Who Really Had It Worse: Boomers or Millennials?

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Luke Vargas (0:32)

Fearing Iranian retaliation, Saudi Arabia tries to push the US to give up its Hormuz blockade, plus a pair of congressional resignations, as Eric Swalwell and Tony Gonzales agreed to leave the chamber and will crunch the numbers on millennials' claim that they got the short end of the economic stick.

Joe Pinsker (0:51)

They were not wildly different, which may surprise some people. The complaint that millennials today are making way less than boomers just doesn't really bear out in the data.

Luke Vargas (1:00)

It's Tuesday, April 14th. I'm Luke Vargas for The Wall Street Journal. And here is the AM Edition of What's News, the top headlines and business stories moving your world today.

Saudi Arabia is pressing the US to end its blockade of the Strait of Hormuz, fearing that the move could trigger Iranian retaliation and the disruption of other key shipping routes. Saudi Arabia was recently able to get its oil exports back to pre-war levels by piping it across the desert to the Red Sea. However, we report that officials there worry that Iran could lash out against the blockade by attacking the Bab el-Mendeb Strait at the mouth of the sea.

Iranian-allied Houthi rebels in Yemen severely disrupted traffic through that strait during the Gaza war, but have thus far largely stayed out of the current conflict. Instead of risking a Houthi entry into the fight, Saudi officials are urging the US to return to the negotiating table with Iran, with Gulf officials saying that although the warring sides are publicly maintaining hard lines, the combatants are actively engaging with mediators. Global markets are higher and oil lower this morning on hopes of more talks. Meanwhile, the Iran war is starting to show up in Chinese economic data, posing a threat to one of the country's major growth drivers. I spoke to Asia economics reporter Hannah Miao to learn more.

Hannah Miao (2:22)

We just received China's export data for March, which showed a 2.5% growth from the year earlier. And that was down sharply from a 22% increase for January and February.

So, this could be an early sign that the war in Iran is weighing on global demand, which could really threaten a key growth driver for China's economy, exports.

Luke Vargas (2:47)

Hannah, I know trade between China and the Middle East isn't huge compared to some of their other big export markets, and yet it had been growing. And then March came along and we saw the data contracting there. What's the significance of that?

Hannah Miao (3:01)

That's right. The Middle East was one of the regions where Chinese exporters were finding new customers and growing their trade amid a downturn in trade with the US due to tariffs. So that really puts into question one of those markets where you could potentially try to get more exports. And in general, the bigger question is what the war in the Middle East will mean for global demand for Chinese products. On one hand, there's a lot more interest now in Chinese renewable energy products like solar panels and EVs, but on the other hand, energy prices could weigh on consumer demand. It might cause customers to pull back on orders and it's adding to costs for Chinese manufacturers, which could weigh on their profit margins as well. So it's a bit of a mixed bag in terms of what the outlook looks like. And like many other places in the world, it really depends on how long this war lasts and how severe it is.

Luke Vargas (4:00)

That was Journal reporter Hannah Miao.

While also seeing a hit from the war, our luxury goods sales. Louis Vuitton owner LVMH, an industry pay setter, is reporting a revenue drop in its fashion and leather goods business, with the war souring hopes of a rebound in high-end purchases. And we won't have to wait long to get more updates from the luxury industry, with Gucci owner Caring providing a revenue update today, followed by Hermes tomorrow.

A pair of congressmen are giving up their seats. California Democrat Eric Swalwell and Texas Republican Tony Gonzales say they will both resign instead of facing potential expulsion votes when Congress returns to work today. Swalwell and Gonzales face accusations of sexual misconduct, which their colleagues argued disqualified them from office. And the scrutiny of lawmakers may not end there, as calls mount for Florida Democrat Sheila Shurf-Lewis McCormick and Republican Cory Mills to also step down following months of scrutiny from House investigators. Shurf-Lewis McCormick has pleaded not guilty after being indicted for allegedly stealing $5 million that was improperly sent to her family's health care company, while Mills has called domestic violence and campaign finance allegations against him absolutely false. Posting on social media, New York Democrat Nidia Velazquez called for both to be expelled, as did South Carolina Republican Nancy Mase.