Happy hump day, readers. I'm Phil Rosen.
A lot of people like to monitor where billionaires are traveling (like the student who $4).
This week Musk and fellow mogul Jamie Dimon, the CEO of JPMorgan, are both visiting China on business trips, even as tensions between Washington and China remain high.
The Tesla chief will be $4, while the Wall Street titan will be kicking off a 2,600-person conference in the same city.
While I personally won't be flying internationally anytime soon, we're diving into $4 for today's newsletter.
If this was forwarded to you, sign up here>$4. Download Insider's app here.>$4
1. The much-anticipated economic rebound hasn't quite materialized for China in the way many had expected.
In the months following its strict COVID-19 lockdowns, experts anticipated $4 and growth across the board.
So far that's not been the case. The sluggish recovery has embedded itself in nearly every corner of the world's second-largest economy, even in some of the $4.
Futures prices for glass — China accounts for over half the world's plate-glass production — have $4.
And styrene, a key material in home goods plastics, has also seen sharp declines as demand for appliances falters.
Pulp, too, a packaging commodity, $4 after weak domestic demand couldn't match a bounce in production.
The stalled rebound has left some on Wall Street bearish on what comes next for China and Chinese assets, with Rockefeller International's Ruchir Sharma recently calling the rebound narrative a "$4."
The CSI 300 index has slipped over recent weeks, and luxury brands reliant on China's large consumer base have tumbled. The yuan, too, has $4.
In addition, private investment has collapsed over the last year in China, youth unemployment remains high, and heightened geopolitical risks could present access issues for foreign technology.
Still, some analysts have cautioned that there are shortcomings to being so near-sighted on the country.
$4 that they've failed to take in the full picture, according to Nicholas Lardy of the Peterson Institute for International Economics.
"I feel sorry for these people in some ways," Lardy told my colleague Filip De Mott, "because every time the Chinese release some data, $4."
What's your outlook on China's economy for the rest of 2023? Tweet me (@philrosenn>$4) or email me (prosen@insider.com) to let me know.
In other news:
2. US stock futures fall early Wednesday as investors await a debate in the House of Representatives on a deal to raise the debt ceiling. $4.
3. Earnings on deck: Salesforce, Nordstrom, and more, all $4.
4. Goldman Sachs strategists recommended buying into this batch of beaten-down stocks right now. Their list of 51 names is set to outperform if the US avoids a recession, and there's still a chance of a soft-landing. $4.
5. A majority of global central banks now expect gold to grow as a reserve asset. That rise would coincide with a dip for the dollar, according to a survey by the World Gold Council. $4.
6. The US dollar is overbought and could weaken to recent lows, according to a currency strategist. The greenback looks vulnerable to a pullback ahead of the June Fed meeting, as investors are beginning to expect central banks to tighten policy once again. $4.
7. Home prices are declining in western states while continuing to hit new highs in the rest of the country. Utah, Colorado, and other states are seeing annual declines for the first time in years, $4.
8. Meet a 34-year-old property owner who achieved financial independence and quit his day job. He set up two bachelorette-themed Airbnbs in Scottsdale as a way to stand out. $4
9. Stubbornly high inflation is leading to record rent prices. But there's actually a swath of cities that are now more affordable today than they were last year. $4.
10. Nvidia just joined the $1 trillion-valuation club. After this year's 182% stock rally, the chip-maker joined Alphabet, Apple, Amazon, Microsoft, and Saudi Aramco in the elite 13-figure class. $4.
Curated by Phil Rosen in New York. Feedback or tips? Tweet @philrosenn>$4 or email prosen@insider.com.
Edited by Jason Ma in Los Angeles and Nathan Rennolds ($4) in London.