Morning Reads
- What 10 Years of Modi Rule Has Meant for India’s Economy
- South Korean Export Growth Continued in March
- China Industrial Upswing Is Latest Sign of Economic Recovery
- Is Japan Finally Out of Its 30-Year Slump? Economists Are Optimistic That Japan Is Back—and They Say They Have the Data to Prove It
- Bank of Japan Tankan Survey Shows Mixed Results Amid Rate-Hike Speculation
- Fertility Startups in Japan Step In as Treatment Demand Soars
- Japan’s Top Utility Pilots Ammonia Use to Reduce Coal Emissions
- US Oil Suppliers Muscling Into OPEC+ Markets All Over the World
- Gold Jumps to Record as Favored Fed Inflation Gauge Stokes Rally
- Relentless US Credit Demand Seen Driving Second-Quarter Rally
- The Dollar Is More Armored Division Than Currency
- Texas Federal Judge Blocks Updated Fair Lending Rules
- Biden’s Economic Plan for Latin America Begins to Take Shape
- Young Voters Are More Concerned With the Economy. That’s Bad for Biden
- 39,000 Lost Jobs Undercut Biden’s Manufacturing Wins
- Bridgewater CEO’s Turnaround Hinges on Wooing Restless Clients
- Capital One-Discover Merger Deal Termination Fee Set at $1.38 Billion
- Rakuten Group Aims to Integrate Bank, Fintech Units
- Chip & Joanna Gaines Vivify the Dangers of Antitrust
- OTIS: To Go Unnoticed
- Baltimore Ship Accident Has East Coast Ports Scrambling to Absorb Cargo
- Ships Have Become Supersized Since Baltimore Bridge Was Built
- Tesla Has Wall Street Worried About How Many Cars It Just Sold
- Auto Execs Call for New Measures as E.V. Wars Heat Up
- French New Car Sales Decline 1.5% in March, PFA Association Says
- You Don’t Need to Freak Out About Boeing Planes (but Boeing Sure Does)
- Chile Telecom Operator WOM Files for Bankruptcy in the US
- This Disney War Has Already Paid Off
- A Look at Hasbro’s ‘Monopoly’ To Calm the Nerves of Monetarists
- As Graffiti Moves From Eyesore to Amenity, Landlords Try to Cash In
- How Street Art Is Gentrifying Neighborhoods
Options
PREMIUM
Prepper
· Big bucks (biggest disruption since agricultural revolution)
· Good alternative (will compete for market share)
· Niche product (similar to current plant-based offerings)
· It's a scam (science is bogus and won't be affordable)
Take the survey here and don't forget to share your thoughts in the WSB comments section.
Meet the meat
The battle is moving on from the #plantbased theater, which had seen clashes over labeling and skirmishes surrounding grocery aisle placement. Lab-grown meat is now in the crosshairs of several U.S. states, including Alabama, Arizona, Florida and Tennessee, with proposed legislation that would outlaw the protein source. Arguments in favor of a ban have cited concerns over safety and the role of ranchers, while others have called the innovation-stifling measures protectionist and want consumers to make the decision about what lands on their dinner plate.
How it's made: Billions of dollars have been poured into startups that are trying to produce cell-cultured meat, including investments from traditional producers like Cargill and Tyson (TSN). The cultured products are made using cells that come from a living animal, which grow inside bioreactors with the right dose of hormones and nutrients. U.S.-based company Eat Just won the first federal approval in June to sell cultivated meat to the public, but the backlash has been global, with a recent ban implemented in Italy that cited risks to culinary culture and food heritage.
Proponents of the emerging industry say lab-grown meat is better for the environment and will go a long way in achieving sustainability goals. It can also help satisfy the ever-increasing demand for protein, and does so humanely without the need for commercial slaughter. Producing meat in bioreactor tanks is still far more expensive than raising and processing animals, but the hope here is that the technology will get cheaper over time.
On the flip side: The scale to profitability can be challenging, especially if venture funding dries up. It's not only about affordable prices, but people will need to want to eat cultivated meat, which has been met with some hesitancy and skepticism. Is there enough research to support similar nutrition benefits? Is it really more environmentally friendly compared to biodiverse agricultural ecosystems? And are there bigger risks of safety or contamination if the product is subject to severe laboratory standards?
Baltimore cleanup
Emergency responders have started crane operations and wreckage removal on the Francis Scott Key Bridge, which collapsed last week after a cargo ship chartered by Maersk (AMKBF) (AMKBY) rammed into one of its pillars. The wreckage removal operations are being conducted by the so-called Unified Command. The bridge acts as the entryway to the Port of Baltimore, which is among the busiest for car shipments as well as farm and construction machinery. Though analysts have said the port shutdown is unlikely to have major effects on the U.S. economy, the sheer size of the port's volume makes it highly important in the supply chain. (7 comments)
Hot pursuit
Fresh statements from new Nippon Steel (OTCPK:NPSCY) President Tadashi Imai show the company is pressing ahead with its proposed $15B acquisition of U.S. Steel (X). The Japanese powerhouse, which pledged no layoffs or facility closures, is also continuing talks with the United Steelworkers union to win support for the deal. President Biden, who was endorsed by USW for a second term, previously said U.S. Steel should retain American ownership, while Donald Trump has vowed to block the transaction if elected. Automakers have also called on the Biden administration to oppose any effort by Cleveland-Cliffs (CLF) to buy U.S. Steel amid antitrust concerns.
Data breach
Telecom giant AT&T (T) has notified customers about a data set released on the dark web that relates to 7.6M current account holders and around 65.4M former subscribers. It is not yet known if the data-specific fields, which were leaked two weeks ago, originated from the company or one of its vendors. The hack included personal information such as social security numbers, as well as passcodes and possibly other data. AT&T, which has launched an investigation supported by internal and external cybersecurity experts, said the incident has not yet had a material impact on its operations. (92 comments)
Today's Markets
In Asia, Japan -1.4%. Hong Kong closed. China +1.2%. India +0.5%.
In Europe, at midday, London +0.3%. Paris flat. Frankfurt +0.2%.
Futures at 7:00, Dow +0.3%. S&P +0.4%. Nasdaq +0.5%. Crude -0.2% to $82.98. Gold +1.4% to $2,269.40. Bitcoin -1% to $69,580.
Ten-year Treasury Yield unchanged at 4.21%.
Today's Economic Calendar
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
6:50 PM Fed's Cook Speech
Companies reporting earnings today »
What else is happening...
Disney (DIS) board fight heats up as CalPERS backs Peltz, Rasulo.
Will Microsoft (MSFT) and OpenAI unveil a $100B data center project?
Consumer credit: Delinquencies are on the rise, but trends diverge.
Spirit (SAVE) could get $200M for Pratt & Whitney engine defect.
MicroStrategy among most squeezable as crypto short interest climbs.
China's manufacturing PMI at 13-month high amid robust demand.
U.S. CDC warns that bacteria causing meningitis are on the rise.
Microsoft (MSFT)-backed startup Rubrik said to prepare IPO filing.
BofA: Lightly-regulated techs may be a tempting target for government.
S&P 500 real estate stocks (SP500-60) (XLRE) see negative returns in Q1.