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

The cost of a Taiwan war

Tuesday, August 9, 2022

Bloomberg Evening Briefing View in browser Bloomberg As China holds extensive and increasingly aggressive military exercises off of Taiwan, a group of American defense experts in Washington are focused

⚔️ Tesla vs. BYD

Tuesday, August 9, 2022

Clash of the EV titans | Nvidia 'fesses up | TOGETHER WITH Hi Reader, here's what you need to know for August 10th in 3:03 minutes. 🤔 You probably have two big questions right now: how high

🎯 Opinionated: 3 Pieces of Career Advice

Tuesday, August 9, 2022

… that you won't hear anywhere else. Plus, your top retirement questions answered. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Is Your Emergency Fund OK Given Inflation?

Tuesday, August 9, 2022

Also: 3 Best Money Moves for August 2022 ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

I travel by Amtrak every few months, and I'm more productive on the train than in any coworking space. Here's how I optimize working on the move.

Tuesday, August 9, 2022

Writer Rossilynne Culgan shares why she thinks the best office in America for productiveness isn't an office at all — it's a seat on an Amtrak train. View in browser Business Insider Business

Wall Street: When PE chiefs call time

Tuesday, August 9, 2022

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Hi. I'm Aaron Weinman. Kewsong Lee, Carlyle's chief executive, will step down and leave the private-

The Daily StockTips Newsletter 08.09.2022

Tuesday, August 9, 2022

(Published 7:30 AM ET MON-FRI) ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The Great Salary Convergence is driving up salaries

Tuesday, August 9, 2022

Paying people based on where they live never made a ton of sense... Read on INSIDER INSIDER Subscribe INSIDER FEATURED ARTICLE ECONOMY Welcome to the Great Salary Convergence — a seismic

The Soundtrack To Planet Money Summer School

Tuesday, August 9, 2022

It's a summer of macro at Planet Money. Celebrate hot econ summer with our playlist. View this email online Planet Money Hot Econ Summer by Greg Morton School is not out for summer. Planet Money

[New post] Cryptoassets, the metaverse and systemic risk

Tuesday, August 9, 2022

BankUnderground posted: " Owen Lock and Teresa Cascino Cryptoassets could have important roles within the metaverse – a decentralised, immersive next generation of the internet. Cryptoassets