The Daily Shot Brief – August 5th, 2020

Greetings, United States: Credit card delinquencies have been relatively low in recent months.   Credit/debit card spending has been flat since mid-June and remains more than 10% below last year’s levels.   China: China was the world’s third-largest source of foreign investment during the 2016-19 period, according to ANZ.   Emerging Markets: Turkey’s funding markets …

The Daily Shot Brief – August 4th, 2020

Greetings, United States: Trucking loads have rebounded sharply but appear to be moderating.   School and daycare closings will create a substantial drag on the nation’s GDP growth.   Eurozone: Spain’s second wave appears to be less deadly.   China: Americans increasingly have an unfavorable view of China.   Emerging Markets: Argentina’s demand for the …

The Daily Shot Brief – August 3rd, 2020

Greetings, United States: The Chicago PMI rebounded sharply last month, suggesting that Midwest manufacturing activity is back in growth mode. We should see substantial gains in the ISM manufacturing index today. The US velocity of money has collapsed. The rapidly rising money supply has been generating far less economic growth (less GDP per unit of …

The Daily Shot Brief – July 29th, 2020

Greetings, United States: Consumer confidence weakened in July, with the Conference Board’s index surprising to the downside. Expectations deteriorated in Texas and Florida. And the Conference Board’s expectations indicator at the national level may decline further.   Europe: The ECB is pressuring banks to keep dividend payouts on hold for now.   Energy: 2020 is …

The Daily Shot Brief – July 28th, 2020

Greetings, United States: Regional Fed surveys suggest that the July ISM report will show an acceleration in factory activity at the national level.   China: Industrial capacity utilization rebounded sharply in the second quarter For now, economic activity remains below last year’s levels.   Energy: The Brent curve is moving back into contango.   Equities: …

The Daily Shot Brief – July 24th, 2020

Greetings, United States: Unemployment applications remain above 2 million per week. Here is the total number of Americans receiving jobless benefits (about 20% of the labor force).   Eurozone: The ECB’s asset purchases have been slowing.   China: The stock market rally has faded. China’s currency rebound has stalled as well.   Rates: Inflation expectations …

The Daily Shot Brief – July 23rd, 2020

Greetings, United States: The Household Pulse Survey (from the Census Bureau) suggests that the labor market rebound peaked in mid-June and has been reversing since.   Eurozone: Euro-area bond funds have been experiencing capital outflows since 2014.   Energy: The rebound in US gasoline demand is fading.   Equities: The tech mega-cap outperformance has been …