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[192.64.236.75]) by mx.google.com with ESMTPS id h18-20020a5d4312000000b00210222ebf74si10891597wrq.185.2022.06.27.04.45.04 for (version=TLS1_2 cipher=ECDHE-ECDSA-AES128-GCM-SHA256 bits=128/128); Mon, 27 Jun 2022 04:45:05 -0700 (PDT) Received-SPF: pass (google.com: domain of delivery_20220627074419.28188570.824299@bouncest.seekingalpha.com designates 192.64.236.75 as permitted sender) client-ip=192.64.236.75; Authentication-Results: mx.google.com; dkim=pass header.i=@seekingalpha.com header.s=sailthru header.b=Isz9tBE3; spf=pass (google.com: domain of delivery_20220627074419.28188570.824299@bouncest.seekingalpha.com designates 192.64.236.75 as permitted sender) smtp.mailfrom=delivery_20220627074419.28188570.824299@bouncest.seekingalpha.com; dmarc=pass (p=QUARANTINE sp=QUARANTINE dis=NONE) header.from=seekingalpha.com DKIM-Signature: v=1; a=rsa-sha256; c=relaxed; s=sailthru; d=seekingalpha.com; h=Date:From:Reply-To:To:Message-ID:Subject:MIME-Version:Content-Type: List-Unsubscribe; i=account@seekingalpha.com; bh=q0CbUvy+HkiSmuuokDeAu4IvPZDUggLmLCSiWBHLwSo=; b=Isz9tBE3UBmTQnbOOwEzwj/NcfYZGoj43aulcW+1J24WPdxYxEtNlpWMFDNeTzFpdJsVqXkBQebT D8sSp6aOs9MO/dtWFu4whTReVGz4s4h/K6yA9j5/RgDsD+5OUsFUUPC1T5tVdYunjgglw2sBwk7X MFCT40y68F/cFyfUmBY= Received: from njmta-149.sailthru.com (173.228.155.149) by pmta236-241.sailthru.com id hn6c402tobso for ; Mon, 27 Jun 2022 07:44:28 -0400 (envelope-from ) Received: from nj1-oddturquoise.flt (172.18.48.8) by njmta-149.sailthru.com id hn6c1o1qqbs3 for ; Mon, 27 Jun 2022 07:44:19 -0400 (envelope-from ) Date: Mon, 27 Jun 2022 07:44:19 -0400 (EDT) From: Seeking Alpha Reply-To: wsbfeedback@seekingalpha.com To: sterlingwhg@gmail.com Message-ID: <20220627074419.28188570.824299@sailthru.com> Subject: Wall Street Breakfast: Russian Default MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="----=_Part_2784302_1731173816.1656330259295" Precedence: bulk X-Feedback-ID: 9033:28188570:campaign:sailthru X-TM-ID: 20220627074419.28188570.824299 X-Info: Message sent by sailthru.com customer Seeking Alpha X-Info: We do not permit unsolicited commercial email X-Info: Please report abuse by forwarding complete headers to X-Info: abuse@sailthru.com X-Mailer: sailthru.com X-JMailer: nj1-oddturquoise.flt X-Unsubscribe-Web: https://email-st.seekingalpha.com/oc/60c1e5c4dba83e59149ff347gs6fu.ho17/17579a37 List-Unsubscribe: , X-rpcampaign: stnjl28188570 X-Spam-Status: No, score=3.5 X-Spam-Score: 35 X-Spam-Bar: +++ X-Spam-Flag: NO ------=_Part_2784302_1731173816.1656330259295 Content-Type: text/html; charset=utf-8 Content-Transfer-Encoding: quoted-printable
Russian default - Russia has defaulted on its foreign debt for the first ti= me since the Bolshevik Revolution after a 30-day grace period for the count= ry to disburse two Eurobond interest payments expired on Sunday night. It's= a largely symbolic move given that the Kremlin has enough money to pay off= the debt, but is barred from doing so because of the heavy Western sanctio= ns leveled on the government. Last month, the U.S. Treasury Department effe= ctively blocked Moscow from making the payments by letting a sanctions loop= hole expire that had previously allowed it to transfer cash to debtholders = via American banks.Quote: "Anyone who understands this situation knows that= this in no way a default," Russian Finance Minister Anton Siluanov declare= d. "There is money and there is also the readiness to pay. This situation, = artificially created by an unfriendly country, will not have any effect on = Russians' quality of life."While a formal default (by a ratings agency or c= ourt) would be another sign of isolation, in this case it doesn't mean much= , as Russia currently cannot borrow internationally. In fact, it doesn't ne= ed to, thanks to surging energy export revenues that have grown even more p= lentiful since the invasion of Ukraine. The grim status could influence its= standing as an economic and financial pariah, however, as more multination= als flee the country or discourage foreign direct investment in the future.= Next steps: Bondholders are likely to take a wait-and-see approach. Claims = only become void three years from now and much could change before then in = terms of the scope of the war or sanctions. Debtholders may also have a dif= ficult time repatriating the cash since the Kremlin hasn't waived its sover= eign immunity and no foreign court would have jurisdiction there. Note that= Russia under Boris Yeltsin also defaulted on its domestic debts in 1998, w= hich led to a wave of inflation and a devalued ruble, but the economy was a= ble to recover quickly due to rising oil prices and international aid. (23 = comments)
3D""
<= /a> Read in Browser
 
Top News
Russian default=
Shutterstock

Russia has defaulted on its foreign debt for the fir= st time since the Bolshevik Revolution after a 30-day grace period for the = country to disburse two Eurobond interest payments expired on Sunday night.= It's a largely symbolic move given that the Kremlin has enough money to pa= y off the debt, but is barred from doing so because of the heavy Western sa= nctions leveled on the government. Last month, the U.S. Treasury Department= effectively blocked Moscow from making the payments by letting a sanctions loophol= e expire that had previously allowed it to transfer cash to debtholders via= American banks.

Quote: "Anyone who understands this situat= ion knows that this in no way a default," Russian Finance Minister Anton Si= luanov declared. "There is money and there is also the readiness to pay. Th= is situation, artificially created by an unfriendly country, will not have = any effect on Russians' quality of life."

While a formal default (by= a ratings agency or court) would be another sign of isolation, in this cas= e it doesn't mean much, as Russia currently cannot borrow internationally. = In fact, it doesn't need to, thanks to surging energy export revenues that = have grown even more plentiful since the invasion of Ukraine. The grim stat= us could influence its standing as an economic and financial pariah, howeve= r, as more multinationals flee the country or discourage foreign direct inv= estment in the future.

Next steps: Bondholders are = likely to take a wait-and-see approach. Claims only become void three years= from now and much could change before then in terms of the scope of the wa= r or sanctions. Debtholders may also have a difficult time repatriating the= cash since the Kremlin hasn't waived its sovereign immunity and no foreign= court would have jurisdiction there. Note that Russia under Boris Yeltsin = also defaulted on its domestic debts in 1998, which led to a wave of inflat= ion and a devalued ruble, but the economy was able to recover quickly due t= o rising oil prices and international aid. (23 comm= ents)

     
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Trending
Overturned
The U.S. Supreme Court on Friday ruled 6-3 that the constitution does not c= onfer a woman's right to abortion, overturning the landmark 1973 decision i= n Roe v. Wade. "It is time to heed the Constitution and return the issue of= abortion to the people's elected representatives," read the majority opini= on written by Justice Samuel Alito. The Guttmacher Institute estimates that= 26 states are certain or likely to ban abortion as a result of the ruling,= with about a dozen of them already implementing so-called trigger laws, wh= ich range from banning abortion completely to outlawing termination after s= ix or 15 weeks.

Backdrop: Roe v. Wade effectively legalized abortion across the Un= ited States in 1973 by striking down a Texas law that only permitted aborti= on for the purpose of saving a woman's life. The majority opinion at the ti= me declared that a woman's right to privacy under the 14th Amendment supers= eded a state's right to ban abortion and the court set different rules for = each trimester. In the years since, Roe has been modified but not overturne= d, like in the 1992 case of Planned Parenthood v. Casey. In that decision, = the court said that restrictions are "unconstitutional" if they place an "u= ndue burden" on a woman, and quickly became the new standard by which new a= bortion cases were judged.

There is still a lot to figure out under= the new ruling, which has riled the political divide across the country. W= ill states restrict abortion pills, which accounted for 54% of U.S. abortio= ns in 2020? If they do, could FDA approval of mifepristone, one of the most= common pills used for medication abortions, pre-empt state restrictions? H= ow will that impact<= /a> U.S.-based telemedicine providers, or major insurers like UnitedHealth = (UNH), Cigna (<= a href=3D"https://email-st.seekingalpha.com/click/28188570.824299/aHR0cHM6L= y9zZWVraW5nYWxwaGEuY29tL3N5bWJvbC9DST9tYWlsaW5naWQ9MjgxODg1NzAmc2VyaWFsPTI4= MTg4NTcwLjgyNDI5OSZ1c2VyaWQ9MzUzODQ1MTUmc291cmNlPWVtYWlsX3dzYiZtZXNzYWdlaWQ= 9d2FsbF9zdHJlZXRfYnJlYWtmYXN0JnV0bV9zb3VyY2U9c2Vla2luZ19hbHBoYSZ1dG1fbWVkaX= VtPWVtYWlsJmxjdGc9NjBjMWU1YzRkYmE4M2U1OTE0OWZmMzQ3/60c1e5c4dba83e59149ff347= B70526e1a" title=3D"Cigna Corporation">CI), Anthem (ANTM) and Aetna (CVS)?

Treading a fine line: Looking to avoid a public backlash, many cor= porations and business leaders (that are still on the job) have been sitting this one out. Similarly, many pr= o-choice oriented companies have instead chosen to offer their U.S.-based e= mployees travel reimbursements for out-of-state abortions, in a show of sup= port without touching the hot topic. Disney (DIS), JPMorgan (JPM) and Goldman Sachs (GS) have joined the list of t= hose providing the expenses, as well as Netflix (NFLX), Meta Platforms (META) and Paramount Global (PARA). (565 commen= ts)
     
Aviation
Tra= ding blame

2022 is shaping up to be the "Summer of Flight Disru= ption." Chances are you have experienced delays if you've been to an airpor= t recently, and that's if you even get on a plane (cancellations have been = through the roof). Recent developments have even prompted "camping out at t= he airport" to trend across the country, while hours-long waits for custome= r service have left many passengers with a sour taste of the whole travelin= g experience.

Go for the staycation? Things don't look like= they'll be getting better anytime soon as airlines and the FAA point finge= rs at each other ahead of the busy July Fourth weekend. "The industry is ac= tively and nimbly doing everything possible to create a positive customer e= xperience since it is in an airline=E2=80=99s inherent interest to keep cus= tomers happy, so they return for future business," Airlines for America Pre= sident Nicholas Calio, which represents the largest U.S. carriers, said in = a letter to Transportation Secretary Pete Buttigieg. "However, we have also= observed that FAA (air traffic control) staffing challenges have led to tr= affic restrictions under blue sky conditions."

"People expect when t= hey buy an airline ticket that they=E2=80=99ll get where they need to go sa= fely, efficiently, reliably and affordably," the agency said in response. "= After receiving $54B in pandemic relief to help save the airlines from mass= layoffs and bankruptcy, the American people deserve to have their expectat= ions met." Carriers have already slashed their June-August schedules by 15%= compared with their original plans, with United (NASDAQ:UAL) scrapping 50 daily= flights from its hub at Newark Liberty International Airport and American = Airlines (NASDAQ:AAL) cutting service to four U.S. cities.

Outlook: In truth, a combination of factors has led to severe staff shortages = that have never returned from their pre-COVID levels. Demand has bounced ba= ck faster than the industry anticipated, many have found permanent jobs els= ewhere and the pandemic slowed training of air traffic controllers and pilo= ts. Routine issues like thunderstorms during the spring and summer have als= o continued to plague key travel routes and new hotspots like Florida along= the East Coast, while COVID infections continue to sideline airline and ai= rport employees, further frustrating travelers. (2 comments)

     
Infrastructure
G7 summit

There was a lot of talk about the war in Ukraine at = the latest G7 meeting in the Bavarian Alps, with Western leaders committing= to provide Kyiv with "financial, humanitarian, military and diplomatic sup= port for as long as it takes," according to a draft statement. Members also= sought a deal to impose a "price cap" on Russian oil, and some even agreed= to b= an Russian imports of newly mined and refined gold, which is one of the= country's top exports. The annual gathering was called the G8 prior to 201= 4, when Russia was expelled from the group following the annexation of Crim= ea.

On to infrastructure: Previously called "Build Back Bet= ter World," or BW3, President Biden followed up on the proposal from last year's G7 summit by laun= ching a global infrastructure plan to counter China's influence in the deve= loping world. The "Partnership for Global Infrastructure and Investment" wo= uld specifically create an alternative to China's "Belt and Road," which ha= s been criticized for its leverage in creating political goodwill, massive = debt and a way to spread Beijing's influence. The U.S. committed $200B in g= rants, federal funds and private investment to the project over the next fi= ve years, and intends to mobilize $600B from the entire G7 by 2027.

= "I want to be clear. This isn't aid or charity. It's an investment that wil= l deliver returns for everyone, including the American people and the peopl= e of all our nations," Biden declared at the summit. "It will boost all of = our economies and let communities from around the world see the concrete be= nefits of partnering with democracies." Among the areas that will be target= ed include "health, digital connectivity, gender equality, and climate and = energy security."

Response from China: "China conti= nues to welcome all initiatives to promote global infrastructure developmen= t," Foreign Ministry spokesman Zhao Lijian replied when asked for comment. = "We believe that there is no question that various related initiatives will= replace each other, [but] we are opposed to pushing forward geopolitical c= alculations under the pretext of infrastructure construction or smearing th= e Belt and Road Initiative." (20 comments)

<= !--EndFragment-->
     
Today's Markets
In Asia, Japan += 2.4%. China +0.9%. India +0.8%.In Europe, at midday, London +0.6%. Paris +0.1%. Frankfurt +0.8%.
Futures at 6:20, Dow +0.3%. S&P +0.4%. Nasdaq +0.6%. Crude +0.1% to $107.77. Gold +0.6% to $1840.80. Bitcoin +0.1% to $21,454.
Ten-year Treasury Yield +5 = bps to 3.17%
Today's Economic Calendar
8:30 = Durable Goods
10:00 Pending Home Sales
10:30 Dallas Fe= d Manufacturing Survey
11:30 Results of $46= B, 2-Year FRN Auction
1:00 PM Results of $4= 7B, 5-Year Note Auction

Compa= nies reporting earnings today =C2=BB
What else is happening...
At the weekend: 'Elvis' (WBD) and 'Top Gun' (PARA) tie for box-office crown.

Federal appeals court puts hold o= n FDA's Juul (MO) ban - Reuters.

Monkeypox is not an international health= emergency yet =E2=80=93 WHO.

Frontier (ULCC) sweetens offe= r for Spirit (SAVE) ahea= d of shareholder vote.

A= irbus (OTCPK:EADSY) on verge of $5.= 5B order from India's = Jet Airways.

Chevron (CVX) to downsize in California, move some workers to Texas.

Goldman (GS) aims to raise $2B to buy Celsius's distressed crypto assets.

Federal g= as tax holiday slammed by criticism on all sides.
=
U.S. keeps top credit rating at Moody's; outlook stays at stable.

Could the shift to remote work ease pressure on inflation?
Featured

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