for Boeing’s Next C.E.O.: Is It Time for a New Plane?

Volvo Car Recalls Its New Electric EX30 Car After Finding Software Glitch

Scammers Aren’t Just Selling Fake Gucci. They’re Impersonating Small Merchants

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Morning News: June 7, 2024
Posted by Eddy Elfenbein on June 7th, 2024 at 7:01 am

Europe’s Fertilizer Producers Sound Alarm Over Big Imports From Russia

German Trade Surplus Narrows

Putin’s Wartime Central Banker Tells Him What He Doesn’t Want to Hear

Russia’s Gain Is Turning Out to Be China’s Pain

China’s Exports Surge as Trade Tensions Near Boiling Point

China Conducts Large-Scale Audit Reviews on Biggest Mutual Funds

India’s Modi, Humbled by Voters, Faces Potent Economic Struggles

India Central Bank Keeps Rate Unchanged After Election Raises Fiscal Policy Uncertainty

US Jobs Report Is Set to Confirm a Steady Slowdown Underway

Markets Poised to Take a Jobs Slowdown in Stride

Real Estate Investors Are Wiped Out in Bets Fueled by Wall Street Loans

GameStop Whipsaws on Share Sale Plan Hours Ahead of Gill Stream

BlueBay Looks to Buy Credit Suisse Debt as EM Loan Bet Pays Off

Hedge Funds Andurand and Rokos Took Big Copper Bets Before Spike

Japan Banks to Begin Divesting Their Strategic Toyota Shareholdings

Trump Tax Cut Renewal Is Winning Wall Street, But Could Cost $4.6 Trillion

Donald Trump’s Budding Bromance with Tech Moguls

Is There Room for Common Ground on Congestion Pricing?

Banks Say Growing Reliance on Big Tech for AI Carries New Risks

SoftBank Corp. to Build Large-Scale AI Data Center in Osaka

Saudi Arabia Set to Raise Over $11.2 Billion From Aramco Stock Sale

Legacy Airlines Are Thriving With Ultracheap Fares, Crushing Budget Carriers

Wizz Air Weighs Engine Maker for New Airbus Jets Amid Groundings

The Ads on Your United Airlines In-Flight Screen Are Getting a Lot More Specific

GM Has a Secret to Help Sell Its New EVs. It’s Costco

Food Companies Are Still Paying the Price for Years of Inflation

Big Alcohol’s Monopoly Isn’t Worth Breaking Up

It’s a Buyer’s Market for Boats, RVs and Other Pandemic Toys

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Morning News: June 6, 2024
Posted by Eddy Elfenbein on June 6th, 2024 at 7:06 am

Drought Reduces Zambian Corn Harvest to 14-Year Low

Billionaire-Friendly Modi Humbled by Indians Who Make $4 a Day

Trafigura’s Profit Drops 73% as Trading Boom Cycle Fades

Copper’s Spike Isn’t Justified By Fundamentals, Trafigura Says

Bank of Canada Cuts Rates to Become First G-7 Central Bank to Ease Policy

ECB Expected to Announce Interest-Rate Cuts

The Fed Is Getting Left Behind on Cuts. That’s OK

U.S. Government Debt Is A Growing Concern

Americans Have More Investment Income Than Ever Before

Robinhood Doubles Down on Crypto With Deal for Bitstamp

‘Everything Is Not Going to Be OK’ in Private Equity, Apollo’s Co-President Says

Office Building Losses Start to Pile Up, and More Pain Is Expected

US Payroll Gains May Be Overstating Labor Market Strength

AI’s Hidden Workers Are Stuck in Dead-End Jobs

U.S. Clears Way for Antitrust Inquiries of Nvidia, Microsoft and OpenAI

Nvidia’s Rise to $3 Trillion Fuels ‘Jensanity’ in Tech World

Is OpenAI’s Sam Altman the Right Leader for the AI Age?

Sam Altman Was Bending the World to His Will Long Before OpenAI

‘This Is Going to Be Painful’: How a Bold A.I. Device Flopped

NIO’s First-Quarter Loss Widened on Lower EV Sales

Bob Kelley, Who Made the Kelley Blue Book an Authority on Cars, Dies at 96

Why Lululemon’s Stock Is Going Out of Fashion

The NBA’s Superstar Lull Ignites Challengers to Nike’s Reign

Five Below Cuts Outlook on Lower Consumer Base Spending Levels

Remy Martin Sees Tough Year Ahead as U.S. Slowdown Drags On

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Morning News: June 5, 2024
Posted by Eddy Elfenbein on June 5th, 2024 at 7:06 am

Colombian Companies Face Energy Crunch as Gas Reserves Plunge

India’s Dysfunctional Power System Is a Threat to the Next Five Years

Biden Says Trump Left Him ‘No Choice’ as He Moves to Seal Border

Australia’s Economy Barely Registers Pulse in First Quarter

China Caixin PMI Signals Fastest Services Activity Growth in 10 Months

Europe Has Fallen Behind the U.S. and China. Can It Catch Up?

U.S. and Europe Are on the Same Economic Track After All

Europe’s Fed Problem

E.C.B. Is Likely to Leapfrog the Fed on Interest Rate Cuts

Bond Traders Pile Into Fresh Bets on Faster Pace of Fed Cuts

New Texas Stock Exchange Takes Aim at New York’s Dominance

Private Equity’s Latest Move to Gin Up Cash: Borrowing Against Its Stock Holdings

Elliott Pushes SoftBank to Buy Back Shares After Taking Stake

Can Bill Ackman Cash In on His Growing Fame?

Goldman Family Office Clients Eye Exotic Puts as Election Hedge

The New ‘White Fortress’ Cities of the American South

A Year and $2 Trillion Later, Nvidia Stock Remains Irresistible

OpenAI Insiders Warn of a ‘Reckless’ Race for Dominance

SAP to Acquire WalkMe in $1.5 Billion Deal

Amazon Drone Delivery Plans Move a Small Step Forward

China Is No Longer an Open Road for German Carmakers

The Case Against Elon Musk’s $46 Billion Pay Deal

Dollar Tree Considering Sale, Spinoff of Family Dollar Unit

McDonald’s Chicken ‘Big Mac’ Trademark Axed in EU

Judge Cuts Bayer $2.25 Billion Roundup Verdict to $400 Million

Baseball Star Ohtani’s Ex-Interpreter Pleads Guilty to Bank Fraud

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CWS Market Review – June 4, 2024
Posted by Eddy Elfenbein on June 4th, 2024 at 5:18 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.”)

Trading Glitch Rocks Wall Street

Yesterday, shares of Berkshire Hathaway (BRK-A) dropped 99.97%. I realize this news may have given some of you a panic attack, but I’m happy to report that the stock was the victim of a trading glitch.

Fortunately, the glitch was quickly repaired, and the stock is back to its normal range. Yesterday, the NYSE sent out a message declaring “all systems are currently operational.”

Whew! Here’s a High-Low-Close chart you don’t see every day:

That’s good news that everything’s back to normal, but still, how exactly does this happen? In an instant, one of the largest companies on Wall Street was trading at less than one-three-thousandths of its correct price. We’re talking about hundreds of billions of dollars vanishing in an instant. It wasn’t just Berkshire either. The trading glitch impacted a few dozen stocks.

The NYSE busted all trades for Berkshire between 9:50 am ET and 9:51 am ET. The exchange confirmed that it wasn’t a cyberattack, but that makes it even more worrisome. At least with a cyberattack, we know there’s an enemy. With this, we don’t know. The NYSE claimed it was a “technical issue” and it caused trading halts in about 40 NYSE-listed stocks.

It didn’t take long for a blame game to get started. The trading glitch was apparently due to a problem with the trading bands, meaning the triggering prices that can instigate a trading halt. The NYSE said they don’t control that but rather, it’s due to Consolidated Tape Association’s (CTA) Security Information Processor (SIP).

The CTA said this happened during a software update. They were able to use a backup system that runs on different software. Trading on the Nasdaq wasn’t impacted.

It gets even stranger because this glitch comes at the same time that Wall Street is moving to one-day settlement, otherwise known as T+1. That these changes happened at the same time appears to be a coincidence, but some traders aren’t buying the NYSE’s story:

Joe Saluzzi, co-founder of Themis Trading, told CNN that the NYSE’s explanation is hard to square with the bizarre trades that hit the tape.

“I’m not buying that explanation. That doesn’t make any sense to me,” said Saluzzi, a market structure expert and author of “Broken Markets.”

Trading data provided by Refinitiv shows that Berkshire Hathaway changed hands at $620,700 as of 9:44:32 on Monday morning. And then, without any explanation, the stock crashed to just $185.10.

“All of a sudden, there was a $185 print. But there was nothing to take it down level by level, which you would expect to see,” said Saluzzi. “It makes no sense.”

What’s especially troubling is that this is the third trading disruption in the past week. On Thursday, there was no live pricing for the S&P 500 for more than an hour.

This isn’t the first time Wall Street has been the victim of computers and big data. In fact, getting fast, accurate pricing has been an important driver in the technology behind markets.

The Rothschilds famously used carrier pigeons to get the news from Europe that Napoleon had been defeated at Waterloo. It’s a great story but it’s most likely a myth.

In the 1860s, the first ticker-tape machines came about. In 1869, Thomas Edison developed his own version when he was just 22. (Edison didn’t precisely invent the ticker tape as is sometimes claimed, but he added important improvements.) The inexpensive tape soon became part of American culture when heroes were feted with ticker-tape parades.

At the same time as the first ticker-tape machines, engineers had laid a trans-Atlantic cable. Now, information could be transmitted quickly between London and New York. One of the first uses for the cable was transmitting financial prices. This was so important that even today, the Dollar/Pound exchange rate is known as “cable.”

The Titanic had a wireless radio on board and passengers could place stock trades from the comfort of first class.

In the go-go 1960s, trading volume surged, and the back offices couldn’t handle the flood of orders. Clerks had to stay long after closing to properly settle all the trades. For several months, the NYSE was closed on Wednesdays so the back-office people could catch up.

Some firms started to buy these newfangled computers, but they were expensive and hard to use. The back-office work was so unyielding that organized crime moved in and looted hundreds of millions of dollars.

In 1969 and 1970, trading volume plunged, and one-sixth of brokerages either merged or went out of business. The industry responded, and in 1971, the National Association of Securities Dealers started the Nasdaq and in 1975, the NYSE finally ditched fixed commissions.

Wall Street has always been a place of technological innovation. As we learned this week, that change isn’t always so smooth.

The Upcoming Jobs Report for June

The next test for the stock market will come this Friday with the May jobs report. While the unemployment rate has been below 4% for several months, the pace of new job creation has slowed. Earlier today, the Bureau of Labor Statistics said that in April, the number of job openings fell to 8.1 million.

For Friday, Wall Street expects to see job gains of 190,000. That would be an increase over April’s gain of 175,000. Wall Street also expects the unemployment rate to stay at 3.9% and for average hourly earnings to increase by 0.3%.

Yesterday, the ISM Manufacturing report for May was 48.7. That was below expectations of 49.6. The Census Bureau said that construction spending fell by 0.1% in April.

I doubt the jobs report will have a major impact on the Fed. The FOMC meets again next week and it’s very unlikely that they’ll raise interest rates. The earliest a rate cut would come is probably September.

In last week’s issue, I talked about how Growth stocks have been outpacing Value stocks. Nice timing. Right after I said, Value went on to cream Growth for two days in a row.

Each day, trading usually leans one way or the other regarding Growth versus Value. Lately, however, the market has very strongly leaned in one direction or the other. Value has had several false starts in the last year, but this latest bit of outperformance could last for some time.

Stock Focus: Oil-Dri Corporation (ODC)

Here’s a neat one. Are you familiar with Oil-Dri Corporation of America (ODC)?

Don’t worry, you’re not alone. Based in Chicago, Oil-Dri is leading maker of “specialty sorbent products for the pet care, animal health and nutrition, fluids purification, agricultural ingredients, sports field, industrial and automotive markets. Oil-Dri’s largest principal product is cat litter.”

Within the United States, Oil-Dri is the leading manufacturer of lightweight cat litter in units and the largest producer of private label coarse litter in both units and dollars.

Oil-Dri has 884 employees and a market value of $610 million. Last year, the company had revenues of $413 million and net income of $28 million. Oil-Dri has increased its dividend each year for the past 20 years.

The stock has been a huge winner. In 2002, ODC was going for less than $6 per share. Today it’s at $83 per share. Including the dividend, the stock has soundly beaten the market. Since late 2000, the S&P 500 Total Return Index is up 481% but ODC (with divs) is up 2,486%.

Did I mention this was kitty litter?

Given the success of Oil-Dri, you might guess that lots of Wall Street analysts follow it. Or, if you’ve been a reader of mine for any amount of time, then you probably know: Oil-Dri isn’t followed by a single Wall Street analyst.

Who knew kitty litter could be so profitable?

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

– Eddy

Morning News: June 4, 2024
Posted by Eddy Elfenbein on June 4th, 2024 at 7:01 am

Norway Gas Scare Puts European Market on Edge

Moving to Renewables Will Mean Using Less Energy Overall

India Stocks Post Biggest Loss in Four Years on Tight Vote

The Dollar Is at Its Strongest Since the 1980s. Can It Last?

Wall Street Is Having Trouble Getting ‘Too Excited’ About the US Economy

Global Bond Rally Wavers With Jobs Data Next Hurdle for Fed Path

Trading Glitch Sends Some Shares on a Wild Ride

NYSE Fixes Issue That Showed 99% Drops, Triggered Trading Halts

Short Sellers in Danger of Extinction After Crushing Stock Gains

Deutsche Bank Ties Up with Bitpanda in ‘Cautious’ Crypto Shift

Swiss Financial Regulator Wants to Be Able to Name and Shame Banks

Majority of Middle-Class Americans Say They Struggle Financially

As China’s Internet Disappears, ‘We Lose Parts of Our Collective Memory’

The Goal for China’s Chip Giant: Cut Out the U.S.

Nvidia’s Pitch in AI Chips Holds Echoes of Apple and iPhones

Intel CEO Fires Back at Nvidia in Battle for AI Chip Leadership

Roaring Kitty’s Reddit Post on GameStop Signals a $289 Million Paper Fortune

Car Deals Vanished During the Pandemic. They’re Coming Back

Electric Cars Are Suddenly Becoming Affordable

Tesla China’s Sales Rose in May Amid EV Demand Recovery

Japanese Officials Inspect Toyota Headquarters Over Safety Certification Scandal

Maersk Lifts Guidance Again on Surging Freight Rates

Costco Hot Dogs Have Cost $1.50 Since the 1980s. Here’s Why Prices Aren’t Changing

How Birkenstock Became an Improbable Luxury Empire

British American Tobacco Backs Guidance, But Expects Weaker First Half on U.S. Softness

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Morning News: June 3, 2024
Posted by Eddy Elfenbein on June 3rd, 2024 at 7:05 am

OPEC+ Says Goodbye to Its $100-a-Barrel Oil Quest

OPEC+ Oil Deal’s Real Winner Once Again Is the UAE

Why Saudi Aramco Stock Is a Tough Sell on Wall Street

Abnormally Dry Canada Taps U.S. Energy, Reversing Usual Flow

It’s Crunchtime for a New Generation of Climate Startups

Cost Pressures Cast Shadow Over Asia’s Fledgling Manufacturing Recovery

Krugman Says China Is ‘Bizarrely Unwilling’ to Boost Demand

India Stocks Hit Record, Rupee Gains as Polls Predict Modi Win

Mexican Peso Extends Loss to 2% After Landslide Election Win

Cut Rates – Then What? Five Questions for the ECB

Digital Bank Monzo Posts First Full Year of Profit After More Than Doubling Revenue

The Budget Geeks Who Helped Solve an American Economic Puzzle

Mnuchin Chases Wall Street Glory With His War Chest of Foreign Money

Private Credit, Wall Street’s Hottest Trade, Has an Ugly Moment

Pershing Square Sells 10% Stake for $1.05 Billion Ahead of IPO

GameStop Shares Double as Gill Post Shows $116 Million Bet

Crypto Bull MicroStrategy and Its Founder to Pay $40 Million in Tax Fraud Lawsuit

How Billionaires Bought 70% of Detroit’s Offices and Transformed the City

The U.S. Gave Chip Makers Billions. Now Comes the Hard Part

Nvidia and AMD Square Off in Fight to Take Control of AI

Apple, Samsung Focus on AI Misses the Mark for Smartphone Buyers

Waves of Chinese Electric Vehicles Are Pouring Into Brazil

Toyota and Other Japanese Carmakers Say They Mishandled Safety Tests

Atos Assessing Two Revised Rescue Bids

Becton Dickinson to Acquire Edwards Lifesciences’ Unit for $4.2 Billion in Cash

Waste Management Near Deal to Buy Stericycle

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