In Today's Digital Newspaper Economists expect Western sanctions to drag on Russian growth in the coming years. But the West's failure to quickly bring the Russian economy to its knees for its invasion of Ukraine mirrors a larger stalemate on the battlefield there. Meanwhile, we have several updates on Ukraine grain and China's entanglement with Russia. More in Russia & Ukraine section.
USDA began a financial aid program to support cotton merchandisers who have been negatively impacted by Covid and related supply chain disruptions. More in Policy section. Amazon and Apple both report earnings after the bell today. Shares of both companies have soared this year along with the broader tech space: Apple has climbed 48%, while Amazon has jumped 52%. Apple's push into financial services seems to be going well. Apple said its high-yield savings account, in partnership with Goldman Sachs, has reached $10 billion in deposits since its April launch.
The homeowner vacancy rate in the U.S., which indicates the percentage of homes that are empty and up for sale, has reached a record low at 0.7% in the second quarter. This is the lowest it has been according to the Commerce Department's records which date back to 1956. The scarcity of available properties on the market has contributed to the maintenance of high prices, even in the face of increased mortgage rates and a decline in sales.
• 15,032: Grain carloads carried by U.S. railroads in the week ending July 29, down 27% from the same week last year, leaving the agricultural volumes down 11.6% so far this year, according to the Association of American Railroads.— Weeks after Russia invaded Ukraine last year, a White House official warned Moscow that a raft of U.S.-led sanctions could cut Russia's economy in half.
— Exporters union raises Ukraine crop forecast. Ukrainian grain traders union UGA increased its 2023 combined grain and oilseed crop forecast for Ukraine by almost 8 MMT to 76.8 MMT. UGA says production will likely include 26.9 MMT of corn, 20.2 MMT of wheat, 5.2 MMT of barley, 13.9 MMT of sunflower seeds, 3.9 MMT of rapeseed and 4.8 MMT of soybeans. UGA attributed the rise to"favorable weather conditions and better-than-expected crop yields.
Minister of Infrastructure of Ukraine, Oleksandr Kubrakov, argued that these attacks bear global implications, labeling them "a threat to the world.” Further, the strikes' closeness to Romania, a boat trip across the river, has drawn international criticism. The assault on Izmail marks one of Russia's nearest strikes to a NATO territory since the invasion began.
POLICY UPDATE — A Wall Street Journal editorial notes out what it termed as the "summer regulatory onslaught" under the Biden administration, indicating that these regulations could cost Americans hundreds of billions of dollars. As Congress departed Washington for the August recess, numerous regulations were issued. One example cited is the new Corporate Average Fuel Economy standards proposal from the Department of Transportation.
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