Bruised apple

Plus, U.S. incomes fall for third straight year

13 Sep

*past 24-hour performance

  • Oil rally continues: Oil prices hit new 2023 highs yesterday amid a supply crunch resulting from output reductions by Saudi Arabia and Russia, lifting expectations that inflation could reaccelerate in the near term (Yahoo)

  • Bruised apple: Apple (AAPL) introduced its new iPhone 15 family yesterday, which came with few surprises, USB-C ports, and a sell-on-the-news reaction, closing the day down 1.7% (NYT)

  • MGM data breach: The stable of MGM Resort (MGM) properties, including a dozen of the most iconic hotels in Las Vegas, have been out of service for more than 24 hours due to an ongoing cybersecurity issue (Axios)

  • Poverty up: The Supplemental Poverty Measure (SPM), which includes government aid, rose sharply to 12.4% last year, marking its first increase since 2010, according to the Census Bureau (Axios)

  • Household income down: The same Census Bureau report showed U.S. real median household income fell by 2.3% to $74,580 in 2022, down from $76,330 in 2021, noting that inflation rose 7.8%, which is the largest annual increase in the cost-of-living adjustment since 1981 (WSJ)

  • Iconic sandal maker files for US IPO: Birkenstock has filed for an IPO, in another sign of the allure US equity markets hold for European firms seeking a valuation uplift (Bloomberg)

  • T-Mobile expanding coverage map: T-Mobile (TMUS) said it would buy airwaves from Comcast Corp. for between $1.2-$3.3 billion in cash and expects to close the purchase by 2028, pending approval from the US FCC (Bloomberg)

  • BP CEO resigns: BP (BP) CEO Bernard Looney resigned on Tuesday with immediate effect after less than four years in the oil major's top job for failing to fully disclose details of past personal relationships with colleagues (Reuters)

  • Say goodbye to refilling that Coke: McDonald's (MCD) plans to eliminate self-service soda machines at its U.S. restaurants by 2032 (Yahoo)

Why are US homes getting bigger while households shrink? The population of the US is constantly evolving, both cumulatively and year-over-year. But one measure of the American population is consistently shrinking: the average household size. Read more »

The problem with being house rich: The gains we’ve seen have helped households in the middle and lower class build wealth in a big way over the past decade or so. But unlocking the value in your home is not as easy as one might think. Read more »

BofA survey shows ‘dramatic shift’ toward high-flying US stocks: Concern over China’s sputtering economy has created a “dramatic shift” in investors’ equity allocation — a rush toward the US and an exodus from emerging markets, Bank of America’s latest global fund manager survey showed. Read more »

The IRS is cracking down on these high-income earners. Are you one of them? The IRS recently announced a major tax enforcement initiative that will increase scrutiny on high-income earners, partnerships and people with foreign bank accounts. Read more»

  • Nuclear nightmare: America’s achilles heel (Marin Katusa)

  • The Canadian government may cap the annual number of international students to lower housing costs (WSJ)

  • How a single hard-charging CEO helped the US dollar take over the world (Insider)

  • The ‘eye-watering’ cost of ending the peace dividend (FT)

  • U.S. already has 23 billion dollar disasters in 2023 (NYT)

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