Bloomberg - Evening Briefing - Apple slows down

Bloomberg Evening Briefing

US stocks dropped after Apple disclosed its plans to slow hiring. The S&P 500 extended losses in late trading after giving up a gain that had surpassed 1%. Tech and health-care shares led the decline, with Apple sliding more than 2%. Morgan Stanley’s Michael J. Wilson contends the odds of a US recession in the next 12 months are at 36%. “We don’t believe this bear market is over, even if we avoid a recession,” he wrote in a note on Monday. Meanwhile, the economy continues to grapple with the effects of inflation in areas ranging from housing to trade. Here’s your markets wrap

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

Here are today’s top stories

Goldman Sachs also plans to slow hiring, potentially reducing the pace at which it replaces staff lost to attrition. Additionally, the bank said it will reinstate annual performance reviews at the end of the year, a practice that’s been suspended since early in the pandemic. 

Foreign homebuyers are back in the US real estate market. Buyers who are not US citizens accounted for $59 billion worth of home purchases in the 12 months through March, a 9% jump from a year earlier and the first increase in three years.

While the US rental market is showing early signs of cooling down, that offers little comfort for renters in Austin, Texas, where the cost of a one-bedroom apartment has more than doubled over the past year. That’s just one in the long list of cities where it doesn’t pay to be a renter.

Some of the largest US landlords have pulled back on purchases of single-family rental homes as rising financing costs and high home prices push property funds away from the housing market.

Hercules, California Photographer: David Paul Morris/Bloomberg

A halt of Russian gas supplies to the European Union could potentially reduce its gross domestic product by as much as 1.5% if the next winter is cold and the region fails to take preventive measures to save energy.

Advanced US missile systems sent to Ukraine seem to be making an impression. Russian Defense Minister Sergei Shoigu made a point of urging Kremlin forces to destroy Kyiv’s long-range strike capabilities. In recent weeks, the US has supplied Ukraine with HIMARS artillery, capable of hitting Russian targets as far as 50 miles away. That’s allowed Kyiv’s military to obliterate Russian logistics centers, supply lines and ammunition dumps far behind the front lines—and mostly from beyond the range of Russian artillery. 

Rishi Sunak and Penny Mordaunt retained the top two places in the contest to be Conservative leader and next UK prime minister after topping a third ballot of the party’s MPs on Monday.

What you’ll need to know tomorrow

  • London’s scorching tube raises alarm over Europe’s brutal heat.
  • Bloomberg Opinion: Elon Musk wants to fight the bots.
  • Bloomberg Opinion: Even Republicans are tiring of Donald Trump.
  • Ghana declares first Marburg virus disease outbreak.
  • Brain-computer interface startup implants first device in US patient.
  • China weighs mortgage grace period to appease angry homebuyers.
  • Mexico has tanker traffic jam as Pemex splurges on foreign gasoline.

Food May Be the Ultimate 21st Century Weapon

US President Joe Biden’s administration is reportedly rewriting its National Security Strategy to account for the lessons of Russia’s war on Ukraine, Hal Brands writes in Bloomberg Opinion. One issue that this document will have to grapple with outside its traditional focus on statecraft and diplomacy is food. Vladimir Putin is giving an object lesson in how geopolitical insecurity can cause food insecurity—which can then make big problems everywhere much worse.

Wheat and war. Photographer: Genya Savilov/AFP/Getty Images

Older messages

Red-hot inflation

Saturday, July 16, 2022

Bloomberg Weekend Reading View in browser Bloomberg Follow Us Get the newsletter Talk of peak inflation has become passé in some quarters. Wall Street quivered a bit at the prospect of an historic 100

Gas rationing

Friday, July 15, 2022

Bloomberg Evening Briefing View in browser Bloomberg Europe may need to ration natural gas to meet winter heating demand if the Nord Stream pipeline doesn't restart after planned maintenance. “It

Some sunlight from Wall Street

Thursday, July 14, 2022

Bloomberg Evening Briefing View in browser Bloomberg It wasn't too long ago that Wall Street CEOs looked like they were trying to outdo each other when it came to economic gloom and doom. Now, two

Full-point hike

Thursday, July 14, 2022

Bloomberg Evening Briefing View in browser Bloomberg US inflation hit a four-decade high last month, likely strengthening the Federal Reserve's resolve to aggressively raise interest rates. The

The Jan. 6 trigger

Tuesday, July 12, 2022

Bloomberg Evening Briefing View in browser Bloomberg Divisions between Trump White House Counsel Pat Cipollone, other White House staff and a small group of outside advisers to Donald Trump nearly came

👟 Nike nixed hopes

Sunday, October 2, 2022

Nike's profit was down 22% | Eurozone inflation hit a record 10% | TOGETHER WITH Hi Reader, here's what you need to know for October 3rd in 3:12 minutes. 🕵️‍♀️ Join Nasdaq's Kevin Davitt

TIME TO START PLANNING FOR THE UPCOMING WEEKS

Sunday, October 2, 2022

UPCOMING ECONOMIC NEWS & EARNINGS ESTIMATES 03-21 OCTOBER ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Longreads + Open Thread

Saturday, October 1, 2022

Coase; Xi; Mr. Beast; AI; Monzo; Trader Joe ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Money's Best Places to Live 2022

Saturday, October 1, 2022

And the best place to live is... ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Meet the 5 mentors participating in Insider's first mentorship program for entrepreneurs

Saturday, October 1, 2022

Insider created a mentorship program, in partnership with Indeed, to help five entrepreneurs navigate the challenging labor market. View in browser Business Insider Business Insider Business Insider

‘Inept madness’

Saturday, October 1, 2022

Bloomberg Weekend Reading View in browser Bloomberg Follow Us Get the newsletter The UK is enveloped in a self-inflicted financial crisis. And while its origins go back years, some $500 billion has

Forced liquidation

Friday, September 30, 2022

Bloomberg Evening Briefing View in browser Bloomberg Spiraling losses on Wall Street are now snowballing into forced asset liquidation, according to Bank of America strategists. The NYSE Composite

Makers vs. Takers

Friday, September 30, 2022

Plus: Liability Driven Investment, Mortgage Originators, Credit Suisse ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Amazon rolls out broad-based pay raises for warehouse workers across its fulfillment network

Friday, September 30, 2022

Amazon employees have been agitating for higher pay for years, putting the company under pressure to respond. View in browser Business Insider Business Insider Business Insider Subscribe Business

Wall Street: BlackRock walks the ESG tightrope

Friday, September 30, 2022

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Hi. Aaron Weinman here. BlackRock's bullish stance on all things environmental, social, and governance has