Macro Briefing: 21 June 2023

* Moody’s chief economist lists 5 reasons why US may avoid recession
* Largest US newspaper publisher sues Google, alleging monopoly for online ads
* Another UK rate hike expected after inflation stays high in May
* New crypto exchange backed by Fidelity, Charles Schwab and others goes live
* India finalizes huge order for 470 planes from Airbus and Boeing
* Rivian is latest automaker to adopt Tesla’s charging plugs
* US housing starts surge in May — biggest monthly increase since 1990:

The US stock market is beating most international benchmarks this year as big tech shares soar, The Wall Street Journal reports.The S&P 500 has risen 14% this year, beating an 8.5% advance by the MSCI All Country World ex USA Index, which tracks developed and emerging-market stocks… Much of the recent enthusiasm for US stocks stems from a boom in interest in artificial intelligence. Investors are scooping up shares of companies at the forefront of a technology that they think will change the world in the coming years. ”