What we’re reading (7/20)
“OPEC+ Is Boosting Oil Production, Ending Dispute That Shook Energy Markets” (CNN Business). “OPEC+ agreed to increase oil production Sunday, as demand roars back and prices surge, ending a dispute between the United Arab Emirates and Saudi Arabia. Oil prices soared about two weeks ago after major producers, including Saudi Arabia and the UAE, fell out over plans to increase production in the face of rising global demand.”
“UBS Profit Jumps On Wealth Management Boom” (Wall Street Journal). “The booming business of managing rich people’s money boosted results for UBS Group AG, raising hopes that the Swiss banking giant will return more money to shareholders. On Tuesday, Switzerland’s biggest bank said net profit jumped to $2 billion from $1.23 billion a year earlier, outpacing analyst expectations of $1.34 billion.”
“71% Of Institutional Investors Say They Will Buy Or Invest In Digital Assets In The Future - And Over Half Already Do, Survey Finds” (Business Insider). “Investors in Asia are leading the way in terms of adoption of digital assets, but US and European institutions are following suit, by expanding their crypto-based offerings, according to the survey, which is part of Fidelity Digital Assets' 2021 Institutional Investor Digital Assets Study.”
“The Looming Stagflationary Debt Crisis” (Nouriel Roubini, Project Syndicate). “The warning signs are already apparent in today’s high price-to-earnings ratios, low equity risk premia, inflated housing and tech assets, and the irrational exuberance surrounding special purpose acquisition companies (SPACs), the crypto sector, high-yield corporate debt, collateralized loan obligations, private equity, meme stocks, and runaway retail day trading. At some point, this boom will culminate in a Minsky moment (a sudden loss of confidence), and tighter monetary policies will trigger a bust and crash.”
“The Pandemic-Induced Renaissance Of Malls” (Axios). “For the last decade or so, malls have been dying. Surprisingly, the pandemic may save them…[a] year and a half of isolation has reignited a desire to gather in public spaces — and spruced-up, futuristic malls could make billions off of a cooped-up America. ‘The pandemic has definitely made people appreciate public spaces more, so there is scope for malls to capitalize on this trend,’ says Neil Saunders, managing director of GlobalData Retail.”
