Global Economic Monitor 220729

(Introduction)

[Markets]

•   Global: Shares rally, U.S. Treasury yields fall as U.S. economy shrinks

※   U.S. GDP declined 0.9% in Q2 for second straight drop

※   Yields on U.S. Treasuries fall, dollar rises

※   Wall Street rises, European stocks closed higher

•   Eurozone: Italian long-term borrowing costs stuck near eight-year highs

•   Natural gas: European Gas Prices Slide as Russian Flows Steady at Low Levels

•   Metals: Copper rebounds on hopes for slower U.S. rate hikes, China stimulus

•   Grains: Soybeans, corn firm on anticipated heat stress; wheat follows higher

•   Cryptocurrency: Bitcoin Tops $23,000 in Bet on Post-Fed Thawing of Crypto Winter

•   한국: 코스피, 외국인 매수세에 2,430선 회복…환율 1,200원대로 내려

•   한국: 아이폰 발표의 계절 되자…LG이노텍·비에이치 꿈틀

[Indicators]

•   US Q2 GDP: U.S. GDP Fell at 0.9% Annual Rate in Second Quarter; Recession Fears Loom Over Economy

※   Output shrank for second straight quarter, held back by rising inflation and interest rates

※   BEA: Gross Domestic Product, Second Quarter 2022 (Advance Estimate)

※   WSJ: Biden Faces Recession Worries After Six Months of Economic Contraction

※   WSJ: Recession or Not, the Recovery Has Ended

※   WSJ: A Recession Isn’t Necessary for Investors to Feel Lousy

※   NYT: Climate Change Is Probably a Drag on Growth, but It’s Unclear How Much

※   WP: What two negative GDP quarters means for ‘recession’ — and our politics

※   Bloomberg: Computers Outperform Humans for Accuracy on US GDP Forecasts

•   US Weekly Jobless claims: U.S. Jobless Claims Hold Near Highest Level of the Year

•   Eurozone Jul. Economic sentiment: Euro zone sentiment falls far more than expected in July

•   Germany Jul. CPI: German inflation hits 8.5% as food prices jump

•   Spain Q2 Employment: Spanish unemployment rate falls to lowest level since 2008

•   Argentina Benchmark rate: Argentina Boosts Key Rate to 60% as Inflation Soars Toward 70%

•   한국 2020년 중소기업 기본통계: 근로자 다섯 중 넷은 中企 근무

•   한국 2021년 인구주택총조사: 인구 붕괴, 작년부터 시작됐다

※   조선: 당장 내년 내국인 5000만명 깨져… 3년뒤 학령인구 94만명 급감

※   조선: 14년째 인구 줄어든 日, 노동력 100만명 이상 부족

※   조선: “인구정책 매번 실패… 완전히 판 뒤집어야”

•   한국 6월 주택 통계: 상반기 주택매매량 작년보다 45%↓…거래절벽속 미분양 증가

•   한국 6월 유통업체 매출: 유통업 매출 10% 늘었다…산업부 6월 통계 발표

•   한국 6월 사업체 노동력: 치솟는 물가에 월급 오히려 줄었다…임금인상 압력 거세지나

•   한국 8월 중소기업 경기전망지수: 8월 中企 경기전망지수 78.5… 3개월 연속 하락

•   한국 주간 아파트 가격(부동산원): "내년 하반기부터 급매 쏟아질 것"…숨 죽인 매수예정자들

[News]

•   WSJ: China’s Xi Warns Biden over Taiwan as a Pelosi Trip Injects New Tensions

※   Visit by House speaker to self-ruled island would likely sink tentative rapprochement between U.S., China

•   WSJ: House Passes Chips Act to Boost U.S. Semiconductor Production

•   WSJ: Manchin, Schumer Revived Climate Bill in Secret Talks, Now Seek Democrats’ Support

※   Party needs to stay united on proposal opposed by Republicans in order to advance bill through Senate

•   WSJ: Senate Climate Bill Is a Boon for Fossil Fuels

•   WSJ: Democrats Ready Carried-Interest Tax Hike After 15-Year Lobbying Campaign

•   WSJ: Manchin-Schumer Deal Would Have Moderate Inflation-Fighting Effect, Economists Say

•   WSJ: Tesla, GM, Other EV Makers Get Potential Win in Senate Deal

•   WSJ: Northern Ukraine Comes Under Burst of Russian Attacks Far From Front Lines

•   WSJ: Bracing for Long Conflict, Kyiv Returns to Near Normality, With Theaters and Dance Parties

•   WSJ: Europe’s Heat Waves Force Shift Back to Coal and Natural Gas

•   WSJ: How the German Economic Machine Broke Down

•   WSJ: Chinese Leaders Indicate Country Is Likely to Miss Economic Growth Targets

※   Politburo urges stronger provinces to strive to meet their annual growth targets

•   WSJ: China Pressures Cities as They Scramble to Repair Ailing Property Markets

•   WSJ: If You’re Worried About the Economy, Here’s What You Can Do

•   WSJ: Apple Profit Falls About 11%, but iPhone Sales Remain Resilient

※   Chief Executive Tim Cook says there isn’t ‘obvious evidence’ that macroeconomic factors are affecting smartphone sales

•   WSJ: Jack Ma Plans to Cede Control of Ant Group

•   WSJ: Amazon Posts Net Loss for the Second Straight Quarter as It Manages Slower Demand

•   WSJ: Mark Zuckerberg’s Bid to Reinvent Facebook Parent Meta Hits Early Snags

•   WSJ: Intel Posts Sharp Drop in Sales, Issued Muted Outlook

•   WSJ: Volkswagen Says EV Shift Will Continue Under New CEO

•   WSJ: Oil Giant Shell Isn’t Letting the Cash Go to Its Head

•   WSJ: Oil Refiners Won’t Crack in a Recession

•   WSJ: Rival Chip Makers Brag About Having the Tiniest Products, but Who Can Tell?

•   NYT: Seven Key Provisions in the Climate Deal

•   NYT: Crops ‘Stored Everywhere’: Ukraine’s Harvest Piles Up

•   NYT: Iran Ramps Up Drone Exports, Signaling Global Ambitions

•   NYT: The Word of the Year Is ‘Uncertainty’

•   NYT: A.I. Predicts the Shape of Nearly Every Protein Known to Science

•   WP: Ukraine could be turning the tide of war again as Russian advances stall

•   WP: What causes a recession? How economic downturns begin.

•   WP: Nuclear threat higher now than in Cold War, British official warns

•   FT: Gas crisis raises recession risk for inflation-hit eurozone economy

•   FT: Saudi crown prince in Paris visit to boost credentials

•   FT: Germany and east European allies struggle to seal deals over Ukraine-bound weapons

•   FT: Would prime minister Truss carry on playing chicken with the EU?

•   FT: UK car production driven down by global chip shortage

•   FT: Strike action threatens to shut down UK’s biggest container port

•   FT: There’s no such thing as r-star

•   FT: China’s central bank seeks to mobilise $148bn bailout for real estate projects

•   FT: Xi Jinping’s graft crackdown targets technology minister

•   FT: Bangladesh seeks IMF loan as rising import bills hit South Asia

•   FT: French energy group EDF records €5.3bn loss ahead of renationalisation

•   FT: Stellantis hits record profits but warns on economic clouds

•   Bloomberg: The Strong Dollar Is Wreaking Havoc Globally — And It’s Just Getting Started

•   Bloomberg: Pelosi Set to Depart on Asia Trip, Taiwan Stop Still Unclear

•   Bloomberg: Yellen Says US Economy Is Not Seeing Recession Conditions Now

•   Bloomberg: ECB’s Visco Says There’s a Risk of a Recession in Europe

•   Bloomberg: Sunak Admits He’s Falling Behind in Race to Become UK Premier

•   Bloomberg: Sunak or Truss, Britain's Next Prime Minister Faces Brexit Crisis

•   Bloomberg: Bank of England Battle Brews As Tory Criticism Grows

•   Bloomberg: UK Probably Already in Recession, Former BOE Rate-Setter Says

•   Bloomberg: UK Grid Warns Energy Costs Could Skyrocket Amid Russia Gas Curbs

•   Bloomberg: China Decouples Further From US as Benchmark Rate Trails Fed

•   Bloomberg: China Banks Rush to Raise Record Debt as Credit Losses Mount

•   Bloomberg: Unidentified Drone Flew Over Dongyin Island, Taiwan Military Says

•   Bloomberg: US, China Economic Woes Point to End of Taiwan’s Chip-Led Boom

•   Bloomberg: Abe Killing Puts Pressure on Lawmakers’ Unification Church Ties

•   Bloomberg: Indians’ Desperation for State Jobs Shows Unemployment Crisis

•   Bloomberg: Ramaphosa’s Plans for Economy Pact Slammed by Business and Labor

•   Bloomberg: Argentina Names Third Economy Minister in a Month Amid Crisis

•   Bloomberg: What Analysts Say Is Next for Asian Markets After Fed Decision

•   Bloomberg: A New Bench of Traders Muscle In to Supply Russian Oil to India

•   Bloomberg: Middle East’s Biggest Oil Hub Disrupted by Unusual Rain

•   Bloomberg: Copper Producers Step Up Campaign Against Chile Royalty Proposal

•   Bloomberg: Global Coal Consumption to Match Record as EU Rushes to Save Gas

•   Bloomberg: Evergrande's $460 Million Man Is Top CEO to Fall in China Crisis

•   Bloomberg: Consumers Still Love Eating Out and Traveling Even as Prices Surge

•   Bloomberg: Europe Industrial Profits Soar Despite Inflation, Gloomy Outlook

•   Bloomberg: Russia-Ukraine Conflict Turns Fuel Tankers Into Hot Property

•   Bloomberg: Oil, Gas Industry Methane Fee Survives in Manchin Spending Deal

•   Bloomberg Businessweek: In an Age of Inflation, the Old Recession-Fighting Tools Won’t Work

•   Bloomberg Businessweek: Inflation Upends Stimulus Playbook to Avert a Recession

•   Reuters: Russia daily COVID cases hit highest since April

•   Reuters: Made in Britain: Broken supply lines drive manufacturing back home

•   Reuters: Fasten your seatbelts for a bumpy ride, Euronext CEO warns

•   Reuters: From grain to gasoline: a brief world history of rationing

•   Reuters: Analysis: After another jumbo Fed hike, some investors see glimmers of hope

•   Reuters: Analysis: Hint of a Fed pause opens door to Asia's emerging markets

•   CNBC: IMF warns rising debt in Asia puts region at risk

※   IMF: Asia’s Economies Face Weakening Growth, Rising Inflation Pressures

•   CNBC: Trucking CEOs expect higher prices, potential disruptions in second half of the year

•   MarketWatch: Is the housing market in a recession? Here’s what economists are saying

•   Fox Business: World Economic Forum calls to reduce private vehicles by eliminating 'ownership'

•   SCMP: As chip-making business returns to US, Washington – and Arizona – dangle subsidies in race against China

•   SCMP: Risk of accidental US-China conflict over Taiwan could leave Japan badly exposed

•   Nikkei Asia: Japan daily COVID cases top 230,000; record for 2nd straight day

•   Nikkei Asia: Japan, U.S. to launch R&D for 2-nm chip mass production

•   Nikkei Asia: Toyota's April-June output falls 9.8% below global target

•   매경(P1): 尹 "불법공매도 척결"… 혐의땐 즉시 檢수사

•   매경: 개미 원성에 불법 공매도 엄벌 칼 뺀 정부…공매도 금지까지 가나

•   매경(P1): "미국인은 총수로 지정 말아달라"…美 상무부, 韓 정부에 우려 표명

•   매경: 공정위, 외국인 동일인 지정땐…美서 형평성 문제 제기할수도

•   매경: 삼성전자 "3나노 반도체 대형고객 확보"

•   매경: 삼성전자 "파운드리·폴더블폰으로 경기불황 넘는다"

•   매경: '손목 위 의사' 삼성워치, 헬스케어로 애플에 승부

•   매경: 퀄컴, 삼성과 동맹 강화…6G 특허 라이선스 연장

•   매경: 한화 방산계열사 통합…미래 동력으로 키운다

•   매경: "한미 금리역전에도 자본유출 제한적"

•   매경: "대우조선 분리매각 검토…産銀 이전은 조속히 추진"

•   매경: "원화값 일시적 급등…1300~1350원 횡보할것"

•   매경: 최태원 "칩4 참여, 유리한쪽 선택될것"

•   매경: 이러니 개미들이 물리지…주가 조금 오른다고 10% 금리에도 빚투

•   매경: 중소형 사모펀드 돈가뭄에…中企 M&A 시장 쪼그라든다

•   매경: 벤처투자 8분기만에 감소…"지금은 몸 사려야 할 때"

•   매경: 임대차법 시행후 서울 월세 30% 더 올라

•   매경: 싱크탱크도 비판한 '15억 주담대 금지'…"집값 안정효과 적어"

•   매경: 이자도 못 갚는 '좀비기업' 2008년 금융위기 후 최다

•   한경(P1): 물적분할 반대주주에…주식매수청구권 준다

•   한경(P1): 기업 '모래주머니' 1004개 손본다

•   한경: 현대重·LG화학·롯데케미칼 '맞춤형 규제 완화'…1.6조원 투자 길 열려

•   한경: "시대 뒤처진 낡은 규제 업데이트…기업 봐주기 아냐"

•   한경: 총리실-기재부 경쟁하듯…같은 날 규제개혁안 발표

•   한경(P1): "포스코, 하청직원 직고용하라"…산업계 대혼란

•   한경: "2조 넘게 더 든다" 포스코 '쇼크'…현대차·삼성도 '초비상'

•   한경: 獨·日은 사내도급·파견 규제 풀었는데…한국만 엄격

•   한경: 정부, 직무급 늘린다는데…호봉제 기업 더 늘었다

•   한경: '형기 만료' 앞둔 이재용, 8·15 광복절에 경영 복귀 달렸다

•   한경: "공공 클라우드 시장 잡아라"…몸집 키우는 KT, 2조원 투자

•   한경: "조끼처럼 입으면 무거운 짐도 부상없이 척척"

•   한경: 폐수 재활용·공장 리모델링…산단의 변신

•   한경: 한국 최초 달 탐사선 발사 D-7…"누리호 영광 다시 한번"

•   한경: "공사기간 20~50% 줄이는 신기술"…모듈러 주택 13층 높이 첫 도전

•   한경: '최하위 등급' 지방공기업 9곳, 임원 연봉 10% 깎는다

•   서경(P1): "공급망·경제안보 전략 연대"…印尼 '아세안 투톱' 국가로

•   서경: 尹 "세종시 건설경험 전수" 조코위 "핵심광물 공급망 협력"

•   서경: [단독] 중견 25%·중기 30%…與, 반도체 세액공제율 확정

•   서경: 칩4 가입 무게둔 韓총리 "어느 국가가 추진하든 들어가야"

•   서경: LNG 발전과 탄소배출 비슷한데…수소연료전지, 친환경지원금 독식

•   서경: 전장사업 투자 늘리는 LG전자…1억달러 들여 멕시코 공장 증설

•   서경: "코로나 재유행 1~2주 내 정점…이후 꺾일 것"

•   서경: "더 오르기 전에 빚부터 갚자"…이달 신용대출 1조원 줄었다

•   조선: 신성환 금통위원 “중앙은행에 이처럼 난해한 과제는 수십년만”

•   조선: 1000대 기업 법인세 40조… 1위 삼성전자가 20% 차지

•   조선: 세금 퍼붓는 대우조선… 産銀의 낙하산 인사가 부른 ‘무능 경영’

•   조선: 상반기 전 세계 ETF 순자산총액 14% 감소, 한국은 0.3%만 감소

•   조선: 아시아 소비자들, 말로는 ‘친환경’ 원한다면서 왜 지갑은 안 열까

•   조선: 외환보유액 감소, 큰 걱정 안 해도 될 3가지 이유

•   조선비즈: “반값 전기차, 폐배터리에 달렸다”… 공격 투자 나서는 기업들

•   인베스트조선: 달러채로 눈돌리는 韓기업들…변동성에 조달 타이밍 ‘갈팡질팡’

•   인베스트조선: "내년 투자는 어떻게?" 질문에 속내 복잡한 삼성전자

•   중앙: [팩트체크] 소비자 속 태우는 기름값…정유사 ‘횡재세’ 걷어야 할까

•   중앙: 빨리 더 빨리, 시속 80㎞ 로봇들이 움직인다 ‘무인창고 전쟁’

•   동아(P1): 김정은 “선제타격 시도땐 윤석열정권 전멸” 협박

•   국민: [단독] 반쪽짜리 된 경사노위… 국힘, 새로운 노사정 협의체 추진

•   머니투데이(P1): "上, 上, 上 1049% 폭등"...개미 유혹하는 '저세상 주식', 정체는

•   파이낸셜뉴스: 한경연 "美 적정 기준금리 3.12%땐 한국도 3.65%까지 오를수도" [한·미 금리역전]

•   이데일리: 종부세 완화로 쌓였던 급매 줄겠지만…꽁꽁 언 시장 녹이기엔 역부족

•   이데일리: 보유세 줄어드는 집주인들, 임차인 '세 전가'도 줄어들 것

•   이데일리: 집값 급등에 세 부담 여전…"똘똘한 한채 선호 지속"

•   연합: 오후 9시까지 전국서 8만3140명 확진…1주일 전의 1.25배

•   뉴스1: [단독]청약 만점 통장 옛말…올해 당첨 평균 커트라인 20점대 '뚝'

•   더구루: [단독] 삼성전자, 인도 2위 통신사에 5G 장비 공급

•   일요시사: <단독> “한국 가고 싶어요” 대륙에 갇힌 반도체 노예들

•   전자신문(P1): [단독]'갤럭시Z 폴드4' 출고가 199만8700원 동결

[Opinions]

•   Project Syndicate(Gelsomina Vigliotti): Multilateralism and the Private Sector

•   Project Syndicate(Tavneet Suri, Nidhi Parekh): How a Universal Basic Income Helped Kenyans Fight COVID

•   FT(Megan Greene): Trouble is coming for emerging markets beyond Sri Lanka

•   FT(David Pilling): What Bangladesh can teach others about development

•   FT(Robert Armstrong): You see a dove, I see a hawk

•   FT(Simon Kuper): Splendid isolation? Most people prefer globalisation

•   FT(Claire Jones): The Fed’s rate increases are a matter of high interest for everyone

•   FT(Lex): China property: $150bn is not enough to lift sector out of its slump

•   WSJ(Editorial Board): Investors Love Jerome Powell

•   WSJ(Editorial Board): Goodbye Fed Forward Guidance? Let Us Hope

•   WSJ(Editorial Board): The Biden Stagflation Arrives

•   WSJ(Joseph C. Sternberg): The Dollar Emergency Is Worse Than You Think

•   WSJ(Dennis Kneale): Stop Panicking About the U.S. Economy

•   WSJ(Phillip W. Magness): A Recession by Any Other Name

•   NYT(Paul Krugman): How Goes the War on Inflation?

•   NYT(Bonnie S. Glaser, Zack Cooper): Nancy Pelosi’s Trip to Taiwan Is Too Dangerous

•   WP(Editorial Board): The surprise Manchin deal is cause for celebration

•   WP(Catherine Rampell): Democrats prepare to scapegoat the Fed for their own follies

•   WP(Jennifer Rubin): Recession or jobs boom? It’s not so simple.

•   WP(Jennifer Rubin): 5 factors that give Democrats a fighting chance in November

•   WP(Eugene Robinson): Joe Manchin’s climate deal isn’t enough, but it’s still a miracle

•   WP(Megan McArdle): A Trump nomination is in no one’s interest. Democrats included.

•   Bloomberg(Editorial Board): China Needs to Do More Than Placate Angry Homeowners

•   Bloomberg(Editorial Board): New Budget Deal Would Be a Big Win for Congress — and the Country

•   Bloomberg(Mohamed A. El-Erian): Are Interest Rates at Neutral? Markets Certainly Hope So

•   Bloomberg(David Fickling): Are Commodity Markets on the Turn?: Elements by David Fickling

•   Bloomberg(Jonathan Levin): Powell Smartly Swears Off Guidance But Then Doles Some Out

•   Bloomberg(Anjani Trivedi): More EVs Could Melt the Grid Without a Power Plan. China has a Solution

•   Bloomberg(Maria Tadeo): The Days of ‘Germany Knows Best’ Are Over

•   Bloomberg(Maria Tadeo): Europe Energy Crisis: It's Time Germany Answer to Spain, Portugal, Italy, Greece

•   Bloomberg(Leonid Bershidsky): Are Putin's Territorial Goals in Ukraine Shrinking or Expanding?

•   Bloomberg(Andrea Felsted): Consumer Giants Are More Like Walmart Than They Think

•   Bloomberg(Shannon O'Neil): Chile’s Failed Pensions Are Neoliberalism’s Badge of Shame

•   MarketWatch(Rex Nutting): What’s a recession? It depends on whom you ask—an economist or a fishmonger

•   MarketWatch(Alfonso Peccatiello): The Fed vowed to crush inflation with higher rates. Then the stock market rallied. Here’s why. (It’s not good news.)

•   Fox News(Mark T. Esper): The Ukraine war shocked the world. We must act now to prevent the next one in Asia

•   Fox News(Michael McCaul): The China threat is enormous and America must win the next great global competition

•   Reuters(John Kemp): Low U.S. oil inventories imply deeper economic slowdown will be needed

Global Economic Monitor 220728

(Introduction)

[Markets]

•   Global: Nasdaq has biggest one-day jump since 2020 after Fed rate hike

※   Microsoft, Alphabet results spark rally in growth stocks

※   Fed announces rate hike in unanimous decision

※   Indexes: Dow up 1.4%, S&P 500 up 2.6%, Nasdaq up 4.1%

•   US: Widely Watched Yield Curve at Most Inverted in Decades After Fed Hike

•   Natural gas: Energy Prices in Europe Surge After Russia Slashes Gas Flows

※   The flow of gas through the Nord Stream pipeline from Russia to Germany halved on Wednesday.

•   Metals: Copper rises on short-covering and China demand hopes

•   Grains: Soybeans hit two-week high on hot forecast for U.S. Midwest

•   한국: 코스피, 개인 '사자'에 2,410선 안착…FOMC 앞두고 관망세

[Indicators]

•   US Benchmark rate: Fed Raises Interest Rates by 0.75 Percentage Point

※   The central bank acknowledged indicators of spending and output had softened, but said further rate rises are likely

※   Fed: Federal Reserve issues FOMC statement

※   WSJ: Transcript: Fed Chief Powell’s Postmeeting Press Conference

※   WSJ: How the Fed Could Lose Its Nerve

※   WSJ: Derby’s Take: Even With Rate Increase, Fed Will Still Have Lots of Work to Do

•   US Jun. Goods trade balance: U.S. trade deficit in goods narrows for third straight month in June

•   US Jun. Durable goods orders: Orders for Vehicles, Other Big-Ticket Items Rose in June

•   US Jun. Pending home sales: US Pending Home Sales Drop Most Since April 2020 on Higher Rates

•   US Jun. Wholesale inventories: Inventory Swing Is a Key Culprit Behind U.S. Recession Talk

•   US Jul. Auto sales: U.S. auto sales to fall in July on slim inventories - reports

•   US Weekly Mortgage rates·applications(MBA): Mortgage demand declines further, even as interest rates drop a bit

•   China Jun. Industrial profits: China’s Industrial Profits Rise in June as Covid Curbs Ease

•   한국 2021년 기업무역활동: 수출 성장기업 지난해 22% 줄었다···4년만에 하락세로 반전

•   한국 상반기 중소기업 수출: 상반기 중소기업 수출 605억달러 '역대 최대'

•   한국 상반기 기업 직접금융 조달실적: 금리인상 여파에 올상반기 회사채 발행 96조1천억원…12.7%↓

•   한국 5월 인구: 5월 출생아, 2만명 겨우 넘겼다

•   한국 7월 BSI·ESI: 물가·경기 우려에 기업 체감경기 2개월 연속 악화

•   북한 2021년 GDP: 北 지난해 성장률 -0.1%···1인당 소득 南 28분의 1

[News]

•   WSJ: Senate Approves $280 Billion Bill to Boost U.S. Chipmaking, Technology

※   Bipartisan backers say measure is needed to counter China, while GOP foes say embrace of industrial policy amounts to corporate welfare

•   WSJ: Semiconductor Subsidies, Tariffs Are the Price of Reducing Dependence on China

•   WSJ: U.S., Europe Dig In for Long Economic Standoff With Russia

•   WSJ: Ukraine Strikes Crucial Bridge in Russian-Occupied South

•   WSJ: Biden Tests Negative for Covid-19, Says Recovery Was Quick

•   WSJ: CBO Expects Significant Rise in Public Debt Burden, Deficit

※   CBO: The 2022 Long-Term Budget Outlook

•   WSJ: Boise’s Housing Market Boomed Early in the Pandemic. Now It Is Cooling Fast.

•   WSJ: USAID Chief Urges China to Restructure Debts for Fragile Economies

•   WSJ: China’s Wuhan Province Locks Down District With One Million People

•   WSJ: Turkey Launches Monitoring Site for Ukraine-Russia Grain Deal

•   WSJ: The Hail Mary for Investors

•   WSJ: Companies Look for Returns on Cash Piles as Interest Rates Rise

•   WSJ: Facebook Parent Meta Reports First Ever Revenue Drop

•   WSJ: FTC Seeks to Block Meta Platforms From Acquiring Within Unlimited

•   WSJ: Microsoft Asks Google, Oracle to Help Crimp Amazon’s U.S. Government Cloud Leadership

•   WSJ: Microsoft’s Future Outweighs Its Present

•   WSJ: Qualcomm Earnings Outlook Dented by Smartphone Demand Woes

•   WSJ: Boeing Profit Falls as Executives Point to Turnaround

•   WSJ: Airbus, Bogged Down by Supply Chain Woes, Cuts Delivery Target

•   WSJ: The Worst Flight Delays at the World’s Busiest Airports: See the List

•   WSJ: Ford’s Profit Rises on Higher Sales, More Inventory

•   WSJ: Evergrande Creditors Demand Further Explanation for Billions in Seized Cash

•   WSJ: Container Ship Backlog Grows Again at the Port of Savannah

•   WSJ: ‘Make Instagram Instagram Again’: The App’s Evolution Is Causing Users to Question Its Future

•   NYT: Biden Insists There’s No Recession as He Confronts Latest Economic Risk

•   NYT: Manchin, in a Reversal, Agrees to Climate and Tax Package

•   NYT: Biden Is Facing Crisis After Crisis. But Are They Emergencies?

•   NYT: How Bacon and Costco Fish Shape America’s View of Inflation

•   NYT: For Hong Kong’s Beijing-Backed Officials, Xi’s All That

•   NYT: Looming Question for Putin Opponents: Can You Change Russia From Jail?

•   NYT: Bangladesh Seeks I.M.F. Loan as Inflation Rocks South Asia

•   WP: The 8 economists who decide if the U.S. is in a recession

•   WP: New poll shows Biden’s 2024 primary problems aren’t just abstract

•   WP: Taiwan hones invasion response amid China’s threats over Pelosi trip

•   WP: Stop the ‘steal’? Brazil’s Bolsonaro looks poised to start it.

•   FT: How bad will the global food crisis get?

•   FT: Macron wins French legislators’ backing for budget to tackle inflation

•   FT: Italy told to retain €200bn Covid recovery plan after Draghi exit

•   FT: Hungary’s economic woes force Viktor Orbán to bow to EU and investors

•   FT: Will the next Tory prime minister forget about levelling up the UK?

•   FT: What does Boris Johnson’s exit mean for the UK’s green agenda?

•   FT: UK energy bills for most vulnerable to hit £500 a month in January

•   FT: Long Covid to leave lasting mark on UK economy, says IFS

•   FT: Nationwide rail strike disrupts travel for millions in UK

•   FT: US warns of surge in fuel costs as it renews push for Russian oil price cap

•   FT: Top US regulator fires warning shot after Apple’s push into lending

•   FT: India’s roaring post-pandemic recovery at risk from inflation

•   FT: Tunisians back new constitution increasing president’s powers

•   FT: The white elephants stoking fury over Sri Lanka’s debt crisis

•   FT: Turkey’s new power plant exposes ‘huge contradictions’ of net zero pledge

•   FT: El Salvador seeks to allay default fears with sovereign bond buyback

•   FT: Mining outlook darkens as twin threats loom

•   FT: Oil and gas majors: time for a transformative clean energy deal?

•   Bloomberg: Taming Inflation Without Hurting GDP Hard But Possible, IMF Says

•   Bloomberg: Positive Second-Quarter US Growth Chances Improve on Trade Data

•   Bloomberg: Pelosi Taiwan Trip in Limbo as Officials Plan East Asia Stops

•   Bloomberg: China-US Deal Needed Very Soon to Avoid Delistings, SEC’s Gensler Says

•   Bloomberg: US Risks Losing Billions in Taxes as Congress Spurns Global Deal

•   Bloomberg: Easing US Pump Prices Draw More Drivers to the Road, for Now

•   Bloomberg: Dudley Says Fed Will Hike Rates Much Further Than What Markets Expect

•   Bloomberg: Senate’s Antitrust Crackdown Sputters as Schumer Signals Doubts

•   Bloomberg: Russian Economic Pain Spreads Unevenly as Sanctions Shock Fades

•   Bloomberg: Gazprom, Siemens Spar Over Turbine Maintenance Slowing Gas Flows

•   Bloomberg: Germany Approves $180 Billion Funding to Accelerate Energy Shift

•   Bloomberg: Italy Rightist Bloc Boosts Meloni With Deal on Premier Candidate

•   Bloomberg: JPMorgan Cuts ECB Rate Outlook, Sees Year-End Recession

•   Bloomberg: Goldman Sees Euro-Area Recession in Second Half of This Year

•   Bloomberg: UK Businesses Say Exports Stalled Due to Brexit and Inflation

•   Bloomberg: UK Housing Market to Slow, Says Biggest Mortgage Lender Lloyds

•   Bloomberg: Xi Says China Faces More Complicated Challenges, Xinhua Reports

•   Bloomberg: What to Watch for in China's Politburo Meeting, From Property Crisis to Covid Zero

•   Bloomberg: The Chinese Megacity Where Masks Are Rare and Clubs Are Packed

•   Bloomberg: China’s Blistering Heat Strains Power Grids and Disrupts Farming

•   Bloomberg: China Question Looms Large as EM Distressed-Debt Club Grows

•   Bloomberg: Crippling Energy Crisis Set to Worsen for Debt-Ridden South Asia

•   Bloomberg: Lula Says His Economy Chief Would Be Political, Not Bureaucrat

•   Bloomberg: Oil Flows From Russia Eat Into Mideast, US Share in India Market

•   Bloomberg: Record US Oil Exports Set to Grow as WTI Discount Deepens

•   Bloomberg: Saudis to Hike Oil Price to Record Even as Traders See Risks

•   Bloomberg: Alphabet, Microsoft Spur Hope Tech Can Handle Slow Economy

•   Bloomberg: Gartner Slashes Chip Industry Forecast After PC Demand Slumps

•   Bloomberg: Solar Panel Costs Rise in Climate Change Threat as Longi Boosts Prices

•   Bloomberg Businessweek: US Automakers Face Union Pressure to Ease Inflation’s Bite on Wages

•   Bloomberg Businessweek: Housing Affordability Crisis Increases Odds of Recession

•   Bloomberg Businessweek: Market Crash Hedges Can Help Investors Survive a Recession

•   Bloomberg Businessweek: Inflation, EV Workers Among Issues as UAW Negotiations Near

•   Reuters: Russian forces capture Ukraine's second biggest power plant, Ukraine says

•   Reuters: Breakingviews: Russia is giving German industry a slow puncture

•   Reuters: Russian official says grain deal could collapse unless obstacles to Russian exports lifted

•   Reuters: Cost of living crisis? Consumers keep spending for now

•   Reuters: WHO says more than 18,000 cases of monkeypox globally, most in Europe

•   Reuters: Iran welcomes nuclear diplomacy, urges U.S. to show interest

•   Reuters: Analysis: Investors gauge U.S. stocks rebound: 'suckers' rally' or market bottom?

•   Reuters: Analysis: Fund managers play the long game on inflation

•   Reuters: Analysis: U.S. yield curve flashing more warning signs of recession risks ahead

•   AP: US economy sending mixed signals: Here’s what it all means

•   AP: Ukraine’s grain is ready to go. But ships aren’t. Why? Risk

•   AP: AP Exclusive: Philippines scraps Russian chopper deal

•   CNBC: Biden’s call with Xi Jinping will focus on areas of U.S.-China cooperation, not just tension

•   CNBC: Dr. Fauci: BA.5-specific booster shots are the country’s ‘best guess’ for dealing with Covid this fall

•   CNBC: This map shows the massive gas pipeline that Russia and China are building

•   SCMP: China, South Korea renew service sector talks, opening up a ‘win-win for both economies’

•   SCMP: South Korea’s risky ‘Kill Chain’ plans to counter North Korea nuclear threat may raise eyebrows in China

•   SCMP: Call between Xi and Biden won’t break China-US deadlock, observers say

•   SCMP: Coronavirus: China’s travel sector sees ‘revenge’ rebound, but outbreaks and lockdowns loom large

•   SCMP: China ‘confident’ on 2030 climate goal as summer heatwaves worsen global energy crisis

•   SCMP: Will Chinese President Xi Jinping be given the formal title of ‘the people’s leader’?

•   Nikkei Asia: Japan to weigh approaching COVID-19 like the flu

•   Nikkei Asia: BYD cuts into Tesla's lead in global EV sales, reaching No. 2

•   Nikkei Asia: Robot maker Fanuc's profit up 5% as EV industry drives record sales

•   Nikkei Asia: Scandal-hit carbon credits need universal standards: experts

•   Nikkei Asia: Analysis: Xi opens Beijing's heavy gates to receive Jokowi

•   Economic Times: Why the worst of rupee's fall could be over

•   Economic Times: Geopolitical conflict to keep oil prices up, CAD under stress: Govt to Parliament

•   매경(P1): 진격의 K방산…폴란드에 19조 수출

•   매경: 7개월만에 5년치 수출 달성한 K방산…세계 톱5가 보인다

•   매경: 韓, 폴란드에 전투기 전차 수출...우크라 전쟁 덕분?

•   매경(P1): "대체근로 늘려달라"…경영계, 정부에 건의

•   매경: 허용범위, 사회적 대타협으로 조율

•   매경: 노조에 기울어진 운동장…대체근로 확대로 勞使균형 맞출 필요

•   매경: 法개정 추진땐 사회적 대타협으로 조율

•   매경(P1): 4조원이 쓱…수상한 코인송금, 해외로 빠져나가

•   매경: 삼성전자 임원 48명, 자사주 100억어치 샀다…얼마에 샀을까

•   매경: 용산개발 발맞춰 UAM법 내달 뜬다

•   매경: "韓 사드 3不 유지해야"…중국, 尹정부 압박

•   매경: 5년 단위론 위기대응 한계…30년 재정전략 새판 짠다

•   매경: 지방저축은행 연체율 오른다…'부실뇌관' 되나

•   매경: "금융 불확실성이 커지면서 위험상황 구체화되고 있어"

•   매경: "아이폰 고마워"...비수기 비웃는 실적 내놓은 이 회사

•   매경: SK, 美에 반도체 패키징 공장…300억달러 對美투자

•   매경: '로또 줍줍' 진짜 옛말 됐네...청약 미달, 계약 포기 속출

•   매경: 국토부·법무부 임대차2법 개선 착수

•   한경(P1): [단독] "30억 빚, 최대 9억 깎아준다"…자영업자 '파격 탕감' 논란

•   한경(P1): 윤석열 대통령, 공정위원장에 홍대식 내정

•   한경: 덩치 커져 계륵 된 지역화폐…지자체, 재정 부담에 골머리

•   한경: 윤 대통령-조코위 28일 정상회담…인도네시아 新행정수도 건설 손잡는다

•   한경: 신성환 위원 합류에…금통위, 매파-비둘기파 팽팽

•   한경: LG화학, 美 GM에 전기차 500만대분 양극재 공급

•   한경: "주인 바뀌고 주머니 사정 좋아졌네"…현대두산인프라코어, 14년 만에 배당

•   한경: LGD, 국내 LCD TV패널 사업 접는다

•   한경: "자재값 급등에도 공사비 제자리"…공공임대 건설 '삐걱'

•   한경: 확진 10만명…"가족돌봄 휴가땐 최대 50만원"

•   한경: 햄버거 6900원…패스트푸드 2차 가격 인상 '러시'

•   서경(P1): '인재 블랙홀' 된 美 사막…韓은 싸울 두뇌가 없다

•   서경: 국내서 키운 인재, 구글·테슬라에 다 뺐긴다…'脫코리아' 왜

•   서경: 이공계 박사 28% "외국행 희망"…해외서 학위 따도 65%가 "안 돌아갈 것"

•   서경: TSMC·인텔, 섭씨 40도에도 증설 한창…애리조나 '사막의 新오아시스'로 인재 빨아들여

•   서경(P1): [단독] 與 반도체특위, 반도체 R&D·설비 투자 稅공제 25%까지 늘린다

•   서경: "세계는 보조금 전쟁인데 한국은 쥐꼬리"…화평·화관법도 손질

•   서경: 日, 기옥시아에 9000억 쏟고 TSMC공장 유치

•   서경: 美 마이크론의 반격…232단 낸드 첫 양산

•   서경: [단독] 해외건설 근로자 5년새 반토막…"수주해도 일할 사람 없어"

•   서경: 해외건설 근로자 소득공제 10년째 제자리…업계 "상향해달라"

•   서경: "인허가 늦어 공기 연장…비자 발급 국가간 공조도 안돼"

•   서경: 고철 수출 통제에…철강, 탄소감축 '골머리'

•   서경: "기준금리 0.25%P 올리면 소비 최대 0.15% 줄어"

※   한국은행: 금리 상승의 내수 부문별 영향 점검

•   서경: 쌍용차 “채권 6%만 현금변제”…채권단 반발

•   서경: 대내외 리스크에 기업 24% ‘R&D 중도 포기’

•   조선(P1): [단독] 금융 당국, 공매도 제도 보완 등을 위한 긴급 회의

•   조선: 민노총 집회, 文정부 때 4배 폭증... ‘기소 의견’은 되레 줄어

•   조선: 국민통합위 출범… 기업상생·세대·젠더·노사 문제 푼다

•   조선: 그로스 해커·데브옵스엔지니어... 이런 직업 들어봤나요?

•   조선: [단독] 文정부 탄중위, “NDC 불가능” 보고 묵살하고 40% 감축 발표 강행

•   조선: 文 추진하던 ‘도시재생’ 전면 개편...재개발 허용, 사업지도 절반 이하로 축소

•   조선: 네이버 21%, 카카오는 30% 실적 전망치 확 줄었다... 주가는 반토막

•   조선비즈: “하반기, 경기침체로 국내 경제성장률 부진 전망”

•   조선비즈: ‘진짜 5G 28㎓’ 활용 방안 놓고 고민 깊어진 정부·통신3사

•   조선비즈: [단독] 한·인니 정상회담에 원희룡 장관 배석…국토부 ‘해외건설’ 확대 본격 시동

•   중앙(P1): 사면 핵심명단 곧 보고…尹의 고민은 이재용·신동빈이 아니다

•   중앙: [View & Review] TSMC, 한국에 GAA 특허 집중 출원…공장도 없는데 왜?

•   중앙: 메모리도 안심 못한다…‘미래형 D램’ 특허 늘리는 마이크론·TSMC

•   문화(P1): ‘미래 먹거리’ 바이오헬스 육성 규제 풀어 13조원 투자 활성화

•   문화(P1): 경총, 기업형벌규정 등 규제개선 121건 대정부 건의

•   문화: 휴가철 ‘식당 쉽니다’ 팻말 실종

•   한국(P1): "노동 지옥 조선소, 우린 살기 위해 떠났다"... 호황에도 인력 썰물

•   한국: 기업들 '타깃 투자' 속도 낸다..."비상 경영이지만 미래 투자는 아끼지 않는다"

•   국민: 투자 신중하던 삼성SDI, 승부수 띄운 까닭

•   국민: 종부세 인하에 매물 속속 회수… 취득세 개편안 못꺼내는 정부

•   한겨레: 마트휴업·최저임금 정책을 ‘인기투표’로 결정하겠다는 대통령실

•   한겨레: 하루에 수소 7톤 생산…수도권 1호 평택기지 8월부터 가동

•   한겨레: 투자에서 저축으로…‘6개월 미만’ 예·적금 잔액 62% 증가

•   경향: 중대재해법 6개월…이달 ‘법 적용 사업장’ 사망사고 3배

•   머니투데이(P1): 현대차그룹 "우주로 간다"...로봇으로 달 표면 탐사 기술 개발

•   머니투데이: 정의선의 로보틱스·메타모빌리티 비전, 달에서 현실로

•   머니투데이(P1): 이미 1132억 밀려있는데…대우조선, 내년 2300억 이자폭탄

•   헤럴드경제(P1): SK하이닉스 2분기매출 13조 돌파 ‘사상최대’

•   디지털타임스: [단독] 대북송금 루트땐 국내은행 美 제재대상… 딜레마에 빠진 尹정부

•   디지털타임스: 기업 "해외 구매 REC도 국내 조달 인정해달라"

•   디지털타임스: 산업연 "韓 OLED 종합역량, 中·日보다 우위"

•   연합: 오후 9시까지 8만5534명 확진…전날보다 1만2083명 적어

•   연합: 작년 우주산업 경제 규모 616조원…로켓·위성 생산 9%↑

•   SBS: [단독] "칩4로 공급망 안정" 한국에 첫 공개 요청

•   전자신문(P1): 간편결제, 웨어러블로 확산

[Opinions]

•   Project Syndicate(Lars P. Feld, et al.): The ECB’s Toxic Bond-Purchase Program

•   Project Syndicate(Otmar Issing): The ECB’s Political Overreach

•   Project Syndicate(Yi Fuxian): Leaked Data Show China’s Population Is Shrinking Fast

•   Project Syndicate(Andrés Velasco): Argentina’s Never-Ending Tragic Farce

•   FT(Editorial Board): China’s emerging Belt and Road debt crisis

•   FT(Edward Luce): US and China are entering a trap of their own making

•   FT(Myles McCormick): While Europe learns energy frugality, US sticks to guzzling

•   FT(Claudia Sahm): A Fed-induced recession is a medicine worse than the disease

•   FT(Alan Beattie): The euro’s drama is not an existential crisis

•   FT(Lex): Palm oil: producers fumble a chance to fatten margins

•   WSJ(Editorial Board): Semiconductor Subsidy Strings Attached

•   WSJ(James Freeman): Sharkflation!

•   WSJ(Kyle Isakower): Export Ban Would Mean Higher Gas Prices for Americans

•   NYT(Thomas L. Friedman): Biden’s Big, Bold, Surprising Plan for a Green Transition (I Hope)

•   NYT(Peter Coy): Is the U.S. Economy Growing or Not?

•   NYT(Thomas B. Edsall): Red and Blue America Will Never Be the Same

•   NYT(Spencer Bokat-Lindell): Can Democrats Avoid a Midterm Wipeout?

•   NYT(Samuel Charap, Jeremy Shapiro): The U.S. and Russia Need to Start Talking Before It’s Too Late

•   WP(Editorial Board): The Chips Act has only gotten better. Now it’s the House’s turn to act.

•   WP(Editorial Board): Pelosi should go to Taiwan — when the time is right

•   WP(Max Boot): The U.S. is a lot stronger than Russia. We should act like it.

•   WP(E.J. Dionne Jr.): The chips bill means the Era of Hands-Off Government is over

•   WP(Charles Lane): Is the U.S. economy about to slip on a banana?

•   WP(Sebastian Mallaby): Can the West muster the will to face down Russia?

•   Bloomberg(Editorial Board): Why the Fed Should Keep an Open Mind

•   Bloomberg(Editorial Board): Brazil’s Democracy Needs More Friends in High Places

•   Bloomberg(Conor Sen): Low-Income Consumers Get a Break, But It Might Be Brief

•   Bloomberg(Andy Mukherjee): Global Banks Can Ride India’s Dollar Crunch In Style -- 2013 Style

•   Bloomberg(Julian Lee): OPEC+ Walks a Fine Line on Oil Output: Elements by Julian Lee

•   Bloomberg(Nir Kaissar): Do You Think the Fed Hasn’t Done Enough? Think Again

•   Bloomberg(Jonathan Bernstein): Midterm Elections 2022: The Political Guessing Game Just Got Weirder

•   Bloomberg(Andreas Kluth): Solar Panel Costs Rise in Climate Change Threat as Longi Boosts Prices

•   Bloomberg(Stephen Mihm): Strong Dollar Always Clobbers Developing Nations

•   Bloomberg(Martin Peers): Alphabet Investors Shouldn’t Ignore the Warning Signs

•   Bloomberg(Julianna Goldman): The Evolving Threats From China and Russia

•   Bloomberg(Maria Tadeo): After Mario Draghi, Italy Must Avoid Rekindling Its Romance with Russia

•   CNN(David Wilcox): The toughest part of the Fed's job may already be done

•   Fox News(Michael R. Pompeo): Time to ditch communist China's technology, or else