Bloomberg - Evening Briefing - Slowing growth

Bloomberg Evening Briefing

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 reduced its estimate for annualized gross domestic product growth to 1% for the second quarter, down from 2.5% previously. The third quarter is also seen at 1%, down from 2%. Growth will tick up to 1.5% in the final three months of the year, helped by stronger car production and lower inflation, the bank’s economists said. Still, oil could reach wild heights if Vladimir Putin goes all-in on cutting off supply. Big Oil, namely Exxon Mobil, is already cleaning up thanks in part to his war on Ukraine. As for what you should be doing right now with your cash, one JPMorgan strategist says it’s just fine to hoard it.  

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

Here are today’s top stories

Toronto-Dominion Bank, the Canadian bank that’s been expanding through acquisitions, is weighing a deal for the brokerage firm Cowen Inc., according to people familiar with the matter. 

Elon Musk’s fortune plunged almost $62 billion. Jeff Bezos saw his wealth tumble by about $63 billion. Mark Zuckerberg’s net worth was slashed by more than half. All told, the world’s 500 richest people lost $1.4 trillion in the first half of 2022, a dizzying decline that marks the steepest six-month drop ever for the global billionaire class.

Investors reeling from the emerging markets selloff are fleeing the rupee as India’s currency hit new lows, prompting the government to curb gold imports and oil exports to arrest a widening deficit. The world’s sixth-biggest economy, and Prime Minister Narendra Modi, are feeling the heat.

Narendra Modi Photographer: T. Narayan/Bloomberg

Russia killed almost two dozen civilians in a missile strike near Odesa a day after retreating from nearby Snake Island, authorities reported. The European Union is working on new sanctions to target Russian gold, matching a move by the Group of Seven nations aimed at further choking off Moscow’s revenue.

The elimination of federal abortion rights by the Supreme Court’s Republican-appointed majority shifted the debate to the states, where the legal landscape is a mess. Red states with “trigger laws” are finding that quickly imposing restrictions on reproductive freedoms is harder than they thought—for now anyway.

Covid-19 has returned to the central Chinese city where it first emerged, with two cases reported in Wuhan and a swelling outbreak in a neighboring province that’s already seen counties locked down. In the US and the UK, hospitalizations continue to rise. And in case you’re asked, the answer is no: the pandemic is “absolutely” not over.

To judge by Turkey’s pro-government media, Recep Tayyip Erdogan scored a major geopolitical victory for his country at the NATO summit in Madrid this week. “Turkey slammed its fist on the table, Europe came to its knees,” declared one conservative daily. Not so much, Bobby Ghosh writes in Bloomberg Opinion. He says Erdogan blew his big opportunity.

Recep Tayyip Erdogan Photographer: Gabriel Bouys/AFP/Getty Images

What you’ll need to know tomorrow

Dubai Is the Newest Hedge Fund Hotspot

After attracting crypto firms, property investors and Russian billionaires, Dubai is drawing a new crowd: hedge fund managers. Izzy Englander’s Millennium Management and Michael Gelband’s ExodusPoint Capital Management, one of the largest multi-strategy hedge funds in the world, are among the newcomers

The Dubai International Financial Centre  Photographer: Christopher Pike/Bloomberg

Bloomberg’s Evening Briefing will return on Tuesday, July 5.

Older messages

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

Wall Street missed the memo

Wednesday, June 29, 2022

Bloomberg Evening Briefing View in browser Bloomberg Whether it's hope, self-delusion or they just didn't get the memo, the receding stock market tide has left Wall Street analysts sitting on

Trump knew

Tuesday, June 28, 2022

Bloomberg Evening Briefing View in browser Bloomberg A former White House aide testified before Congress that in the run-up to Jan. 6, 2021, Donald Trump's closest deputy confided in her that “real

This time it’s religion

Monday, June 27, 2022

Bloomberg Evening Briefing View in browser Bloomberg Since Friday, the US Supreme Court has been under withering fire from many quarters (and many countries) for its leap to the right on guns and

America reshaped

Saturday, June 25, 2022

Bloomberg Weekend Reading View in browser Bloomberg Follow Us Get the newsletter Just hours after the US Supreme Court eliminated the constitutional right to abortion, Republican-controlled states

You Might Also Like

A Page From Uber's Playbook: Disrupting Social Media Marketing

Friday, January 10, 2025

Read the whole story here ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Design Your Dream European Getaway

Friday, January 10, 2025

Enter to win a chance to win a $20000 trip to Europe for free. ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

📉 Bonds saw a selloff

Thursday, January 9, 2025

Global investors dumped government bonds, UK shoppers got a break for Christmas, and Encylopedia Britannica became an AI company | Finimize Hi Reader, here's what you need to know for January 10th

Could private student loans help you?

Thursday, January 9, 2025

Find out if you qualify and compare rates today. ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

🏆 The Demi Moore of it all

Thursday, January 9, 2025

Plus, workshops on estate planning and taking control of your money. ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌ 

🦾 Anthropic looks jacked

Wednesday, January 8, 2025

Claude's AI startup flexed a new valuation, China sought to nudge shoppers, and a wild plot to smuggle drugs | Finimize Hi Reader, here's what you need to know for January 9th in 2:57 minutes.

3 reasons to buy life insurance

Wednesday, January 8, 2025

Make 2025 the year you protect your loved ones Why you should get life insurance now A decreasing bar chart Affordable rates Life insurance premiums typically increase with age or changes in health.

Eight days in and things are already changing

Wednesday, January 8, 2025

plus Tomdaya + birdwatching ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

🤩 Nvidia takes the stage

Tuesday, January 7, 2025

Nvidia headlined in Vegas, the Pentagon added to its companies blacklist, and an unexpectedly amazing beach destination | Finimize Hi Reader, here's what you need to know for January 8th in 3:11

It’s time to get rid of debt

Tuesday, January 7, 2025

Here's how to find the right debt solution for you ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌