As economic globalism falls out of favor, what comes next?

Economist Branko Milanović joins Joe Weisenthal and Tracy Alloway on the Odd Lots podcast to unpack this new era, which he calls “national market liberalism,” and how a new class of “folksy elites” differs from the social elites of the past.
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Rishi Jaluria, RBC Capital Markets managing director, software equity research, calls Microsoft’s fourth-quarter earnings report “fantastic” and expects very high growth in capital expenditures next year. He speaks on “Bloomberg The Close.”
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Former Vice President Mike Pence reflects on the life and foreign-policy legacy of Senator Lindsey Graham, telling Joe Mathieu and Kailey Leinz that the greatest tribute to Graham would be for the Senate to advance tough new sanctions on Russia and “marshal the West again” in support of Ukraine https://bloom.bg/4yHYJSV

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Bob McNally, founder and president of Rapidan Energy Group, warns oil prices could move sharply higher if the conflict around the Strait of Hormuz expands to the Red Sea, warning that the market has largely exhausted the buffers that helped contain the initial shock. McNally says China is beginning to increase crude imports again, the available reserve-release buffer is largely spent and refiners are running at precariously high utilization rates. Responding to President Trump’s assertion that the US does not need the Strait of Hormuz, McNally says that may be true in a physical sense but not in a price sense, because disruptions anywhere in the global oil market raise prices everywhere. He speaks with Joe Mathieu and Kailey Leinz on the late edition of Bloomberg’s “Balance of Power.”
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US equity futures waver ahead of the CPI data. Crude prices rise amid continued military attacks in the Middle East. The International Energy Agency proposes a release of emergency oil reserves that would be the largest in its history. Shares of Oracle extend gains after boosting its revenue outlook. Paul Donovan of UBS looks ahead to the latest inflation print. Joel Kulina of Wedbush Securities recaps Oracle’s quarterly earnings report.

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