Market Fragility Has Moved to Bonds: Morgan Stanley's Wilson
"We did take the offramp on the tariff concerns," Morgan Stanley CIO Mike Wilson says while discussing the market impact of tariffs on "Bloomberg Open Interest." (Source: Bloomberg)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Miami Herald
42 minutes ago
- Miami Herald
Scott Galloway sends strong message on Morgan Stanley and work
Scott Galloway, the popular podcaster and New York University professor, spoke with LinkedIn CEO Ryan Roslansky on June 3 and revealed his path to success. The discussion involved some words of weakness and strengths that Americans may find important and inspiring. Significantly, Galloway revealed why he decided to leave Morgan Stanley. Don't miss .the move: Subscribe to TheStreet's free daily newsletter "The reason I left the corporate world was I literally recognized, 'I don't have the skills for this.'" Galloway told Roslansky on LinkedIn's The Path. "I was too insecure. People would go into a conference room at Morgan Stanley, and I would assume they were talking about me." "I couldn't handle people getting promoted that I didn't think were smart," Galloway continued. "It was a jambo of nerves and insecurity and I realized I am not cut out for the corporate world. I'm just not good at it. It wasn't because I thought, 'I'm so awesome. I need to let my freak flag of entrepreneurship fly.' I just knew I wouldn't be successful at a big company." Related: Scott Galloway warns Americans on 401(k), US economy threat Galloway talked more about how he found his calling, including some bad advice from wealthy people that he suggests people might not want to follow. "The worst advice the billionaires give is 'follow your passion.'" Galloway said. "Anyone who tells you to 'follow your passion' is already rich." "What I would say to anyone in their twenties is: 'Your job is to workshop.' If you're one of those people who knows exactly what you want to do and gets traction in it right away, that puts you in the 2% most fortunate," he said. "The key is just to keep trying, be resilient until you land on something you think you could be great at." Galloway explained his personal past and how it led to making choices that many would see as out of the ordinary. "I was raised by a single immigrant mother who lived and died as a secretary. Neither of my parents graduated from high school," Galloway explained. "Our household income was never over $40,000, so it wasn't a given that I was going go to college." Galloway talked more about his weaknesses and the fact that those problems did not discourage him. "I was remarkably unremarkable but America used to love unremarkable people," he said. "I got into UCLA with a 2.27 GPA and spent most of college watching Planet of the Apes. Now, you have to weigh off your economic situation, the value of the degree and if you could go out and make more money on your own." More on the U.S. economy: Dave Ramsey sounds alarm for Americans on Social SecurityScott Galloway warns Americans on 401(k), US economy threatShark Tank's Kevin O'Leary has message on Social Security, 401(k)s Galloway also discussed his warnings and about being an entrepreneur, particularly about romanticizing the notion. For Galloway, it appears he had some fears about leaving the Morgan Stanley and the corporate world. Related: Shark Tank's Kevin O'Leary sends strong message on Social Security Galloway explains his experience with teaching college students about their hopes and dreams. "A ton of kids come to my office hours and they'll say, 'I have offers from Google and Salesforce, but I really want to start my own business,'" he said. "And I'll say, 'Don't be an idiot, go work for Google.'" Galloway clarified more about his thoughts on advising students. "They don't expect to hear that from me. We have a tendency to romanticize entrepreneurship," he said before asking a vital question. "Just ask yourself, 'Are you willing to risk public failure? Are you willing to be emotionally stressed? Are you willing to strain your relationships? Are you willing to borrow money from your in-laws?'" "With a prospect, you might have to show up at Thanksgiving having lost it," Galloway stressed. "Are you willing to sell everyone all the time?'" Related: Dave Ramsey sounds alarm for Americans on Social Security The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
an hour ago
- Yahoo
Canada's wildfires may impact gas prices: here's how
As the Canadian wildfires continue to rage, some oil production in the country, a U.S. supplier, has been forced to shut down, raising concerns national gas prices may rise. Around 95 fires were out of control in Canada on Monday afternoon, with more than half burning in the province of Alberta, according to the Canadian Interagency Forest Fire Centre. Bloomberg reports the fires in Alberta have shut down nearly 350,000 barrels of daily heavy crude oil production, roughly 7 percent of Canada's oil output. Patrick De Haan, head of petroleum analysis at GasBuddy, told The Independent that if the oil production shutdown continues, 'it could be a bit more problematic to [U.S.] refineries and it could be more impactful to things like gasoline.' Canada is the fourth-largest oil producer in the world and a major supplier to the U.S. The American Fuel & Petrochemical Manufacturers, a major trade association, said in a blog post from January that 25 percent of crude oil in U.S. refineries comes from Canada. Refineries need heavy crude oil to run and make petroleum products such as gasoline. The trade association said in another blog post, 'Nearly 70% of U.S. refining capacity runs most efficiently with heavier crude.' De Haan told MarketWatch in March, 'Canada's oil has always been there, and it's always been there at a discount.' The fires have displaced thousands and are causing air quality alerts in several U.S. states. The wildfires have now threatened the country's oil output, potentially affecting the national average gas price, which currently stands at $3.09 per gallon, according to GasBuddy. Cenovus Energy Inc., a Canadian oil producer, shut down output on May 29, according to Bloomberg. It said Sunday that it expects to resume operations in the 'near term.' Two other Canadian oil producers, MEG Energy Corp. and Canadian Natural Resources Ltd., have also temporarily ceased operations. De Hann explained in a phone interview with The Independent on Monday that much of the crude oil in U.S. refineries in the Midwest and Rocky Mountains comes from Canada. ' So, a shutdown in the flow of oil, or at least a partial shutdown in the flow of oil from Canada, could be impactful to refineries down in these regions,' he said. De Hann said refineries usually have at least several days of crude oil stored, 'but if this hit to Canadian oil production continues for potentially more than a week or two, and/or if it worsens in terms of the amount of oil shut in, it could be a bit more problematic to these refineries and it could be more impactful to things like gasoline.' ' I don't really see any impact to prices, but we will have to see,' the expert added. De Hann warned since there's less Canadian oil available, 'it's likely narrowing the Canadian crude oil discount that generally we see, but that's not really going to be too impactful to motorists.' The U.S. still makes 60 percent of its crude oil, according to American Fuel & Petrochemical Manufacturers, and it gets the other 17 percent of its oil from other countries. There were 189 active fires in Canada as of Monday afternoon, according to the Canadian Interagency Forest Fire Centre. Most are in British Columbia and Alberta. The fires have burned through roughly 1.7 million acres across Saskatchewan and Manitoba, The New York Times reported, citing the center. Two people were killed in a wildfire that burned through a small Manitoba town, the Times reported. CBS reported on Sunday that more than 25,000 residents have been evacuated over the fires and smoke was worsening air quality in Canada. The fires have also caused air quality alerts in Minnesota, Michigan and South Carolina, which remained in place Monday, per NBC News. Pollutants can cause health risks, especially for those with a respiratory disease such as asthma.
Yahoo
an hour ago
- Yahoo
NATO urging Europe to ramp up air defenses fivefold in face of Russian threat, Bloomberg reports
The North Atlantic Treaty Organization (NATO) is urging European member nations to increase their ground-based air defense capacities by five times in order to mount a more effective response to the threat of Russian aggression, Bloomberg reported on June 3, citing sources familiar with the matter. The reported request is NATO's latest bid to shore up European security amid heightened tensions with Russia and an increasingly uncertain U.S. commitment to Europe's defense. NATO defense ministers will discuss the air defense boost at a gathering in Brussels on June 5, sources told Bloomberg on the condition of anonymity. A number of proposed defense increases are on the agenda for the meeting, which will set the stage for the NATO summit in The Hague on June 24-25. The air defense target is a collective goal for NATO's European members, with varying levels from individual states, sources said. The timeframe for the fivefold increase is not yet clear. According to one senior European military official, NATO members face a shortage of ground-based air-defense systems to protect against drones, missiles, and fighter jets, having shifted away from these systems after the end of the Cold War. "We are not at war, but we're not at peace either," NATO Secretary General Mark Rutte said during the Vilnius summit of the Bucharest Nine (B9) and the Nordic countries on June 2. "We must continue to strengthen our deterrence and defense and that means pivoting toward a full war-fighting readiness." Russia's full-scale invasion of Ukraine in 2022 prompted European countries to hike defense spending in order to revive their military capabilities following decades of disarmament. Ukrainian and Western officials have sounded the alarm on Russia's threat to both NATO and Europe, warning that an open clash between Moscow and NATO could break out two to four years after the full-scale war against Ukraine ends. Read also: Ukraine war latest: Kyiv attacks Crimean bridge for 3rd time since beginning of Russia's full-scale invasion We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
