Good morning, readers. Global financial institutions are sounding the alarm on the world economy's slowing growth this year as Russia continues to wage war against Ukraine.
Between geopolitics, oil, and inflation, there's a lot of moving parts — let's get started.
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1. The world economy is decelerating. The International Monetary Fund pinned the slowdown on Russia's invasion of Ukraine. On Tuesday, it projected a sharp decline in 2022 economic growth worldwide as the war drives up energy prices and drags on COVID-19 recoveries.
Now, the IMF sees global growth at 3.6% for the year, down from its 4.4% forecast issued in January. Beyond 2023, it expects growth to decline to about 3.3%. Growth in 2021 was about 6.1%.
"Fuel and food prices have increased rapidly, hitting vulnerable populations in low-income countries hardest," the IMF said in its World Economic Outlook.
The analysis echoes that of the World Bank, which earlier this week slashed its own global growth forecasts from 4.1% to 3.2%.
Now, the World Bank is preparing to mobilize a relief package larger than the one it doled out in response to the pandemic.
US mortgage giant Fannie Mae said it anticipates a "modest" US recession next year. Goldman Sachs, for its part, put the odds of a recession at 15% over the next 12 months.
Meanwhile, oil prices plunged more than 5% Tuesday as economic warnings mounted.
2. US stocks are trying to shake off a dip as Netflix plunges 25%. The streaming service's bleak update and rising bond yields are unnerving investors. Check out what's happening on the markets.
3. Earnings on deck: Tesla, United Airlines, and Procter & Gamble, all reporting.
4. Credit Suisse shared the names of tech stocks that are among some of the most beaten down on the market. These companies, an analyst said, have drastically improving earnings expectations for the year ahead. Here's the list of 25.
5. A rally in the stock market is imminent after investors got too bearish and as inflation starts to moderate. That's according to JPMorgan's Marko Kolanovic, who explained that investors can bolster their portfolio by buying both growth and value stocks.
6. Russian oil exports plunged 25% last week. The week leading up to April 15 saw roughly $181 million in oil revenue, compared to $240 million the week prior. The revenue loss comes as Putin launches a new offensive on Ukraine.
7. Warren Buffett and Elon Musk have both made huge takeover offers recently. But the two billionaires have used starkly different approaches. Here's how the Tesla and Berkshire chiefs compare in their distinctive deal-making styles.
8. This 19-year-old receives about $887 worth of bitcoin a month by mining in his tiny studio apartment. Costs vary depending on what option you use, but he explained why he uses a GPU mining rig — and shared two additional miners with low barriers to entry.
9. An energy investor shared which names to buy as he predicts gas to hit $6 per gallon by the end of this year. EnergyFunders' Ross Hendricks is bullish on North American oil and gas producers. He explained his four stock picks — and how oil markets will rebound after a summer peak and subsequent recession.
10. Billionaires saw their wealth grow by 62% during the pandemic. Comparatively, workers' wages grew by 10% in the same stretch of time. Dig into the numbers.
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Curated by Phil Rosen in New York. (Feedback or tips? Email [email protected] or tweet @philrosenn.)