Morning News: October 30, 2023
Posted by Eddy Elfenbein on October 30th, 2023 at 7:06 am

Israel-Hamas War Escalation Puts Qatar’s Clout to the Test

Russia Shuts Airport After Mob Encircles Flight From Israel

ECB Keeping up Pressure on Banks to Loosen Ties with Russia

Russia to Simplify Inward Investment for ‘Friendly’ Countries -Prime Minister

Traders and Banks Strike Deals in Russian Metals as Taboo Fades

UAE’s Biggest Chemicals Maker Says Prices Have Bottomed Out

Hedge Funds Pile Into Uranium Stocks Set for ‘Dramatic’ Rise

Higher Bond Yields Could End the Fed’s Historic Rate Rises

The Big Bond Market Event Wednesday Is at Treasury, Not the Fed

Three Years After DirectBooks, US Bond Market Still Phoning It In

McDonald’s Sales Top Estimates With Help From Pricier Burgers

Halloween Candy Costs Are Surging This Year

Halloween Shoppers Not Spooked as Economic Slowdown Remains Elusive

Americans Can’t Stop Spending. Five Reasons Why.

Healthpeak Properties, Physicians Realty Trust to Merge in $21B Deal

HSBC Plans $3 Billion Buyback, CEO Touts Capital Strength

Canadian Auto Workers Walk Out on Stellantis

Ford-UAW Deal Includes 25% Raises, $8 Billion Plant Investments

Biden to Issue First Regulations on Artificial Intelligence Systems

Apple Looks to Capitalize on Computer Sales Comeback With New Macs

Shipping Contributes Heavily to Climate Change. Are Green Ships the Solution?

Extreme Heat Set to Increase Heart Attack, Stroke Deaths in US

Biden Alaska Oil Plan Seen as Major Threat to Future Drilling

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Morning News: October 27, 2023
Posted by Eddy Elfenbein on October 27th, 2023 at 7:03 am

China’s Ex-Premier Leaves an Unfinished Reform Legacy

Russia Hikes Key Rate to 15% In Bigger-than-Expected Rise

Yellen Says Yield Surge Is Due to Strong Economy, Not Deficits

Tighter Credit, Lending Conditions Build Case for Fed Policy Hold

Short Sellers Quit Emerging Markets With ETF Bets at 17-Year Low

Dimon Plans to Sell $141 Million Worth of JPMorgan Shares

Morgan Stanley’s Post-Gorman Era Begins

Rithm Wins Dan Och’s Support for Sculptor Bid at $720 Million

Floating Tankers Line Up Off South Africa to Ensure Diesel Power

Siemens Energy’s Faulty Wind Turbines Become Germany’s Problem

Exxon, Chevron Profits Surged Ahead of Megadeals

Exxon Sees More Cost Cuts After Reaching $9 Billion Target Early

Microsoft’s Cloud Recovery Is Outshining Rivals Amazon, Google

Ford’s Cost Problem Isn’t Just About EVs

GM’s Cruise Pauses All Driverless Operations After California Crackdown

AbbVie Lifts Profit Outlook as Newer Biologics Help Buffer Dwindling Humira Sales

‘Disappointed Again’: Ad Companies Suffer as Tech Firms Clip Spending

Rise in Sugar and Cocoa Costs Makes Halloween Candy Pricier

Taylor Swift Vaults Into Billionaire Ranks with Blockbuster ERAs Tour

Inside Kanye West’s Fraught Relationship With Adidas: 7 Takeaways

As Users Abandon X, Sports Twitter Endures

The Snow Business Won’t Become the No Business

Lululemon Founder Wilson Said He Was Dishonest With the SEC, Then Backtracked

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Morning News: October 26, 2023
Posted by Eddy Elfenbein on October 26th, 2023 at 5:55 am

Vietnam’s Real Estate Woes: How Much Worse Can They Get?

US-China Ties Quietly Improving Even as Global Turmoil Surges

Russia’s Frozen Cash Earns €3 Billion as EU Haggles Over How to Tap It

Bank of Canada Holds Rates Steady on Tepid Consumption

Israel Latest: Army Briefly Raids Gaza as War Fears Jolt Markets

What Is Going On in Britain’s Economy? The Picture Is Foggy.

GDP Data to Show Temporary Boost from Summer-Spending Frenzy

What’s Going On in the Bond Market?

What Happened Inside Morgan Stanley After Ted Pick Was Named CEO

Meta Posts 23% Growth as Ads Rebound, With Profit More Than Doubling

Big Tech’s Disappointing Earnings Erase $200 Billion in Value

Long on Hype, A.I. Is No Guarantee for Profits

Net Neutrality Resurfaces To Join The Bidenomics Regulatory Costberg

Sam Bankman-Fried Takes Stand in Reminder of Crypto’s Epic Fall

Chasing Big Mergers, Oil Executives Dismiss Peak Oil Concerns

Ford Agrees to 25% Wage Hike in Tentative Deal to End UAW Strike

Why the U.A.W.’s President Has Taken a Hard Line

Why Toyota CEO Sees EVs as ‘Missing Piece’ for World’s Top Carmaker

Tesla’s Cybertruck Will Test America’s Great Political Divide

UPS To Buy Reverse Logistics Specialist Happy Returns from PayPal

Mattel’s ‘Barbie’ Movie Boosts Toy Sales

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Morning News: October 25, 2023
Posted by Eddy Elfenbein on October 25th, 2023 at 7:04 am

China Stimulus Signals Zero Tolerance For Sharp Economic Slowdown

Hong Kong Cuts Stock, Housing Taxes to Revive Role as Hub

Deutsche Bank Vows More Payouts as Sewing Targets Share Price

Deutsche Bank Chief Says More Job Cuts Coming

An Economic Warning Sign That Preceded Two Past Recessions Is Flashing Ominously Red Again

Biden Officials Set $3 Billion Bank Deposit, Procurement Goals to Boost Minority Firms

Strongest US Economic Growth Since 2021 Puts Fed in Tough Spot

What Can the Fed Do About the Deficit? Nothing

US Fed Set to Revise Debit Card Fee Caps Pitting Banks Against Retailers

Private Equity Wants a Piece of Your Retirement Savings

Moody’s Quarterly Profit Beats Estimates on Robust Demand

Debt and Scandal Throw Billionaire Drahi’s Empire Into Turmoil

Europe’s ESG Funds Suffer More Outflows

Is E.S.G. Falling Out of Favor?

Aramco Plans to Produce Synthetic Fuels by 2025 at Test Plants

Exxon, Chevron Invest in the West as Global Conflicts Increase

Boeing Cuts Annual Delivery Target for 737 Jet on Quality Lapses

General Motors Finds Itself in a Jam

Apple to Revamp TV App in Step Toward Simplifying Video Services

The Race to Create the ‘Amazon of Real Estate’ Could Change Home Buying Forever

What the U.S. Has Argued in the Google Antitrust Trial

Bud Light Replaces Rival Modelo in UFC Sponsorship Deal

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Morning News: October 24, 2023
Posted by Eddy Elfenbein on October 24th, 2023 at 7:03 am

War With Hamas Hits Israel’s Economy, Central Bank Says

France’s Diesel Demand Plunge Signals Economic Woes

Germany to Pass Japan as Third-Largest Economy, Helped by Weak Yen

China’s Property Crisis Is Upending Tens of Thousands of Lives

Xi Makes Unprecedented Central Bank Visit in Sign of Focus on Economy

How Far Is China’s Slowdown Spreading? Ask a Dairy Farmer 6,000 Miles Away

Energy Agency Sees Peaks in Global Oil, Coal and Gas Demand By 2030

Gavin Newsom Wants to Export California’s Climate Laws to the World

Jamie Dimon Criticizes Central Banks for ‘Dead Wrong’ Forecasts

Deficit Doubling as US Economy Grows Shows Why Yields Are at 5%

How the Highest Bond Yields in 16 Years Could Chill the Hot U.S. Economy

New Normal or No Normal? How Economists Got It Wrong for 3 Years

Money Managers With $100 Trillion Confront End of the Bull Market

EU Lawmakers Back Easing Securities Rules to Attract More Listings

London’s Latest New Listing Debacle Drops 75% on Profit Warning

GM Removes Guidance After UAW Strike Muddies Profit Outlook

3M Says Business Is Improving, Boosts Earnings Guidance

KKR’s Chip Play Will Win Big in Japan

Blackstone Chief Schwarzman Says Remote Workers Don’t Grind as Hard

How Columbia Sportswear Is Loosening Its Ties to Asia

The Stratospheric Rise of Lionel Messi’s Pink Jersey

LeBron James, Peyton Manning and Obamas Plan Basketball Series for Netflix

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S&P 500 Drops to Lowest Level Since June 1
Posted by Eddy Elfenbein on October 23rd, 2023 at 11:07 am

On Friday, the S&P 500 closed at 4,224.16 which was its lowest level since June 1. The index also closed below its 200-day moving average for the first time since March.

I notice that 3M (MMM) is at a 10-year low. The dividend currently yields almost 7%.

I’ve written about Mueller Industries (MLI) before. The stock just announced a 2-for-1 stock split. The stock is down more than 20% since its high this summer.

Chevron (CVX) said it’s buying Hess (HES) for $53 billion. This is the second big oil deal in recent weeks. Exxon Mobil (XOM) said it’s looking to buy Pioneer Natural Resources (PXD).

The proposed deal raises the competition between Chevron, the No. 2 U.S. oil and gas producer behind Exxon, putting it in direct competition with its bigger rival to develop drilling in nascent producer Guyana.

The deal also signals Chevron’s plans to continue boosting investments in fossil fuels as oil demand remains strong and big producers use acquisitions to replenish their inventory after years of under-investment.

Chevron has offered 1.025 of its shares for each Hess share held, or $171 per share, implying a premium of about 4.9% to the stock’s last close. The total deal value is $60 billion, including debt.

The U.S. government recently wrapped up its fiscal year. Some people thought the deficit would exceed $2 trillion. The good news is that we were only $1.7 trillion in the red. That’s up about $320 billion over the year before.

For the year, revenues fell by $457 billion, and expenses fell by $137 billion. Outlays for the year were $6.1 trillion. The total debt now stands at $33.6 trillion. That’s up $10 trillion since Covid struck.

On Thursday, the government will release its first look at Q3 GDP growth. The consensus on Wall Street is for growth of 4.5%. If that’s correct, then it would be one of our best quarters in years.

Morning News: October 23, 2023
Posted by Eddy Elfenbein on October 23rd, 2023 at 5:45 am

China Plans to Buy More Cobalt For Reserves After Prices Plunge

China Rattles Foreign Firms Again With Arrests, Foxconn Probe

Ten, No More? Five Questions for the ECB

As U.S. Debt Surges, Europe Brings Its Own Under Control

Abrdn’s Head of Equities Says Invest Anywhere, ‘Just Not the US’

Ten-Year Treasury Yield Tops 5% for First Time Since 2007, Keeping Traders Wary

A Shrinking $1.3 Trillion Securities Market Is Bad News for the Economy

The Economy Was Supposed to Slow by Now. Instead It’s Revving Up

How High Interest Rates Sting Bakers, Farmers and Consumers

There’s Never Been a Worse Time to Buy Instead of Rent

Americans Have Never Been Wealthier & No One is Happy

Money Managers With $100 Trillion Confront End of the Bull Market

Billionaires Are Next Up in Crosshairs of Global Tax Architects

Chevron to Buy Hess for $53 Billion in Latest Oil Megadeal

Roche to Buy Irritable Bowel Drugmaker Telavant for $7.1 Billion

Big Shipping-Container Firm Strikes Deal

Why Olive Oil Is So Expensive Right Now

Ozempic and Wegovy Don’t Cost What You Think They Do

War Leaves Saudi Prince’s Dream of a New Mideast in Tatters

Israel-Hamas War Sows Division Within Entertainment Industry

How Much Influence Should Universities Give Their Donors?

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Morning News: October 20, 2023
Posted by Eddy Elfenbein on October 20th, 2023 at 7:03 am

The Potential Fallout of a Widening Israel-Hamas War

Prospect of Prolonged Israel-Gaza War Adds Economic Havoc to Human Toll

Inflation Raging at 130% Is Pushing Argentina Down a Radical Path

Americans are Worried About Paying Their Bills. That’s Helping Trump in Swing States

The Federal Deficit Is Growing. This Is Why

Economists Boost US Growth Projections, Reduce Recession Odds

Philadelphia Fed President Patrick Harker Discusses the Economic Outlook

How a Vegas Whale, and Many More, Tap Billions Meant for US Housing

AmEx’s Third-Quarter Profit Beats Estimates on Buoyant Spending

China, World’s Top Graphite Producer, To Curb Exports of Key Battery Material

Exxon Makes Up for Lost Time With $60 Billion Shale Deal

SLB Sees Growth Pivoting Overseas Amid Lower North America Sales

CMA CGM’s Saadé Urges Calm as Ocean Carrier Profits Plummet

Union Pacific Profit Falls on Weaker Freight Demand

Silicon Valley Ditches News, Shaking an Unstable Industry

Drug Companies Are Exploring Weight-Loss Shots for Kids as Young as Six

Want to Buy Commercial Aircraft? A Clunker May Be the Safer Bet

Crypto Influencers and ‘Degenerates’ Flock to Sam Bankman-Fried’s Trial

‘Oof’: Sam Bankman-Fried’s Trial Reveals Inside Details of How FTX Died

Paulson’s $1 Billion Caribbean Empire Faces Crisis and Betrayal

Halloween Is for Kids. ‘Kidults’ Too

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Morning News: October 19, 2023
Posted by Eddy Elfenbein on October 19th, 2023 at 7:05 am

Ukraine’s Economy Starts to Rebound as It Adapts to War

Why China-Russia Ties Worry America

Don’t Rule Out a Financial Crisis in China

Brazil Must Do More to Stop Foreign Bribery, OECD Says

The Price of Money Is Going Up, and It’s Not Because of the Fed

Markets Look to Powell Amid Rising Tensions in the Middle East

US Treasuries at 5% Are a Buy, Says Morgan Stanley Investment

UBS Looks Beyond Credit Suisse to Bank Even More Billionaires

Gemini, DCG Sued by NY for Defrauding Customers of $1.1 Billion

TSMC Thinks the Turn in the Chip Cycle Is Nigh

OpenAI Is in Talks to Sell Shares at $86 Billion Valuation

An Industry Insider Drives an Open Alternative to Big Tech’s A.I.

Nokia to Cut 14,000 Jobs in Major Overhaul at Telecom Giant

American Air Cuts Forecast on Higher Fuel Costs, Waning Demand

Tesla Tempers Growth Expectations as Musk Sees Storm Ahead

Not Just Autoworkers: Grad Students Make Up a Growing Share of UAW Members

Exxon Mobil’s Pioneer Acquisition Is a Direct Threat to Democracy

Chinese-Owned Pork Producer Smithfield Prepares for U.S. Listing

Is Netflix’s Subscriber Jolt a One-Hit Wonder?

Disney Sheds New Light on ESPN’s Financial Challenges

How Hundreds of US Government Employees Became Gun Industry Sales Reps

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Morning News: October 18, 2023
Posted by Eddy Elfenbein on October 18th, 2023 at 7:04 am

Brazil Is Embracing the Migrant Crisis That Everyone Else Wants to Avoid

Business Leaders Confront a Dilemma Over ‘Davos in the Desert’

European Companies Cut Jobs as Economy Sputters

China’s Strong GDP Report Shows Housing Remains a Big Problem

U.S. Tightens China’s Access to Advanced Chips for Artificial Intelligence

Wall Street Worries Over Swelling US Debt Put Fed in Tight Spot

Why One Fed Official Is Ready to Stop Raising Rates

A Mark-to-Market Maelstrom Is Slamming a $10 Trillion Market Even Worse Than Before

Morgan Stanley Profit Shrinks as Deal Slump Lingers

Walmart Beefs Up Its Third-Party Marketplace As It Challenges Bigger Online Rival Amazon

Prologis Says Industrial-Property Demand Remains Resilient

J.B. Hunt Earnings Tumble on Falling Freight Rates

For Bill Ford, ‘Every Negotiation Is a Roller Coaster’

GM Delays Opening of Electric-Truck Factory Amid Cooling EV Demand

Tesla Earnings to Reveal Profit Impact Wrought by Price Cuts

Health Insurance Premiums Now Cost $24,000 a Year, Survey Says

The Ozempic Effect Is Coming for Everything From Kidney to Heart Disease Treatments

Abbott Narrows Annual Forecast Range as Quarterly Results Beat

How Phoenix Fans Watch Their Teams May Change How You Watch Yours

Barnes & Noble Sets Itself Free

Bug-Out Bags and Survival Training Go Mainstream

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