What we’re reading (7/15)
“China’s Shuddering Economic Engine” (DealBook). “China’s economy grew at its slowest pace last quarter since the coronavirus appeared in Wuhan in 2020, when the country shut down, shrinking the world’s second-largest economy for the first time in nearly 30 years. The economy expanded 0.4 percent in the second quarter from a year earlier, the National Bureau of Statistics reported today, much lower than the 1 percent that economists surveyed by Bloomberg had expected.”
“Citigroup Tops Profit Estimates As Bank Benefits From Rising Interest Rates, Shares Surge 13%” (CNBC). “Shares of the company surged 13% in New York trading, the bank’s biggest post-earnings stock gain in more than two decades, according to Refinitiv data.”
“Stocks End Tumultuous Week With A Rally” (CNN Business). “US stocks surged Friday as an end-of-week rally gained momentum and sent the Dow up over 600 points. A new batch of bank earnings and economic data Friday morning increased investors' optimism about the state of the economy and lessened worries that the Federal Reserve could raise rates by a full percentage point at its meeting later this month.”
“What Is The True Cost Of Inflation? It’s Complicated.” (Wall Street Journal). “Sticker shock is widespread. But not everything is going up, and there are still bargains to be had. Smartphones and TVs, for example, are much cheaper than they were a year ago, and the price of gas has cooled in recent weeks. Some predict other prices will drop as the Federal Reserve raises interest rates and inventories tick higher.”
“The Housing Shortage Isn’t Just A Coastal Crisis Anymore” (New York Times). “San Francisco, Los Angeles, New York and Washington have long failed to build enough housing to keep up with everyone trying to live there. And for nearly as long, other parts of the country have mostly been able to shrug off the housing shortage as a condition particular to big coastal cities. But in the years leading up to the pandemic, that condition advanced around the country: Springfield, Mo., stopped having enough housing. And the same with Appleton, Wis., and Naples, Fla.”
