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Good morning! Here’s the latest in trending:
Fresh highs: One of the big winners from the Iran war is fertilizer sticks, which keep on hitting records.
New foothold: China’s BYD (BYDDF) is exploring car production in Canada and may scoop up an established rival.
Private credit risks: Deutsche Bank (DB) comments on its €26B portfolio, flagging indirect risks through interconnected counterparties.
Remember the “Fight for $15” that started in New York City last decade? Well, the movement has evolved and the goalposts have moved, with “$30 by ’30” being demanded in the Big Apple. Mayor Zohran Mamdani, a democratic socialist, already advocated for the new minimum wage level on the campaign trail, but the pledge is now being taken up at the New York City Council.
Rallying cry: If approved, the newly introduced bill would stagger wage increases over the next several years, bringing the minimum wage to “$30 an hour by 2030” – for businesses with over 500 workers. Smaller employers would have two additional years until 2032, with any further increases tied to cost-of-living adjustments. It’s a big deal. The current minimum wage in NYC is $17, and at $30, it would be the highest city minimum wage in the country. Moody’s revises NYC’s outlook to negative; affirms issuer rating
According to NYC’s Comptroller, one quarter of the local workforce earns minimum wage, meaning an increase would impact over a million workers. The proposed bill also aims to phase out the tip credit for food service workers, while implementing robust reporting requirements. Any failure to maintain or produce wage records would create rebuttable presumptions of the employer, which must provide formal notice to employees about their rights on an annual basis.
Outlook: “The math ain’t mathing,” said Brooklyn City Council Member Sandy Nurse, who put forward the “30 for Our City” Act. “$17 per hour is not a livable wage. It is a crisis. This is not a dignified life.” Others argue that such a sharp increase could deepen monopolies and pressure small businesses, which are already facing sky-high rent and tight profit margins. Additional fears center around higher prices due to increased labor costs, as well as an increase in the unemployment rate, especially among low-skilled workers. (5 comments)
Here’s the latest Seeking Alpha analysis
Best Strong Dollar Stocks As Oil Shock Reshapes Rate Outlook
The One Chart That I’m Betting 75% Of My Net Worth On
Microsoft: The Market Is Giving Us A Gift, And I Am Accepting It
Micron Is Likely To Beat Earnings Again And Rise (Preview)
Forget FANG – I’m Betting On ‘TOLL’ Stocks Instead
What else is happening…
Adobe (ADBE) falls despite record results; CEO reveals exit plan.
Jones Act explained: Trump considers waiver as fuel prices spike.
U.S. Navy not ready to escort tankers and Russian oil exemptions.
Apple (AAPL) cuts App Store commission fees in mainland China.
More tariffs? U.S. launches forced labor probes into 60 economies.
Lucid (LCID) highlights future with robotaxis, mid-size EV platform.
ByteDance (BDNCE) gains access to Nvidia’s (NVDA) top AI chips.
Ulta Beauty (ULTA) shares unravel on profit miss, lackluster outlook.
Trump administration takes aim at CNN over airing Iranian leaders.
S&P weighs rule change that may speed up SpaceX’s S&P 500 entry.
Today’s Markets
In Asia, Japan -1.2%. Hong Kong -1%. China -0.8%. India -1.9%.
In Europe, at midday, London -0.2%. Paris -0.5%. Frankfurt -0.3%.
Futures at 6:30, Dow +0.2%. S&P +0.2%. Nasdaq +0.2%. Crude -0.7% to $95.04. Gold -0.6% to $5,097.30. Bitcoin +3.2% to $72,432.
Ten-year Treasury Yield unchanged at 4.28%.
On The Calendar
Companies reporting today include VEON (VEON) and Comstock (LODE).
See the full earnings calendar on Seeking Alpha, as well as today’s economic calendar.
