World
Middle East
Europe
Latin America
America Together
How to Help
Asia
Africa
Australia/Pacific
ADVERTISEMENT
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox
Arrives Weekdays
World Clips
Trending in World
Spain to reopen country to international tourists in July as coronavirus outbreak winds down, PM says\
TOGETHER WITHGood morning and welcome back to the week. Thanks for the thoughtful feedback on yesterday’s unique “What if?” edition of the newsletter. Many of you loved it...others were so angry they addressed us using our middle name.Either way, it's nice to know there are living, breathing humans on the other side of this email. Don't hesitate to send us a message when you've got strong feelings about things you read in the Brew. We do our best to reply to each one and incorporate your feedback into the news we bring you every morning.MARKETS YTD PERFORMANCE
NASDAQ9,324.59+ 3.92%S&P2,955.45- 8.52%DJIA24,465.16- 14.27%GOLD1,726.80+ 13.61%10-YR0.661%- 125.90 bpsOIL33.89- 44.63%*As of market close- Markets: With the U.S. stock market closed for the holiday, Germany seized the spotlight. European stocks gained after a survey of German businesses showed more optimism about future economic conditions.
- U.S. economy: It’s possible the worst is over. From restaurant bookings to travel to mortgage applications, business activity seems to be ticking up, the WSJ reports.
- Energy: Oil is on track for its best month ever.
REAL ESTATE
Rent Day Always Comes too Soon
Mario Tama/Getty ImagesIn the next week, millions of households and businesses will face their third rent payment during the pandemic. But this one might be the most worrying yet as state bans on evictions start to lift.Residential
After being halted for two months because of the coronavirus, evictions can resume in Texas. And while some cities have added extra protections for renters, a “tsunami of evictions” is still expected, NPR reports. A rental assistance program in Houston ran out of funding in 1.5 hours.- Wisconsin’s evictions ban also expires today. The state is setting up a $25 million rent assistance program...but it’s not expected to be accessible until early June.
Zoom out: Evictions and damaged credit can turn into a vicious cycle of housing insecurity even during a strong economy. Tack on skyrocketing unemployment and a pent up wave of evictions could hammer working families further.Commercial
Like humans, businesses have also withheld rent during the pandemic, especially in hard-hit sectors like retail and hospitality.- Chipotle, Dunkin', and Shake Shack are among the chains lobbying property owners to defer rent payments or renegotiate leases.
- Starbucks told landlords it’ll “require concessions” for at least a 12-month period starting in June.
But many landlords are peeved that blue-chip companies worth billions—who can raise money through a variety of sources—are seeking concessions at their expense.Big picture: Even in states where commercial evictions can technically proceed, closed and bottlenecked courts mean they’re unlikely to happen soon.Landlords
Faced with empty storefronts, many landlords are being flexible with their tenants. Some are working on arrangements to extend leases in exchange for forgiven rent. Reduced rent agreements could hurt them in the long run by diminishing property values, per the WSJ.Landlords also have mortgages, utility bills, and property taxes, and as their income dries up, failure to pay could have city-wide consequences. Commercial landlord Vornado Realty Trust said about 80% of NYC retail tenants missed payments at the beginning of April and May. If building owners can’t scrounge up money for their next property tax bill in July, NYC will lose out on crucial revenue that funds public services.GEOPOLITICS
U.S. and China Pick Up Where They Left Off
If there’s one thing you can count on even during a pandemic, it’s Phil Mickelson-level trash talk between the U.S. and China. The world’s two biggest economies ramped up their hostilities this weekend across really every issue you can imagine, from trade to telecommunications.- The Chinese Foreign Minister said aggressive U.S. politicians are pushing the nations into a “new Cold War.”
Why the U.S. is angry with China: The Trump administration has faulted China for allowing the coronavirus to spread beyond the origin city of Wuhan. It’s also criticized a proposed law that would expand controls over Hong Kong.Why China is angry with the U.S.: The U.S. recently tightened restrictions on supplies to Huawei (one of China’s most important tech companies), citing national security concerns. It also added 33 more Chinese entities to a trade blacklist.Bottom line: When President Trump launched a trade war with China a few years ago, most experts suggested it was less about specific tariffs and more about larger geopolitical battles. We’re starting to see those in action.INVESTING
The Stonk Exchange Is Back
Wallpaper FlareToday, the New York Stock Exchange will reopen its iconic trading floor, giving bored traders a break from hawking Silly Bandz to their neighbors. The NYSE will cap the number of traders on the floor at a quarter of normal capacity, and those who do return will be asked to sign a liability waiver.The backstory: The world’s largest stock exchange barred brokers from the trading floor in late March as the dangers of the coronavirus materialized.The comeback story: In an opinion column for the WSJ, NYSE President Stacey Cunningham wrote, “Two months later, we’ve learned a lot.”- New safety measures will require traders to wear masks and avoid public transportation, while plexiglass barriers have been erected to promote social distancing. That means no bear (or bull) hugs if the Dow hits 30k.
Bottom line: While electronic trading has reduced the significance of the physical NYSE to financial markets, its reopening is a symbol of Wall Street’s gradual return to business as usual.SPONSORED BY BRIGHT CELLARS
Bottles, Bottles, Bottles
Bright Cellars are a bunch of nerds—this is a business newsletter; we love nerds; look at these semicolons—and they figured out how to scientifically determine what wine you like and deliver that wine to your door.Bright Cellars was founded by two MIT grads who developed an algorithm that chooses wines for you, and they know what you’ll be into based on your answers to their wine quiz.They’ve assured us the quiz isn’t as hard as getting into MIT. Unless “what kind of chocolate do you like” was on your SAT, in which case, we have further questions for you.A Bright Cellars membership is more than just a wine delivery service; it’s a full-on wine education. Their algorithm is a personalized experience that helps you learn about wines and expand your palette.No need to leave the house for some relaxing wine. Get 50% off your first box of six bottles on us.Virgin OrbitAre you even a polarizing, outspoken billionaire? Virgin Group founder Richard Branson watched on as his team tried to carry out the launch of the new Virgin Orbit spacecraft yesterday.It didn't go as planned
The LauncherOne rocket dropped out from the bottom of a specially outfitted Boeing 747 jet...but moments later controllers had to abort the mission following an "anomaly."- The ultimate goal for Virgin Orbit is to help deploy commercial and government satellites into orbit by offering more flexible launch locations, aka...anywhere. “We can fly to space from any place that can host a 747,” explained CEO Dan Hart.
- Obviously, that plan has a few more wrinkles to be ironed out.
But don’t forget about Elon: Tomorrow, SpaceX looks to redeem the week for rocketry with its first-ever crewed mission. When the two NASA astronauts take off from Florida, it will be the first manned launch from U.S. soil into Earth's orbit in nine years.CALENDAR
The (Short) Week Ahead
So many epic quarantine hairdos will come to an end this week...don't forget to take pics so you can show your kids one day.Monday: That was yesterdayTuesday: TodayWednesday: Fed beige book; HBO Max launch; earnings (HP, Toll Brothers, Royal Bank of Canada)Thursday: Jobless claims; durable goods; second estimate of Q1 GDP; earnings (Costco, Dell, Nordstrom, Salesforce, Ulta Beauty, VMware, Dollar General)Friday: Personal income and spending data; consumer sentiment; Steve Carell’s Space Force is released on Netflix; new Lady Gaga albumWHAT ELSE IS BREWING
- Americans hit the country's parks and beaches on Memorial Day weekend...some more socially distanced than others.
- The U.S. restricted travel from Brazil, which has one of the worst coronavirus outbreaks in the world.
- Lufthansa, Germany’s largest airline, received a $9.8 billion bailout package from the country's Economic Stabilization Fund.
- The NBA said it was in “exploratory conversations” with Disney about restarting the league in late July at Disney’s sports complex in FL.
- Stuff, one of New Zealand’s largest media companies, is being sold to its CEO for $1.
BREW'S BETS
It’s possible. To collect art like a billionaire, you just need a game plan. And Masterworks has one: They make navigating the $1.7 trillion art market as easy as buying stocks. There’s even a secondary market for trading your shares. The best part? Brew readers can skip the 25,000-person waitlist.*Install comprehensive home protection without anyone setting foot in your house. Order SimpliSafe online, set it up yourself in under an hour, and experience the security that comes with 24/7 emergency dispatch for break-ins, fire, and more. Shop their Memorial Day Sale.*Weird graduation ceremonies: Just when you thought you’d seen ’em all...this one in Manila might take the cake.Daydreaming things: Airbnb released the top 10 listings people put on their wish lists since March. Not included but it should be: a minor league baseball stadium.*This is sponsored advertising contentGUESS THE LOGO
Source: Can't tell you that yetHint: This company is mentioned in this newsletter.SHARE THE BREW
You only need 5 more referrals to receive Morning Brew stickers.In the wise words of a certain Jedi master: “Sticker or no sticker, there is no point in having a laptop if it doesn’t have a Brew sticker on it.” Or something like that.
Hit the button below to learn more and access your rewards hub.Click to Share
GUESS THE LOGO ANSWER
LufthansaMay 26, 2020 Read in Browser
Pelosi's Newest Plan Could Derail Trump's 2020 Chances
by Patriotic TimesSEE ALL BIOS ON THIS DAY
ALSO BORN ON THIS DAY 1907 John Wayne
American actor1926 Miles Davis
American musician1949 Jeremy Corbyn
British politician1975 Lauryn Hill
American singer1867 Mary of Teck
queen of Great Britain1971 Matt Stone
American screenwriter, actor, and producerMORE EVENTS ON THIS DAY 2008: American director, producer, and actor Sydney Pollack—who helmed a number of popular films, including The Way We Were (1973), Tootsie (1982), and Out of Africa (1985)—died in Pacific Palisades, California. [Sort fact from fiction in our film school quiz.] 1971: American screenwriter, actor, and producer Matt Stone—who was best known as the cocreator, with Trey Parker , of the subversive animated television series South Park—was born. 1926: Jazz musician Miles Davis, a trumpeter who was one of the major influences on jazz from the late 1940s, was born in Alton, Illinois. [Take our music quiz.] 1897: Irish writer Bram Stoker published the Gothic horror classic Dracula, which became the basis for an entire genre of literature and films about vampires. [ Was Dracula a real person?] 1895: American photographer Dorothea Lange , whose portraits of displaced farmers during the Great Depression greatly influenced later documentary and journalistic photography, was born. [How many famous photographers can you name?] 1886: Al Jolson , a popular American singer and blackface comedian of the musical stage and motion pictures, was born Asa Yoelson in Srednike, Russia (now Seredžius, Lithuania). SEE ALL EVENTS ON THIS DAY
No comments:
Post a Comment