Morning News: October 2, 2024
Posted by Eddy Elfenbein on October 2nd, 2024 at 7:23 am

The Economic Cost of a New War in the Middle East

Why the Conflict Between Iran and Israel Has Raised Oil Prices Only Modestly

Global Insurers Fight London Court Battle Over Jets ‘Lost’ in Russia

Don’t Let Geopolitics Derail Your Investment Plans

Poland Leaves Rates Steady Again as Inflation Accelerates

Japan Ministers Ask BOJ to Help Complete Exit from Deflation

Finance Firms More Worried About Global Economy, BoE Survey Finds

Hedge Funds That Bet Big on China Score 25%-Plus September Gains

The Supreme Court Tanked Its Reputation. This Is the Way Back

Dalio, Abu Dhabi Royal’s G42 Said to Shelve Investment Venture

Lazard, King of Emerging-Market Debt, Faces a New World Order

Elon Musk and Mark Cuban Agree on One Thing: Dogecoin Is No Longer a Joke

AI Can Only Do 5% of Jobs, Says MIT Economist Who Fears Crash

The Profane 78-Year-Old Leading the Dockworkers Strike

Adam Neumann’s Latest Project Is a WeWork Competitor

Vimeo Names New CMO as It Focuses on Business Video

How Hurricane Helene Jolted the Global Chip Industry

Chip Firms Monitoring Quartz Supplies After Hurricane Hits Mines

Toyota to Invest $500 Million in Air Taxi Startup Joby Aviation

Tesla Sales Increase, Suggesting Electric Car Demand Is Rebounding

Stellantis U.S. Auto Sales Extend Freefall in Third Quarter

Korea Zinc Teams Up With Bain Capital to Thwart Takeover Bid

Eli Lilly to Build $4.5 Billion Research and Manufacturing Center to Propel Drug Pipeline

Humana Shares Tumble as 2025 Membership for Its Top-Rated Medicare Plans Slump

Nike Needs to Tread in Adidas’ Footsteps

Starbucks New CEO Wastes No Time in Overhauling Executive Ranks

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CWS Market Review – October 1, 2024
Posted by Eddy Elfenbein on October 1st, 2024 at 6:22 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 Best Year for Stocks Since 1997

The stock market closed yesterday at another all-time high, 5,762.48. These new highs are getting repetitive! So much for September being the worst month of the year.

Through September, the S&P 500 is up 20.8% on the year. That’s better than every single major investment firm expected.

Yesterday was the index’s 43rd new high this year. This is the best first nine months to a year in 27 years. Also, this is the best start to a presidential election year on record (going back to 1928).

For the month, the S&P 500 gained just over 2%, and for the third quarter, the index gained 5.5%. This was the fourth quarterly gain in a row for the market.

What’s remarkable is how placid the stock market has been. Despite a flurry of scary headlines, the market keeps quietly chugging along. Except for a quick three-day panic in August, this market has been remarkably calm.

This has also been a tale of two markets. For the first half of the year, growth stocks strongly led value, but in the middle of the year, value started to take the lead.

In recent weeks, value’s surge against growth has started to wane, but I’m not ready to say the value cycle is over. As long as the Fed is committed to lowering interest rates, that’s good news for higher-yielding sectors of the market.

In particular, the areas of the market that are set to do well are defensive areas. By that, I mean staples, healthcare, utilities and REITs. There’s even been talk of “AI fatigue” plaguing some large-cap tech stocks. I wouldn’t be surprised to see more of that.

What’s been driving the recent rally? Obviously, the Fed rate cuts are playing a big role. Not only that, but it looks like more rate cuts are on the way. On Friday, we got good inflation news when the government said that the Personal Consumption Expenditures (PCE) price index rose by just 0.1% in August. That was less than expected.

Over the past 12 months, the PCE price index is up by 2.2% (see below). That’s the lowest 12-month rate since February 2021. I don’t want to say that inflation has been defeated, but the price outlook is getting better.

The PCE is important because it’s the Fed’s preferred measure of inflation. Unlike the CPI, the PCE is based on what consumers actually buy.

The core PCE, which excludes food and energy prices, also rose by 0.1% in August, and that was also below expectations. Over the last 12 months, the core PCE is running at 2.7%. That’s still above the Fed’s 2% target for inflation, but the trend is moving in the right direction.

The progress in August came despite continued pressure from housing-related costs, which increased 0.5% on the month for the largest move since January. Services prices overall rose 0.2% while goods declined by 0.2%.

We also learned that personal income rose by 0.2% in August, and spending rose by 0.2% as well. Both numbers were below expectations.

Since today is the first business day of the month, we got the ISM Manufacturing Index. For September, the ISM was 47.2. That’s the same as it was for August. That’s a weak number but nothing terrible. Wall Street had been expecting 47.5.

Tuesday’s report on job openings showed that there are eight million jobs looking to be filled. That’s an increase of 329,000 since July. The next test for the market will come on Friday with the September jobs report. Wall Street expects to see a gain of 150,000 net new jobs.

The Federal Reserve meets on November 6-7, and it’s very likely that the Fed will cut rates again. In fact, yesterday, Jerome Powell spoke at a conference in Nashville, and he said the Fed will keep lowering interest rates to help keep the economy going.

In the most recent projections, Fed members see the central bank cutting by 0.5% before the end of the year. Again, the rate cuts aren’t so much about the Fed helping a weak economy. Truthfully, the economy isn’t weak right now. Instead, it’s better seen as the Fed taking back its extraordinary rate hikes that were used to combat inflation. With inflation receded, so can interest rates recede. At least, that’s how the Fed sees it.

I am concerned about the dockworkers’ strike, especially if it drags on. That could cause disruptions and mess up supply lines. A strike is probably not strong enough to push the whole economy off the lines, but it will have an impact. We can’t say how great it will be right now.

Why Prices Are Better Than Reports

If you follow the government’s economic data long enough, you learn to greet each new report with a bit of skepticism. That’s because nearly every report will, at some point, be revised—and those revisions will, themselves, be revised. And those revisions will be revised yet again. In the realm of economic data, few things are as surprising as the past.

Just recently, the Labor Department conceded that it overcounted the number of jobs in the economy by 818,000. Well, that’s a sizable miss.

It doesn’t end there. Last week, the government said that it under-reported how well the economy recovered from Covid. Originally, the government said the economy grew in real terms by 5.1% from Q2 of 2020 through the end of last year. Now it says the economy grew by 5.5% over that time span. That small-sounding mistake is really a few hundred billion dollars.

The government originally reported negative growth for the first and second quarters of 2022. Some claimed that since it was two quarters of negative growth, that should count as a recession.

While two quarters of negative growth is a good shorthand for a recession, it’s not precisely correct. The official definition of a recession is much broader. In any event, it’s now a moot point since, thanks to the revisions, the government now says the economy grew slightly during Q2 of 2022. Change a few numbers and presto, no more recession.

The Bureau of Economic Analysis (BEA) also revised higher the U.S. savings rate. Previously, the BEA said the savings rate had dropped to 2.9%. That’s really low. Now they said it only got to 4.8%. Goldman Sachs said that number is probably still too low.

This is another reason why I trust prices more than the government reports. Sure, the market can be wrong. It’s wrong all the time. But at least the stock market never revises its old prices.

The Decade Cycle

We’re nearing the midpoint of the decade, and I was curious to see how the stock market performs, on average, each decade. I took all the data for the S&P 500 since 1957. That’s when the index expanded to 500 stocks.

Footnote: I started each decade on January 1 of each year ending in zero.

I found that the stock market performs much better during the latter half of the decade than it has in the first. In fact, during the first three years of each decade, the market has basically gone nowhere.

Even in this decade, the S&P 500 was sitting on an 11% gain for the decade as late as mid-October 2022. That’s a modest gain for nearly three years.

But that back half of each decade is a very different story. In five years, the stock market has gained, on average, more than 120%. Interestingly, the 1987 Crash is still clearly visible on this chart.

I’m not sure what could explain the difference. Maybe it’s a natural cycle? Or it’s a random draw? The Soviet economist Nikolai Kondratiev said there are 45- to 60-year cycles at play in the economy. Beats me. But I wouldn’t mind seeing the market double over the next 5¼ years.

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

– Eddy

Morning News: October 1, 2024
Posted by Eddy Elfenbein on October 1st, 2024 at 7:07 am

African Americans Granted Citizenship Rights in Former Slave Hub Benin

How China’s Copper King Dug Himself Into a $1.6 Billion Hole

U.S. Raises New Concerns Over Chinese Lending Practices

Eurozone Inflation Comes Below Target for First Time in Three Years

The Surprise Market Winner of 2024: The Great British Pound

Rattled Mexico Investors Seek Economic Clues as Sheinbaum Takes Office

Fed’s Powell Says Rate Cuts Can Sustain Soft Landing, but Sees No Need to Rush

Forecasting America’s Economic Future Under Harris vs. Trump

Harris, Trump Platforms Share Economic Nationalism

BlackRock’s Fink Says Market Is Wrong on Fed Rate-Cut Bets

This Hedge-Fund Manager Says It’s a ‘Max-Long’ Moment for Stocks

Why Private Equity Is In Such a Funk

Commerzbank’s Orlopp Says Strategy Is ‘Built on Independence’

Charles Schwab Names President Rick Wurster as Next CEO

Apollo Projects $10 Billion of Annual Earnings in Five Years

F.T.C. Clears Chevron’s Purchase of Hess With Board Condition

Microsoft Shares Lag as ‘AI Fatigue,’ High Multiple Curb Rebound

Strike Shuts Eastern US and Gulf Ports, Threatening Economy

How the Dockworkers’ Strike Could Ripple Through the Economy

Boeing Weighs Raising at Least $10 Billion Selling Stock

Amtrak’s New Marketing Strategy: It’s Not a Train, It’s a Hotel on Wheels

CVS Conducting Strategic Review, Considering Breakup

Empty Rentals Burn Vacation-Home Owners Near Florida’s Disney World

For Happiest Baby, Maker of $1,700 Bassinet, Growth Comes at Cost of Angry Parents

How Chicken Tenders Conquered America

LVMH Bets on Booze-Free Bubbles at $100-Plus a Bottle

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Morning News: September 30, 2024
Posted by Eddy Elfenbein on September 30th, 2024 at 7:04 am

Libya Assembly Paves Way to Oil Restart With Central Banker Vote

The Disconnect in Metals Markets Cannot Go On

U.S. Ramps Up Hunt for Uranium to End Reliance on Russia

U.S. Approves Billions in Aid to Restart Michigan Nuclear Plant

How the US Lost the Solar Power Race to China

China Has Broken the ‘Critical Minerals’ Market

Xi Has Finally Realized What’s Ailing China

China Removes Curbs on Home Buyers, Sparking Stock Market Surge

FOMO Grips China Stock Buyers on ‘Epic’ Trading Day Before Break

88-Year-Old Japanese Ex-Pet-Shop Owner Built a $14 Million Fortune Buying Stocks

Japan Industrial Output Fell More Than Expected in August

New Swiss Central Bank Chief Takes Charge in Shadow of Credit Suisse Trauma

US Economy Gets Another Big Revision and This Time It’s Good

JPMorgan’s ‘Jamie Premium’ To Be Tested as CEO Succession Looms

Biden’s Antitrust Cop Got a Big Win. Will It Be His Last?

DirecTV and Dish to Merge to Create Largest US Pay-TV Provider

Qualcomm’s Chips Are the Stars of the New Windows AI PCs

Military Veterans Help Plug Worker Shortages at EV, Battery Plants Sprouting Up in the US

Dockworkers Strike Could Begin Tuesday, With Talks at an Impasse

The Great €3 Billion Shipping Container Heist

Jeep Maker Stellantis Warns on Profit as Automakers Face Perfect Storm

Harvard’s Not-So-Smart Money: Two Decades of Poor Returns and Rich Pay

CNN Wades Back Into the Documentary Business

Wall Street Bets on $8.5 Billion Fashion Deal’s Fate in Trial

Vintage Shopping Is Booming. Banana Republic and Others Get In on the Action

The $1,000 ‘Micro’ Handbags Luxury Brands Are Pinning Their Hopes On

Aperol Sales Pop in Summer. Its Owner Wants That to Happen All Year

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Morning News: September 27, 2024
Posted by Eddy Elfenbein on September 27th, 2024 at 7:02 am

‘Asian NATO’ Backer Ishiba to Become Japan PM as Race Jolts Yen

China’s Market Marred by Glitches as Frenzy Grips Stocks

Thailand’s Pension Fund Earmarks $11.6 Billion for Global Investment Overhaul

Ghana Cuts Rate by Most in Six Years With Inflation Seen Easing

Lower Interest Rates Don’t Guarantee a Soft Landing

Biden’s Economic Record Beats Trump’s, With Some Caveats

Why a President Cannot Whip Inflation

The Tech Bro Style in American Politics

5 Days With Elon Musk on X: Deepfakes, Falsehoods and Lots of Memes

Russia’s Crypto Mining Tycoon Builds Fortune From Putin’s U-Turn

Sports Betting Apps Are Even More Toxic Than You Thought

Arm Is Rebuffed by Intel After Inquiring About Buying Product Unit

Amazon’s $4 Billion Anthropic Deal Cleared by UK Watchdog

Europe Can’t Seem to Kick Its Russian Energy Habit

EU Aims to Block Chinese Hydrogen Tech in New Auction Guidelines

Brazil’s Oil Capital Gets a Paradoxical Vote of Confidence

The Carbon Market’s Last Hurdle

Nuclear Power Is the New A.I. Trade. What Could Possibly Go Wrong?

The Energy Boss Overhauling the Grid for AI and Net Zero

A High-Profile Clean-Energy Startup Is Running Short on Cash

The Race to Save America One Seed at a Time

Port Operators Ask Regulator to Force Dockworkers to Negotiate

U.S. Safety Officials Urge Boeing, FAA to Address 737 Rudder System

Stellantis Keeps Slashing in Spite of Signs It Has Cut Too Deep

Forvia Cuts Sales, Margin Outlook on Market Uncertainty

LVMH Expands Industry Influence With Investment in Moncler

H&M to Miss Margin Target as Higher Costs Hurt Earnings

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Morning News: September 26, 2024
Posted by Eddy Elfenbein on September 26th, 2024 at 7:06 am

China’s Politburo Supercharges Stimulus With Housing, Rates Vows

China Weighs $142 Billion Capital Injection Into Top Banks

World Bank Seeks LGBTQ Compromise to End Loan Freeze in Uganda

Swiss Central Bank Delivers Third Straight Rate Cut

Yellen to Call for More Financial Stability Work, Thoughtful Regulation

Fed’s Rate Cut Is Jolting Small Businesses to Spend Again

When Will Money-Market Funds Lose Their Allure?

Knowing the Future Won’t Make You Money

Top Bankers Chase a Big Payday by Defecting to Private Credit

Commerzbank to Begin Talks with UniCredit As It Woos Investors with Profit Goals

Trump and Harris Want More Crypto Innovation. Yikes.

Why Do People Like Elon Musk Love Donald Trump? It’s Not Just About Money.

NYC Mayor Eric Adams Indicted After Federal Corruption Probe

Newsmax Defamation Case Over 2020 Election Is Set to Begin

A Green Jobs Program Touted High Wages. Some Trainees Feel Misled

Why Moves by Amazon and Comments by Jamie Dimon Don’t Threaten an End to Remote Work Benefits

Powering AI Leapfrogs Climate Concerns

OpenAI Discusses Giving Altman 7% Stake in For-Profit Shift

Mark Zuckerberg’s AI Vision Makes Metaverse a Slightly Easier Sell

Ubisoft Analysts Vent After Warning Sends Shares to Decade-Low

BASF Slashes Dividend, Plans Portfolio Shake-Up in Strategy Shift

Southwest Airlines Sets $2.5 Billion Buyback in Turnaround Plan

Starbucks Removes Howard Schultz’s Beloved Italian Pastry Brand From Many Stores

Diageo Warns of Continued Challenges as Consumers Remain Cautious

What Does Baseball Lose When the A’s Leave Oakland?

H&M to Miss Margin Target as Higher Costs Hurt Earnings

The Addiction to Discounting at Michael Kors Is Exposed in Court

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Morning News: September 25, 2024
Posted by Eddy Elfenbein on September 25th, 2024 at 7:07 am

Milei’s Austerity Ravages a Factory Hub at the End of the World

The Net Zero Overhaul

Bankers Say What They Really Think About Net Zero at Climate Week

The High-Stakes Spat Over How Much Oil the World Really Needs

A Coal Windfall Lays Bare China’s Steel Pain

China and EU Seek Deal to Avert EV Tariffs

China Cuts One-Year Policy Rate by Most Ever in Stimulus Drive

Xi’s Economic Adrenaline Shot Is Only Buying China a Little Time

Global Economy Moves Beyond Inflation Crisis to Stable Growth

France Prepares to Raise Taxes on Businesses and the Rich

Trump’s Low-Tax, High-Tariff Strategy Could Clash With Economic Realities

Inside Harris’s Big Economic Pitch

Mark Zuckerberg Is Done With Politics

US Investigating SAP, Carahsoft for Potential Price-Fixing

US Accuses Visa of Monopolizing Debit Card Swipes

Visa, Google, JetBlue: A Guide to a New Era of Antitrust Action

We Asked a Nobel Prize-Winning Economist How to Fix Fintech

How Americans’ Trust in Big Business Went From Bad to Worse

A College Taps Wall Street Playbook to Rival Ivies on Admissions

Micron’s Results May Reveal an AI Winner Trading at a Discount

Inside Activision and Blizzard’s Corporate Warcraft

US Firms Reaching Out as Biosecure Act Closes in, Piramal Says

Southwest Air’s Lackluster Profit Fuels Pressure to Revamp Business Model

Billionaire’s China Supermarket Deal Causes Swift Wealth Wipeout

Waiting for the Miracle of Church-to-Housing Development

Shein Faces Italian Antitrust Scrutiny Over Environmental Claims

How Hello Kitty Took Over the World

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CWS Market Review – September 24, 2024
Posted by Eddy Elfenbein on September 24th, 2024 at 5:52 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 Federal Reserve Cuts By 0.5%

Last week, the Federal Reserve voted to lower interest rates by 0.5%, although I think it’s more accurate to say that the Fed undid some of the historically aggressive rate hikes it deployed in 2022 and 2023.

Over a 16-month period, the Fed hiked short-term interest rates a total of 525 basis points. The aggressive rate hikes were intended to combat a nasty bout of inflation. At one point, inflation was running at more than 9%.

Now, more than a year after the last Fed hike, and with inflation trending below 3%, the central bank decided to slash rates by 0.5%.

I admit I didn’t think the Fed would go through with a rate cut that large. So far, Wall Street seems quite pleased with the move. Today the S&P 500 closed at another all-time high, its 41st of the year. The Nasdaq was up as well but it’s still below its high from more than two months ago.

Overall, this has been a good year for the stock market. The S&P 500 Total Return Index, which includes dividends, is up 21% this year. We’re about to close out Q3, and the S&P 500 is on track for its fourth quarterly gain in a row.

It looks like this will only be the first in a long series of rate cuts. For the November meeting, traders are evenly split on whether the Fed will cut by 0.25% or by 0.50%. That meeting will be shortly after the election.

While the exact plans are in doubt, the overall strategy is clear: the Fed is leaning towards cutting rates. Over the next four meetings, traders expect the Fed to cut interest rates by a total of 1.5%. That makes sense if you believe that inflation has been whipped.

Still, this is an unusual rate cut because it’s happening while unemployment is still low (but rising) and the stock market is strong. I have my doubts that we can easily settle back into the economic environment we had before the last bout of inflation.

It’s also unusual that the financial markets are seemingly unbothered even though there’s more evidence that Americans are apprehensive about the future. A good example is that earlier today, shares of Lowe’s (LOW) and Home Depot (HD) both reached new all-time highs. I highlight the home improvement duo because they’re a good indicator of what the economy is doing at the ground level.

Other industrial stocks like 3M (MMM), Caterpillar (CAT), Sherwin-Williams (SHW) and Carrier Global (CARR) also hit new highs.

What’s Next for the Fed?

In last week’s Fed decision, the only dissenting vote came from Michelle Bowman. What makes her dissent noteworthy is that Bowman is a Fed Governor, not a regional bank president. Typically, Fed Governors vote in line with the Fed chair. Bowman’s dissent is the first for a Fed governor in nearly 20 years. She believes that the Fed should be cutting by only 0.25%.

Earlier today, Bowman spoke before a group of bankers in Kentucky where she had a chance to explain her decision. She said that the Fed’s big cut “could be interpreted as a premature declaration of victory on our price-stability mandate.”

There’s also a basic thought that inflation, however you want to measure it, is still not at the Fed’s target rate of 2%. The rate cut assumed that inflation will safely glide itself into port. Bowman also believes that a cut of 0.5% would signal to the market that the economy is in greater peril than it truly is.

The two-year Treasury yield has a decent track record of running just ahead of the Fed on interest rates. Right now, there’s a big divergence between the two. Even after the rate cut, the Fed funds rate is still 1.2% above the 2-year yield. That’s a good sign that more cuts are coming.

Indeed, there are still worrying signs about the economy. Earlier today, the Conference Board said that its measure of consumer confidence dropped from 105.6 in August to 98.7 for September.

That was the biggest drop since August 2021, and it was below Wall Street’s expectations for 104. For context, before Covid, consumer confidence reached 132.6 in February 2020. Of the economic subgroups, the largest drop in confidence came among those making less than $50,000. Stocks are happy while consumers are tapped out.

Another good example of this was today’s Case-Shiller report which showed that home values hit another new high, but housing affordability, which adjusts for mortgages costs, is near the lowest on record.

Another troubling sign is that the price of gold has been rallying strongly. Typically, this is a crisis asset that investors flock to during turbulent times. Reuters reports that most banks expect gold’s run to last into next year. On Tuesday, the Midas metal got as high as $2,639.95 per ounce. Gold is having a great year.

On Thursday, the government will offer its second revision to the Q2 GDP report. The last report said the economy grew at a real, annualized rate of 3% during the second three months of the year. I’m curious how well the economy did during Q3. For now, Wall Street is sounding optimistic. The Atlanta Fed’s GDPNow model estimates the economy grew at a 2.9% rate for Q3. Goldman Sachs said it expects growth of 3.0%.

Typically, as the economy gets weaker and the Fed lowers rates, we can expect that defensive stocks will do well. Over the summer, many defensive stocks started to perk up and outgained the rest of the stock market.

Here’s a chart of the S&P 500 Consumer Staples ETF (XLP) and the S&P 500 Healthcare ETF (XLV) divided by the S&P 500 ETF (SPY).

You can see how the market changed its mind. At one point, no one wanted anything to do with defensive stocks, but this summer, they got hot again (although they’ve been slipping back down lately).

I think this trend has more room to run. Defensive stocks offer more stability and often higher dividends than the rest of the market. Also, many defensive areas of the market have fallen to favorable valuation metrics.

On our Buy List, this means stocks like Hershey (HSY) or Stryker (SYK). For income investors, that means utilities like American Water Works (AWK).

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

– Eddy

Morning News: September 24, 2024
Posted by Eddy Elfenbein on September 24th, 2024 at 7:00 am

Climate Change is So Bad, Even the Arctic is On Fire

Europe’s Refinery Cutbacks Show a Fading Industry

The U.S. Is Mining for Uranium

If There’s a Nuclear Renaissance, Here are the Stocks to Watch, Says UBS

China Is Striking Deals to Cement Its Role as Asia’s Trade Hub

China Unleashes Stimulus Package to Revive Economy, Markets

BOJ Governor’s Cautious Comments Damp Speculation of October Hike

German Recession Angst Mounts as Companies Grow More Pessimistic

UBS Ahead of Schedule on Cost Savings, CEO Says

World Bank’s IFC Investments Hit Record $56 Billion in FY 2024, Managing Director Says

World Leaders to Kick Off Money Fight With Renewable Goal Update

Bond Anomaly That Twisted Yields From US to Germany Is No More

Trump Dangles So Many Tax Breaks Even Some Advisers Are Confused

How Amateur Investors Can Maximize Their Returns

The Commercial-Property Market Is Coming Back to Life

A Looming East Coast Port Strike Could Shake the Economy

A Private-Equity Executive Pushes for Workers’ Stake in U.S. Companies

Boeing Union Balks at Sweetened Pay Offer to Workers

Rethinking ‘Checks and Balances’ for the A.I. Age

Don’t Count on a Megadeal to Save Intel

Intel Doesn’t Need a Takeover. It Needs a Turnaround.

Huawei’s 3-in-1 Smartphone Hits Limits of Foldable Engineering

Regional Airlines Are Doing Terribly. They Need a Recession.

After Years of Warnings, Telegram Founder Cedes to Police Requests About Users

Spurned by Social Media, Publishers Chase Readers on WhatsApp

TikTok to Shut Down its Music Streaming Business in November

Illegal Streaming of Live Sports Has Gone Mainstream. Can Anything Be Done?

Restaurant Portions Are About to Get Smaller. Are Americans Ready?

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Morning News: September 23, 2024
Posted by Eddy Elfenbein on September 23rd, 2024 at 7:06 am

The Game Isn’t Over for China But It Is ‘Garbage Time’

China Stimulus Hopes Rise as PBOC Cuts Rate, Plans Briefing

Argentina Dollar Deposits Spike by $8 Billion Under Milei

Eurozone Faces Contraction as Soft-Landing Doubts Mount

Euro Zone’s Teetering Economy Fuels Bets on Faster ECB Rate Cuts

European Banks Are Factoring Climate Risks Into Loans, ECB Says

The UK Is Nearly Done Burning Coal. Is Gas Next?

London’s Ultra-Rich Flee the Threat of Rising Taxes

Rightmove to Consider REA’s Sweetened $8 Billion Bid

America’s Ambitious Climate Plan Is Faltering

America’s Fiscal Exceptionalism Is All Too Real

How Trump Could Upend Taxation in America

Here’s What Happens to Markets When Interest Rates Fall, in Charts

UniCredit Boosts Commerzbank Stake Despite Berlin Opposition

BNP Paribas Signs Deal to Buy HSBC Private Banking Unit in Germany

Palantir’s CEO and Wall Street Annoy Each Other Straight to the Bank

Apollo to Offer Multibillion-Dollar Investment in Intel

3 Reasons Why There is ZERO Chance of a Qualcomm, Intel Merger

Siemens to Carve Out eMobility Electric Vehicle Charging Unit

EVs Are Cleaner Than Gas Cars, But a Growing Share of Americans Don’t Believe It

AstraZeneca and Daiichi Suffer New Setback With Mixed Breast Cancer Drug Results

Ozempic and Wegovy Sales Will Soon Pay for $68 Billion of Novo R&D

Boar’s Head Shutdown Deals a Hard Blow to a Battered Corner of Virginia

Tempur Sealy to Sell Sleep Outfitters, Mattress Firm Stores

They’ve Got a Plan to Fight Global Warming. It Could Alter the Oceans

Tourism’s Next Battlefront: Water

Meet the Birkin Bag of the Book World: Collectible, Covetable and Priced to Match

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