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CWS Market Review – April 1, 2025
Posted by Eddy Elfenbein on April 1st, 2025 at 6:23 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.”)
Yesterday was the last day of trading for the first quarter of 2025. Overall, it was a tough quarter for the stock market. For the first three months of this year, the S&P 500 lost 4.59%.
This broke a five-quarter winning streak for the market. Going back further, the S&P 500 turned a profit in eight of the last nine quarters, not counting the first quarter of 2025.
At the very beginning, the market got off to a nice start this year. By February 19, the index was up close to 4.5% for the year. Since then, however, things fell apart.
It really has been a tale of two markets — before February 19 and after. Before 2/19, the market acted very much as it had for several months. The risky stocks were doing well, and the conservative stocks lagged behind. After February 19, the script flipped. It’s the risky areas of the market that haven’t been doing well while conservative sectors are having their moment in the sun.
Here’s a remarkable stat. Despite the overall market’s loss during Q1, 305 stocks outperformed the index, and the average stock lost 0.89%. In plain English, the big boys were finally feeling the pain. Most other stocks did just fine.
Yesterday was a very unusual trading day because the market started out very weak, but it gained strength during the trading day. At one point, the S&P 500 was trading below its close from March 13, which suggests that the market correction isn’t over.
Also during yesterday’s market. the S&P 500 traded below 5,600 and reached its lowest intra-day level in more than six months. In fact, the S&P 500 is very nearly flat for the last nine months. Think of it this way: six months of gains were wiped out in the last six weeks.
There’s an ETF I like to track, the Roundhill Magnificent Seven ETF (MAGS), which is probably the best proxy for the “Magnificent Seven” stocks. The MAGS ETF lost nearly 16% during Q1. Here’s a look at MAGS (in black) versus the S&P 500 (in blue).
The real difference this year is that stocks based outside the United States are finally doing well while the U.S. market is trailing. For several years, the U.S. market was beating up on everyone else. I heard many predictions that this would turn, and they were all wrong. Now they finally may be right.
One area of the market that’s been weak and doesn’t seem to be getting any better is small-caps. The Russell 2000 Index of small-cap stocks fell to its lowest point relative to the S&P 500 since 2001. Gold beat the S&P 500 by 23.6% in the first quarter.
This was a very good quarter for our Buy List, at least in a relative sense. Through the end of closing on Monday, the Buy List gained 0.89%. No, that’s not a huge gain, but it’s a lot better than the 4.59% loss for the overall market, and we did it while using a lot less risk.
Our “beta,” which is a measure of risk, was just 0.664 during Q1 which is quite conservative. Our biggest winner this year is Cencora (COR) which gained 23.8% during Q1. Other big winners were American Water (AWK, +18.5%), Abbott Labs (ABT, +17.3%) and Rollins (ROL, +16.6%).
Here’s how the ETF (in blue) has done over the past three years versus the S&P 500 (in red):
Wall Street is still very concerned by the White House’s tariff policies. Tomorrow is “Liberation Day” according to President Trump. We’re still not exactly clear on the details of President Trump’s plans for tariffs, and that’s probably why the stock market has been on edge.
The president has shown some signs of wanting to work with our economic partners in order to avoid increased tariffs. I really can’t guess what will happen. President Trump did impose some tariffs in his first term, but those were fairly small. He appears to be planning something much larger this time.
My foremost concern is how much damage there has been to the economy. So far, it’s not much, but that could soon change. There appears to be a disconnect in the economic data. The “soft” reports meanings things like surveys, consumer confidence and the stock market are alarmed. The “hard” data like jobs and GDP are holding up well.
Goldman Sachs recently raised its inflation forecast for this year to 3.5%. Goldman also cut its GDP growth forecast for this year to 1%. The bank also raised its unemployment target for this year to 4.5%.
On Tuesday, we got the ISM Manufacturing Index figure. For March, the ISM was 49.0. Any number below 50 signals a contraction. The ISM had been above 50 for the prior two months, but before that, it had been below 50 for 26 straight months. Generally speaking, recessions have aligned with ISM levels closer to 45. While this is a poor report, it’s not alarming.
There are a few more reports to look out for this week. Tomorrow, ADP will release its report on private payrolls. Wall Street expects a gain of 120,000. That’s not that much.
Wall Street also expects a gain of 0.3% for average hourly earnings. That’s also not that great. It’s basically in line with inflation.
On Thursday, we’ll get the initial claims report. The consensus on Wall Street is for 226,000. Then on Friday comes the March jobs report. On Wall Street, the monthly jobs report is the biggie. Economists expect a gain of 140,000 of nonfarm payrolls. If that’s right, it would be lower than three of the last four months.
That’s all for now. I’ll have more for you in the next issue of CWS Market Review.
– Eddy
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Morning News: April 1, 2025
Posted by Eddy Elfenbein on April 1st, 2025 at 7:03 amEuropean Gas Price Falls as Injection Season Kicks in
Europe Faces Daunting Quest to Replenish Gas Reserves After Frigid Winter
EU Has Plan to Retaliate on U.S. Tariffs, Von der Leyen Says
China Says It Is Aiming to Coordinate Tariff Response With Japan, South Korea
How Trump’s Tariffs Are Hitting One Chinese Factory Owner: ‘We Are Helpless’
Trump Administration Tallies Trade Barriers That Could Prompt Tariffs
Want to Play a Game? Global Trade War Is the New Washington Pastime.
Trump Says He Settled on ‘Liberation Day’ Tariff Plan, but Doesn’t Reveal It
Trump Advisers Battle Over Whether ‘Liberation Day’ Will Raise Tariffs or Lower Them
Reciprocal Tariffs? We’ve Seen This Movie Before
This Mexican Border Town Had Chaotic Trade-War Dress Rehearsal
Stocks Mark Worst Month in Years as Trump’s Tariffs Loom
US Recession Worries Raise ‘Gray Swan’ Risk for Bond Investors
The Coming Recession Will Be Self-Inflicted
Goldman’s Big Bonuses for CEO, President Deemed ‘Poor Practice’ by ISS
Bill Ackman Becomes Chairman of Bremont After Lifting Stake
No Toilet Paper and No Privacy: Returning to the Office, Federal Workers Walk Into Chaos
As Trump Stokes Uncertainty, the Fed Asks Businesses Where It Hurts
Chipotle Went on a Seven-Year Quest to Find Avocados Outside of Mexico
US Chip Grants in Limbo as Lutnick Pushes Bigger Investments
OpenAI Finalizes $40 Billion Funding at $300 Billion Value
Hydrogen Trucking Companies Are Going Under
Ford Is as American as Apple Pie. Or Is That Honda?
What’s So Hard About Building Trains?
Nintendo Departs From Its Founding Philosophy With Switch 2
Amazon’s New Movie Strategy Starts With Theaters
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Morning News: March 31, 2025
Posted by Eddy Elfenbein on March 31st, 2025 at 7:04 amXi Showdown With Li Ka-shing Threatens China’s Pro-Business Push
China PMIs Show Some Signs of Economic Green Shoots Ahead of Tariffs
Why China Is Wary of a Trump-Xi Summit
The US Is Losing the Contest to Divide the World
Is This Really How American Exceptionalism Ends?
An April Pause Is an Option for the ECB, But Trump’s New Tariffs Loom
Trump’s Tariffs Mean Europe Must Take Control of Its Future, Says ECB’s Lagarde
Tariffs Keep Wall Street on Edge
Stocks Extend Losses With Deepening Tariff Fears
Tariffs on Screws Are Already Hitting Manufacturers
Smelters in Crisis Force Cutbacks at Glencore and Trafigura
Auto Stocks Fall After Trump Says He ‘Couldn’t Care Less’ About Higher Prices
Harley-Davidson Wants Payback if Europe Targets Its Bikes
South Korea’s Short-Selling Ban Has Ended. Will Global Investors Flock Back?
Hedge Funds Flee Techs Stocks Before Tariffs Take Hold, Says Goldman Sachs
Goldman Sachs Lifts U.S. Recession Probability to 35%
Slow US Tax Collections Spark Angst About Debt Ceiling X-Date
The Era of Cheap Stuff Was Already Ending. Now Comes the Tariff Threat.
White House Weighs Helping Farmers as Trump Escalates Trade War
They Want More Babies. Now They Have Friends in the White House.
Musk Says DOGE Role Is Costing Him as Tesla Shares Slump
The Chinese Electric Vehicle Founder Who Wants In on Trump’s America
Huawei Posts Profit Drop But Revenue Signals Solid Comeback
The M&A Boom Wall Street Wanted Is Here, if You Know Where to Look
As Trump Squeezes the Immigrant Work Force, Employers Seek Relief
Rocket to Buy Mortgage Servicer Mr. Cooper in $9.4 Billion Deal
Yum Brands CEO David Gibbs to Retire in Early 2026
Ultra-Luxe Food Supplier Thrives on Cravings for Snow Crab and Wagyu Beef
The Army Has a Fast-Food Problem. Can a TV Chef Fix That?
Baseball’s Robot Umps Offer a Technology Tweak, Not an Upheaval, for the Game
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Morning News: March 28, 2025
Posted by Eddy Elfenbein on March 28th, 2025 at 7:03 amXi Jinping Meets Global Business Leaders Amid Trade Tensions
Trump Could Hand China a ‘Strategic Victory’ by Silencing Voice of America
Europe’s Industrial Outlook Buoyed by Defense Drive
As Military Spending Soars, Demand for Spy-Proof Real Estate Booms
Trump’s Team Signal Chat Exposed US Spycraft to Adversaries
Obsessed With Greenland? You Too May Have the Wrong Map
In Europe, You Can Be Sued for Not Taking Action on Climate Change. In the U.S., It’s the Opposite.
Some European Nations Push for More Flexible 2025 Gas Storage Targets
Mining Company Seeks Trump Support to Shortcut Access to Seabed Metals
The Hunt for Critical Minerals Can’t Lead the US Astray
Nippon Steel Slumps on $7 Billion US Steel Investment Report
The Town That Went Crazy for Crypto
Value Stock Gains Need Fresh Catalyst With Earnings a Wild Card
A Missed Opportunity on VAT Haunts Trade War
U.S. Faces ‘Significant Risks’ From Debt, Analysts Say, as Trump Pursues Tax Agenda
Deal Slump Hits US High-Grade Bond Supply, Pressures Spreads
Trump’s Budget Chief Eyes Deep Cuts to ‘Woke and Weaponized’ Spending
The ‘Brocasters’ Have Listeners in a Chokehold
Trump’s Tariffs Leave Automakers With Tough, Expensive Choices
Trump Warned U.S. Automakers Not to Raise Prices in Response to Tariffs
U.S. Automobile Safety Regulator to Investigate Honda Engine Restart Complaints
The New Billionaires of the AI Boom
Efforts to Weed Out Fake Users for Online Advertisers Fall Short
Ubisoft Shares Climb After Tencent Backs Assassin’s Creed Carveout
Is Ozempic Really the Reason Americans Are Snacking Less?
Sundance Picks Its New Home: Boulder, Colorado
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Morning News: March 27, 2025
Posted by Eddy Elfenbein on March 27th, 2025 at 7:05 amChina Pauses New Deals With Li Ka-shing Family After Panama Ports Plan
Why Billionaire Li Ka-shing’s Panama Ports Deal Infuriates China
Why Trump Is Obsessed With Taking Over Greenland
Trump’s Auto Tariffs, Threats on Allies Intensify Trade War
Auto Stocks Tumble as Investors Assess Hit From Trump’s Tariffs
Trump Floats More EU, Canada Tariffs If They Work Against US
The UK Is a Hostage to Fortune in a World Roiled by Trump
Trade Policy Should Return to ‘Reason,’ Says ECB’s Villeroy
What Canada’s 300% Tariff on Dairy Imports Actually Means
Trump Floats Chinese Tariff Cuts in Exchange for TikTok Deal
Tariffs Won’t Bring a Boom in American Manufacturing
Trump and Musk Share the Founder’s Mindset
Government Contracting Is an Easy But Elusive Target
Elmo and Elon Musk Are Cited as G.O.P. Lawmakers Grill PBS and NPR
Climate Talk on S&P 500 Earnings Calls Drops by Three-Quarters
Economic Growth Now Depends on Electricity, Not Oil
This 4-Bedroom Ranch in N.J. Tells You Everything About the Lopsided Housing Market
Quitting Your Job Won’t Help You Get Paid More Money Right Now
UBS Declines as BofA Downgrades on Lack of Regulatory Clarity
Bankers Were Dreaming of M&A Riches Under Trump. It Hasn’t Worked Out, Yet
TikTok Billionaire Zhang Becomes China’s Richest Person
Facebook Memoir Spotlights Meta’s About-Face on China
OpenAI Close to Finalizing $40 Billion SoftBank-Led Funding
Indians Spend a Trillion Hours on Their Phones, Pushing a $29.4 Billion Media Industry
FedEx Needs to Open the Lid on Its International Black Box
Next’s Shares Jump on Guidance Upgrade Against Tough Sector Backdrop
H&M Earnings Miss Forecasts on Higher Discounts and Costs
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Morning News: March 26, 2025
Posted by Eddy Elfenbein on March 26th, 2025 at 7:06 amKenya Ditches Dream for Balanced Budget as Revenue Lags Target
LGBTQ Discrimination Costs East African Nations $5 Billion a Year, Study Finds
BOJ Governor Suggests Food Inflation Could Lead to Rate Hike
India Is on a Hiring Binge That Trump’s Tariffs Can’t Stop
The Art of the Deal Meets a Four-Power Axis
Years of Climate Action Demolished in Days: A Timeline
Dolphin Hunting Is Their Tradition. Rising Seas Have Made It a Lifeline.
Trump’s Tariff War Forces Allies to Choose Resistance or Surrender
Trump Weighs Imposing Copper Import Tariffs in Weeks, Not Months
U.S. Adds Export Restrictions to More Chinese Tech Firms Over Security Concerns
Why the Fed Wants to Keep More US Government Debt
US Stock Market Liquidity Drying Up as Trade War Concerns Mount
The Signal Leak Is Too Big to Sweep Under the Rug
Wall Street Bonus Pool Surges to a Record $47.5 Billion for 2024
Half of American Households Hold 97.5% of the National Wealth
Private Equity Is Coming for America’s $12 Trillion in Retirement Savings
Corporate America’s Euphoria Over Trump’s ‘Golden Age’ Is Giving Way to Distress
At Paul Weiss, Panic, Poachers and a Fight for the Bottom Line
Shell Shocked: How Small Eateries Are Dealing With Record Egg Prices
Phillips 66 Proposes New Board Members Amid Elliott Battle
French Tax Authorities Are Using AI to Clamp Down on Tax Fraud
Catastrophe Experts Tap AI to Tackle Soaring Insured Losses
With a U.S. Ban Looming, TikTok Portrays Itself as a Force for Good
Europe Rapidly Falling Behind China in Pharma, AstraZeneca CEO Warns
Dollar Tree to Sell Struggling Family Dollar for $1 Billion
‘Trump Slump’ Looms as Foreign Visitors Rethink Travel to U.S.
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CWS Market Review – March 25, 2025
Posted by Eddy Elfenbein on March 25th, 2025 at 5:11 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.”)
Here are some stats to consider: Since 1966, the S&P 500 has had 12 bull markets and 12 bear markets. Over that time, the market has been in a bull market 80.2% of the time, and in a bear market the other 19.8% of the time.
During bull markets, the index has had an annualized average gain of 21.2% per year. In bear markets, it’s lost an average of 35.5% per year. Notice how the bear markets are short but sharp while the bulls are long and slow. That’s one of the important truths about investing.
Here’s another way of thinking about it. Imagine that instead of investing, you went to a special roulette table once a year on December 31. This roulette table, however, has some unusual rules.
At our roulette table, you have an 80% chance of making 20% on your money for the coming year, and a 20% chance of losing one-third of your money for the year.
You may not think this is a very comforting game since you have a very real chance of losing one-third of your money in any given year.
While this roulette is a product of my imagination, the payoffs are close to accurate, and, as in real investing, the key strategy is to keep playing the game because the odds are very much in your favor. That’s why so much of successful investing comes down to doing little and waiting. For some people, that’s too much to bear.
It’s easy to be reminded of this as the stock market recently had a very quick correction. The S&P 500 lost just over 10% in 16 trading days. I see plenty of folks debating whether we’re in a bear market or not, yet the market has already made back nearly half of what it lost.
This year’s bear market began five years to the date after the fantastic Covid-induced plunge of 2020. Five years ago, the market gave us a 20% surge in just three days, but 25 years ago, the market peaked on March 24, 2000. We didn’t reach another new high for 13 years.
SAIC Rallies on Earnings Beat
Two weeks ago, I told you about Science Applications International (SAIC) which is one of our Buy List stocks. I highlighted the company because the business performance has been quite good, but the stock has taken a big hit, especially since election day. I always pay attention when good stocks are taken down, especially for transient reasons.
Many investors suspected that SAIC’s contracts would be under the knife thanks to the new Department of Government Efficiency, but that’s an exaggerated threat. SAIC does so many things for the Pentagon. In fact, SAIC is ultimately a money saver for the DOD.
In September, SAIC reported fiscal Q2 earnings of $2.05 per share. That was a 20-cent beat. Then in December, it reported fiscal Q3 earnings of $2.61 per share. That was a 44-cent beat.
Yet the stock started to fall since election day. In November, SAIC was as high as $156 per share. Earlier this month, it dropped down to $95 per share. This is when prudent stock shoppers take notice.
We’ve been paying close attention to SAIC, and we’ve seen several reasons to keep the faith. For example, in December, SAIC’s board of directors authorized a buyback of $1.2 billion. That’s a strong show of confidence. At the end of last quarter, SAIC’s estimated backlog was approximately $22.4 billion.
SAIC had also raised its guidance. The company projected full-year earnings between $8.50 and $8.65 per share. That’s a big increase over the previous guidance range of $8.10 to $8.30 per share.
That brings us to the recent earnings report. For the year so far, SAIC has made $6.56 per share. That means the guidance implied Q4 earnings of $1.94 to $2.09 per share. Two weeks ago, I wrote, “I think there’s a good chance we’ll see an upside surprise.”
I was right.
Last Monday, SAIC said it made $2.57 per share. That’s up from $1.43 per share the year before. Quarterly revenues increased 5.8% to $1.84 billion.
For the year, SAIC made $9.13 per share. That’s up from $7.88 per share the prior year. The company had free cash flow of $499 million.
SAIC also raised guidance for the new fiscal year. The company now sees FY 2026 revenues ranging between $7.6 billion and $7.75 billion. That’s an increase of $50 million to the low end.
SAIC raised its full-year earnings guidance for the coming year to $9.10 to $9.30 per share. That’s an increase of 20 cents to both ends. On Monday after the earnings report, the stock rallied more than 7% for us. The stock closed today nearly 15% above its low from earlier this month. This is another good example of why it’s good to stand by high-quality stocks that run into a little trouble.
By the way, I talk more about our Buy List stocks like SAIC in our premium version which you can sign-up for here.
Consumer Confidence Plunges to 12-Year Low
Wall Street got an unpleasant shock this morning when a report on consumer sentiment dropped sharply. The Conference Board said its measure for future expectations fell 9.6 points to 65.2. That’s the lowest reading since late 2013. Traditionally, any reading below 80 has signaled that a recession is on its way.
The measure for current conditions fell 7.2 points to 92.9. Economists had been expecting a drop to 93.5. That was the index’s fourth monthly drop in a row.
I can’t say I’m completely surprised by this news. Just look at the stock market over the past month, and you can see that investors are clearly nervous. The report also shows that only 37.4% of respondents expect the stock market to be higher one year from today. That’s a drop of 10% in the last month. It’s also the first time that most investors are pessimistic since late 2023.
I’m a firm believer that the stock market is a driver of consumer spending (though not the only driver). Happy stocks make happy shoppers.
I looked at Polymarket today which is a site where you can bet on real world events. Bettors currently think there’s a 33% chance of a recession starting later this year. Bettors also expect growth for Q1 GDP to be about 1%. That’s not so good.
Traders think that the Fed will soon be back to cutting interest rates. The latest expectations are that the Fed will cut twice more this year, and there’s nearly a perfect 50-50 split on the need for a third rate cut.
On the plus side, today’s new homes sales report showed a modest rebound last month. The Census Bureau said that new home sales rose 1.8% to an annualized rate of 676,000. The numbers for January were revised higher as well.
Is the U.S. stock market out of its hole? That’s hard to say. The correction was swift, and we’ve already made nearly half of it back. One good item is that the stock market just barely tipped above its 200-day moving average. This is a dumb rule that has a pretty good track record. Historically, the market has done much better when it’s traded above its 200-DMA compared to when it’s below the 200-DMA. Still, I don’t think we’re in the clear just yet.
The next big test for the market will come next Friday, April 4, with the March jobs report. The labor market has shown a little weakness lately but nothing alarming. At least, not yet.
That’s all for now. I’ll have more for you in the next issue of CWS Market Review.
– Eddy
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Morning News: March 25, 2025
Posted by Eddy Elfenbein on March 25th, 2025 at 7:07 amChina’s Central Bank Tweaks Lending Tool in Sign of Policy Shift
China Frees Employees of U.S. Consulting Firm After 2-Year Detention
German Business Confidence Climbs After Lawmakers Unlock Spending Increase
In His Second Term, Trump Fuels a ‘Machinery’ of Misinformation
Trade War Explodes Across World at Pace Not Seen in Decades
Trump’s Threat of ‘Secondary Tariffs’ Invents New Trade Weapon
Europe Should Hold Its Fire in Coming Tariff War
Potatoes, Shrimp and Teslas: Exporters Vie to Shape Trump’s Tariffs
UBS Top Strategist Sees Consumer Slowdown Hitting the S&P 500
US Consumers Slow Spending as Inflation Bites, Synchrony Says
U.S. Infrastructure Improves, but Cuts May Imperil Progress, Report Says
Trump, Big Law, and an ‘Existential Crisis’
Has the Decline of Knowledge Work Begun?
PBS and NPR Prepare for Showdown With Congress
China’s AI Push Turns Tech Titans Into National Champions
Tech Chiefs, Foreign Leaders Urge Trump to Rethink AI Chip Curbs
Emboldened by Trump, A.I. Companies Lobby for Fewer Rules
Google Is Searching for an Answer to ChatGPT
Shell to Increase Production, Shareholder Returns Under New Strategy
Boeing Gets Lifeline in Pentagon Deal to Build Most Expensive Jet Fighter Ever
Boeing Is Pushing to Withdraw Guilty Plea Agreement
Cathie Wood Sticks With Tesla, Predicts Stock to Hit $2,600
Tesla’s No.1 Rival Is Practically Taunting Elon Musk Now
Toyota Was Bullish on Trump. Then Came the Tariff Threats.
Hyundai to Invest $21 Billion in U.S. in Bid to Avoid Trump’s Tariffs
Mexico Should Roll Out the Asphalt Carpet for BYD
23andMe’s Bankruptcy Puts 15 Million Users’ DNA Info on Auction Block
The World’s Largest Whiskey Market Prepares for Trump Tariffs
Let Consumers Decide Whether to Eat Lab-Grown Meat
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Morning News: March 24, 2025
Posted by Eddy Elfenbein on March 24th, 2025 at 7:00 amRussia and the US Both Want to Finlandize the World
China Saves Fiscal Power for Trade War as Spending Progress Lags
Billion-Dollar US Levies on Chinese Ships Risk ‘Trade Apocalypse’
Europe’s Economic Activity Grows Weakly as Tariffs Loom
Germany Confirms Second-Quarter Debt Issuance of €92.5 Billion
U.K. Budget Could Dent Sterling on Any Missteps
Elliott Builds Stake in Japan’s Sumitomo Realty & Development
Under Pressure to Raise Wages, Japan’s Smaller Firms Get Creative
Farmers, Dockhands and Shipowners Fight Against U.S. Fees on Chinese Ships
US Treasuries Fall on Signs That Trump Will Dilute April Tariffs
Data-Hungry Investors Dive Deep for Economic Clues
The Economic Data Is as Cloudy as the Outlook
Dollar Weakness Becomes Profit Boon for US Multinationals
U.S. Could Run Out of Cash by July, Analysis Finds
Tariff Exclusion Hopes Prop Up Markets
Risky Bonds Aren’t So Risky in the Long Run
Smart-Money Crowd Feels Squeeze of Higher Equity-Funding Costs
US Banking Rule Reform Is Too Important to Rush
He Was Apollo’s Mr. Fix-It. Now He’s Trump’s Pick to Police Wall Street
Spec Homes Sitting on the Market Pose Potential Economic Drag
Americans Are Rushing to Get Off the Grid
Australia’s Gold Road Rejects $2.1 Billion Takeover Offer From Gold Fields
Jack Ma-Backed Ant Touts AI Breakthrough Using Chinese Chips
US Tech Manufacturing Efforts Run Smack Into Wright’s Law
Ford’s Fat Dividend Could be a Casualty of Tariffs
Novo Signs $2 Billion Deal With United Labs for Obesity Drug
Bayer Shares Plunge After U.S. Court Defeat in Roundup Case
23andMe Starts Chapter 11 Process, Co-Founder Steps Down as CEO
James Hardie Agrees to Buy AZEK for $8.75 Billion
Why Does Big Bird Look So Sad?
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Morning News: March 21, 2025
Posted by Eddy Elfenbein on March 21st, 2025 at 5:45 amJapan Inflation Slows But Uptrend Backs Case for Rate Hikes
China’s Government Is Short of Money as Its Leaders Face Trump
Russia Touts Economic Opportunities. Western Companies Are Wary.
Today’s Autocrat Has No Liberal West to Blame
Europe Is Short of Gunpowder and TNT When It Needs Them Most
Why the Shipping Industry Isn’t Rushing Back to the Red Sea
French Factories Remain Under Tariff Cloud as Hopes Grow for Defense Boost
Tracking Every Trump Tariff and Its Economic Effect
Why the Fed’s Job May Get a Lot More Difficult
Rio Tinto Has ‘Strong Desire’ to Invest More in U.S., Copper Chief Says
Frackers, Once Jubilant, Are Unnerved by Trump’s First Weeks in Office
Trump to Expand Critical Mineral Output Using Wartime Powers
From Ford to Musk, the Perils of Trying to Build a Global Auto Empire
Tesla Recalls Most Cybertrucks Due to Trim Detaching from Vehicle
Musk Asks Tesla Employees to Hang On to Stock Despite 40% Drop
Elon Musk Gets Ready to Enter the Restaurant Business
Home Sales Rose 4.2% in February, Beating Expectations
What Happens to Student Loans if the Education Dept. Closes?
Mar-a-Lago, or Much Ado That Might Never Happen
The New American Travel Anxiety: ‘Will They Hate Us?’
One Man’s Crypto Windfall Is Funding a $1 Billion Space Station Dream
Meituan Nearly Triples Profit Despite Competition
Wine Connoisseurs Freeze Purchases Over Trump’s 200% Tariff Risk
Ben & Jerry’s Founders Say They Stand Behind Ousted CEO
How Bryan Johnson, Who Wants to Live Forever, Sought Control via Confidentiality Agreements
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