Hello from Washington, where we are preparing for the US et al v. Google trial this week by pulling out our Monopoly man monocles. The complaint, which accuses Google of abusing its dominance in online search, is a historic first in the internet era, when Big Tech wields an incredible amount of power. What you need to know for the coming week is listed below.The main threat from fuel: The recent reminder of a strain on the world energy system is the scorching summer heat. Air conditioner usage increased, which increased the demand for electricity at the same time as oil refineries were disrupted by the extreme heat.
With years of underinvestment and constrained oil product markets, the record-breaking heat forced refiners to reduce oil processing by at least 2% globally in June and July. Extreme weather patterns will continue to occur as a result of climate change, placing more strain on the world’s fuel supply. The major market concern: At least when looking at what Wall Street has priced into the markets, a recession looks less and less likely. Unpredictable poor economic news might certainly lead to global instability, but for the time being, positive news may pose a greater threat.
An overheated economy and the facts that accompany it would point to higher policy rates and inflation, which would harm corporate profits, restrain business investment, and endanger consumers with high debt loads.The major summit Over the weekend, the leaders of the Group of 20 met in India and came to an agreement on a joint statement that featured compromise wording regarding Russia’s invasion of Ukraine. While this language was praised by the US and its allies, it was sharply criticised by Kiev. China has voiced opposition to the US hosting the Group of 20 nations in 2026.
Since it is doubtful that the verdict would be overturned, the criticism is largely symbolic. However, it reflects China’s dispute with the US over a number of topics, including Taiwan and chip export regulations.
The big launch: The US Space Force carried out the initial launch of a brand-new constellation of early warning satellites intended to monitor Chinese or Russian spacecraft that might be able to destroy or disable orbiting American assets. The network, known as “Silent Barker,” is the most recent development in the expanding alien competition between superpowers.The main diversity issue: US businessmen are reducing public debates on workplace diversity after making broad commitments to change the issue in the wake of George Floyd’s passing.
The Supreme Court’s decision to rule against affirmative action coincides with this quarter’s earnings season, a sign that boardrooms in corporations may be less inclined to support diversity initiatives as a result of the case.The main benefit: Frugality has been a point of pride and a means for Republican presidential contenders Mike Pence and Nikki Haley to set themselves apart. Low-budget campaigns and frugal expenditure may be paying off as the two are rising in the polls. In the meantime, Florida Governor Ron DeSantis, who started the contest with the most money, is gradually slipping out of second place.
The major launch On Tuesday, Apple will reveal its biggest product of the year, and the stakes are enormous. Apple may be saved by the iPhone 15, new smartwatches, and AirPods as it struggles with a decline in sales. One issue is the expansion of iPhone bans by state-owned businesses and organisations supported by the Chinese government. Additionally, Apple is once again changing the phone’s charging port, which may annoy users but will increase functionality.
The big wager: Bond traders have increased their bets that the Federal Reserve will continue to raise interest rates in the near future. The monthly consumer price index report will be released the following week, giving the latest information on how far the central bank may need to go to bring inflation back to its target level. The statistics might give the teetering Treasury market a new kick. Our Big Take, ICYM US retail employees are tired of it. The difficulties faced by the almost 8 million Americans who work in retail include low compensation and erratic scheduling. The epidemic years have also added a number of taxing new tasks, such as shoplifting and customer irrationality. the 95% increase in part-time retail employee turnover has resulted in stores with inadequate employees.