Greetings, The United States: Corporate cost-cutting has been pressuring self-employed and contract workers. The Eurozone: Over the past couple of quarters, European exporters have been enjoying the euro’s weakness. Equities: The market has been punishing companies missing earnings estimates (more than usual). China: China’s trading partners show signs of improvement in …
The Daily Shot Brief – May 2nd, 2019
Greetings, The United States: Redfin’s housing index suggests that home price appreciation was negative for the first time since 2012. Will the widely-used Case-Shiller housing index follow? Canada: Portfolio flows have rebounded this year. Equities: While the proportion of companies with earnings beats climbed in this earnings season, that’s not the case with …
The Daily Shot Brief – May 1st, 2019
Greetings, The United States: The two charts below show wage growth for small business employees by state and industry. Eurozone: This chart shows the Eurozone’s net saving over time. Equities: What’s the impact of FAANG stocks on the S&P 500? China: Analysts have been downgrading their earnings per share forecasts. Canada: …
The Daily Shot Brief – April 30th, 2019
Greetings, The United States: At the national level, the World Economics SMI index shows robust business activity in April. Business confidence rebounded, and margins have stabilized. Eurozone: Italian wage growth is slowing. Equities: Profit margins have been moderating. China: The dependency ratio vs. savings: Global Developments: Speculative accounts have been boosting …
The Daily Shot Brief – April 29th, 2019
Greetings, The United States: US financial conditions have been easing this year, but the rise in the dollar over the past few days has derailed that trend. Eurozone: Productivity growth in the Eurozone has been slowing. Equities: Despite the earnings beats (above), companies have turned much more cautious on growth. China: …
The Daily Shot Brief – April 26th, 2019
Greetings, The United States: This map shows the index of leading economic indicators by state. Eurozone: Here are the (government) debt-to-GDP ratios for select economies (with the UK thrown in for comparison). Equities: With 20% of earnings reports in, EPS growth is near zero but remains in positive territory (for now). …
The Daily Shot Brief – April 25th, 2019
Greetings, The United States: Here we have the year-over-year changes in housing listings. Eurozone: Credit/lending related online search activity has been improving. Equities: The correlation between stocks and the Citi Economic Surprise Index has broken down. China: This chart shows China’s two-way capital flows (resident vs. non-resident). Global Developments: Here …
The Daily Shot Brief – April 24th, 2019
Greetings, The United States: The correlation between the US and global leading indicators declined recently but remains highly elevated. Europe: Here we have some data on Spain’s political spectrum. Equities: Stocks and rate hike expectations have diverged. China: Here we have the components of China’s current account. Global Developments: Global economic …
The Daily Shot Brief – April 23rd, 2019
Greetings, The United States: The correlation between the US and global leading indicators declined recently but remains highly elevated. The Eurozone: Germany’s housing market is booming again. The chart below shows housing valuations based on rents, income, and consumer prices. Equities: Earnings growth expectations for Q1 have improved, but Q2 and Q3 …
The Daily Shot Brief – April 20th, 2019
Greetings, The United States: US export growth is expected to slow over the next few months. The Eurozone: The Netherlands’ unemployment rate hit a multi-year low. Equities: Who has been buying US equities over the past decade? China: 2019 is going to be a big year for local government bond issuance. …