Bloomberg - Evening Briefing - ‘Do something’

Bloomberg Weekend Reading

“For god’s sake do something.” US President Joe Biden pleaded with Congress in an address to the nation this week as the American drumbeat of mass shootings continues seemingly without end. But the chances that death tolls from Buffalo, New York, to Uvalde, Texas, and Tulsa, Oklahoma will spur federal action remain slim. At the state level, New York passed a gun control package that would raise the legal age to buy semiautomatic rifles to 21.   

What you’ll want to read this weekend

Biden approved sending Ukraine a package of weapons that includes an advanced rocket system, raising the stakes for a war now grinding into its fourth month. But Russia seems to believe time is on its side, and that the allies will splinter as the cost of conflict increases. Despite all of the sanctions, Russia’s coffers are full as commodity prices soar.

A young boy sits in front of a damaged building after a strike in Kramatorsk, in the eastern Ukranian region of Donbas, on May 25. Photographer: Aris Messinis/AFP

Jamie Dimon is forecasting an economic “hurricane” while Elon Musk says he has a “bad feeling,” discomfort he may pass along to Tesla employees in the form of massive layoffs. The complexity of the US economy’s outlook is “unprecedented,” according to Goldman Sachs President John Waldron, given the combination of inflation, monetary policy, the pandemic and Russia’s war on Ukraine. “Reasons to worry about a recession are piling up,” Conor Sen writes in Bloomberg Opinion. But one giant of Wall Street says a “soft landing” is quite possible, and a Bloomberg survey estimates only a 30% chance of recession in the next 12 months. Plus Friday’s jobs report topped estimates. Nevertheless, that good news may be of little consolation to this struggling group: one third of Americans earning $250,000 a year or more say they’re living paycheck to paycheck.

China is declaring victory over the Covid-19 outbreak in Shanghai, though millions remain in lockdown and frustration has boiled over into conflicts with police. Hong Kong meanwhile is reimposing centralized quarantines. New York City’s recent surge may be easing, and the World Health Organization estimates that more than two-thirds of the world’s population has coronavirus antibodies.

A healthcare worker collects a swab sample at a Covid-19 testing facility in Shanghai on May 31. Source: Bloomberg

Musk said he wanted to be “super clear” when he said all Tesla workers must spend 40 hours in the office or “we will assume you have resigned.” But the billionaire may lose talent, with a tight labor market and workers demanding greater flexibility. Indeed, work from home is fueling economic growth, and it’s here to stay. That’s bad news for mass transit systems and city centers.

Sheryl Sandberg left Meta after 14 years as chief operating officer. She also left a complicated legacy. Having guided Facebook’s advertising behemoth, she was often criticized for pursuing growth without considering the implications of global-scale misinformation. Her book “Lean In,” whatever the backlash, “lit larger fires” for women at work, Sarah Green Carmichael writes in Bloomberg Opinion. But as for Facebook, its business model “may have peaked.”

Sheryl Sandberg  Photographer: Mark Kauzlarich/Bloomberg

What you’ll need to know next week

What you’ll want to read in the Future of Work

Seven Ways to Finally Slay Your Burnout

Burnout rates are through the roof: Some 40% of US workers are more burned out this year than in 2021, according to polling by recruiter Robert Half Inc. And a study conducted in early 2021 by Ohio State University’s Office of the Chief Wellness Officer and College of Nursing found that two-thirds of working parents were experiencing parental burnout. Here are seven lasting changes to consider.

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America’s hiring crisis

Saturday, June 4, 2022

Bloomberg Evening Briefing View in browser Bloomberg US companies in May added the fewest jobs since the pandemic recovery began—this despite a near-record level of job openings. Business payrolls

America pivots back

Saturday, June 4, 2022

Bloomberg Evening Briefing View in browser Bloomberg Not only has Vladimir Putin's war on Ukraine managed to achieve the exact opposite of some of his previously stated objectives—pushing back and

Dimon’s economic ‘hurricane’

Wednesday, June 1, 2022

Bloomberg Evening Briefing View in browser Bloomberg The European Union is trying to complete a sixth sanctions package targeting Russia for its invasion of Ukraine, but the debate is ongoing as

Biden defers to the Fed

Tuesday, May 31, 2022

Bloomberg Evening Briiefing View in browser Bloomberg US President Joe Biden used a rare meeting with Federal Reserve Chair Jerome Powell to declare his respect for the central bank's independence

Mourning and rage

Saturday, May 28, 2022

Bloomberg Weekend Reading View in browser Bloomberg Follow Us Get the newsletter A diminished National Rifle Association went ahead with its gun industry convention this weekend as more grim details

Longreads + Open Thread

Saturday, July 2, 2022

Microsoft, Long Wars, Taste, Axie Infinity, Student Loans, Roads, Singapore ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The bear market will drag on until inflation subsides and investors should brace for earnings cuts next quarter, according to the investment chief at a $1.2 trillion asset manager

Saturday, July 2, 2022

"We're worried about companies' forecasts for the second half of this year," said Nuveen's investment chief. View in browser Business Insider Business Insider Business Insider

Mortgage meltdown

Saturday, July 2, 2022

Bloomberg Weekend Reading View in browser Bloomberg Follow Us Get the newsletter After a white-hot streak during the first two years of the pandemic, business has started to evaporate for mortgage

Slowing growth

Friday, July 1, 2022

Bloomberg Evening Briefing View in browser Bloomberg JPMorgan cut its US midyear economic growth forecast after an influx of weaker data this week—most notably a slowdown in consumer spending. The bank

Creating a Culture: The Case of Credit Suisse

Friday, July 1, 2022

Plus: Money Men, Pagaya, Research Budgets ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Bed Bath & Beyond has another 50% to fall, and its 'dumpster fire' first quarter means its days could be numbered, analysts say

Friday, July 1, 2022

"It's not going to take years. We could be talking about months at this point. We are in the end days," Loop Capital analyst Anthony Chukumba said. View in browser Business Insider

Wall Street: Not a great quarter, guys

Friday, July 1, 2022

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Hello! I'm Jeffrey Cane, filling in for Aaron Weinman, who is away for a week. First, a reminder that there

The Daily StockTips Newsletter 07.01.2022

Friday, July 1, 2022

I've Screened the Market for what I Consider the Best, Safest, & Most RELIABLE Profit Opportunities! (Published 7:30 AM ET MON-FRI) ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Removing Ammo Inc (POWW) From the BUY LIST

Friday, July 1, 2022

Gone but Not Forgotten ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Doomsayers’ delight

Thursday, June 30, 2022

Bloomberg Evening Briefing View in browser Bloomberg With June now over, we can say that the S&P 500 has suffered its toughest first half since Richard Nixon was in the White House. It was a rout