Anthony Fauci's Darkest Hours

Global Demand Destruction: Subsidies, Empty Gas Stations, Rationing, Flight Cancelations, Export Limits, Price Controls In the past two weeks we have discussed demand destruction as a result of soaring oil prices (here and here), and we are increasingly seeing anecdotal evidence of just that (here is a table from Goldman we showed previously, laying out where demand destruction is most acute). We start, as always, with Asia which has emerged as ground zero of the global energy crisis - as a reminder last week we first presented a map by JPMorgan's...

Hurricane Isaias Slams Gulf Coast, Knocks Out Power To 830,000 As Major Refineries Are Spared Hurricane Isaias knocked out power to about 830,000 homes and businesses across Florida, Alabama, and Georgia and disrupted oil and natural gas operations in the Gulf of America, but the good news: it narrowly missed major refineries. The Category 2 hurricane made landfall near Destin, Florida, at 8:30 local time, with sustained winds of 105 miles per hour before weakening into what the National Hurricane Center calls a "post-tropical cyclone." Strong winds damaged roofs, toppled trees...

SaaS Stocks Slammed As ServiceNow Disappoints, Blames MidEast War Perhaps indicative of the fragility of the current rebound - as Software stocks have recently ripped higher for 8 straight days - SaaS stocks are all deeply in the red after-hours as ServiceNow - the potential poster-child for AI disruption - cut its margin outlook amid lackluster results, sending shares reeling. At first glance, it was a good print - the provider of business task management software posted first-quarter adjusted earnings of 97 cents a share, which was in-line with Wall Street...