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Reproduced from Morgan Stanley; Chart: Axios Visuals

Sudden changes in world politics can bring about permanent changes in oil-and-gas use, per a recent Morgan Stanley report.

Driving the news: Geopolitical unrest in the late '70s and early '80s — the Iranian Revolution and start of the Iran-Iraq war — disrupted a lot of oil supply that, in turn, sent prices skyrocketing. That sudden jolt to the global oil system permanently cut oil consumption per capita that’s stayed with the world ever since, says Martijn Rats, managing director for equity research for Morgan Stanley.

  • Auto manufacturers started to improve engine efficiency and oil began to be replaced as an electricity source. 

Why it matters: Given today’s persistent environment of low oil and gas prices, it raises the question of what other kind of forces could bring about change — and if extreme weather or continued price reductions in new tech might jolt policymakers into emissions-cutting action. 

How it works: Given these three trends — global population, GDP per capita and oil consumption per capita — have very different orders of magnitude, Morgan Stanley indexed them to a common numerical measurement.

  • The purpose of the chart is to show how these three have grown over a long period of time relative to each other, so their absolute levels are not as important.

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Dion Rabouin, author of Markets
Oct 16, 2020 - Economy & Business

Bank earnings soar again, even as their stock prices remain stagnant

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Data: FactSet; Chart: Axios Visuals

JPMorgan, Goldman Sachs and Morgan Stanley all saw trading revenue rise more than 20% in the third quarter, with Morgan Stanley's earnings report Thursday showing profits jumped 25% from a year earlier to $2.72 billion and a 16% increase in revenue, which rose to $11.7 billion.

The big picture: Even after lackluster headline earnings from Bank of America and Wells Fargo, the five biggest U.S. investment banks are on pace to rake in $100 billion in trading revenue this year.

Dave Lawler, author of World
14 mins ago - World

Special report: Trump's hopes of nuclear deal with Putin come down to the wire

Illustration: Lazaro Gamio/Axios

A surprise offer from Vladimir Putin has the U.S. and Russia once again circling a potential pre-election nuclear deal.

The big picture: The last treaty constraining the U.S. and Russia, New START, is due to expire on Feb. 5, 2021, two weeks after the next U.S. presidential inauguration. For the first time since the height of the Cold War, the nuclear guardrails could come off.

The cliffhanger could be ... Georgia

Illustration: Sarah Grillo/Axios

It hasn't backed a Democrat for president since 1992, but Georgia's changing demographics may prove pivotal this year — not only to Trump v. Biden, but also to whether Democrats take control of the Senate.

Why it matters: If the fate of the Senate did hinge on Georgia, it might be January before we know the outcome. Meanwhile, voters' understanding of this power in the final days of the election could juice turnout enough to impact presidential results.