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Good afternoon. Here's what you should know today, June 18: | |
- WSJ reporter could face harsh conditions in Russian prison
- China appears to change its tune amid visit from Blinken
- Golf war's 'sacrificial lamb' vies for a U.S. Open victory
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1. Older Americans got hooked on stocks. Now they can't let go. | |
| Nearly two-thirds of U.S. adults age 65 and older own equity—up from roughly half of Americans in the same age cohort before the 2008 financial crisis. Conventional financial wisdom suggests investors should rotate from risk assets such as stocks into havens such as bonds as they age. And with rates having risen rapidly since last year, bonds and cash look more attractive than they have in a long time. Yet many older Americans say they aren't ready to part ways with their stock-market bets. U.S. housing and labor data, interest-rate calls by the Swiss National Bank and the Bank of England and speeches by Fed officials are likely to be on investors' radar this week. | |
| The Outlook: Lots of Hiring, but Not So Much Working (Read) | |
2. Accounts of life in a Russian labor camp highlight a grim prospect for Gershkovich. | |
| At IK-17, a remote penitentiary in Russia's Mordovia region, inmates struggle with hazardous work, limited nourishment and summary stints in solitary confinement. The facility is a likely destination for jailed WSJ reporter Evan Gershkovich, should he be convicted and sentenced to a prison term, according to Russian penal-system experts. Gershkovich is awaiting trial in Russia on an espionage charge that he, the Journal and the U.S. government vehemently deny. | |
| Follow the latest coverage on Evan Gershkovich here. | |
3. After giving it a cold shoulder for months, China is engaging with the U.S. | |
| Secretary of State Antony Blinken arrived in Beijing today, the first visit by an American cabinet-level official since 2019. Chinese officials, state media and academics have all played up the notion that it is the U.S. side that has been the most eager to meet, but Beijing has had its own reasons for detente. Blinken is expected to meet President Xi Jinping during the trip, though neither country has confirmed this. Blinken is set to continue his trip in London, where he will attend the Ukraine Recovery Conference, which aims to mobilize support to help Ukraine rebuild itself after the war. | |
| Why the War in Ukraine May Not Deter China (Essay) | |
4. Biden's 2024 presidential campaign is taking shape. | |
| During his first political rally since announcing his re-election bid, the president promised higher wages and more jobs. He focused his remarks on the economy, ticking through how some of his major legislative victories will affect the bank accounts of working people. The early flex from the nascent Biden re-election campaign was designed to contrast with the uncertainty in the Republican field. This week, Biden plans four fundraisers on a trip to California's Bay Area. He is also expected to appear before donors on swings through Chicago, New York and the Washington suburbs this month. | |
| No One Is Looking Forward to the 2024 Presidential Election (Read) | |
5. Golfer Rory McIlroy is in the hunt for a long-anticipated fifth major victory. | |
| A stellar showing has put the player firmly in contention to win another major at this year's U.S. Open—something he hasn't achieved since 2014 despite remaining, for most of the time since then, one of the best golfers worldwide. The final round of the Open, set to conclude later today, comes just days after a stunning agreement between the PGA Tour and LIV Golf's Saudi backers to end a war in which McIlroy played an outsize role. | |
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| What's News will be off Monday in observance of Juneteenth. | |
